ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 01833520

DERBYSHIRE AGGREGATES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

DERBYSHIRE AGGREGATES LIMITED

COMPANY INFORMATION

Directors	M Poulter
	K Brassington
	S B Buckley
	K B Poulter
	L Barkley (appointed 1 November 2024)
	D Lake (appointed 1 November 2024)


Company secretary	K B Poulter


Registered number	01833520


Registered office	Arbor Low Works
	Youlgrave
	Bakewell
	Derbyshire
	DE45 1JS


Independent auditors	Shorts
	Chartered Accountant & Statutory Auditor
	2 Ashgate Road
	Chesterfield
	Derbyshire
	S40 4AA


Bankers	Santander

DERBYSHIRE AGGREGATES LIMITED

CONTENTS

	Page
Group Strategic Report	5
Directors' Report	6 - 7
Independent Auditors' Report	8 - 11
Consolidated Statement of Comprehensive Income	12
Consolidated Balance Sheet	13
Company Balance Sheet	14 - 15
Consolidated Statement of Changes in Equity	16
Company Statement of Changes in Equity	17
Consolidated Statement of Cash Flows	18 - 19
Consolidated Analysis of Net Debt	20
Notes to the Financial Statements	21 - 43

DERBYSHIRE AGGREGATES LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

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

Business review

The Group's financial position is showing a small improvement in general trading conditions over the previous year.

The directors remain confident in the long term strategic direction of the Group. The Group continues to actively seek alternative outlets to ease the exposure to the economic climate and continue to focus on decorative aggregates, the resin market and exporting all over the world. The Group has strengthened its market position with the strategic acquisition of the Resins R Us business. This acquisition was achieved without further exposure to the overdraft position. The directors are pleased to report the Group had a profitable 12 month period, recording profits on ordinary activities before taxation of £3,168,605 (2023: £3,460,908)

Principal risks and uncertainties

Financial and business control
Strong financial and business controls are necessary to ensure the integrity and reliability of financial statements and other information on which the company relies for day to day operations, external reporting and for longer term planning. The Group exercises financial and business control through a combination experienced financial personnel and external advisors who provide advice on specific accounting and tax issues as they arise.
The key performance indicators for the business are cashflow and profitability and hence the most significant risks to the business are those that directly affect these, which are correlated with general economic activity. The directors have policies in place to ensure such risks are managed.
Credit Risk
Credit risk arises on assets such as trade debtors. Policies and procedures exist to ensure that the trade debtors have an appropriate credit history before credit is granted.
Price Risk
The Group may be affected by rising costs of inputs, although purchasing policies and practices seek to mitigate, where applicable, such risks.
The Group continues to offset the risk of competitive pressure through continual improvement in its customer focused activities, providing a good quality service at market price.
Liquidity Risk
At 31 December 2024, the Group had an overdraft of £690,359 (2023 £1,971,854). The directors are confident that the current funding structure is appropriate to allow the company to trade profitably and achieve its future financial targets.

This report was approved by the board on 29 September 2025 and signed on its behalf.

M Poulter

Director

Page 5

DERBYSHIRE AGGREGATES 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' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Group's financial statements 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 Group 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 the Group and to 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,317,953 (2023 - £2,614,552).

Directors

The directors who served during the year were:

M Poulter

K Brassington

S B Buckley

K B Poulter

L Barkley (appointed 1 November 2024)

D Lake (appointed 1 November 2024)

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. The company's indemnity does not provide cover in the event of a directors being proved to have acted fraudulently or dishonestly.

Page 6

DERBYSHIRE AGGREGATES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

In March 2025, Derbyshire Aggregates Limited acquired the entire share capital of Exo Supplies Ltd.

Auditors

The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 September 2025 and signed on its behalf.

M Poulter

Director

Page 7

DERBYSHIRE AGGREGATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBYSHIRE AGGREGATES LIMITED

Opinion

We have audited the financial statements of Derbyshire Aggregates Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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's 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 United Kingdom, including the Financial Reporting Council'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 or 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.

Page 8

DERBYSHIRE AGGREGATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBYSHIRE AGGREGATES LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the 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 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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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.

Page 9

DERBYSHIRE AGGREGATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBYSHIRE AGGREGATES LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 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 an Auditors' 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 Group 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 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 as follows:

∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the Company operates in, we identified the laws and regulations applicable to the Company; and

∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 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;
considered journal entries to identify unusual transactions;

Page 10

DERBYSHIRE AGGREGATES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBYSHIRE AGGREGATES LIMITED (CONTINUED)

∙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;

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

∙reviewing any correspondence with HMRC, relevant regulators and the Company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware 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.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.

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 Auditors' 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 Auditors' 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.

Howard Freeman (Senior Statutory Auditor)

for and on behalf of

Shorts

Chartered Accountant

Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA

29 September 2025

Page 11

DERBYSHIRE AGGREGATES LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	34,891,142	32,907,238
Cost of sales		(23,536,049)	(22,412,427)
Gross profit		11,355,093	10,494,811
Administrative expenses		(7,910,563)	(6,976,338)
Other operating income		6,600	19,900
Operating profit	6	3,451,130	3,538,373
Interest receivable and similar income	10	457	9,194
Interest payable and similar expenses	11	(282,982)	(86,659)
Profit before taxation		3,168,605	3,460,908
Tax on profit	12	(850,652)	(846,356)
Profit for the financial year		2,317,953	2,614,552

Profit for the year attributable to:
Owners of the parent Company	2,317,953	2,614,552
	2,317,953	2,614,552

The notes on pages 21 to 43 form part of these financial statements.

Page 12

DERBYSHIRE AGGREGATES LIMITED

REGISTERED NUMBER: 01833520

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	13		3,327,542		390,000
Tangible assets	14		11,535,859		10,845,968
Investments	15		48,000		-
			14,911,401		11,235,968
Current assets
Stocks	16	4,558,583		3,895,081
Debtors: amounts falling due within one year	17	3,263,431		3,040,966
Cash at bank and in hand	18	311,776		99,124
		8,133,790		7,035,171
Creditors: amounts falling due within one year	19	(6,641,870)		(6,516,528)
Net current assets			1,491,920		518,643
Total assets less current liabilities			16,403,321		11,754,611
Creditors: amounts falling due after more than one year	20		(4,216,604)		(1,000,000)
Provisions for liabilities
Deferred taxation	22		(1,348,263)		(1,234,410)
Net assets			10,838,454		9,520,201

Capital and reserves
Called up share capital	23	7,017	6,667
Revaluation reserve	24	16,351	16,921
Capital redemption reserve	24	5,000	5,000
Profit and loss account	24	10,810,086	9,491,613
		10,838,454	9,520,201

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

M Poulter

Director

The notes on pages 21 to 43 form part of these financial statements.

Page 13

DERBYSHIRE AGGREGATES LIMITED

REGISTERED NUMBER: 01833520

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	13		350,000		390,000
Tangible assets	14		11,214,461		10,845,968
Investments	15		3,421,909		-
			14,986,370		11,235,968
Current assets
Stocks	16	4,148,384		3,895,081
Debtors: amounts falling due within one year	17	3,023,683		3,040,966
Cash at bank and in hand	18	208,881		99,124
		7,380,948		7,035,171
Creditors: amounts falling due within one year	19	(5,822,859)		(6,516,528)
Net current assets			1,558,089		518,643
Total assets less current liabilities			16,544,459		11,754,611

Creditors: amounts falling due after more than one year	20		(4,133,333)		(1,000,000)
Provisions for liabilities
Deferred taxation	22		(1,299,395)		(1,234,410)
Net assets			11,111,731		9,520,201

Capital and reserves
Called up share capital	23		7,017		6,667
Revaluation reserve	24		16,351		16,921
Capital redemption reserve	24		5,000		5,000
Profit and loss account brought forward		9,491,613		7,429,141
Profit for the year		2,591,230		2,614,552
Other changes in the profit and loss account		(999,480)		(552,080)
Profit and loss account carried forward			11,083,363		9,491,613
			11,111,731		9,520,201

Page 14

DERBYSHIRE AGGREGATES LIMITED

REGISTERED NUMBER: 01833520

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

M Poulter

Director

The notes on pages 21 to 43 form part of these financial statements.

Page 15

DERBYSHIRE AGGREGATES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	6,667	5,000	17,491	7,429,141	7,458,299
Comprehensive income for the year
Profit for the year	-	-	-	2,614,552	2,614,552
Total comprehensive income for the year	-	-	-	2,614,552	2,614,552
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(552,650)	(552,650)
Transfer to/from profit and loss account	-	-	(570)	570	-
Total transactions with owners	-	-	(570)	(552,080)	(552,650)

At 1 January 2024	6,667	5,000	16,921	9,491,613	9,520,201
Comprehensive income for the year
Profit for the year	-	-	-	2,317,953	2,317,953
Total comprehensive income for the year	-	-	-	2,317,953	2,317,953
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(1,000,050)	(1,000,050)
Shares issued during the year	350	-	-	-	350
Transfer to/from profit and loss account	-	-	(570)	570	-
Total transactions with owners	350	-	(570)	(999,480)	(999,700)
At 31 December 2024	7,017	5,000	16,351	10,810,086	10,838,454

The notes on pages 21 to 43 form part of these financial statements.

Page 16

DERBYSHIRE AGGREGATES LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital redemption reserve	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	6,667	5,000	17,491	7,429,141	7,458,299
Comprehensive income for the year
Profit for the year	-	-	-	2,614,552	2,614,552
Total comprehensive income for the year	-	-	-	2,614,552	2,614,552
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(552,650)	(552,650)
Transfer to/from profit and loss account	-	-	(570)	570	-
Total transactions with owners	-	-	(570)	(552,080)	(552,650)

At 1 January 2024	6,667	5,000	16,921	9,491,613	9,520,201
Comprehensive income for the year
Profit for the year	-	-	-	2,591,230	2,591,230
Total comprehensive income for the year	-	-	-	2,591,230	2,591,230
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(1,000,050)	(1,000,050)
Shares issued during the year	350	-	-	-	350
Transfer to/from profit and loss account	-	-	(570)	570	-
Total transactions with owners	350	-	(570)	(999,480)	(999,700)
At 31 December 2024	7,017	5,000	16,351	11,083,363	11,111,731

The notes on pages 21 to 43 form part of these financial statements.

Page 17

DERBYSHIRE AGGREGATES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	2,317,953	2,614,552
Adjustments for:
Amortisation of intangible assets	90,467	10,000
Depreciation of tangible assets	772,832	606,446
Loss on disposal of tangible assets	(6,956)	14,033
Interest paid	282,982	86,659
Interest received	(457)	(9,194)
Taxation charge	850,652	846,356
Decrease in stocks	5,448	1,041,024
Decrease/(increase) in debtors	681,126	(458,592)
(Decrease) in creditors	(951,671)	(1,923,872)
Corporation tax (paid)	(300,192)	(363,559)
Net cash generated from operating activities	3,742,184	2,463,853

Cash flows from investing activities
Purchase of intangible fixed assets	-	(400,000)
Purchase of tangible fixed assets	(1,246,084)	(1,214,898)
Sale of tangible fixed assets	141,230	58,888
Purchase of unlisted and other investments	(48,000)	-
Purchase of fixed asset investments	(3,172,067)	-
Interest received	457	9,194
HP interest paid	(1,772)	-
Net cash from investing activities	(4,326,236)	(1,546,816)
Cash flows from financing activities
Issue of ordinary shares	350	-
New secured loans	3,987,250	2,000,000
Repayment of loans	(653,917)	(333,334)
Repayment of/new finance leases	25,776	65,833
Dividends paid	(1,000,050)	(552,650)
Interest paid	(281,210)	(86,659)
Net cash used in financing activities	2,078,199	1,093,190
Net increase in cash and cash equivalents	1,494,147	2,010,227
Cash and cash equivalents at beginning of year	(1,872,730)	(3,882,956)

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DERBYSHIRE AGGREGATES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£

Cash and cash equivalents at the end of year	(378,583)	(1,872,729)

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	311,776	99,124
Bank overdrafts	(690,359)	(1,971,853)
	(378,583)	(1,872,729)

The notes on pages 21 to 43 form part of these financial statements.

Page 19

DERBYSHIRE AGGREGATES LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	New finance leases	At 31 December 2024
£	£	£	£

Cash at bank and in hand	99,124	212,652	-	311,776
Bank overdrafts	(1,971,854)	1,281,495	-	(690,359)
Debt due after 1 year	(1,000,000)	(3,137,079)	-	(4,137,079)
Debt due within 1 year	(1,219,317)	(656,404)	-	(1,875,721)
Finance leases	(65,833)	77,598	(103,374)	(91,609)
	(4,157,880)	(2,221,738)	(103,374)	(6,482,992)

The notes on pages 21 to 43 form part of these financial statements.

Page 20

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Derbyshire Aggregates Limited is a private company limited by shares, incorporated in England and Wales (registered number: 01833520). Its registered office is Arbor Low Works, Youlgreave, Bakewell, Derbyshire, DE45 1JS. The principal activity of the company throughout the year continued to be that of the supply of rocks, stone and aggregates to the general public and construction industry.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
Resin's R Us UK Ltd was acquired by the group on 29th October 2024, and as such the comparative balances included in the Consolidated Statement of Comprehensive Income include only trading results for Derbyshire Aggregates Limited.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

Page 21

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pounds sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 22

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Operating leases: the Group as lessee

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

2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 23

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 24

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Freehold property	-	2%	straight line
Plant and machinery	-	10%	reducing balance
Motor vehicles	-	25%	reducing balance
Fixtures and fittings	-	15%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Revaluation of tangible fixed assets

Individual freehold properties are carried at fair value at the date of the revaluation, plus any subsequent additions stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The company has taken advantage of the transitional provision in paragraph 35.10 (d) of FRS 102 to use the previous GAAP revaluation of freehold property as its deemed cost at the revaluation date. Hence freehold property is no longer stated under the revaluation model, but is deemed to be measured under the cost model as described in section 17 of FRS 102.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 25

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.18

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have to be made by management in preparing these financial statements other
than as disclosed within accounting policies.

Page 26

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Sale of goods	34,891,142	32,907,238

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	34,048,470	32,077,923
Rest of Europe	673,929	570,656
Rest of the world	168,743	258,659
	34,891,142	32,907,238

5.	Other operating income
		2024	2023
		£	£

	Net rents receivable	6,600	19,900

Depreciation of tangible fixed assets	734,227	606,446
Amortisation of intangible assets, including goodwill	90,467	10,000
Profit on disposal of fixed assets	(6,956)	14,033
Operating lease rental	116,280	48,627
Pension costs	266,240	81,317

Page 27

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

50,000

22,500

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Wages and salaries	2,963,138	2,714,608	2,894,972	2,714,608
Social security costs	311,759	272,771	305,476	272,771
Cost of defined contribution scheme	266,240	81,317	264,987	81,317
	3,541,137	3,068,696	3,465,435	3,068,696

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Production	42	43	41	43
Administration	31	25	31	25

	73	68	72	68

Page 28

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	400,346	370,020
Group contributions to defined contribution pension schemes	177,354	4,800
	577,700	374,820

	During the year retirement benefits were accruing to 5 directors (2023 - 1) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £129,485 (2023 - £130,274).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £60,000 (2023 - £4,800).

10.	Interest receivable
		2024	2023
		£	£

Other interest receivable

457

9,194

11.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	274,539	86,659
Other loan interest payable	874	-
Finance leases and hire purchase contracts	1,772	-
Other interest payable	5,797	-
	282,982	86,659

Page 29

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	846,769	742,323
Adjustments in respect of previous periods	(109,971)	-
	736,798	742,323

Total current tax	736,798	742,323

Deferred tax
Origination and reversal of timing differences	120,728	102,342
Movement in provisions	(50)	1,691
Tax losses	(6,824)	-
Total deferred tax	113,854	104,033


	Tax on profit	850,652	846,356

Page 30

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.Taxation (continued)

Profit on ordinary activities before tax

3,168,605

3,460,908

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	792,151	814,025
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	69,137	25,548
Other tax adjustments, reliefs and transfers	1,114	627
Capital gains	(400)	(1,411)
Movement in deferred tax not recognised	67,701	1,500
Remeasurement of deferred tax for changes in tax rates	-	6,067
Utilisation of tax losses	112,253	-
Adjustment to tax charge in respect of prior years	(109,971)	-
Pre-acquisitions losses	(81,333)	-
Total tax charge for the year	850,652	846,356

Factors that may affect future tax charges

Following the acquisition of the subsidiary Resin's R Us Uk Limited ("RRU") during the year, it has transpired that RRU has additional liabilities for taxation which have not been previously accounted for. The amounts of additional tax liabilities have not yet been fully quantified, but for the time being a provision for additional corporation tax and related costs of £350,000 is included in the balance sheets of RRU at both 31 December 2024 and date of acquisition of 29 October 2024. The directors consider this sum to be reasonable estimate of the likely amount of additional tax and related liabilities arising. Full disclosure is in the process of being made to HMRC.

Page 31

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Intangible assets
	Group

		Goodwill
		£
	Cost
	At 1 January 2024	488,000
	Additions	3,028,009
	At 31 December 2024	3,516,009
	Amortisation
	At 1 January 2024	98,000
	Charge for the year on owned assets	90,467
	At 31 December 2024	188,467
	Net book value
	At 31 December 2024	3,327,542
	At 31 December 2023	390,000

Page 32

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.Intangible assets (continued)

	Company

		Goodwill
		£
	Cost
	At 1 January 2024	488,000
	At 31 December 2024	488,000
	Amortisation
	At 1 January 2024	98,000
	Charge for the year	40,000
	At 31 December 2024	138,000
	Net book value
	At 31 December 2024	350,000
	At 31 December 2023	390,000

Page 33

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	7,052,713	7,218,142	691,057	478,186	15,440,098
Additions	82,281	903,957	531,157	40,997	1,558,392
Disposals	-	-	(321,990)	-	(321,990)
At 31 December 2024	7,134,994	8,122,099	900,224	519,183	16,676,500
Depreciation
At 1 January 2024	639,221	3,356,987	278,723	319,199	4,594,130
Charge for the year on owned assets	140,080	437,564	124,397	26,421	728,462
Charge for the year on financed assets	-	-	5,765	-	5,765
Disposals	-	-	(187,716)	-	(187,716)
At 31 December 2024	779,301	3,794,551	221,169	345,620	5,140,641
Net book value
At 31 December 2024	6,355,693	4,327,548	679,055	173,563	11,535,859
At 31 December 2023	6,413,492	3,861,155	412,334	158,987	10,845,968

The group has taken advantage of the transitional provision in paragraph 35.10 (d) of FRS 102 to use the previous GAAP revaluation of freehold property as its deemed cost at the revaluation date. Hence freehold property is no longer stated under the revaluation model, but is deemed to be measured under the cost model as described in section 17 of FRS 102.
Included in land and buildings is freehold land at valuation of £100,010 (2023: £100,010) which is not depreciated.
Freehold land and buildings were revalued as at 31 March 1991 on an open market existing use basis.

Page 34

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Plant and machinery	-	95,379
Motor vehicles	109,546	-
	109,546	95,379

	Company

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	7,052,713	7,218,142	691,057	478,186	15,440,098
Additions	82,281	717,321	387,763	10,894	1,198,259
Disposals	-	-	(272,690)	-	(272,690)
At 31 December 2024	7,134,994	7,935,463	806,130	489,080	16,365,667
Depreciation
At 1 January 2024	639,221	3,356,987	278,723	319,199	4,594,130
Charge for the year on owned assets	140,080	434,211	124,379	24,553	723,223
Disposals	-	-	(166,147)	-	(166,147)
At 31 December 2024	779,301	3,791,198	236,955	343,752	5,151,206
Net book value
At 31 December 2024	6,355,693	4,144,265	569,175	145,328	11,214,461
At 31 December 2023	6,413,492	3,861,155	412,334	158,987	10,845,968

Page 35

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.Tangible fixed assets (continued)

The company has taken advantage of the transitional provision in paragraph 35.10 (d) of FRS 102 to use the previous GAAP revaluation of freehold property as its deemed cost at the revaluation date. Hence freehold property is no longer stated under the revaluation model, but is deemed to be measured under the cost model as described in section 17 of FRS 102.
Included in land and buildings is freehold land at valuation of £100,010 (2023: £100,010) which is not depreciated.
Freehold land and buildings were revalued as at 31 March 1991 on an open market existing use basis.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Plant and machinery	-	95,379
	-	95,379

15.	Fixed asset investments
	Group

		Unlisted investments
		£
	Cost or valuation
	Additions	48,000
	At 31 December 2024	48,000

Page 36

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Company

	Investments in subsidiary companies	Unlisted investments	Total
	£	£	£
Cost or valuation
Additions	3,373,909	48,000	3,421,909
At 31 December 2024	3,373,909	48,000	3,421,909

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Class of shares	Holding

Resin's R Us Uk Ltd

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

Resin's R Us Uk Ltd

123,091

(898,141)

16.	Stocks
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Raw materials and consumables	4,558,583	3,895,081	4,148,384	3,895,081

Stock recognised in cost of sales during the period as an expense was £23,611,060 (2023 - £21,043,411).

Page 37

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	3,012,311	2,868,801	2,805,630	2,868,801
Other debtors	17,293	-	14,244	-
Prepayments and accrued income	233,827	172,165	203,809	172,165
	3,263,431	3,040,966	3,023,683	3,040,966

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Cash at bank and in hand	311,776	99,124	208,881	99,124

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank overdrafts	690,359	1,971,854	690,359	1,971,854
Bank loans	875,671	666,667	866,667	666,667
Trade creditors	1,555,729	1,621,760	1,411,243	1,621,760
Corporation tax	821,326	384,719	466,769	384,719
Other taxation and social security	779,249	386,772	579,749	386,772
Obligations under finance lease and hire purchase contracts	12,084	65,833	-	65,833
Other creditors	1,352,364	1,340,600	1,459,986	1,340,600
Accruals and deferred income	555,088	78,323	348,086	78,323
	6,641,870	6,516,528	5,822,859	6,516,528

Page 38

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

20.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank loans	4,137,079	1,000,000	4,133,333	1,000,000
Net obligations under finance leases and hire purchase contracts	79,525	-	-	-
	4,216,604	1,000,000	4,133,333	1,000,000

Included in creditors due within one year and after more than one year are a bank loan totalling £5,012,750 (2023: £1,666,667), a bank overdraft totalling £690,359 (2023: £1,971,854) and other creditors totalling £NIL (2023: £787,000) on which security has been given by the company.
Assets under finance leases and hire purchase contracts are secured on the underlying assets.

21.	Financial instruments
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	3,029,604	2,868,801	2,819,874	2,868,801

	Financial liabilities
	Financial liabilities measured at amortised cost	9,257,899	6,744,912	8,909,675	6,744,912

	Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors
	Financial liabilities measured at amortised cost comprise bank overdrafts, bank loans, trade creditors, obligations under hire purchase contracts, other creditors and accruals.

Page 39

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

22.	Deferred taxation
	Group

		2024
		£

	At beginning of year	1,234,410
	Charged to profit or loss	113,853
	At end of year	1,348,263

Company

		2024
		£

	At beginning of year	1,234,410
	Charged to profit or loss	64,985
	At end of year	1,299,395

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

Accelerated capital allowances	1,430,347	1,309,620	1,374,655	1,309,620
Movement in provisions	(75,260)	(75,210)	(75,260)	(75,210)
Tax losses carried forward	6,824	-	-	-
	1,348,263	1,234,410	1,299,395	1,234,410

Page 40

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

5,000 (2023 - 5,000) Ordinary shares of £1.00 each	5,000	5,000
1,333 (2023 - 1,333) A Ordinary shares of £1.00 each	1,333	1,333
334 (2023 - 334) B Ordinary shares of £1.00 each	334	334
210 (2023 - nil) C Ordinary shares of £1.00 each	210	-
140 (2023 - nil) D Ordinary shares of £1.00 each	140	-

	7,017	6,667

During the year 210 C Ordinary shares of £1 each and 140 D Ordinary shares of £1 each were issued at par.

24.

Reserves

Revaluation reserve

Revaluation reserve represents the surplus or deficit arising on the valuation of certain assets by the company.

Capital redemption reserve

Capital redemption reserve represents the share capital redeemed from the purchase of own shares.

Profit and loss account

Profit and loss account represents all current and prior period retained profits and losses.

Page 41

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.	Business combinations

On 29th October 2024 the company entered into an agreement to purchase 100% of the share capital of Resin's R Us UK Ltd from the shareholders for a total consideration of £3,373,909.

Acquisition of Resin's R Us UK Ltd
Recognised amounts of identifiable assets acquired and liabilities assumed
	Book value	Fair value adjustments	Fair value
	£	£	£

Fixed Assets
Tangible	350,913	-	350,913
	350,913	-	350,913
Current Assets
Stocks	668,950	-	668,950
Debtors	903,591	-	903,591
Cash at bank and in hand	201,842	-	201,842
Total Assets	2,125,296	-	2,125,296
Creditors
Due within one year	(1,424,134)	(350,000)	(1,774,134)
Due after more than one year	(5,262)	-	(5,262)
Total Identifiable net assets	695,900	(350,000)	345,900


	Goodwill	3,028,009
	Total purchase consideration	3,373,909

	Consideration
					£


	Cash	3,273,570
	Directly attributable costs	100,339
	Total purchase consideration	3,373,909

Page 42

DERBYSHIRE AGGREGATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.Business combinations (continued)

	Cash outflow on acquisition
					£


	Purchase consideration settled in cash, as above	3,273,570
	Directly attributable costs	100,339
		3,373,909
	Less: Cash and cash equivalents acquired	(201,842)
	Net cash outflow on acquisition	3,172,067

26.	Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £272,240 (2023: £81,317). Contributions totaling £950 (2023: £17,460) were payable to the fund at the balance sheet date and are included in creditors

27.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Not later than 1 year	155,922	108,520	110,175	108,520
Later than 1 year and not later than 5 years	212,856	307,671	197,496	307,671
	368,778	416,191	307,671	416,191

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