Company registration number 07432717 (England and Wales)
GRAHAM HEATH GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GRAHAM HEATH GROUP LIMITED
COMPANY INFORMATION
Directors
GJT Heath
P Hanson
Company number
07432717
Registered office
The Creamery Wrenbury Industrial Estate
2 Station Road
Wrenbury
Nantwich
Cheshire
CW5 8EX
Auditor
Afford Bond Holdings Limited
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
GRAHAM HEATH GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 35
GRAHAM HEATH GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Introduction

The consolidated financial statements reflect the group's operations as follows:

Graham Heath Group Limited - a property holding company.

Graham Heath Construction Limited - subsidiary operating in the fabrication and erecting of agricultural buildings.

Concrete Panel Systems Limited - subsidiary operating in the manufacture of concrete panels.

The main trading activities of the group are conducted through Graham Heath Construction Limited and Concrete Panel Systems Limited

All the group's trading activities are conducted in the United Kingdom.

Review of the business

The director aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

The two main trading companies generate turnover through advertising from their respective websites and in key industry magazines. Significant leads are now generated throughout the year from being an exhibitor and sponsor at related industry shows across the UK. The company’s focus on core business values of high quality of product, competitive pricing, and excellent customer service, to generate repeat business with customers and generate positive publicity where possible.

The group's turnover for the year was £19,486,879. (2024: £16,934,855).

Turnover has increased by £2,552,024 compared to turnover for the prior year. With Graham Heath Construction Limited increasing by 17.1% on market share and several large one off projects, This also helped Concrete Panel systems Limited which increased turnover by 7.2%.

Trading has picked up in both agricultural and commercial build sectors, selling prices for our products have kept pace with inflation as has supply prices. Increased sales volumes by the group has given improved purchasing power. We have seen a small drop in some raw material prices during 2024 from the effects of the cancellation of phase 2 of the HS2 project.

The gross profit margin has decreased in the period to 24.9% (2024: 26.3%.). Margins have been impacted by operational changes due to unforeseen events, increased sub-contractor, haulage and payroll costs.

Operating profit before exceptional items has increased £2,448,235 (2024: £2,092,367) by 17.0%, in part in line with turnover and the gain from the disposal land by the Holding company.

Profit after taxation and exceptional items has increased to £2,018,759 (2024: £1,829,922) this includes the one off gain on the asset disposal.

The group has strong cash flows from all its trading activities, cash is also helped by the one off disposal of land to a third party.

G Heath Farms Limited has purchased land from Graham Heath to increase its trading activities in the general farming and Equine sector.

GRAHAM HEATH GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The director intends to continue with the policies which have resulted in an increase in turnover and to maximise margins generated in the business, whilst at the same time expanding the breadth of product range and geographical coverage.

Financial Instrument Risk

There are a range of risks facing the group and the group seeks to manage its exposure to all forms of risk.

Return on investment - the director continually monitors the efficiency of machines and plans to sell any non-core machinery making losses or plant and machinery surplus to requirements. Any excess cash raised is re-invested into new machinery to meet the demands of the business.

Competition - the director is aware of competitors operating in the same business and aims to respond quickly to changes in supply and demand.

The business is exposed to the risk that financial instruments held by the group impact on its ability to operate effectively and profitably. The risks which are relevant to the group's operations are:

Credit risks

The trading companies have policies that require appropriate credit checks on potential customers before sales are made. Policies are in place to ensure that provisions for bad debts are made when considered necessary. In addition, all purchases undergo stringent processes to establish rightful title to goods before onward sale.

Cashflow risks

The trading companies carefully manage their stock holding and debtor book to ensure that sufficient cash is available to meet operational need.

Liquidity risks

The trading companies fund working capital needs through the generation and retention of profits. Management is confident that additional bank funding facilities would be available, should it be required, to fund working capital, further investment, or any future expansion plans.

Future Developments

During the period, the group remained profitable and has increased margins and reduced labour costs.

The group's reputation for offering excellent value and service continues to grow, and this has been reflected in the emphasis on higher margin related sales throughout the trading period for the two main trading companies.

The directors intend to continue the policies which have resulted in the review of turnover to maximise margins of the business whilst at the same time expanding the breadth of their product range, enhancing accessibility for clients, and embarking upon further geographic growth.

G Heath Farms Limited incorporated on 8 November 2022 and has acquired land on 19 May 2023 for farming.

The outlook for the group remains very positive, which is supported by the fact that the group has a strong balance sheet, significant cash balances.

Concrete Panels Systems Limited has delayed looking into purchasing an additional bed to increase the manufacturing capacity of pre-stressed concrete panels.

GRAHAM HEATH GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Financial Key Performance Indicators

The director considers that the key financial performance indicators are those that communicate the financial performance of the group, these being turnover, gross profit margin and operating profit margin.

202 5 2024

Turnover £19,486,879 £16,934,855

Gross profit margin 24.9% 26.3%

Operating profit margin 12.6% 12.4%

(before exceptional items)

Explanation of the key performance indicators detailed above can be found in the review of business section of this report.

On behalf of the board

GJT Heath
Director
1 August 2025
GRAHAM HEATH GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company and group continued to be:

Graham Heath Group Limited - property holding company.

Graham Heath Construction Limited - erection of agricultural buildings.

Concrete Panel Systems Limited - manufacturer of concrete panels.

G Heath Farms Limited - farming activities and breeding and selling of horses.

All trading activities are operated in the UK.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £700,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

GJT Heath
P Hanson
Auditor

Afford Bond Holdings Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
GJT Heath
Director
1 August 2025
GRAHAM HEATH GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, 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 UK 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GRAHAM HEATH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GRAHAM HEATH GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of Graham Heath Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 March 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

GRAHAM HEATH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRAHAM HEATH GROUP LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

Our procedures are developed based on risks identified from our knowledge of the entity, its environment, the significant laws and regulations governing its activities and of the related parties and service organisations connected with it. We also consider how the systems and controls the entity has put in place over its activities might mitigate risks identified.

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

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GRAHAM HEATH GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRAHAM HEATH GROUP LIMITED
- 8 -

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Edwards FCCA CTA (Senior Statutory Auditor)
For and on behalf of Afford Bond Holdings Limited, Statutory Auditor
Chartered Accountants
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
1 August 2025
GRAHAM HEATH GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
19,486,879
16,934,855
Cost of sales
(14,625,435)
(12,487,038)
Gross profit
4,861,444
4,447,817
Distribution costs
(566,736)
(446,762)
Administrative expenses
(1,893,291)
(2,018,300)
Other operating income
46,817
109,612
Operating profit
4
2,448,234
2,092,367
Interest receivable and similar income
7
273,757
442,918
Interest payable and similar expenses
8
(15,785)
(27,950)
Profit before taxation
2,706,206
2,507,335
Tax on profit
9
(687,447)
(677,413)
Profit for the financial year
2,018,759
1,829,922
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GRAHAM HEATH GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
10,054,677
4,422,767
Investment property
13
546,629
359,218
Investments
14
50
50
10,601,356
4,782,035
Current assets
Stocks
17
1,360,072
1,253,125
Debtors
18
10,312,750
10,912,329
Cash at bank and in hand
5,702,529
5,105,887
17,375,351
17,271,341
Creditors: amounts falling due within one year
19
(7,541,893)
(3,150,795)
Net current assets
9,833,458
14,120,546
Total assets less current liabilities
20,434,814
18,902,581
Provisions for liabilities
Deferred tax liability
20
481,474
268,000
(481,474)
(268,000)
Net assets
19,953,340
18,634,581
Capital and reserves
Called up share capital
22
3
3
Profit and loss reserves
19,953,337
18,634,578
Total equity
19,953,340
18,634,581

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
01 August 2025
GJT Heath
Director
Company registration number 07432717 (England and Wales)
GRAHAM HEATH GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,535,962
3,747,162
Investment property
13
546,629
359,218
Investments
14
3,049,378
3,049,378
8,131,969
7,155,758
Current assets
Debtors
18
16,779,656
12,029,714
Cash at bank and in hand
5,536,505
4,969,218
22,316,161
16,998,932
Creditors: amounts falling due within one year
19
(9,061,967)
(4,744,110)
Net current assets
13,254,194
12,254,822
Total assets less current liabilities
21,386,163
19,410,580
Provisions for liabilities
Deferred tax liability
20
481,474
268,000
(481,474)
(268,000)
Net assets
20,904,689
19,142,580
Capital and reserves
Called up share capital
22
3
3
Profit and loss reserves
20,904,686
19,142,577
Total equity
20,904,689
19,142,580

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £2,462,109 (2024 - £1,807,341 profit).

The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
01 August 2025
GJT Heath
Director
Company registration number 07432717 (England and Wales)
GRAHAM HEATH GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
1,300,003
16,804,656
18,104,659
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,829,922
1,829,922
Redemption of shares
22
(1,300,000)
-
(1,300,000)
Balance at 31 March 2024
3
18,634,578
18,634,581
Year ended 31 March 2025:
Profit and total comprehensive income
-
2,018,759
2,018,759
Dividends
10
-
(700,000)
(700,000)
Balance at 31 March 2025
3
19,953,337
19,953,340
GRAHAM HEATH GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
1,300,003
17,335,236
18,635,239
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
1,807,341
1,807,341
Redemption of shares
22
(1,300,000)
-
(1,300,000)
Balance at 31 March 2024
3
19,142,577
19,142,580
Year ended 31 March 2025:
Profit and total comprehensive income
-
2,462,109
2,462,109
Dividends
10
-
(700,000)
(700,000)
Balance at 31 March 2025
3
20,904,686
20,904,689
GRAHAM HEATH GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
6,098,007
(5,463,364)
Interest paid
(15,785)
(27,950)
Income taxes paid
(705,194)
(2,075,256)
Net cash inflow/(outflow) from operating activities
5,377,028
(7,566,570)
Investing activities
Purchase of tangible fixed assets
(6,925,752)
(1,094,404)
Proceeds from disposal of tangible fixed assets
1,340,689
112,585
Purchase of investment property
(187,411)
-
Loans made
-
(1,124,901)
Repayment of loans
1,418,331
-
Interest received
273,757
442,918
Net cash used in investing activities
(4,080,386)
(1,663,802)
Financing activities
Redemption of shares
-
0
(1,300,000)
Dividends paid to equity shareholders
(700,000)
-
0
Net cash used in financing activities
(700,000)
(1,300,000)
Net increase/(decrease) in cash and cash equivalents
596,642
(10,530,372)
Cash and cash equivalents at beginning of year
5,105,887
15,636,259
Cash and cash equivalents at end of year
5,702,529
5,105,887
GRAHAM HEATH GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(1,616,288)
(7,602,865)
Interest paid
(683)
(27,465)
Income taxes paid
(44,972)
(1,253,970)
Net cash outflow from operating activities
(1,661,943)
(8,884,300)
Investing activities
Purchase of tangible fixed assets
(1,134,403)
(386,496)
Proceeds from disposal of tangible fixed assets
485,165
108,865
Purchase of investment property
(187,411)
-
0
Proceeds from disposal of subsidiaries
-
0
500
Loans made
-
0
(1,124,901)
Repayment of loans
1,418,331
-
0
Interest received
272,548
441,808
Dividends received
2,075,000
1,700,000
Net cash generated from investing activities
2,929,230
739,776
Financing activities
Redemption of shares
-
0
(1,300,000)
Dividends paid to equity shareholders
(700,000)
-
Net cash used in financing activities
(700,000)
(1,300,000)
Net increase/(decrease) in cash and cash equivalents
567,287
(9,444,524)
Cash and cash equivalents at beginning of year
4,969,218
14,413,742
Cash and cash equivalents at end of year
5,536,505
4,969,218
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Accounting policies
Company information

Graham Heath Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Creamery,Wrenbury Industrial Estate, 2 Station Road, Wrenbury, Cheshire, CW5 8EX.

The group consists of Graham Heath Group Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Graham Heath Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years and has now expired.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15-25% reducing balance
Computers
15-33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.13
Financial instruments

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

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

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Construction/erection of agricultural buildings
16,329,415
13,914,976
Manufacture of concrete panels
2,941,321
3,003,751
Farming activities
216,143
16,128
19,486,879
16,934,855
2025
2024
£
£
Other revenue
Interest income
273,757
442,918
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
951
-
Fees payable to the group's auditor for the audit of the group's financial statements
980
7,500
Depreciation of owned tangible fixed assets
413,773
296,050
Profit on disposal of tangible fixed assets
(460,622)
(6,530)
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
4
2
2
2
Senior management
3
4
-
-
Administration
21
24
-
-
Production
36
33
-
-
Total
64
63
2
2
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,136,351
2,025,815
9,600
9,600
Social security costs
210,489
195,481
3,824
681
Pension costs
213,753
319,322
-
0
140,000
2,560,593
2,540,618
13,424
150,281
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
99,141
106,889
Company pension contributions to defined contribution schemes
41,321
191,433
140,462
298,322
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
273,737
386,823
Other interest income
20
56,095
Total income
273,757
442,918
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
273,737
386,823
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
6
-
Other finance costs:
Other interest
15,779
27,950
Total finance costs
15,785
27,950
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
473,973
607,470
Adjustments in respect of prior periods
-
0
19,443
Total current tax
473,973
626,913
Deferred tax
Origination and reversal of timing differences
213,474
50,500
Total tax charge
687,447
677,413

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,706,206
2,507,335
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
676,552
626,834
Tax effect of expenses that are not deductible in determining taxable profit
33,053
5,072
Tax effect of utilisation of tax losses not previously recognised
-
0
(6,380)
Effect of change in corporation tax rate
-
27,689
Depreciation on assets not qualifying for tax allowances
18,557
18,153
Other permanent differences
(40,715)
(13,398)
Under/(over) provided in prior years
-
0
19,443
Taxation charge
687,447
677,413
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
700,000
-
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
60,000
Amortisation and impairment
At 1 April 2024 and 31 March 2025
60,000
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
12
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2024
3,317,529
26,287
3,506,919
51,072
105,988
513,144
7,520,939
Additions
5,494,739
-
0
856,799
345,331
25,200
203,683
6,925,752
Disposals
(840,000)
-
0
(30,780)
-
0
-
0
(46,884)
(917,664)
At 31 March 2025
7,972,268
26,287
4,332,938
396,403
131,188
669,943
13,529,027
Depreciation and impairment
At 1 April 2024
311,050
-
0
2,318,749
33,044
71,211
364,120
3,098,174
Depreciation charged in the year
114,917
-
0
230,664
11,679
6,285
50,228
413,773
Eliminated in respect of disposals
-
0
-
0
(9,623)
-
0
-
0
(27,974)
(37,597)
At 31 March 2025
425,967
-
0
2,539,790
44,723
77,496
386,374
3,474,350
Carrying amount
At 31 March 2025
7,546,301
26,287
1,793,148
351,680
53,692
283,569
10,054,677
At 31 March 2024
3,006,478
26,287
1,188,173
18,028
34,775
149,026
4,422,767
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Tangible fixed assets
(Continued)
- 28 -
Company
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 April 2024
2,665,258
26,287
2,397,474
34,548
74,221
277,860
5,475,648
Additions
-
0
-
0
701,852
203,668
25,200
203,683
1,134,403
Disposals
-
0
-
0
(19,080)
-
0
-
0
(46,884)
(65,964)
At 31 March 2025
2,665,258
26,287
3,080,246
238,216
99,421
434,659
6,544,087
Depreciation and impairment
At 1 April 2024
279,250
-
0
1,257,190
23,766
39,445
128,837
1,728,488
Depreciation charged in the year
40,688
-
0
216,734
3,299
6,285
50,228
317,234
Eliminated in respect of disposals
-
0
-
0
(9,623)
-
0
-
0
(27,974)
(37,597)
At 31 March 2025
319,938
-
0
1,464,301
27,065
45,730
151,091
2,008,125
Carrying amount
At 31 March 2025
2,345,320
26,287
1,615,945
211,151
53,691
283,568
4,535,962
At 31 March 2024
2,386,007
26,287
1,140,287
10,782
34,774
149,025
3,747,162
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Tangible fixed assets
(Continued)
- 29 -

Impairment of Concrete Batching Plant.

The company constructed a new concrete batch processing plant during 2020 costing £359,200. This has

been capitalised and depreciated in accordance with the accounting policies. The planning consent for this

item of plant was rejected and the plant has not yet been put into use. The company is appealing the planning

decision and intends to put the asset into use when the appropriate planning approval is achieved. However

the directors consider that the asset value should be impaired in the financial statements until appropriate

consent has been achieved and the asset is in use. An impairment of £305,320 was recognised in the year to December 2021.

13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 April 2024
359,218
359,218
Additions through external acquisition
187,411
187,411
At 31 March 2025
546,629
546,629

Investment property comprises land at Shraleybrook and Station Cottage. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 10 January 2020 by Mounsey Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors believe that the valuation at the balance sheet date is not materially different to the valuation dated 10 January 2020.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,049,328
3,049,328
Investments in joint ventures
16
50
50
50
50
50
50
3,049,378
3,049,378
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 April 2024 and 31 March 2025
50
Carrying amount
At 31 March 2025
50
At 31 March 2024
50
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 April 2024 and 31 March 2025
3,049,378
Carrying amount
At 31 March 2025
3,049,378
At 31 March 2024
3,049,378
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Graham Heath Construction Limited
See below
Erection of Agricultural buildings
Ordinary
100.00
Concrete Panel Systems Limited
See below
Manufacture of concrete products
Ordinary
100.00
G Heath Farms Limited
See below
Mixed farming
Ordinary
100.00

The registered office address of all subsidiaries and joint ventures is The Creamery, Wrenbury Industrial Estate, 2 Station Road, Wrenbury, Cheshire, CW5 8EX.

16
Joint ventures

Details of joint ventures at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
RMA & GTJH Developments Limited
As above
Property development
Ordinary
50.00
17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
825,425
876,060
-
-
Work in progress
425,115
305,153
-
-
Finished goods and goods for resale
109,532
71,912
-
0
-
0
1,360,072
1,253,125
-
-
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
968,628
669,081
26,026
36,741
Corporation tax recoverable
19,533
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
7,624,857
1,876,657
Amounts owed by undertakings in which the company has a participating interest
717,421
716,921
717,421
716,921
Other debtors
8,422,480
9,341,786
8,300,042
9,277,569
Prepayments and accrued income
184,688
184,541
111,310
121,826
10,312,750
10,912,329
16,779,656
12,029,714
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
1,813,562
1,233,896
399,699
113,835
Amounts owed to group undertakings
-
0
-
0
4,958,131
4,514,041
Corporation tax payable
111,655
323,343
27,462
72,434
Other taxation and social security
506,842
375,110
-
5,561
Other creditors
3,726,881
70,982
3,670,095
28,899
Accruals and deferred income
1,382,953
1,147,464
6,580
9,340
7,541,893
3,150,795
9,061,967
4,744,110
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
481,474
268,000
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
481,474
268,000
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Deferred taxation
(Continued)
- 32 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
268,000
268,000
Charge to profit or loss
213,474
213,474
Liability at 31 March 2025
481,474
481,474
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
213,753
319,322

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
140,462
298,322
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
£
£
Group
Key management personnel
3,250,000
-
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
23
Related party transactions
(Continued)
- 33 -

During the year the company acquired land and buildings from a director for a consideration of £3,250,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Key management personnel
3,648,440
-
Company
Key management personnel
3,648,440
-

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Key management personnel
-
1,418,331
Company
Key management personnel
-
1,418,331
Other related party transactions

The company has made loans amounting to £717,421 (202 4: £716,921) to its joint venture RMA & GTJH Developments Limited, and £8,203,279 (202 4: £7,850,879 ) to GH Capital Investments Limited, a company owned by G Heath. The loans are interest free and are included within other debtors due within one year.

24
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Dividends totalling £700,000 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

Loans
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Director loan
2.50
1,418,331
8,060
(1,426,391)
-
1,418,331
8,060
(1,426,391)
-
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
25
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Profit after taxation
2,018,759
1,829,922
Adjustments for:
Taxation charged
687,447
677,413
Finance costs
15,785
27,950
Investment income
(273,757)
(442,918)
Gain on disposal of tangible fixed assets
(460,622)
(6,530)
Depreciation and impairment of tangible fixed assets
413,773
296,050
Movements in working capital:
Increase in stocks
(106,947)
(849,246)
Increase in debtors
(799,219)
(6,548,811)
Increase/(decrease) in creditors
4,602,788
(447,194)
Cash generated from/(absorbed by) operations
6,098,007
(5,463,364)
26
Cash absorbed by operations - company
2025
2024
£
£
Profit after taxation
2,462,109
1,807,341
Adjustments for:
Taxation charged
213,474
114,914
Finance costs
683
27,465
Investment income
(2,347,548)
(2,141,808)
Gain on disposal of tangible fixed assets
(456,798)
(8,185)
Depreciation and impairment of tangible fixed assets
317,234
261,470
Movements in working capital:
Increase in debtors
(6,168,273)
(9,501,816)
Increase in creditors
4,362,831
1,837,754
Cash absorbed by operations
(1,616,288)
(7,602,865)
27
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
5,105,887
596,642
5,702,529
GRAHAM HEATH GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 35 -
28
Analysis of changes in net funds - company
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
4,969,218
567,287
5,536,505
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