REGISTERED NUMBER: 00804642 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Fox (Owmby) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

6

Consolidated Other Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

S H Fox

Mrs C Fox

R Gudgin

A S Fox

J A Gudgin

Mrs K J Durant

REGISTERED OFFICE:

Caenby Hall

Caenby Corner

Market Rasen

Lincolnshire

LN8 2BU

REGISTERED NUMBER:

00804642 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

Chancery Court

34 West Street

Retford

Nottinghamshire

DN22 6ES

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

PRINCIPAL ACTIVITIES

The principal activities of the Company during the year were Civil Engineering, Quarrying, Landfilling, Borehole/Drilling services and other general services related to Construction and Plant.

OVERVIEW

2024 provided a number of challenges and opportunities to the business which has performed well over the course of the year.

Despite economic uncertainty and poor early weather conditions impacting the industry, the business was successful in securing a number of significant projects which have been delivered successfully.

The downturn in residential work and construction activity in general in the first two quarters impacted on workload, but a significant increase in the second half provided acceptable results and a strong order book into 2025.

OUTLOOK

The year has ended with a strong and diverse order book across the business for 2025, reflective of new work, delayed contract awards and postponed secured works. Despite mixed economic conditions, we are optimistic that this will provide a platform for further awards and lead to a strong financial performance. The company has expanded on the aggregate operations, including land acquisition to support these and we expect these to provide sustained performance through the year. We have also secured framework and long term agreements with a number of key customers.

HIGHLIGHTS

The company has continued to invest in new technology to enhance business performance. In particular, 2024 saw the introduction of new software systems. These investments have allowed the business to optimise overhead costs. We have also invested significant sums into new plant and equipment across all of the business units providing improved financial and sustainability performance.

2024 ended with a very strong order book running into 2025 across all business activities, providing a firm platform to a prosperous 2025. Established long term contracts will continue to provide a good baseline of workload for the company.

Turnover for the year decreased to £26,947,008, which was generally a reduction across all of the business activities and predominantly due to the first two quarters. The second half performance was subsequently strong across all business units. Administrative costs have decreased significantly, reflective of the drive efficiency drive in the business.

RISK AND UNCERTAINTY

The changing political landscape has provided uncertainty in the industry, leading to delayed decisions on investment. Alongside this, public sector spending is under threat due to budget cuts. This is coupled with government policy increasing costs to businesses of employment as well as rises in taxes and NI contributions. Taken together, this has the potential to create a threat to profitability through the need to balance the increased business costs against the tighter market conditions created. The business is aware of this and has focussed on core business activities and lower risk operations as well as operational efficiencies.

SUMMARY

Despite the challenges presented, we consider the results to be satisfactory and believe that the investments in the business will provide a strong platform for future growth.

ON BEHALF OF THE BOARD:

A S Fox - Director

30 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 ACTIVITY

The principal activity of the group in the year under review was that of Civil Engineering, Quarrying, Landfilling, Borehole/Drilling services and other general services related to Construction and Plant.

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.

S H Fox

Mrs C Fox

R Gudgin

A S Fox

J A Gudgin

Mrs K J Durant

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). 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;

-	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, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A S Fox - Director

30 September 2025

Opinion

We have audited the financial statements of Fox (Owmby) 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, Consolidated Cash Flow Statement and Notes to the Consolidated 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 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 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 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 work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. 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 plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

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

-

Substantive procedures performed in accordance with the ISAs (UK).

-

Challenging assumptions and judgments made by management in its significant accounting estimates.

-

Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

-

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.

Matthew Chadwick BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

Chancery Court

34 West Street

Retford

Nottinghamshire

DN22 6ES

30 September 2025

TURNOVER

26,947,008

31,508,860

Cost of sales

21,946,007

25,548,126

GROSS PROFIT

5,001,001

5,960,734

Administrative expenses

4,315,448

5,247,016

685,553

713,718

Other operating income

71,442

71,235

OPERATING PROFIT

4

756,995

784,953

Income from other participating interests

174,224

-

Interest receivable and similar income

795

6,732

175,019

6,732

932,014

791,685

Interest payable and similar expenses

5

810,695

579,954

Other finance costs

22

8,000

2,000

818,695

581,954

PROFIT BEFORE TAXATION

113,319

209,731

Tax on profit

6

(115,814

)

(410,587

)

PROFIT FOR THE FINANCIAL YEAR

229,133

620,318

Profit attributable to:

Owners of the parent

229,133

620,318

PROFIT FOR THE YEAR

229,133

620,318

OTHER COMPREHENSIVE INCOME

Pension scheme actuarial gain/(loss)

68,000

(241,002

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

68,000

(241,002

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

297,133

379,316

Total comprehensive income attributable to:

Owners of the parent

297,133

379,316

FIXED ASSETS

Intangible assets

9

-

(728,528

)

Tangible assets

10

16,988,917

17,040,740

Investments

11

Interest in joint venture

Share of gross assets

174,274

-

174,274

-

Other investments

300

100

17,163,491

16,312,312

CURRENT ASSETS

Stocks

12

423,260

750,737

Debtors

13

8,938,562

8,223,054

Cash at bank and in hand

27,339

420,755

9,389,161

9,394,546

CREDITORS

Amounts falling due within one year

14

7,313,378

7,100,940

NET CURRENT ASSETS

2,075,783

2,293,606

TOTAL ASSETS LESS CURRENT LIABILITIES

19,239,274

18,605,918

CREDITORS

Amounts falling due after more than one year

15

(7,154,621

)

(6,567,167

)

PROVISIONS FOR LIABILITIES

19

(1,292,776

)

(1,408,590

)

PENSION LIABILITY

22

(80,583

)

(216,000

)

NET ASSETS

10,711,294

10,414,161

CAPITAL AND RESERVES

Called up share capital

20

18,142

18,142

Share premium

21

286,533

286,533

Revaluation reserve

21

1,410,089

1,410,089

Retained earnings

21

8,996,530

8,699,397

SHAREHOLDERS' FUNDS

10,711,294

10,414,161

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

A S Fox - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

13,697,949

13,729,075

Investments

11

574,574

400,100

14,272,523

14,129,175

CURRENT ASSETS

Stocks

12

423,260

750,737

Debtors

13

9,686,761

9,017,920

Cash at bank and in hand

25,942

420,200

10,135,963

10,188,857

CREDITORS

Amounts falling due within one year

14

7,261,799

7,078,089

NET CURRENT ASSETS

2,874,164

3,110,768

TOTAL ASSETS LESS CURRENT LIABILITIES

17,146,687

17,239,943

CREDITORS

Amounts falling due after more than one year

15

(7,150,207

)

(6,552,335

)

PROVISIONS FOR LIABILITIES

19

(634,030

)

(751,889

)

PENSION LIABILITY

22

(80,583

)

(216,000

)

NET ASSETS

9,281,867

9,719,719

CAPITAL AND RESERVES

Called up share capital

20

18,142

18,142

Share premium

21

286,533

286,533

Revaluation reserve

21

1,410,089

1,410,089

Retained earnings

21

7,567,103

8,004,955

SHAREHOLDERS' FUNDS

9,281,867

9,719,719

Company's loss for the financial year

(505,852

)

(103,887

)

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

A S Fox - Director

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

18,142

8,365,081

286,533

1,410,089

10,079,845

Changes in equity

Dividends

-

(45,000

)

-

-

(45,000

)

Total comprehensive income

-

379,316

-

-

379,316

Balance at 31 December 2023

18,142

8,699,397

286,533

1,410,089

10,414,161

Changes in equity

Total comprehensive income

-

297,133

-

-

297,133

Balance at 31 December 2024

18,142

8,996,530

286,533

1,410,089

10,711,294

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

18,142

8,394,844

286,533

1,410,089

10,109,608

Changes in equity

Dividends

-

(45,000

)

-

-

(45,000

)

Total comprehensive income

-

(344,889

)

-

-

(344,889

)

Balance at 31 December 2023

18,142

8,004,955

286,533

1,410,089

9,719,719

Changes in equity

Total comprehensive income

-

(437,852

)

-

-

(437,852

)

Balance at 31 December 2024

18,142

7,567,103

286,533

1,410,089

9,281,867

Cash flows from operating activities

Cash generated from operations

1

167,558

2,839,529

Interest paid

(232,371

)

(178,303

)

Interest element of hire purchase payments paid

(586,324

)

(401,651

)

Tax paid

-

(6,765

)

Net cash from operating activities

(651,137

)

2,252,810

Cash flows from investing activities

Purchase of tangible fixed assets

(2,024,903

)

(5,427,618

)

Purchase of fixed asset investments

(250

)

-

Sale of tangible fixed assets

365,883

1,264,201

Interest received

795

6,732

Income from joint ventures

174,224

-

Net cash from investing activities

(1,484,251

)

(4,156,685

)

Cash flows from financing activities

New HP finance in year

6,019,059

3,822,922

Bank loan repayments in year

(181,799

)

(104,266

)

HP repayments in year

(5,749,952

)

(1,775,720

)

Amount introduced by directors

24,743

17,336

Amount withdrawn by directors

(21,354

)

-

Net cash from financing activities

90,697

1,960,272

(Decrease)/increase in cash and cash equivalents

(2,044,691

)

56,397

Cash and cash equivalents at beginning of year

2

277,866

221,469

Cash and cash equivalents at end of year

2

(1,766,825

)

277,866

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

2024

2023

£

£

Profit before taxation

113,319

209,731

Depreciation charges

1,109,102

959,267

Profit on disposal of fixed assets

(170,443

)

(578,607

)

Advanced pension contribution

(75,000

)

(124,000

)

Finance costs

818,695

581,954

Finance income

(175,019

)

(6,732

)

1,620,654

1,041,613

Decrease in stocks

327,477

102,853

(Increase)/decrease in trade and other debtors

(808,861

)

1,943,342

Decrease in trade and other creditors

(971,712

)

(248,279

)

Cash generated from operations

167,558

2,839,529

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

27,339

420,755

Bank overdrafts

(1,794,164

)

(142,889

)

(1,766,825

)

277,866

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

420,755

221,469

Bank overdrafts

(142,889

)

-

277,866

221,469

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

420,755

(393,416

)

27,339

Bank overdrafts

(142,889

)

(1,651,275

)

(1,794,164

)

277,866

(2,044,691

)

(1,766,825

)

Debt

Finance leases

(6,972,207

)

(269,107

)

(7,241,314

)

Debts falling due within 1 year

(79,982

)

(9,984

)

(89,966

)

Debts falling due after 1 year

(1,474,531

)

88,996

(1,385,535

)

(8,526,720

)

(190,095

)

(8,716,815

)

Total

(8,248,854

)

(2,234,786

)

(10,483,640

)