REGISTERED NUMBER: SC203651 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st March 2025

for

Grange Quarry Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

5

Consolidated Income Statement

6

Consolidated Other Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

to

26

DIRECTORS:

S I Dodd

Mrs L Dodd

SECRETARY:

Mrs L Dodd

REGISTERED OFFICE:

Tundergarth Mains

Tundergarth

Lockerbie

DG11 2PU

REGISTERED NUMBER:

SC203651 (Scotland)

AUDITORS:

Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

BANKERS:

The Royal Bank of Scotland plc

52 High Street

Annan

Dumfries & Galloway

DG12 6AN

SOLICITORS:

JHS Law

8 Bank Street

Dumfries

DG1 2NS

The directors present their strategic report of the company and the group for the year ended 31st March 2025.

Grange Quarry Limited supply aggregates, concrete, sand, lime and liquid screed to the Civil Engineering, Agriculture, Highways, Rail, Forestry, Nuclear and Renewables industries. The company was incorporated in 2000 and has since expanded to trade from four different sites in Dumfries & Galloway and one in the Scottish Borders..

The directors believe that the company is well placed to service their customers throughout Scotland and the North of England, although most of the business continues to be within Dumfriesshire. The extensive experience that both they and their staff have in the industry is to the benefit of both the company and its customers.

REVIEW OF BUSINESS

The directors are delighted with the results. The company has had another successful year of trade. Turnover has increased from £19.3m to £30.0m and gross profit has risen from £6.4m to £10.1m. Gross profit percentage has increased from 33.2% to 33.6%. Bottom line profits before tax are up from £3.0m to £6.1m.

Key Performance Indicators (KPI's)

Given the straightforward nature of the business, the directors are of the opinion that there are no additional KPI's other than the measures of turnover and gross profit reported above that are necessary for an understanding of the development, performance or position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent machinery dealers, employee retention and product availability.

Financial risk management

The company's operations expose it to little in the way of financial risk. However, a variety of financial risks do exist to an extent including credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual is subject to a limit which can only be reassessed by a director.

Liquidity risk

The company requires only limited short term debt finance to ensure there are sufficient available funds for operations.

Interest rate risk

The company has interest bearing liabilities including a bank loan. The amount of interest charged on these liabilities is not sufficient to significantly affect company operations.

ON BEHALF OF THE BOARD:

Mrs L Dodd - Director

22nd December 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31st March 2025 will be £ 1,350,000 .

DIRECTORS

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

S I Dodd

Mrs L Dodd

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Farries Kirk & McVean, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs L Dodd - Director

22nd December 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

- we have assessed the susceptibility of the company's financial statements to material misstatement as being low risk. The directors are very involved in the day to day management of the business and have a focus on controls to address potential fraud and error.

- the nature of the company's activities are not directly significantly regulated. They use sub-contractors for work with explosives. The sub-contractors do require significant regulation.

- we have discussed the legal and regulatory framework the company operates under with the directors. This has enabled us to gain an understanding of those applicable to the company and the procedures they operate to ensure compliance.

- we have obtained an understanding of the company's policies and procedures on fraud risk through two way communication with the management and have no knowledge of any actual, suspected or alleged fraud.

- the Senior Statutory Auditor is satisfied that the engagement audit staff were competent to and capable of recognising non-compliance with laws and regulation. No details of any non-compliance were communicated to us and no such potential instances were noted during the audit process.

We have reached these conclusions following enquiries made of those charged with governance and senior staff and following audit testing procedures and review of financial statements.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gerald McGill, BA CA (Senior Statutory Auditor)

for and on behalf of Farries Kirk & McVean

Dumfries Enterprise Park

Heathhall

Dumfries

DUMFRIESSHIRE

DG1 3SJ

22nd December 2025

TURNOVER

29,984,426

19,278,786

Cost of sales

(19,902,789

)

(12,876,537

)

GROSS PROFIT

10,081,637

6,402,249

Administrative expenses

(4,027,377

)

(3,377,038

)

6,054,260

3,025,211

Other operating income

35,942

20,221

OPERATING PROFIT

4

6,090,202

3,045,432

Interest receivable and similar income

79,513

81,293

6,169,715

3,126,725

Interest payable and similar expenses

5

(93,469

)

(86,397

)

PROFIT BEFORE TAXATION

6,076,246

3,040,328

Tax on profit

6

(1,132,532

)

(641,004

)

PROFIT FOR THE FINANCIAL YEAR

4,943,714

2,399,324

Profit attributable to:

Owners of the parent

4,943,714

2,399,324

PROFIT FOR THE YEAR

4,943,714

2,399,324

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,943,714

2,399,324

Total comprehensive income attributable to:

Owners of the parent

4,943,714

2,399,324

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

12,306,715

12,064,218

Investments

11

2,046,995

-

14,353,710

12,064,218

CURRENT ASSETS

Debtors

12

3,791,220

3,595,474

Cash at bank

2,482,143

234,361

6,273,363

3,829,835

CREDITORS

Amounts falling due within one year

13

(4,433,803

)

(4,277,712

)

NET CURRENT ASSETS/(LIABILITIES)

1,839,560

(447,877

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,193,270

11,616,341

CREDITORS

Amounts falling due after more than one year

14

(1,269,806

)

(743,944

)

PROVISIONS FOR LIABILITIES

18

(2,816,532

)

(2,359,179

)

NET ASSETS

12,106,932

8,513,218

CAPITAL AND RESERVES

Called up share capital

19

104

104

Revaluation reserve

20

93,000

93,000

Retained earnings

20

12,013,828

8,420,114

SHAREHOLDERS' FUNDS

12,106,932

8,513,218

The financial statements were approved by the Board of Directors and authorised for issue on 22nd December 2025 and were signed on its behalf by:

Mrs L Dodd - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

11,718,805

11,393,066

Investments

11

2,463,208

416,213

14,182,013

11,809,279

CURRENT ASSETS

Debtors

12

3,791,220

3,606,181

Cash at bank

2,239,201

227,153

6,030,421

3,833,334

CREDITORS

Amounts falling due within one year

13

(4,332,094

)

(4,245,978

)

NET CURRENT ASSETS/(LIABILITIES)

1,698,327

(412,644

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,880,340

11,396,635

CREDITORS

Amounts falling due after more than one year

14

(1,075,908

)

(390,991

)

PROVISIONS FOR LIABILITIES

18

(2,783,735

)

(2,323,706

)

NET ASSETS

12,020,697

8,681,938

CAPITAL AND RESERVES

Called up share capital

19

104

104

Revaluation reserve

20

93,000

93,000

Retained earnings

20

11,927,593

8,588,834

SHAREHOLDERS' FUNDS

12,020,697

8,681,938

Company's profit for the financial year

4,688,759

2,495,583

The financial statements were approved, and authorised for issue, by the Board of Directors and authorised for issue on 22nd December 2025 and were signed on its behalf by:

Mrs L Dodd - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st April 2023

104

9,032,849

93,000

9,125,953

Changes in equity

Dividends

-

(3,012,059

)

-

(3,012,059

)

Total comprehensive income

-

2,399,324

-

2,399,324

Balance at 31st March 2024

104

8,420,114

93,000

8,513,218

Changes in equity

Dividends

-

(1,350,000

)

-

(1,350,000

)

Total comprehensive income

-

4,943,714

-

4,943,714

Balance at 31st March 2025

104

12,013,828

93,000

12,106,932

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st April 2023

104

9,105,310

93,000

9,198,414

Changes in equity

Dividends

-

(3,012,059

)

-

(3,012,059

)

Total comprehensive income

-

2,495,583

-

2,495,583

Balance at 31st March 2024

104

8,588,834

93,000

8,681,938

Changes in equity

Dividends

-

(1,350,000

)

-

(1,350,000

)

Total comprehensive income

-

4,688,759

-

4,688,759

Balance at 31st March 2025

104

11,927,593

93,000

12,020,697

Cash flows from operating activities

Cash generated from operations

1

6,782,785

5,197,579

Interest paid

(17,795

)

(43,001

)

Interest element of hire purchase payments paid

(75,674

)

(43,396

)

Tax paid

(209,648

)

(195,776

)

Net cash from operating activities

6,479,668

4,915,406

Cash flows from investing activities

Purchase of tangible fixed assets

(913,417

)

(4,008,995

)

Purchase of fixed asset investments

(2,046,995

)

-

Sale of tangible fixed assets

847,600

408,995

Interest received

79,513

81,293

Net cash from investing activities

(2,033,299

)

(3,518,707

)

Cash flows from financing activities

Loan repayments in year

(58,434

)

(54,689

)

Capital repayments in year

(790,153

)

(1,180,017

)

Amount introduced by directors

-

30,000

Amount withdrawn by directors

-

(6,000

)

Equity dividends paid

(1,350,000

)

(3,012,059

)

Net cash from financing activities

(2,198,587

)

(4,222,765

)

Increase/(decrease) in cash and cash equivalents

2,247,782

(2,826,066

)

Cash and cash equivalents at beginning of year

2

234,361

3,060,427

Cash and cash equivalents at end of year

2

2,482,143

234,361

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

2025

2024

£

£

Profit before taxation

6,076,246

3,040,328

Depreciation charges

1,734,619

1,408,663

Loss/(profit) on disposal of fixed assets

48,286

(5,234

)

Finance costs

93,469

86,397

Finance income

(79,513

)

(81,293

)

7,873,107

4,448,861

Increase in trade and other debtors

(195,756

)

(550,376

)

(Decrease)/increase in trade and other creditors

(894,566

)

1,299,094

Cash generated from operations

6,782,785

5,197,579

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 31st March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

2,482,143

234,361

Year ended 31st March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

234,361

3,060,427

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.4.24

Cash flow

changes

At 31.3.25

£

£

£

£

Net cash

Cash at bank

234,361

2,247,782

2,482,143

234,361

2,247,782

2,482,143

Debt

Finance leases

(773,878

)

790,153

-

(1,943,309

)

Debts falling due

within 1 year

(60,000

)

-

-

(60,000

)

Debts falling due

after 1 year

(230,533

)

58,433

-

(172,100

)

(1,064,411

)

848,586

-

(2,175,409

)

Total

(830,050

)

3,096,368

-

306,734

1.	STATUTORY INFORMATION

Grange Quarry Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Buildings

-

4% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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