REGISTERED NUMBER: 03208960 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2025

for

Marshall Quarry Products Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Independent Auditors' Report

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

Directors:

W R Watts

D C Watts

Secretary:

P Thompson

Registered office:

Watts House

Carnaby Industrial Estate

Lancaster Road, Carnaby

Bridlington

East Riding

YO15 3QY

Registered number:

03208960 (England and Wales)

Auditors:

Ashby Berry Coulsons Limited

Statutory Auditors

2 Belgrave Crescent

Scarborough

North Yorkshire

YO11 1UB

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

Marshall Quarry Products Limited operates five concrete production units, a mortar plant, and a pre-cast production site. These facilities supply concrete-related products to the construction sector and local building firms across Yorkshire, North Lincolnshire, and the North East of England.

Review of business

Despite macroeconomic challenges-including the ongoing conflict between Russia and Ukraine and the domestic cost-of-living crisis-the Directors consider the Company's performance during the year to be satisfactory. The business successfully absorbed inflationary pressures while maintaining sales volumes.

The Company continued to focus on its most profitable activities, resulting in improved performance compared to the previous year. Revenue increased by 0.5% to £18.0 million, reversing the prior year's decline of 7.8%. Profit before tax for the year was £2.841 million, compared to £3.110 million in the previous year, reflecting a margin of 15.8% (down from 17.4%).

Capital investment continued, with £63,000 spent on new vehicles and machinery, supplementing the £535,000 invested in the prior year.

Retained earnings as at 31 March 2025 stood at £14.9 million (2024: £12.7 million), with net current assets of £12.6 million (2024: £9.9 million).

Certifications and Compliance

The Company maintains the following accreditation and standards:

- BSI Accreditation for ready-mix concrete products

- UKCA Certification for pre-cast products

- Annual Environmental Health Audit by the local authority

Employee training and qualification reviews are conducted regularly in accordance with Company policy and regulatory requirements.

Key Performance Indicators (KPIs)

The Company monitors the following KPIs to assess performance and guide strategic decisions:

- Turnover

- Gross Margin

- Operating Profit

- Net Current Assets

- Ne assets

These indicators are reviewed regularly, with corrective actions taken as necessary.

Principal risks and uncertainties

The primary external risk remains the UK's economic recovery from the cost-of-living crisis. As the Company's success is closely tied to the health of the construction sector, any economic downturn poses a significant credit risk.

To mitigate this, the Company enforces a strict credit policy across all sites and maintains robust insurance coverage. Fuel and energy costs are monitored closely, and the business remains agile in responding to market conditions and emerging opportunities.

The increase in employment-related costs due to government policy changes-particularly NICs and minimum wage-represents a structural challenge. These are being managed through operational efficiencies and strategic workforce planning.

On behalf of the board:

P Thompson - Secretary

17 November 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

Dividends

No dividends will be distributed for the year ended 31 March 2025.

Future developments

The directors plan on continuing to improve existing production units and investing in new commercial vehicles. as well as looking for further opportunities to grow the business which meet the strategic aims of the company.

Directors

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

W R Watts

D C Watts

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:

P Thompson - Secretary

17 November 2025

Opinion

We have audited the financial statements of Marshall Quarry Products Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 financial statements.

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

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 audit procedures have included:

Performing audit work over the risk of management override of controls, including reviewing accounting estimates for bias and testing journal entries and other adjustments for appropriateness;

Reviewing minutes of meetings of those charged with governance;

Reviewing financial statement disclosures to assess compliance with applicable laws and regulations

Enquiry of management and those charged with governance concerning potential litigation and claims.

We consider that these procedures, together with evidence acquired from our other audit work, provide an audit approach enabling a reasonable likelihood of detection of irregularities.

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.

Timothy Jones, FCA (Senior Statutory Auditor)

for and on behalf of Ashby Berry Coulsons Limited

Statutory Auditors

2 Belgrave Crescent

Scarborough

North Yorkshire

YO11 1UB

17 November 2025

Turnover

4

17,955,734

17,860,276

Cost of sales

13,285,370

12,940,838

Gross profit

4,670,364

4,919,438

Administrative expenses

2,026,306

2,047,691

2,644,058

2,871,747

Interest receivable and similar income

6

197,441

238,489

Profit before taxation

7

2,841,499

3,110,236

Tax on profit

9

710,515

687,672

Profit for the financial year

2,130,984

2,422,564

Other comprehensive income

-

-

Total comprehensive income for the year

2,130,984

2,422,564

Fixed assets

Tangible assets

10

2,598,628

3,312,610

Current assets

Stocks

11

413,553

366,647

Debtors

12

3,476,638

3,873,892

Cash at bank

11,857,894

8,749,151

15,748,085

12,989,690

Creditors

Amounts falling due within one year

13

3,134,632

3,168,895

Net current assets

12,613,453

9,820,795

Total assets less current liabilities

15,212,081

13,133,405

Provisions for liabilities

15

343,859

396,167

Net assets

14,868,222

12,737,238

Capital and reserves

Called up share capital

16

100

100

Retained earnings

14,868,122

12,737,138

Shareholders' funds

14,868,222

12,737,238

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2025 and were signed on its behalf by:

D C Watts - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

10,314,574

10,314,674

Changes in equity

Total comprehensive income

-

2,422,564

2,422,564

Balance at 31 March 2024

100

12,737,138

12,737,238

Changes in equity

Total comprehensive income

-

2,130,984

2,130,984

Balance at 31 March 2025

100

14,868,122

14,868,222

Cash flows from operating activities

Cash generated from operations

1

3,729,332

2,511,546

Tax paid

(849,360

)

(573,000

)

Net cash from operating activities

2,879,972

1,938,546

Cash flows from investing activities

Purchase of tangible fixed assets

(63,480

)

(535,372

)

Sale of tangible fixed assets

94,810

6,376

Interest received

197,441

238,489

Net cash from investing activities

228,771

(290,507

)

Increase in cash and cash equivalents

3,108,743

1,648,039

Cash and cash equivalents at beginning of year

2

8,749,151

7,101,112

Cash and cash equivalents at end of year

2

11,857,894

8,749,151

1.	Reconciliation of profit before taxation to cash generated from operations

2025

2024

£

£

Profit before taxation

2,841,499

3,110,236

Depreciation charges

715,655

759,686

(Profit)/loss on disposal of fixed assets

(33,004

)

23

Finance income

(197,441

)

(238,489

)

3,326,709

3,631,456

(Increase)/decrease in stocks

(46,906

)

18,862

Decrease/(increase) in trade and other debtors

397,255

(554,023

)

Increase/(decrease) in trade and other creditors

52,274

(584,749

)

Cash generated from operations

3,729,332

2,511,546

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

11,857,894

8,749,151

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

8,749,151

7,101,112

3.	Analysis of changes in net funds

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

8,749,151

3,108,743

11,857,894

8,749,151

3,108,743

11,857,894

Total

8,749,151

3,108,743

11,857,894

1.	Statutory information

Marshall Quarry Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The directors consider that no judgements, apart from those involving estimates, have been made in the process of applying the above accounting policies which have had a significant effect on amounts recognised in the financial statements.

The directors consider that no key assumptions concerning the future and other key sources of estimation

uncertainty at the reporting date have been made which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property

no longer provided

Plant and machinery

20% on reducing balance

Motor vehicles

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of concrete and concrete products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of goods.

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the organisation will comply with conditions attaching to them and the grants will be received, using the performance model.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company contributes to a defined contribution workplace pension plan for the benefit of its employees. Contributions are charged to the profit and loss in the period to which they relate.

4.

Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

5.	Employees and directors

2025

2024

£

£

Wages and salaries

2,165,823

2,047,341

Social security costs

231,299

216,447

Other pension costs

144,365

43,183

2,541,487

2,306,971

The average number of employees during the year was as follows:

2025

2024

63

64

2025

2024

£

£

Directors' remuneration

-

-

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

6.

Interest receivable and similar income

2025

2024

£

£

Deposit account interest

196,082

231,477

Other Interest

1,359

7,012

197,441

238,489

7.	Profit before taxation

The profit is stated after charging/(crediting):

2025

2024

£

£

Hire of plant & machinery

264,609

227,405

Other operating leases

104,893

110,767

Depreciation - owned assets

715,656

759,686

(Profit)/loss on disposal of fixed assets

(33,004

)

23

8.	Auditors' remuneration

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

9,500

8,000

9.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

762,823

808,640

Deferred tax:

Origination & reversal of timing differences

(52,308

)

(120,968

)

Tax on profit

710,515

687,672

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

2,841,499

3,110,236

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

710,375

777,559

Effects of:

Expenses not deductible for tax purposes

557

532

Depreciation in excess of capital allowances

51,891

30,549

Movement in deferred tax Accelerated capital allowances

(52,308

)

(120,968

)

Total tax charge

710,515

687,672

10.	Tangible fixed assets

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 April 2024

858,875

4,955,962

4,469,680

5,979

10,290,496

Additions

-

4,300

59,180

-

63,480

Disposals

-

(1,879

)

(420,922

)

-

(422,801

)

At 31 March 2025

858,875

4,958,383

4,107,938

5,979

9,931,175

Depreciation

At 1 April 2024

690,362

3,529,066

2,752,479

5,979

6,977,886

Charge for year

-

285,560

430,096

-

715,656

Eliminated on disposal

-

(1,684

)

(359,311

)

-

(360,995

)

At 31 March 2025

690,362

3,812,942

2,823,264

5,979

7,332,547

Net book value

At 31 March 2025

168,513

1,145,441

1,284,674

-

2,598,628

At 31 March 2024

168,513

1,426,896

1,717,201

-

3,312,610

11.

Stocks

2025

2024

£

£

Raw materials

323,684

295,778

Finished goods

89,869

70,869

413,553

366,647

12.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

2,931,863

3,144,223

Amounts owed by related undertakings

510,962

614,785

Prepayments

33,813

114,884

3,476,638

3,873,892

13.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

2,123,938

1,964,175

Amounts owed to related undertakings

205,557

209,686

Tax

358,499

445,036

Social security and other taxes

51,653

62,215

VAT

252,845

287,799

Other creditors

2,011

29,923

Accrued expenses

140,129

170,061

3,134,632

3,168,895

14.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

-

25,000

15.	Provisions for liabilities

2025

2024

£

£

Deferred tax

Accelerated capital allowances

343,859

396,167