REGISTERED NUMBER: 08336499 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Prestige Granite & Marble Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

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

DIRECTORS:

P Mudd

G R Disley

REGISTERED OFFICE:

Oriel House

2 - 8 Oriel Road

Bootle

Merseyside

L20 7EP

REGISTERED NUMBER:

08336499 (England and Wales)

AUDITORS:

SB&P

Chartered Accountants & Statutory Auditors

Oriel House

2-8 Oriel Road

Bootle

Liverpool

Merseyside

L20 7EP

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

REVIEW OF BUSINESS

Prestige Granite & Marble remains a trusted name in the North West, supplying premium quartz, granite, and Ita stone products. We continue to specialise in the design, manufacture, and installation of kitchen islands, breakfast bars, and worktops. As one of the UK’s largest approved manufacturers of quartz and granite, we take pride in our craftsmanship, offering exclusive ranges such as Itastone. With a dedicated team and an in-house factory, we remain committed to delivering quality products and friendly service at every stage of the customer journey.

Core Values:

1. Quality Craftsmanship - We are committed to the highest standards of workmanship, ensuring every surface we produce reflects our reputation for excellence.

2. Customer-Centric Approach - Our customers are at the centre of everything we do. We listen, advise, and partner with them to achieve their vision.

3. Integrity and Trust - We build long-term relationships founded on honesty, transparency, and accountability.

4. Innovation and Excellence - We invest in technology and new techniques to continually enhance our products and services.

5. Sustainability - We take responsibility for sourcing materials ethically and reducing our environmental footprint.

Mission Statement:

At Prestige Granite & Marble, our mission is to transform homes by delivering bespoke stone surfaces that combine durability, beauty, and timeless design. We aim to exceed expectations through expert craftsmanship, personalised service, and innovative solutions, creating spaces that enhance both homes and lifestyles. Our passion for continuous improvement ensures that we remain the leading name in quartz and granite manufacturing across the North West.

Current market:

In 2024, trading conditions remained challenging as inflationary pressures and the cost-of-living crisis continued to affect consumer demand across the home improvement and construction sectors. Despite this backdrop, Prestige Granite & Marble responded with resilience.

Key actions included:

Streamlining operations - The business undertook a necessary restructure, including staff reductions, to ensure a leaner and more efficient model going forward.

Maintaining stock availability - Improved global shipping and supply chains enabled us to reduce lead times and offer greater product consistency.

Enhancing value for customers - We continued to introduce high-quality quartz ranges at competitive price points, ensuring customers benefit from choice, value, and reliability.

Investing in efficiency - Further investment in state-of-the-art machinery and inventory systems has strengthened productivity and operational resilience.

Through these measures, the company has positioned itself to weather short-term market headwinds and capitalise on opportunities as consumer confidence recovers.

What Happened During the Year and Impact on the Company

The cost-of-living crisis, coupled with higher interest rates, has continued to weigh on discretionary household spending, leading to softer demand across the sector. This has inevitably impacted sales volumes.

In response, Prestige Granite & Marble focused on tightening operational costs, optimising its product range, and safeguarding service quality. While the restructuring was a difficult decision, it has left the business leaner, more adaptable, and better prepared to navigate future uncertainties. Importantly, customer satisfaction, delivery performance, and product quality have remained at the heart of our operations.

PRINCIPAL RISKS AND UNCERTAINTIES

1. Cost of Living Crisis:

Ongoing pressure on household budgets may continue to constrain consumer spending. To mitigate this, the business will strengthen its value proposition, prioritise affordability without compromising quality, and nurture strong customer relationships to maintain loyalty.

2. Credit Risk:

The risk of late payments or defaults remains heightened in a challenging economic climate. The company will continue to apply rigorous credit controls, monitor customer accounts closely, and safeguard cash flow.

3. Foreign Exchange Risk:

With raw materials sourced internationally, primarily in USD, fluctuations in exchange rates pose a risk. Active monitoring and supplier negotiations will help manage currency exposure.

ON BEHALF OF THE BOARD:

P Mudd - Director

12 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturer of worktops.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

P Mudd

G R Disley

DIRECTORS' RESPONSIBILITIES STATEMENT

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.

ON BEHALF OF THE BOARD:

P Mudd - Director

12 September 2025

Opinion

We have audited the financial statements of Prestige Granite & Marble 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 loss 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.

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 Directors' Responsibilities Statement set out on page four, 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:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK corporate tax laws, UK health and safety regulations.

-

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management, reviewing the board meeting minutes, reviewing the schedule of ongoing and potential claims against the Company including those notified to their insurers, and reviewing the legal costs incurred in the year and enquiring with management to the circumstances around these legal costs.

-

We assessed the susceptibility of the Company's financial statements to materiality misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

-

identifying the controls that management has in place to prevent and detect fraud;

-

challenging assumptions and judgements made by management in its significant accounting estimates;

-

auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

-

assessing the extent of compliance with the relevant laws and regulations.

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.

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.

Wendy McNulty BA FCA (Senior Statutory Auditor)

for and on behalf of SB&P

Chartered Accountants & Statutory Auditors

Oriel House

2-8 Oriel Road

Bootle

Liverpool

Merseyside

L20 7EP

12 September 2025

TURNOVER

3

7,058,766

7,415,019

Cost of sales

2,773,031

3,139,116

GROSS PROFIT

4,285,735

4,275,903

Administrative expenses

4,269,014

4,417,340

16,721

(141,437

)

Other operating income

42,619

44,053

OPERATING PROFIT/(LOSS)

5

59,340

(97,384

)

Interest receivable and similar income

13,369

4,185

72,709

(93,199

)

Interest payable and similar expenses

7

148,777

166,342

LOSS BEFORE TAXATION

(76,068

)

(259,541

)

Tax on loss

8

(15,380

)

39,463

LOSS FOR THE FINANCIAL YEAR

(60,688

)

(299,004

)

LOSS FOR THE YEAR

(60,688

)

(299,004

)

OTHER COMPREHENSIVE INCOME

Revaluation of leasehold property

-

812,967

Income tax relating to other comprehensive income

-

(203,242

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

609,725

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(60,688

)

310,721

FIXED ASSETS

Tangible assets

9

5,304,110

5,584,058

Investment property

10

400,000

400,000

5,704,110

5,984,058

CURRENT ASSETS

Stocks

11

1,269,285

1,881,694

Debtors

12

739,285

699,946

Cash at bank and in hand

1,412,831

923,915

3,421,401

3,505,555

CREDITORS

Amounts falling due within one year

13

1,274,879

1,119,219

NET CURRENT ASSETS

2,146,522

2,386,336

TOTAL ASSETS LESS CURRENT LIABILITIES

7,850,632

8,370,394

CREDITORS

Amounts falling due after more than one year

14

(1,689,588

)

(2,132,174

)

PROVISIONS FOR LIABILITIES

18

(713,432

)

(729,920

)

NET ASSETS

5,447,612

5,508,300

CAPITAL AND RESERVES

Called up share capital

19

100

100

Revaluation reserve

20

603,628

609,725

Retained earnings

20

4,843,884

4,898,475

SHAREHOLDERS' FUNDS

5,447,612

5,508,300

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2025 and were signed on its behalf by:

P Mudd - Director

G R Disley - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

100

5,197,479

-

5,197,579

Changes in equity

Total comprehensive income

-

(299,004

)

609,725

310,721

Balance at 31 December 2023

100

4,898,475

609,725

5,508,300

Changes in equity

Total comprehensive income

-

(54,591

)

(6,097

)

(60,688

)

Balance at 31 December 2024

100

4,843,884

603,628

5,447,612

Cash flows from operating activities

Cash generated from operations

1

1,225,785

658,920

Interest paid

(33,961

)

(40,641

)

Interest element of hire purchase payments paid

(114,816

)

(125,701

)

Net cash from operating activities

1,077,008

492,578

Cash flows from investing activities

Purchase of tangible fixed assets

(109,394

)

(88,255

)

Interest received

13,369

4,185

Net cash from investing activities

(96,025

)

(84,070

)

Cash flows from financing activities

Loan repayments in year

(102,849

)

(145,806

)

Capital repayments in year

(389,218

)

(405,736

)

Net cash from financing activities

(492,067

)

(551,542

)

Increase/(decrease) in cash and cash equivalents

488,916

(143,034

)

Cash and cash equivalents at beginning of year

2

923,915

1,066,949

Cash and cash equivalents at end of year

2

1,412,831

923,915

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

31.12.24

31.12.23

£

£

Loss before taxation

(76,068

)

(259,541

)

Depreciation charges

389,342

422,980

Gain on revaluation of fixed assets

-

(124,414

)

Finance costs

148,777

166,342

Finance income

(13,369

)

(4,185

)

448,682

201,182

Decrease in stocks

612,409

688,798

(Increase)/decrease in trade and other debtors

(40,447

)

38,231

Increase/(decrease) in trade and other creditors

205,141

(269,291

)

Cash generated from operations

1,225,785

658,920

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

1,412,831

923,915

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

923,915

1,066,949

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

923,915

488,916

1,412,831

923,915

488,916

1,412,831

Debt

Finance leases

(1,898,237

)

389,218

(1,509,019

)

Debts falling due within 1 year

(101,362

)

22,223

(79,139

)

Debts falling due after 1 year

(623,155

)

80,626

(542,529

)

(2,622,754

)

492,067

(2,130,687

)

Total

(1,698,839

)

980,983

(717,856

)

1.	STATUTORY INFORMATION

Prestige Granite & Marble 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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.

Long leasehold

-

1% on reducing balance

Plant and machinery

-

25% on reducing balance and 7% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Stock is valued on a FIFO basis.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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

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

Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through the profit and loss.

The company uses forward contracts to hedge against fluctuations in exchange rates when buying raw materials from overseas.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 estimated 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.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.24

31.12.23

£

£

Worktops

7,058,766

7,415,019

7,058,766

7,415,019

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

7,058,766

7,415,019

7,058,766

7,415,019

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,410,354

2,675,312

Social security costs

265,642

300,940

Other pension costs

45,541

51,056

2,721,537

3,027,308

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

31.12.24

31.12.23

Directors

2

2

Employees

51

57

53

59

31.12.24

31.12.23

£

£

Directors' remuneration

231,972

239,701

Information regarding the highest paid director is as follows:

31.12.24

31.12.23

£

£

Emoluments etc

117,242

120,452

5.	OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

31.12.24

31.12.23

£

£

Hire of plant and machinery

20,052

18,814

Other operating leases

55,796

99,562

Depreciation - owned assets

209,551

251,948

Depreciation - assets on hire purchase contracts

179,791

171,032

6.	AUDITORS' REMUNERATION

31.12.24

31.12.23

£

£

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

12,250

14,500