REGISTERED NUMBER: 00009433 (England and Wales)

Singleton Birch Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

16

Consolidated Statement of Changes in Equity

18

Company Statement of Changes in Equity

19

Notes to the Consolidated Financial Statements

20

DIRECTORS:

A W Forman

C Fincher

P T Fitzgerald

P Hogan

E G R Arnott

A J Embleton

M Kiefer

B P Dell

REGISTERED OFFICE:

Melton Ross Quarries

Barnetby

North Lincolnshire

DN38 6AE

REGISTERED NUMBER:

00009433 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

BANKERS:

HSBC Bank Plc

55 Victoria Sreet

Freshney Place

Grimsby

DN31 1UX

SOLICITORS:

Andrew Jackson Solicitors LLP

Marina Court

Castle Street

Hull

HU1 1TJ

The directors present their strategic report of the Company and the Group for the year ended 31 December 2024.

FINANCIAL HIGHLIGHTS

Year ended 31.12.2024

Year ended 31.12.2023

£'000

£'000

Turnover

76,871

79,674

Operating profit

7,998

8,859

Profit before tax

7,836

8,779

Profit after tax

5,799

6,425

EBITDA

16,197

16,359

Capital expenditure

10,086

7,495

REVIEW OF BUSINESS

The Company and the Group have delivered a strong financial performance for the year ended 31st December 2024, achieving robust profits and operational stability despite a dynamic and evolving market landscape

Sales volumes remained healthy, driven by steady demand across key sectors including construction, agriculture, environmental remediation, and steel production. The Company benefited from long-term customer relationships and efficient production processes, enabling us to maintain competitive pricing while managing cost inflation in areas such as energy and transportation.

Operationally, the site maintained consistent output levels despite a kiln shut down for part of the year for a scheduled reline. Continued investment in health and safety, environmental compliance, and plant maintenance ensured good performance and regulatory alignment. The Company also advanced its sustainability objectives through evaluation of new technologies, energy efficiency, and waste management improvements.

Profit margins were supported by cost control disciplines, resulting in successful trading year. This performance provides a solid foundation for reinvestment in strategic capital projects aimed at enhancing long-term value.

Capital expenditure for the year was £10m and included a kiln reline and a major conveyor overhaul. The Boards strategy of capital investment, diversification of customers, products and services together with the development of new markets continues to be effective and remains a key feature of future strategy.

Key Performance Indicators

The Group tightly manages its cash flow and working capital and uses several KPI's to further monitor its performance. These include a range of financial and operational ratios as follows:

- Turnover

- EBITDA

- Gross profit margin

- Operating profit margin

- Tonnage produced and sold/deposited

- Capital expenditure

- Debtor days

- Cash balance

- Electricity production and utilisation

PRINCIPAL RISKS AND UNCERTAINTIES

Quarrying and lime production are high risk activities in relation to health and safety and environmental impact and the directors have established robust risk management systems to mitigate these risks and ensure legal compliance. The Company has obtained the Occupational Health and Safety Standard BS OHSAS 45001, the Environmental Management Standard ISO 14001 and the Energy Management standard ISO 50001, which all require audit by external accredited bodies. The Company has won a number of major awards over the years from its trade body, the Mineral Products Association, for continued excellence in health and safety performance.

The UK lime industry continues to play a critical role in supporting multiple downstream sectors including steelmaking, construction, water treatment, agriculture and national infrastructure projects. Demand has remained resilient, underpinned by infrastructure activity and environmental applications.

However, the sector faces several structural and regulatory challenges. The transition to a lower-carbon economy has placed increased pressure on lime producers to decarbonise operations, particularly given the sector's high energy intensity and CO2 emissions profile. In response, many operators, including our Company, are exploring cleaner fuels, carbon capture technologies, and more efficient processing techniques.

The UK Government's continued focus on sustainability, net zero targets, and planning reform have long-term implications for quarrying permissions, environmental compliance, and investment strategies. The UK Government is currently consulting on significant reforms to the landfill tax regime, which could see the removal of the lower rate of landfill tax and key exemptions, including those for quarry restoration and qualifying fines. If implemented as proposed, the reforms could materially impact the economic viability of landfill operation, quarry restoration and long-term site management The Company continues to monitor the consultation process closely and engage with industry bodies to assess the potential financial and operational implications.

Mitigation measures are in place to monitor and manage these risks, and the Board remains focused on ensuring the Company remains compliant, agile, and forward-looking.

The Board's diversification strategy in recent years aims to moderate the Group's reliance on major customers.

While these trends introduce uncertainty, they also present an opportunity for innovation and competitive differentiation for those operators who are proactive.

FINANCIAL RISK MANAGEMENT

The Group's activities expose it to a variety of financial risks: market risk, credit risk, interest rate and foreign currency risk and liquidity risk.

Specific Market Risks

i. Energy Costs

Market rate risk arises from fluctuations in the price of carbon emission allowances and gas rate prices. The Company manages such risk by having either variable pass-through costs in customer contracts or buying gas forward on fixed price agreements for the length of the contract. The UK Emission Trading (UK ETS) Scheme remains volatile and relatively illiquid. To mitigate against significant fluctuations we are purchasing carbon on a monthly basis to fulfil our annual requirements and adjusting customer prices at regular intervals accordingly.

ii. Credit Risk

Credit risk arises from cash and cash deposits, derivative financial instruments and exposure to customers, including outstanding trade receivables. The Board has agreed a policy for managing such risk which is controlled through credit limits, customer and counterparty approvals, and rigorous monitoring procedures. Credit checks are undertaken on all customers on an annual basis and credit insurance is obtained for all major customers where possible. Where credit insurance is not available for certain customers, credit terms are reduced, and the accounts are monitored closely to ensure exposure to credit risk is minimised.

iii. Foreign Exchange Risk

Foreign currency risk occurs at transactional and translation level from trade balances and transactions in foreign currencies. The vast majority of sales and purchases made across the Group are in GBP, so the Group runs minimal risk in this area. For the limited amount of transactions incurred in foreign currencies, the Group operates foreign currency bank accounts in order to naturally minimise exposure to sudden fluctuations.

iv. Cash Flow/ Liquidity Risk

Cash flow and liquidity are monitored regularly against forecasts and available finance facilities to ensure the Group has sufficient headroom. The Group actively maintains a mixture of long-term and short-term committed facilities which are designed to ensure the Group has sufficient available funds for operations and planned expansions equivalent to at least one year's forecast requirements at all times.

SECTION 172(1) STATEMENT

The Board have considered the matters set out in section 172 (1) (a) to (f) when performing their duty to promote the success of the Company and the Group.

The Board continue to ensure that any business decisions consider the long-term impact on all key stakeholders. This includes when evaluating acquisition and growth opportunities. During the period there has been a strong focus on the continued integration of acquired businesses to ensure that the Group will function in the future in a focussed and consistent manner. This integration promotes employee development and allows supplier and customer relationships to be monitored at group level.

Environmental issues continue to be a major focus of the business and are a key consideration of the Board's strategy. The Board encourages sharing of best practices between group companies to ensure the business operates at the highest possible standard and endeavours to ensure that all stakeholders are treated fairly.

The Board meets regularly to oversee implementation of the Group's strategy. This includes, but is not limited to, reviewing performance against budget forecasts, authorising and monitoring capital investment, assessing compliance with environmental regulations and maintaining a high level of active training to promote a safe working environment, all of which contribute directly to the long term success of the Group.

The Group is committed to supporting the local community and charitable activities within the area and contributes a percentage of net profits each year into a community fund to support various local community projects, charities and schools.

In addition, the directors consider the Group's employees, suppliers and customers to be integral to its continued success. The directors have reported on engagement with suppliers, customers and others within the Report of the Directors.

FUTURE DEVELOPMENTS AND RESEARCH AND DEVELOPMENT

The Melton Ross site sits close to a proposed CO2 route that encompasses power generation, steel and chemical operations around the Humber Estuary. The company is working with a number of partners and technologies which include innovative carbon capture and on-site hydrogen production to develop zero carbon lime production capabilities.

ON BEHALF OF THE BOARD:

A W Forman - Director

23 September 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the Group in the year under review were those of quarrying, the manufacture, sale and distribution of lime products and other related chemicals, landfill operations, energy generation, maintenance of biogas, biosolids and other plants, the sale and maintenance of electronic weighing equipment and remote monitoring website technology.

DIVIDENDS

The directors do not recommend the payment of a final dividend for the year to 31 December 2024. The total distribution of dividends for the period to 31 December 2024 will be £2,000,000.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

A W Forman

C Fincher

P T Fitzgerald

P Hogan

E G R Arnott

A J Embleton

Other changes in directors holding office are as follows:

R M Stansfield - resigned 1 June 2024

A Henken - resigned 26 January 2024

D Venhaus - resigned 30 April 2024

M Kiefer - appointed 1 May 2024

B P Dell - appointed 1 June 2024

W Sugden-Brook ceased to be a director after 31 December 2024 but prior to the date of this report.

ENGAGEMENT WITH EMPLOYEES

The directors make use of the senior management teams throughout the Group to ensure that all employees are kept up to date with key and relevant information which may concern them as employees. Each group division consults its employees as necessary when making material decisions which may affect them. Employees are encouraged to have an interest in the performance of the Company and a general awareness of the Group’s performance.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors continuously consider key stakeholder relationships and develops them through the senior management team. The Group considers relationships with customers and suppliers on a global scale and maintains strong relationships at a local and group level. Organic and acquisitive group actions take into consideration these business relationships.

STREAMLINED ENERGY AND CARBON REPORTING

UK Greenhouse gas emissions and energy use data for the year to 31 December 2024

For the year to 31 December 2024, the annual quantity of scope 1 emissions in tonnes of carbon dioxide equivalents for which the Company was directly responsible for was 231,752 tCO2e (2023: 218,609 tCO2e) as agreed with auditors for the UK ETS. The annual quantity of scope 2 emissions in tonnes of carbon dioxide equivalents as a result of purchased electricity consumed during the year was 2,643 tCO2e (2023: 952 tCO2e). The total quantity of energy consumed for the year to 31 December 2024 was 334,618,719kwh (2023: 291,785,427kwh).

Intensity measurement

For the year to 31 December 2024 scope 1 and scope 2 emissions of 0.0031 tCO2e were released for every £1 of revenue earned (2023: 0.0028). The Group is looking at further carbon reduction initiatives to reduce this.

Quantification and Reporting Methodology

The calculation methodology has been performed in accordance with the requirements of the UK ETS and the approved GHG permit as agreed with the Competent Authority. We have also followed the 2019 HM Government Environmental Reporting Guidelines and have used the 2024 UK Government's Conversion Factors (updated June 2024) for Company Reporting.

Measures taken to improve energy efficiency

The Group operates three Anaerobic Digestion plants (AD) generating a significant amount of renewable electricity which is used across the site at Melton Ross and fed into the national grid.

The Group recognises the importance of its environmental responsibilities and is regulated by the Environment Agency. The Group currently holds Environmental Management Standard ISO 14001 and Energy Management Standard ISO 50001. These certifications provide assurance of responsible energy use and management. Singleton Birch is proud to be at the forefront of sustainability and responsible production in the lime industry and this certification recognizes that the Groups energy management system meets the global benchmark for efficiency, conservation and continuous improvement.

The Group has made significant investments in its energy plan to maximize the use of green energy sources and reduce air emissions. For example, Singleton Birch operates three anaerobic digestion plants that generate green electricity. The plants use feedstocks such as sugar beet pulp, maize and livestock manure and in 2024 produced the equivalent of 101.4% of the total electricity needs for the Group's lime production and processes. Of the total energy consumed on site at Melton Ross Quarries during the year to 31 December 2024 15,834,420kWh was self-generated by the AD plant on site (2023: 15,011,020kwh). An additional 4,323,980kWh was generated using AD technology at Northwold (2023: 3,887,766kwh) and 4,338,670kWh at Willoughton (2023: 4,185,064kwh). The annual quantity of emissions in tonnes of carbon dioxide equivalents from the combustion of biomass at the AD plant on site at Melton Ross for the year to 31 December 2024 was 7,777 tCO2e (2023: 7,384 tCO2e).

Ongoing capital investment and research and development work aims to make plants and processes more efficient, reducing waste and energy used.

The Group has implemented a policy to convert the company car fleet to electric vehicles and all the executive directors now drive electric cars.

The Group is actively developing Hydrogen fuel switching and Carbon Capture solutions in order to significantly reduce the carbon intensity of its processes.

Further details can be found in the group Annual Sustainability Report on the company website https://www.singletonbirch.co.uk/about-us/sustainability/.

DISCLOSURE IN THE STRATEGIC REPORT

Disclosures required relating to financial instruments, future developments and research and development activities are set out in the Strategic Report in accordance with s.414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group 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 then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group 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 Group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

A W Forman - Director

23 September 2025

Opinion

We have audited the financial statements of Singleton Birch Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity 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 of the Parent Company affairs as at 31 December 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 Auditors' 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 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 seven, 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 group's and the parent 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 group or the parent 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company and the Group, including the Companies Act 2006, anti-bribery, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the Company and the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with relevant regulators and legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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

Jamie Chilcott ACA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

24 September 2025

TURNOVER

4

76,871

79,674

Cost of sales

(56,402

)

(58,861

)

GROSS PROFIT

20,469

20,813

Administrative expenses

(13,392

)

(11,957

)

7,077

8,856

Other operating income

921

3

GROUP OPERATING PROFIT

7

7,998

8,859

Share of operating profit in

Joint ventures

164

322

Interest receivable and similar income

224

149

8,386

9,330

Interest payable and similar expenses

Group

8

(328

)

(323

)

Joint ventures

(79

)

(85

)

Other finance costs

24

(143

)

(143

)

PROFIT BEFORE TAXATION

7,836

8,779

Tax on profit

9

(2,037

)

(2,354

)

PROFIT FOR THE FINANCIAL YEAR

5,799

6,425

Profit attributable to:

Owners of the parent

5,799

6,425

PROFIT FOR THE YEAR

5,799

6,425

OTHER COMPREHENSIVE INCOME

Actuarial movements

(504

)

(593

)

Income tax relating to other comprehensive income

126

148

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(378

)

(445

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

5,421

5,980

Total comprehensive income attributable to:

Owners of the parent

5,421

5,980

FIXED ASSETS

Intangible assets

12

442

360

Tangible assets

13

41,217

40,413

Investments

14

Interest in joint venture

Share of gross assets

1,922

2,074

Share of gross liabilities

(1,904

)

(2,074

)

18

-

Other investments

1,128

1,128

42,805

41,901

CURRENT ASSETS

Stocks

15

8,855

10,066

Debtors: amounts falling due within one year

16

17,490

17,965

Debtors: amounts falling due after more than one year

16

2,951

3,109

Cash at bank and in hand

9,395

7,148

38,691

38,288

CREDITORS

Amounts falling due within one year

17

(13,406

)

(15,304

)

NET CURRENT ASSETS

25,285

22,984

TOTAL ASSETS LESS CURRENT LIABILITIES

68,090

64,885

CREDITORS

Amounts falling due after more than one year

18

(39

)

(123

)

PROVISIONS FOR LIABILITIES

21

(9,183

)

(9,349

)

PENSION LIABILITY

24

(3,316

)

(3,282

)

NET ASSETS

55,552

52,131

CAPITAL AND RESERVES

Called up share capital

22

562

562

Share premium

23

349

349

Capital redemption reserve

23

90

90

Capital contribution reserve

23

11,054

11,054

Retained earnings

23

43,497

40,076

SHAREHOLDERS' FUNDS

55,552

52,131

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

A W Forman - Director

A J Embleton - Director

FIXED ASSETS

Intangible assets

12

162

-

Tangible assets

13

40,869

39,959

Investments

14

2,312

2,312

43,343

42,271

CURRENT ASSETS

Stocks

15

8,183

8,692

Debtors: amounts falling due within one year

16

17,493

17,792

Debtors: amounts falling due after more than one year

16

1,401

1,459

Cash at bank and in hand

7,802

6,094

34,879

34,037

CREDITORS

Amounts falling due within one year

17

(12,948

)

(14,316

)

NET CURRENT ASSETS

21,931

19,721

TOTAL ASSETS LESS CURRENT LIABILITIES

65,274

61,992

CREDITORS

Amounts falling due after more than one year

18

(4

)

(88

)

PROVISIONS FOR LIABILITIES

21

(9,225

)

(9,323

)

PENSION LIABILITY

24

(3,316

)

(3,282

)

NET ASSETS

52,729

49,299

CAPITAL AND RESERVES

Called up share capital

22

562

562

Share premium

23

349

349

Capital redemption reserve

23

90

90

Capital contribution reserve

23

11,054

11,054

Retained earnings

23

40,674

37,244

SHAREHOLDERS' FUNDS

52,729

49,299

Company's profit for the financial year

5,808

5,606

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

A W Forman - Director

A J Embleton - Director

Called up

share

Retained

Share

capital

earnings

premium

£'000

£'000

£'000

Balance at 1 January 2023

562

36,177

349

Changes in equity

Dividends

-

(2,081

)

-

Total comprehensive income

-

5,980

-

Balance at 31 December 2023

562

40,076

349

Changes in equity

Dividends

-

(2,000

)

-

Total comprehensive income

-

5,421

-

Balance at 31 December 2024

562

43,497

349

Capital

Capital

redemption

contribution

Total

reserve

reserve

equity

£'000

£'000

£'000

Balance at 1 January 2023

90

11,054

48,232

Changes in equity

Dividends

-

-

(2,081

)

Total comprehensive income

-

-

5,980

Balance at 31 December 2023

90

11,054

52,131

Changes in equity

Dividends

-

-

(2,000

)

Total comprehensive income

-

-

5,421

Balance at 31 December 2024

90

11,054

55,552

Called up

share

Retained

Share

capital

earnings

premium

£'000

£'000

£'000

Balance at 1 January 2023

562

34,164

349

Changes in equity

Dividends

-

(2,081

)

-

Total comprehensive income

-

5,161

-

Balance at 31 December 2023

562

37,244

349

Changes in equity

Dividends

-

(2,000

)

-

Total comprehensive income

-

5,430

-

Balance at 31 December 2024

562

40,674

349

Capital

Capital

redemption

contribution

Total

reserve

reserve

equity

£'000

£'000

£'000

Balance at 1 January 2023

90

11,054

46,219

Changes in equity

Dividends

-

-

(2,081

)

Total comprehensive income

-

-

5,161

Balance at 31 December 2023

90

11,054

49,299

Changes in equity

Dividends

-

-

(2,000

)

Total comprehensive income

-

-

5,430

Balance at 31 December 2024

90

11,054

52,729