Company Registration Number: 01781765
31 MARCH 2025
BURLINGTON SLATE LIMITED
COMPANY INFORMATION
BURLINGTON SLATE LIMITED
CONTENTS
BURLINGTON SLATE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present the strategic report for the year ended 31 March 2025.
The principal activity of the company continued to be the manufacture and sale of natural British stone products.
The Group profit and loss account reports a decrease in turnover of £1.51m or 23% (£5.01m FY25 versus £6.52m FY24). This decline reflects the lower demand for architectural stone, which has remained weak since Covid. The pipeline for high foot traffic projects such as transit hubs, public buildings, and commercial facilities remains subdued, as hybrid working continues to reduce corporate investment in new office space.
Despite the current downturn on Architectural products, our roofing markets remain strong and accounted for 63% of the total turnover figure in 2025.
The Group profit and loss account reports a decrease in turnover of £1.51m or 23% (£5.01m FY25 versus £6.52m FY24). This decline reflects the lower demand for architectural stone, which has remained weak since Covid. The pipeline for high foot traffic projects such as transit hubs, public buildings, and commercial facilities remains subdued, as hybrid working continues to reduce corporate investment in new office space.
Despite the current downturn on Architectural products, our roofing markets remain strong and accounted for 63% of the total turnover figure in 2025.
Risks and uncertainties remain unchanged in the current year, the exposure of working with a natural raw material being the key geotechnical consideration for the business.
Uncertainty is delaying investment decisions or driving value engineering decisions to move away from natural stone which has restricted our Architectural / Dimensional stone domestic and export markets.
The challenges posed by low-cost overseas imports and the increasing use of manufactured products remain significant, as recognised by our lower Architectural sales in 2025. However, Burlington's reputation for quality, rooted in the superior nature of Lake District stone, our sustainable practices, and our dedication to service, continues to drive customer loyalty. In fact, Architects are now beginning to consider the carbon footprint of our international competitors, and we are expecting to see demand increase in the UK and US market for High Quality and responsibly sourced Lakeland stone.
The directors remain confident that demand for our premium grade products will continue, that Architectural / Dimensional stone will recover and that our legacy of quality and value will encourage Architects and Specifiers of high quality projects to desire our unique stone, reducing the impact of price-based risk from cheaper, inferior quality imported stones and non-natural manufactured products.
Uncertainty is delaying investment decisions or driving value engineering decisions to move away from natural stone which has restricted our Architectural / Dimensional stone domestic and export markets.
The challenges posed by low-cost overseas imports and the increasing use of manufactured products remain significant, as recognised by our lower Architectural sales in 2025. However, Burlington's reputation for quality, rooted in the superior nature of Lake District stone, our sustainable practices, and our dedication to service, continues to drive customer loyalty. In fact, Architects are now beginning to consider the carbon footprint of our international competitors, and we are expecting to see demand increase in the UK and US market for High Quality and responsibly sourced Lakeland stone.
The directors remain confident that demand for our premium grade products will continue, that Architectural / Dimensional stone will recover and that our legacy of quality and value will encourage Architects and Specifiers of high quality projects to desire our unique stone, reducing the impact of price-based risk from cheaper, inferior quality imported stones and non-natural manufactured products.
The Group's net assets decreased from £4.9m to £4.5m. The main movement being the reduction in cash of £0.3m which was driven by the operating loss in the year.
Burlington Slate Limited continues to enjoy the support of the wider Holker Group, which remains confident in Burlington’s ability to improve results and return to profitability in 2026/27 .
Burlington Slate Limited continues to enjoy the support of the wider Holker Group, which remains confident in Burlington’s ability to improve results and return to profitability in 2026/27 .
Burlington is relatively unique in creating product from a raw material sourced from nature. Therefore, business KPIs are not always readily comparable with a specific industry norm, nor indeed do they always allow for commercial sensitivity. Directors monitor the performance of the company using several detailed financial and production based KPIs through daily, weekly and monthly reporting processes. Measures include extraction and output tonnage, raw material utilisation, productivity and yield measures.
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BURLINGTON SLATE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Burlington Slate Limited is reviewing its production processes, seeking to enhance efficiency and deliver a lower carbon footprint too. We continue to pursue markets for Terrazzo tiles, made from slate chips, which are eco-friendly, durable and cost-effective and compliment the higher value 100% Slate products offered.
The business strategy is to continue with the sustainable development of Kirkby Quarry. This will enhance the availability of high-quality raw materials, increase efficiency, whilst achieving long-term sustainability and the ability to expand into new markets.
Burlington remains focused on utilising 100% of extracted stone, whilst creativity, service and quality will always be key to the protection of Burlington’s heritage and the development of potential.
The rationalisation and development of the quarry portfolio, selective investments in new production techniques and more focussed commercial strategy coupled with Architects, specifiers and customers’ wanting to utilise unique Lakeland natural materials, will combine to drive growth and further strengthen Burlington’s position, which is built on the quality, respect and a long and proud heritage.
The business strategy is to continue with the sustainable development of Kirkby Quarry. This will enhance the availability of high-quality raw materials, increase efficiency, whilst achieving long-term sustainability and the ability to expand into new markets.
Burlington remains focused on utilising 100% of extracted stone, whilst creativity, service and quality will always be key to the protection of Burlington’s heritage and the development of potential.
The rationalisation and development of the quarry portfolio, selective investments in new production techniques and more focussed commercial strategy coupled with Architects, specifiers and customers’ wanting to utilise unique Lakeland natural materials, will combine to drive growth and further strengthen Burlington’s position, which is built on the quality, respect and a long and proud heritage.
This report was approved by the board and signed on its behalf.
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BURLINGTON SLATE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The principal activity of the company and the group continued to be that of the manufacture and sale of natural British stone products.
The loss for the year, after taxation, amounted to £449,939 (2024 - profit £457,255).
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who served during the year were:
Financial risk
The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the business' operations.
In respect of the bank balance, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Loans comprise interest-free loans from the group companies and connected entities and from financial institutions with variable interest rates. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the repayments.
The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the business' operations.
In respect of the bank balance, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Loans comprise interest-free loans from the group companies and connected entities and from financial institutions with variable interest rates. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the repayments.
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BURLINGTON SLATE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees’ interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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BURLINGTON SLATE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BURLINGTON SLATE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURLINGTON SLATE LIMITED
We have audited the financial statements of Burlington Slate Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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BURLINGTON SLATE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURLINGTON SLATE LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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BURLINGTON SLATE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURLINGTON SLATE LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and
other management;
• we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained
alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected
relationships;
• tested journal entries to identify unusual transactions; and
• reviewed the application of accounting policies, particularly in relation to those judgemental or uncertain areas
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• enquiring of management as to actual and potential litigation and claims;
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BURLINGTON SLATE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURLINGTON SLATE LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Carlisle
Date:23 December 2025
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BURLINGTON SLATE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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BURLINGTON SLATE LIMITED
REGISTERED NUMBER: 01781765
BALANCE SHEET
AS AT 31 MARCH 2025
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BURLINGTON SLATE LIMITED
REGISTERED NUMBER: 01781765
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 35 form part of these financial statements.
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BURLINGTON SLATE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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BURLINGTON SLATE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Burlington Slate Limited (“the company”) is a limited company incorporated in England and Wales . The registered office is Cavendish House, Kirkby-In-Furness, Cumbria, LA17 7UN.
The financial statements are prepared in sterling ,which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements are prepared in sterling ,which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ : Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income ;
• Section 33 ‘Related Party Disclosures’ : Compensation for key management personnel .
• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ : Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income ;
• Section 33 ‘Related Party Disclosures’ : Compensation for key management personnel .
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Burlington Construction Materials Group Limited as at 31 March 2025 and these financial statements may be obtained from Cavendish House, Kirkby-In-Furness, Kirkby-In-Furness, Cumbria, United Kingdom, LA17 7UN.
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
During the financial year, no external factors have impacted on any of our operations. However, we remain vigilant, and are able to react quickly and decisively putting our customers and staff first should and issues arise in the future.
In making our assessment, the directors have considered current and future cash flow forecasts, as well as other relevant information. These forecasts take into account the following key factors:
• Historical performance
• Available funding
• Cost management
• Customer and supplier relationships
• Economic climate, industry outlook and volatility
While the directors are confident in the Company's ability to continue as a going concern, they recognise that there are inherent uncertainties in the business environment, including economic conditions, market competition, and unforeseen external events. The directors are committed to closely monitoring these factors and taking necessary actions to ensure the Company's continued viability.
On the basis of the company's forecasts and having confirmed the continuing financial support of the group and associated entities, the Directors have formed the judgement that, at the time of approving the financial statements, there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.
In making our assessment, the directors have considered current and future cash flow forecasts, as well as other relevant information. These forecasts take into account the following key factors:
• Historical performance
• Available funding
• Cost management
• Customer and supplier relationships
• Economic climate, industry outlook and volatility
While the directors are confident in the Company's ability to continue as a going concern, they recognise that there are inherent uncertainties in the business environment, including economic conditions, market competition, and unforeseen external events. The directors are committed to closely monitoring these factors and taking necessary actions to ensure the Company's continued viability.
On the basis of the company's forecasts and having confirmed the continuing financial support of the group and associated entities, the Directors have formed the judgement that, at the time of approving the financial statements, there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
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.
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.
The Group operates a defined contribution pension scheme for the benefit of its directors and employees. The assets of the scheme are administered by trustees in funds independent from those of the group.
The pension costs charged against profits represent the amount of the contributions payable to the scheme in respect of the accounting period.
The Group has provided for its obligations to pay pensions to former employees not covered by the defined contribution schemes.
The pension costs charged against profits represent the amount of the contributions payable to the scheme in respect of the accounting period.
The Group has provided for its obligations to pay pensions to former employees not covered by the defined contribution schemes.
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
The estimated useful lives range as follows:
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following bases:
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Equity investments 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.
In 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.
In 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.
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.
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value , the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Provisions
Provision is made for bad and doubtful debts and obsolete and slow-moving stock. These provisions require management's best estimate of the recoverability of trade debtors and the expected future use of stock.
Restoration provision
A provision is also made for site restoration costs once management have determined that a quarry is no longer part of the future plans of the business.
Clog stock
Management apply their judgement in determining the amount of clog stock to be recognised in the financial statements based on the amounts that are expected to be utilised by the company in the short to medium term.
Leasehold improvements and intangible assets
Management consider the future prospects of the various quarries when reviewing the carrying values of leasehold improvements and intangible assets to ensure there is no impairment.
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14.Tangible fixed assets (continued)
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 30
BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 32
BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
30.Financial commitments, guarantees and contingent liabilities
There is a further restoration bond of £150,000 under the lease of Roose & Walney Quarry.
Page 33
BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 34
BURLINGTON SLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The companys immediate parent is Burlington Construction Materials Group Limited and under the ultimate control of the Cavendish 1956 Settlement .
Page 35