IRIS Accounts Production v25.1.4.42 06019887 Board of Directors Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities the sale of aggregates. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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FiveYears2023-12-3106019887ns5:AllPeriods2024-12-3106019887ns5:AllPeriods2023-12-3106019887ns5:DeferredTaxation2023-12-3106019887ns5:DeferredTaxation2024-12-3106019887ns10:OrdinaryShareClass12024-12-3106019887ns5:RetainedEarningsAccumulatedLosses2023-12-3106019887ns5:RevaluationReserve2023-12-31
REGISTERED NUMBER: 06019887 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Pennine Aggregates Limited

Pennine Aggregates Limited (Registered number: 06019887)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Pennine Aggregates Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: J A Dickinson
M J B Dickinson
J P Strange





SECRETARY: M J B Dickinson





REGISTERED OFFICE: Waterswallows Lane
Buxton
SK17 7JD





REGISTERED NUMBER: 06019887 (England and Wales)





AUDITORS: DLA Chartered Accountants
Statutory Auditors
36A Market Street
New Mills
High Peak
SK22 4AA

Pennine Aggregates Limited (Registered number: 06019887)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The business review of the directors contained in the financial statements of Pennine Aggregates Limited is as follows:
We aim to present a fair review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business, and is written in the context of the risks and uncertainties we face.
The company's results reflect another very strong year.
Turnover has increased by 12% to £24.5 million compared with £21.8 million in 2023, and a gross profit margin of 23% in 2024, which represents an increase of 1% over the previous year, resulting in a net profit of £1.32 million compared with £1.27 million in 2023.
Overheads remain well controlled, increasing broadly in line with turnover in 2024.
The balance sheet continues to present a very solid position, with total net assets increasing from £4.4 million (2023) to £5.4 million at 31 December 2024.
The directors would like to thank all employees for their commitment and hard work over the last 12 months.

PRINCIPAL RISKS AND UNCERTAINTIES
The business environment in which the company operates is challenging, however, the company's reputation for delivering consistently high quality goods and services competitively, whilst meeting tight customer deadlines has allowed the company to continue its growth.

FUTURE DEVELOPMENTS
The directors continue to investigate opportunities to grow the business and extend the range of services offered, via ongoing product development and research into new manufacturing methods and materials, aimed at improving performance and reducing environmental impact.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHER RELATIONSHIPS
Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers, and other operational partners. Pennine seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is a key factor in the decision to enter into or remain in such relationships.

ON BEHALF OF THE BOARD:





M J B Dickinson - Director


8 August 2025

Pennine Aggregates Limited (Registered number: 06019887)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
The profit for the financial year was £1,319,362 (2023: £1,273,054).

No interim dividend was paid during the year. The directors recommend a final dividend of £0.3 per share.

The total distribution of dividends for the year ended 31 December 2024 will be £50,000.

RESEARCH AND DEVELOPMENT
During the year the company continued to invest in the development of both new and existing products, with emphasis on reducing the environmental impact of its products while seeking to improve performance. R&D expenditure is included within purchases and wages in the Trading and Profit and Loss Account.

FUTURE DEVELOPMENTS
Details of future developments can be found in the strategic report on page 2.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J A Dickinson
M J B Dickinson
J P Strange

POLITICAL DONATIONS AND EXPENDITURE
Donations during the year totalled £2,012. None of this expenditure was political.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Pennine Aggregates Limited (Registered number: 06019887)

Report of the Directors
for the Year Ended 31 December 2024


AUDITORS
The auditors, DLA Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J B Dickinson - Director


8 August 2025

Report of the Independent Auditors to the Members of
Pennine Aggregates Limited

Opinion
We have audited the financial statements of Pennine Aggregates Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Pennine Aggregates Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

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

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

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements and considered future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks relating to fraud or non-compliance with laws and regulations and how management monitor these processes.
Appropriate procedures included the review and testing of manual journals, along with income and expenditure testing to ensure activities were in line with rules and practices.
Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

Report of the Independent Auditors to the Members of
Pennine Aggregates Limited


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




David Lee (Senior Statutory Auditor)
for and on behalf of DLA Chartered Accountants
Statutory Auditors
36A Market Street
New Mills
High Peak
SK22 4AA

8 August 2025

Pennine Aggregates Limited (Registered number: 06019887)

Income Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 24,533,767 21,833,741

Cost of sales 18,914,045 17,034,035
GROSS PROFIT 5,619,722 4,799,706

Administrative expenses 4,158,424 3,381,152
OPERATING PROFIT 4 1,461,298 1,418,554

Interest receivable and similar income 4,896 -
1,466,194 1,418,554

Interest payable and similar expenses 5 146,832 145,500
PROFIT BEFORE TAXATION 1,319,362 1,273,054

Tax on profit 6 215,916 473,573
PROFIT FOR THE FINANCIAL YEAR 1,103,446 799,481

Pennine Aggregates Limited (Registered number: 06019887)

Other Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

PROFIT FOR THE YEAR 1,103,446 799,481


OTHER COMPREHENSIVE INCOME
Revaluation - (127,872 )
Deferred tax movement - (56,884 )
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

(184,756

)
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,103,446

614,725

Pennine Aggregates Limited (Registered number: 06019887)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 9,000 -
Tangible assets 9 6,946,022 6,232,322
6,955,022 6,232,322

CURRENT ASSETS
Stocks 10 1,906,560 1,757,927
Debtors 11 3,548,623 2,633,235
Cash at bank 665,834 405,594
6,121,017 4,796,756
CREDITORS
Amounts falling due within one year 12 4,405,182 3,691,757
NET CURRENT ASSETS 1,715,835 1,104,999
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,670,857

7,337,321

CREDITORS
Amounts falling due after more than one year 13 (1,867,136 ) (1,775,530 )

PROVISIONS FOR LIABILITIES 16 (1,377,861 ) (1,189,377 )
NET ASSETS 5,425,860 4,372,414

CAPITAL AND RESERVES
Called up share capital 17 164,316 164,316
Revaluation reserve 18 1,043,439 1,043,439
Retained earnings 18 4,218,105 3,164,659
SHAREHOLDERS' FUNDS 5,425,860 4,372,414

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2025 and were signed on its behalf by:




M J B Dickinson - Director



J A Dickinson - Director


Pennine Aggregates Limited (Registered number: 06019887)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 164,316 2,465,678 1,228,195 3,858,189

Changes in equity
Dividends - (100,500 ) - (100,500 )
Total comprehensive income - 799,481 (184,756 ) 614,725
Balance at 31 December 2023 164,316 3,164,659 1,043,439 4,372,414

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - 1,103,446 - 1,103,446
Balance at 31 December 2024 164,316 4,218,105 1,043,439 5,425,860

Pennine Aggregates Limited (Registered number: 06019887)

Cash Flow Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 799,148 1,174,314
Interest paid (83,706 ) (84,894 )
Interest element of hire purchase payments
paid

(63,126

)

(60,606

)
Tax paid (161,568 ) 55,169
Net cash from operating activities 490,748 1,083,983

Cash flows from investing activities
Purchase of intangible fixed assets (10,000 ) -
Purchase of tangible fixed assets (1,240,882 ) (1,096,946 )
Sale of tangible fixed assets - 30,000
Interest received 4,896 -
Net cash from investing activities (1,245,986 ) (1,066,946 )

Cash flows from financing activities
New loans in year 526,420 532,768
Loan repayments in year (650,852 ) (575,083 )
Capital repayments in year 325,426 277,264
Amount introduced by directors 50,000 199,154
Amount withdrawn by directors (51,708 ) (197,309 )
Equity dividends paid (50,000 ) (100,500 )
Net cash from financing activities 149,286 136,294

(Decrease)/increase in cash and cash equivalents (605,952 ) 153,331
Cash and cash equivalents at beginning of
year

2

405,594

252,263

Cash and cash equivalents at end of year 2 (200,358 ) 405,594

Pennine Aggregates Limited (Registered number: 06019887)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

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

31.12.24 31.12.23
£    £   
Profit before taxation 1,319,362 1,273,054
Depreciation charges 528,182 348,613
Loss on disposal of fixed assets - 32,703
Finance costs 146,832 145,500
Finance income (4,896 ) -
1,989,480 1,799,870
Increase in stocks (148,633 ) (610,751 )
Increase in trade and other debtors (788,403 ) (126,673 )
(Decrease)/increase in trade and other creditors (253,296 ) 111,868
Cash generated from operations 799,148 1,174,314

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 665,834 405,594
Bank overdrafts (866,192 ) -
(200,358 ) 405,594
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 405,594 252,263


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 405,594 260,240 665,834
Bank overdrafts - (866,192 ) (866,192 )
405,594 (605,952 ) (200,358 )
Debt
Finance leases (1,021,196 ) (245,687 ) (1,266,883 )
Debts falling due within 1 year (43,359 ) (7,024 ) (50,383 )
Debts falling due after 1 year (1,018,321 ) 51,717 (966,604 )
(2,082,876 ) (200,994 ) (2,283,870 )
Total (1,677,282 ) (806,946 ) (2,484,228 )

Pennine Aggregates Limited (Registered number: 06019887)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Pennine Aggregates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised at the point of despatch for all goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, has been amortised evenly over its estimated useful life of ten years.

In addition to this an additional amount of £10,000 was paid in 2024 for the acquisition of a business. This is being written down over its estimated useful life of ten years.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 10% on reducing balance
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Freehold land and buildings held and used in the company's own activities or for administrative purposes are stated at their revalued amount. Any revaluation increase or decrease on land and buildings is adjusted to the property revaluation reserve.
Depreciation is provided at a rate of 2% on cost on the buildings current valuation. No depreciation is charged in respect of the land valuation.

All other categories are held at cost less accumulated depreciation. Cost includes all expenditures directly related to the acquisition, construction of and the preparations for it's intended use.

If the recoverable amount of an asset is estimated to be less that it's carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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


Pennine Aggregates Limited (Registered number: 06019887)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

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

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

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 3,458,541 2,978,135
Social security costs 351,686 300,520
Other pension costs 119,065 101,766
3,929,292 3,380,421

The average number of employees during the year was as follows:
31.12.24 31.12.23

Director 3 2
Production 57 51
Office 13 8
Management 7 8
Maintenance 8 6
Laboratory 4 5
R&D 3 2
95 82

31.12.24 31.12.23
£    £   
Directors' remuneration 184,150 124,852

Pennine Aggregates Limited (Registered number: 06019887)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.24 31.12.23
£    £   
Hire of plant and machinery 193,599 204,400
Depreciation - owned assets 330,870 233,854
Depreciation - assets on hire purchase contracts 196,312 114,758
Loss on disposal of fixed assets - 32,703
Goodwill amortisation 1,000 -
Auditors' remuneration 6,000 6,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Mortgage interest 83,706 84,894
Hire purchase 63,126 60,606
146,832 145,500

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 149,521 156,672
Adjustment to prior period (122,089 ) -
Total current tax 27,432 156,672

Deferred tax 188,484 316,901
Tax on profit 215,916 473,573

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

31.12.23
Gross Tax Net
£    £    £   
Revaluation (127,872 ) - (127,872 )
Deferred tax movement (56,884 ) - (56,884 )
(184,756 ) - (184,756 )

7. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary shares of 1 each
Final 50,000 100,500

Pennine Aggregates Limited (Registered number: 06019887)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024 62,910
Additions 10,000
At 31 December 2024 72,910
AMORTISATION
At 1 January 2024 62,910
Amortisation for year 1,000
At 31 December 2024 63,910
NET BOOK VALUE
At 31 December 2024 9,000
At 31 December 2023 -

9. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 January 2024 2,720,000 - 4,751,327
Additions - 10,504 1,118,708
At 31 December 2024 2,720,000 10,504 5,870,035
DEPRECIATION
At 1 January 2024 - - 1,377,550
Charge for year 20,000 767 449,255
At 31 December 2024 20,000 767 1,826,805
NET BOOK VALUE
At 31 December 2024 2,700,000 9,737 4,043,230
At 31 December 2023 2,720,000 - 3,373,777

Pennine Aggregates Limited (Registered number: 06019887)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 23,118 159,164 12,000 7,665,609
Additions 11,275 96,225 4,170 1,240,882
At 31 December 2024 34,393 255,389 16,170 8,906,491
DEPRECIATION
At 1 January 2024 10,454 37,684 7,599 1,433,287
Charge for year 3,637 50,697 2,826 527,182
At 31 December 2024 14,091 88,381 10,425 1,960,469
NET BOOK VALUE
At 31 December 2024 20,302 167,008 5,745 6,946,022
At 31 December 2023 12,664 121,480 4,401 6,232,322

In March 2021 the freehold land and buildings were valued at £2,720,000 by Colliers International Valuation UK LLP.

In September 2024 the freehold land and buildings were valued at £2,720,000 by Jonathan V. Davies, a Chartered Surveyor, and it is therefore the opinion of the directors that the market value at 31.12.2024 remains at £2,720,000.

Cost or valuation at 31 December 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2018 825,734 - -
Valuation in 2021 682,051 - -
Valuation in 2024 (127,873 ) - -
Cost 1,340,088 10,504 5,870,035
2,720,000 10,504 5,870,035

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2018 - - - 825,734
Valuation in 2021 - - - 682,051
Valuation in 2024 - - - (127,873 )
Cost 34,393 255,389 16,170 7,526,579
34,393 255,389 16,170 8,906,491

If freehold property had not been revalued they would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 1,340,088 1,340,088

Pennine Aggregates Limited (Registered number: 06019887)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2024 1,731,104
Additions 562,411
At 31 December 2024 2,293,515
DEPRECIATION
At 1 January 2024 330,391
Charge for year 196,312
At 31 December 2024 526,703
NET BOOK VALUE
At 31 December 2024 1,766,812
At 31 December 2023 1,400,713

10. STOCKS
31.12.24 31.12.23
£    £   
Stocks 1,906,560 1,757,927

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 3,421,638 2,522,621
Future Minerals Limited - 5,400
Tax 126,985 -
Prepayments - 105,214
3,548,623 2,633,235

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 14) 916,575 43,359
Hire purchase contracts (see note 15) 366,351 263,987
Trade creditors 2,604,904 2,846,488
Tax 149,521 156,672
Social security and other taxes 80,359 94,083
VAT 253,153 274,823
Directors' current accounts 137 1,845
Accrued expenses 34,182 10,500
4,405,182 3,691,757

Pennine Aggregates Limited (Registered number: 06019887)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Lombard North Central PLC holds a fixed charge over the Arovac plant & machinery, dated 6th September 2021.

National Westminster Bank PLC holds a fixed and floating charge over the freehold land & property at Waterswallows Lane, Buxton, and all assets of the company, dated 9th March 2017.

Rbs Invoice Finance Limited hold a fixed & floating charge over the assets of the company dated 1st October 2021.

14. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 866,192 -
Bank loans 50,383 43,359
916,575 43,359

Amounts falling due between one and two years:
Bank loans - 1-2 years 53,383 45,383

Amounts falling due between two and five years:
Bank loans - 2-5 years 170,148 145,148

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 743,073 827,790

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 366,351 263,987
Between one and five years 900,532 757,209
1,266,883 1,021,196

Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 143,141 153,172
Between one and five years 105,061 248,202
248,202 401,374

Pennine Aggregates Limited (Registered number: 06019887)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

16. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 1,377,861 1,189,377

Deferred
tax
£   
Balance at 1 January 2024 1,189,377
Movement 188,484
Balance at 31 December 2024 1,377,861

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
164,316 Ordinary 1 164,316 164,316

18. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2024 3,164,659 1,043,439 4,208,098
Profit for the year 1,103,446 1,103,446
Dividends (50,000 ) (50,000 )
At 31 December 2024 4,218,105 1,043,439 5,261,544

19. RELATED PARTY DISCLOSURES

At the year end the company is owed £Nil (2023: £5,400) from Future Minerals Limited, a company under the control of the director M. Dickinson. This balance is included in debtors and is repayable on demand.

20. RESEARCH AND DEVELOPMENT (R&D) TAX CREDITS

The company expects to receive in the 12 to 18 months from the balance sheet date, R&D tax credits in the region of £100-200K after fees. The amount of the tax credits is estimated, and is based on R&D activity and previous years' claims. The directors consider that the company's R&D activities meet the relevant criteria required to make a valid claim. The tax credits are not included in the financial statements, since they are contingent on future events, including Hmrc's acceptance of the claim.