Registration number: 04643500

Pavestone UK Limited

Contents

Company Information	1
Strategic Report	2 to 3
Directors' Report	4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 8
Profit and Loss Account	9
Statement of Comprehensive Income	10
Balance Sheet	11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Notes to the Financial Statements	14 to 33

Pavestone UK Limited

Company Information

Directors

R A Allen H L Barker J C Layton T C Parker R A Rawlings M Senders K M Williams

Company secretary

H L Barker

Registered office

Burford Quarry Burford Road Brize Norton Oxfordshire OX18 3WN

Auditors

Wenn Townsend Chartered Accountants and Registered Auditors30 St Giles' Oxford OX1 3LE

Pavestone UK Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the company is the supply of natural stone and concrete products.

Fair review of the business

The principal activities of the company have remained consistent for the year under review and at the reporting date the directors do not anticipate any change in the company's activities for 2025.

Turnover on continuing operations reduced to £30.0m from £32.5m and reflected the ongoing turbulence in the market. Despite a marked fall in the rate of inflation during 2024, the cost-of-living crisis persisted and this coupled with interest rates being slow to fall has contributed to the lack of confidence in the general market. The Construction Products Association (CPA) has forecast growth of 2.1% in 2025 with faster year-on-year growth in new housing of 5.1% and 2.8% in the repair, maintenance and improvement sector. With continued reductions in base rates hoped for in 2025, we are optimistic of an improvement in consumer confidence and a return to growth.

The company’s EBITDA was £1.78m, 5.9% with a gross profit percentage of 33.2% in 2024.

The company has reduced its borrowing by £814k in the year. Loans and borrowing had reduced to £2.09m by the end of the year and company continues to be focused on providing a robust balance sheet.

Principal risks and uncertainties

The management of the company continually reviews strategy with a view to mitigate risks that arise in the business and its environment. External factors continue to focus the company on assessing risks in all areas of the business and allows the identification of any new issues quickly with appropriate action being taken thereby minimising the impact on the business. Principal risks and uncertainties that the company are exposed to are:

• Competitor activity - The company operates in a highly competitive market with few significant barriers to entry. The company’s long-standing and strong relationships with suppliers enables the company to present a strong ‘value for money’ proposition. The company continues to offer high-quality products and remains focused on maintaining high levels of customer service. The company continually strives to offer the best possible customer experience.

• Economic and political risk - The economic risk is based on the risk of inflation/deflation and the possible downturn in the economy resulting in a slowing down in demand for the company’s products. The supply chain is made more challenging against the backdrop of economic and political uncertainty, volatility in the currency markets and in international shipping rates, The company seeks to get the best prices and where it is felt beneficial to hedge currency & shipping rates. To ensure continuity of supply the company holds stock in key locations in the UK.

Pavestone UK Limited

Strategic Report for the Year Ended 31 December 2024

• Key suppliers - Over many years the company has developed strong, long-term supplier relationships, most often on a sole supply basis. The company’s suppliers are all well established and have access to good quality raw materials, produce high quality finished products and can respond rapidly to changes in demand. A reliance on too few suppliers might put the Company’s supply chain at risk and could have a detrimental effect on the business. The company works closely with suppliers, including regular visits, to ensure that all materials are ethically sourced from audited, long-standing supply partners with strong financial businesses.

• Turnover and profitability - Despite a reduction in turnover, gross profit held up well and the percentage of gross profit was 33.2%. Turnover and gross profit are some of the company's key performance indicators and are used to benchmark progress.

• Spread of customers and products - Pavestone continually monitors its customer base and looks to increase both the range and diversity of products sold to its customers with a view to increase both turnover and margin. The company has strengthened is sales team allowing it to diversify its customer base across commercial and domestic markets and the trade and retail sectors to minimise the risk of too much reliance on any individual market, customer or product sector. Systems are in place to actively monitor the profitability of the company’s products and customers. Regular checks of actual performance against budgeted are carried out.

• Customer service levels - The company’s longstanding and highly regarded national and regional sales team maintain close customer contact and are able to monitor key performance indicators. Pavestone continually seeks improvement in the quality of products and services on offer and will introduce bespoke products to offer customers a unique proposition. The company endeavours to keep customers fully informed of any supply issues.

Approved by the Board on 15 September 2025 and signed on its behalf by:

.........................................
H L Barker
Company secretary and director

Pavestone UK Limited

Directors' Report for the Year Ended 31 December 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

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

R A Allen

H L Barker - Company secretary and director

J C Layton

T C Parker

R A Rawlings

M Senders

K M Williams

Dividends

No dividends will be distributed for the year ended 31 December 2024 (2023 - £Nil).

Directors' liabilities

The company maintains liability insurance for its Directors and Officers.

Future developments

The company will look to digitise more of its day-to-day processes and will look to improve its manufacturing operations through investment in the latest technology.

Disclosure of information to the auditors

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 company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 15 September 2025 and signed on its behalf by:
 

......................................... H L Barker Company secretary and director

Pavestone UK 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 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 apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom 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 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.

Pavestone UK Limited

Independent Auditor's Report to the Members of Pavestone UK Limited

Opinion

We have audited the financial statements of Pavestone UK Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 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 auditor 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 Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Pavestone UK Limited

Independent Auditor's Report to the Members of Pavestone UK Limited

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, 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 5], 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.

Pavestone UK Limited

Independent Auditor's Report to the Members of Pavestone UK Limited

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.

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

• Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;
• Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
• Reviewing minutes of meetings of those charged with governance
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

......................................
Benjamin Hayes BSc FCA (Senior Statutory Auditor)
For and on behalf of Wenn Townsend, Statutory Auditor

30 St Giles'
Oxford
OX1 3LE

15 September 2025

Pavestone UK Limited

Profit and Loss Account for the Year Ended 31 December 2024

	Note	Total 2024 £	Total 2023 £
Turnover	3	30,004,546	32,469,715
Cost of sales		(20,043,004)	(21,530,586)
Gross profit		9,961,542	10,939,129
Distribution costs		(3,935,188)	(4,541,099)
Administrative expenses		(4,678,292)	(4,707,643)
Other operating income	4	-	1,199
Operating profit	5	1,348,062	1,691,586
Other interest receivable and similar income	6	27,723	35,006
Interest payable and similar expenses	7	(119,223)	(325,654)
		(91,500)	(290,648)
Profit before tax		1,256,562	1,400,938
Taxation	11	(325,227)	(350,484)
Profit for the financial year		931,335	1,050,454

The above results were derived from continuing operations.

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

Pavestone UK Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

	2024 £	2023 £
Profit for the year	931,335	1,050,454
Total comprehensive income for the year	931,335	1,050,454

Pavestone UK Limited

(Registration number: 04643500)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	12	22,430	1,876
Tangible assets	13	10,221,280	10,387,552
		10,243,710	10,389,428
Current assets
Stocks	14	4,217,621	4,309,988
Debtors	15	1,807,763	1,773,207
Cash at bank and in hand		1,528,155	2,104,841
		7,553,539	8,188,036
Creditors: Amounts falling due within one year	17	(3,111,979)	(4,380,639)
Net current assets		4,441,560	3,807,397
Total assets less current liabilities		14,685,270	14,196,825
Creditors: Amounts falling due after more than one year	17	(1,554,759)	(1,981,847)
Provisions for liabilities	18	(1,674,664)	(1,690,466)
Net assets		11,455,847	10,524,512
Capital and reserves
Called up share capital		78,234	78,234
Share premium reserve	21	37,254	37,254
Capital redemption reserve	21	145,294	145,294
Revaluation reserve	21	3,512,328	3,512,328
Retained earnings	21	7,682,737	6,751,402
Shareholders' funds		11,455,847	10,524,512

Approved and authorised by the Board on 15 September 2025 and signed on its behalf by:
 

......................................... H L Barker Company secretary and director