Cemcor Ltd 31/03/2025 iXBRL

Transaction value

Balance owed by /(owed to)

Group entities

( 39,129,374)

Company registration number: 09559778

Cemcor Ltd

Financial statements

31 March 2025

Cemcor Ltd

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Cemcor Ltd

Directors and other information


Directors	Mr D Loughran
	Mr M O Loughran
	Mr M C Loughran
	Mr D Millar	(Resigned 6 May 2025)
	Ms G Quinn
	Mrs L Loughran	(Appointed 20 March 2025)


Company number	09559778


Registered office	Castle Foregate
	Shrewsbury
	Shropshire
	SY1 2EN


Auditor	ASM (D) Ltd
	79 Cunninghams Lane
	Dungannon
	Co Tyrone
	BT71 6BX




	Bankers	National Westminster Bank PLC
		2nd Floor Drummond House
		1 Redheughs Avenue
		Edinburgh
		EH12 9JN


	Solicitors	Millar McCall Wylie
		3rd Floor, The Printworks
		34-39 Queen Street
		Belfast
		BT1 6EA

Cemcor Ltd

Strategic report

Year ended 31 March 2025

Review of business and future developments

The profit and loss account for the period is set out on page 13.

The directors are pleased with the outcome for the year. The company continued to invest in its operations in order to improve the efficiency of its plant. The results are reflective of the resilience, loyalty and innovation of the company's employees. The outlook is positive for the coming financial year. Key financial performance indicators are summarised below:

Turnover - 2025 (12 months): £49,915K ; 2024 (12 months): £49,840K

Operating EBITDA * - 2025 (12 months): £10,700k; 2024 (12 months): £12,044k

Net liabilities - 2025 (12 months): £1,456k; 2024 (12 months): £4,000k

*Operating EBITDA represents operating profit before depreciation and amortisation.

Principal risks and uncertainties

The principal risks and uncertainties facing the company are broadly grouped as economic risks, competitive risks, legislative risks, weather risks, energy costs and financial instrument risks.Economic risksDemand for our products is closely linked to general economic conditions in the regions in which we operate. Depressed economic conditions could have a detrimental impact on demand for, and pricing of, our products which could result in reduced sales and profits.Competitive risksThere exists the risk of competitors entering into the market or expanding existing market shares through price cutting and "loss leader" products.Legislative risksBuilding materials and construction products are produced to locally and nationally imposed standards. Failure to comply with the standards could materially affect the company's ability to operate.National and local government policies with regard to the development of infrastructure and housing have a significant effect on demand for our products. Reductions in government funding for construction projects could reduce spending on our products and potentially reduce our sales and profits.Changes in government policy or legislation relating to planning and the environment could affect our operating costs and our ability to increase or replace our permitted reserves.Weather risksPeriods of inclement weather can reduce the demand for our products or our ability to produce our products and thereby could potentially reduce our sales and profits.Energy costsThe company is a significant consumer of energy and hydro-carbon related products for use in production and distribution of its products. Increases in the costs of these materials can significantly impact the production costs of our products and if we are not able to recover such costs through the prices of our products this could reduce our profits. The company has hedging arrangements in place to help to mitigate this risk.

Financial instrument risks

The company faces credit, liquidity and cash flow risks.

Credit risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Company policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.

Credit risks, or the risk of counterparties defaulting, are constantly monitored. Counterparties to financial instruments consist of a large number of major financial institutions. The company does not expect any counterparties to fail to meet their obligations, given their high credit ratings. In addition, the company has no significant concentration of credit risk with any single counterparty or group of counterparties.

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation by its operations and applying cash collection targets throughout the company. The company also manages liquidity risk via long-term debt with the support of its ultimate parent company.

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on variable rate debt. The company is largely funded through group loans at a fixed rate of interest. As such, the timing and amounts of repayments are known.

Dividends

No dividends were paid during the period (2024: £nil).

Directors

The directors who served the company during the period are shown on page 1.

People

The health and safety of our employees and achieving the goal of 'zero harm' continues to be the company's overarching value. In 2019, the company introduced "Boots on Ground", an online tool aimed at management and supervisors visiting sites and engaging with the frontline employees. The company also invested in a safety leadership training program to embed desired behaviours and build a culture which resulted in lower injury rates from previous periods.The company is also investing heavily in diversity and inclusion programs and events to promote a more balanced workforce - with a particular focus on attracting more women. A 'Respect at Work' campaign was also introduced to actively encourage employees to treat each other fairly and considerately at all operational levels.The company's employees are critical to its success, the Directors have engaged with employees to listen to their feedback during visits to sites and offices as part of the "Boots on Ground" initiative and during face-to-face and virtual briefings. The company also uses employee surveys to get feedback from employees, the results of which the Directors discuss and implement through the company's management team. Employees also have access to a confidential integrity line to share any concerns. Matters raised on the integrity line are presented to and discussed by the Directors to ensure prompt resolution of issues raised.

Community

The company actively contributes to the social and economic development of the communities in which it operates. The Board encourages community engagement through community liaison meetings, open days for the general public, visits to schools, by providing materials, resources and voluntary labour and ensures that community investment is making the best use of company's relevant business skills, products and experience.

Feedback and insights obtained from interactions with members of the community are shared by the company's management with the Directors.

Environment and sustainability

The company is committed to living up to the responsibilities that come with being the global leader and supporting the transition towards lowcarbon construction. The Directors regularly discuss the company's impact on the environment and the sustainability of the company's operations.

Stakeholder Engagement and Section 172(1) statement

This section describes how the directors have had regard to the matters set out in section 172(1) (a) to (f) and forms the directors' statement required under the Companies (Miscellaneous Reporting) Regulations 2018.

The Board's approach is to ensure responsible and ethical business behaviour with the underlying principle that everyone working for Cemcor Ltd , including the directors, must adhere to the highest standards of integrity, loyalty, fairness and confidentiality, including meeting all legal and regulatory requirements. Specific policies and procedures on the prevention, detection and investigation of fraud, bribery and corruption and modern slavery have been approved by the Board.

As part of the Board's role it seeks to ensure that it is cognisant of the long-term impact of any decisions. To that end, the Board periodically reviews the company's strategy and regularly seeks updates on strategic issues which may impact the business.

Employees

Ensuring the health, safety and wellbeing of employees is the number one value at the core of Cemcor Ltd's business operations, with the aim to provide a safe working environment where risks to health and safety are assessed and controlled. The Health and Safety manual of the company outlines the policies and procedures that all employees must adhere to. The Board approves the Health and Safety Policy and monitors safety performance on an ongoing basis.

Customers

Cemcor Ltd's customers include large multiples retailers. These customer groups, and their various representative bodies, are key stakeholders with well-established engagement channels in place.

During the period the Board monitored customer service performance, receiving regular reports on customer key performance indicators, including on time delivery and customer satisfaction.

Suppliers

The Board recognises the key role suppliers play in ensuring Cemcor Ltd delivers a reliable service to customers.

The Board ensures that formal contract management arrangements are in place throughout the duration of key supplier contracts.

Along with other members of the leadership team, the directors oversee the relationships with key suppliers and meet informally with key suppliers on occasions.

Community and environment

Through its mainstream business activities and various specific initiatives, Cemcor Ltd seeks to make a positive impact on the communities in which it operates.

How stakeholders' interests have influenced decision making

Cemcor Ltd recognises the importance of engaging with stakeholders to help inform strategy and Board decision-making. Relevant stakeholder interests, including those of employees, customers, suppliers and others are considered by the Board when it takes principal decisions. Principal decisions are those which are material, or of strategic importance, and those which are significant to any of Cemcor Ltd's key stakeholder groups.

This report was approved by the board of directors on 19 December 2025 and signed on behalf of the board by:

Mr D Loughran

Director

Cemcor Ltd

Directors report

Year ended 31 March 2025

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

Directors

The directors who served the company during the year were as follows:


Mr D Loughran
Mr M O Loughran
Mr M C Loughran
Mr D Millar				(Resigned 6 May 2025)
Ms G Quinn
Mrs L Loughran				(Appointed 20 March 2025)

Greenhouse gas emissions and energy consumption

	Unit	2025	2024
Emissions resulting from activities for which the company is responsible	tCO2e	102,636	118,232
		_______	_______
Total emissions	tCO2e	102,636	118,232
Total energy consumed	kWh	343,521,197	383,792,337
Tonnes of CO2e equivalent per £m sales revenue	tCO2e/£m	2,056.00	2,372.00
		_______	_______

Methodologies for energy and emissions calculations

Consumption and CO2 emission data has been calculated in line with the 2019 UK Government environmental reporting guidance, The Emission Factor Databases used are consistent with the 2019 UK Government environmental reporting guidance, utilising the current published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for the year to 31 March 2025. Emissions from solid recovered fuel have been calculated using the fossil carbon fraction only, with biogenic CO2 excluded from reported tCO2e in accordance with UK GHG reporting guidance.Intensity metrics have been calculated utilising the 2025 reportable figures for units produced, and tCO2e for both individual sources and total emissions were then divided by this figure to determine the tCO2e per tonne. During the reporting period, prior year energy consumption and emissions figures have been reviewed and updated where necessary using actual consumption data as it became available. Greenhouse gas emissions have been calculated using the UK Government GHG Conversion Factors for Company Reporting.

Principal measures taken to increase energy efficiency

The company remains committed to achieving improvements in operational energy efficiency, recognising the importance of managing energy use responsibly and reducing environmental impact where practicable. Energy efficiency continues to be integrated into operational decision making, and a number of energy saving opportunities that were identified have been implemented.

During the current reporting year, the company has continued to review its energy consumption profile and assess measures to improve efficiency in line with business activity. This year, the company has implemented several approaches to reduce energy consumption and carbon emissions. This includes the recent commissioning of a new direct firing system as a means of improving energy efficiency and enabling greater use of alternative, lower emissions fuels, and developing lower carbon cement products. The company's carbon reduction planning remains aligned with the UK Government's long term net zero ambition by 2050.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, 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 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 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 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; and

- 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 19 December 2025 and signed on behalf of the board by:

Mr D Loughran

Director

Cemcor Ltd

Independent auditor's report to the members of

Cemcor Ltd

Year ended 31 March 2025

Opinion

We have audited the financial statements of Cemcor Ltd (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and 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 FRS 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 auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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 has 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 directors' report. 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which they operate and considered the risk of acts by the Company that were contrary to appliable law and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud in the following areas: mismanagement of payments, posting of unusual journals together with complex transactions, revenue recognition and subjectivity of valuations used for land and buildings. We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquires of management about their own identification and assessment of risks of irregularities, specific tests of detail over payments, sample testing of journals posted during the year, verifying the underlying assumptions adopted for the property valuations, specific tests of detail over revenue recognition and a review of areas of judgement for indicators of management bias to address the risks. 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 auditor’s 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.

Alistair Cooke (Senior Statutory Auditor)

For and on behalf of

ASM (D) Ltd

Chartered Accountants and Statutory Auditors

79 Cunninghams Lane

Dungannon

Co Tyrone

BT71 6BX

19 December 2025

Cemcor Ltd

Statement of comprehensive income

Year ended 31 March 2025

		2025	2024
	Note	£	£


Turnover	4	49,915,440	49,839,526
Cost of sales		( 43,156,162)	( 41,998,137)
		_______	_______
Gross profit		6,759,278	7,841,389

Administrative expenses		( 1,749,689)	( 1,746,698)
Other operating income	5	1,242,006	1,137,678
		_______	_______
Operating profit	6	6,251,595	7,232,369

Other interest receivable and similar income	9	-	293
Interest payable and similar expenses	10	( 2,261,139)	( 1,979,353)
		_______	_______
Profit before taxation		3,990,456	5,253,309

Tax on profit	11	( 1,445,914)	( 1,569,892)
		_______	_______
Profit for the financial year and total comprehensive income		2,544,542	3,683,417
		_______	_______

All the activities of the company are from continuing operations.

Cemcor Ltd

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	12	-		-
Tangible assets	13	26,476,674		24,710,407
		_______		_______
			26,476,674		24,710,407

Current assets
Stocks	14	7,221,624		8,638,245
Debtors	15	13,524,830		7,916,125
Cash at bank and in hand		1,219,626		801,536
		_______		_______
		21,966,080		17,355,906
Creditors: amounts falling due
within one year	16	( 15,651,641)		( 13,891,268)
		_______		_______
Net current assets			6,314,439		3,464,638
			_______		_______
Total assets less current liabilities			32,791,113		28,175,045

Creditors: amounts falling due
after more than one year	17		( 26,908,415)		( 27,408,665)

Provisions for liabilities	18		( 5,790,940)		( 4,766,639)
Accruals and deferred income	20		( 1,547,475)		-

			_______		_______
Net liabilities			( 1,455,717)		( 4,000,259)
			_______		_______

Capital and reserves
Called up share capital	21		1		1
Profit and loss account	22		( 1,455,718)		( 4,000,260)
			_______		_______
Shareholders deficit			( 1,455,717)		( 4,000,259)
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 19 December 2025 , and are signed on behalf of the board by:

Mr D Loughran

Director

Company registration number: 09559778

Cemcor Ltd

Statement of changes in equity

Year ended 31 March 2025

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2023	1	( 7,683,677)	( 7,683,676)

Profit for the year		3,683,417	3,683,417
	_______	_______	_______
Total comprehensive income for the year	-	3,683,417	3,683,417

	_______	_______	_______
At 31 March 2024 and 1 April 2024	1	( 4,000,260)	( 4,000,259)

Profit for the year		2,544,542	2,544,542
	_______	_______	_______
Total comprehensive income for the year	-	2,544,542	2,544,542

	_______	_______	_______
At 31 March 2025	1	( 1,455,718)	( 1,455,717)
	_______	_______	_______

Cemcor Ltd

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is L M S New Yard, Castle Foregate, Shrewsbury, Shropshire, SY1 2EN.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company made a profit of £2,544,542 during the year ended 31 March 2025, and at that date, the company's liabilities exceeded its assets by £1,455,717.Included within creditors is a loan of £26,808,665 due to a fellow group entity. This loan has no repayment terms and repayment will not be demanded within the next 12 months. The directors, after making enquiries, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	17.5 %	straight line
Mineral reserves	-	25 %	straight line
Plant and machinery	-	17.5 %	reducing balance
Motor vehicles	-	17.5 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured 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 the stocks to their present location and condition.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Turnover

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Rental income	19,216	52,629
Commission receivable	510,659	614,331
Government grant income	709,627	454,489
Other operating income	2,504	16,229
	_______	_______
	1,242,006	1,137,678
	_______	_______

6. Operating profit

Operating profit is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible assets	4,447,958	4,811,212
Impairment of trade debtors	134,189	28,981
Operating lease rentals	1,392,268	148,778
Foreign exchange differences	(4,802)	132,407
Fees payable for the audit of the financial statements	16,500	27,000

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
Administrative staff	6	5
Production	114	113
	_______	_______
	120	118
	_______	_______

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	5,919,771	5,804,689
	_______	_______

8. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	195,229	130,658
	_______	_______

9. Other interest receivable and similar income

	2025	2024
	£	£
Other interest receivable and similar income	-	293
	_______	_______

10. Interest payable and similar expenses

		2025	2024
		£	£
Loans from group undertakings		2,172,303	1,902,076
Other loans made to the company:
	Finance leases and hire purchase contracts	88,836	77,277
		_______	_______
		2,261,139	1,979,353
		_______	_______

11. Tax on profit

Major components of tax expense

	2025	2024
	£	£
Current tax:
UK current tax expense	451,562	-
	_______	_______

Deferred tax:
Origination and reversal of timing differences	994,352	1,569,892
	_______	_______
Tax on profit	1,445,914	1,569,892
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).

	2025	2024
	£	£
Profit before taxation	3,990,456	5,253,309
	_______	_______

Profit multiplied by rate of tax	997,614	1,313,327
Effect of expenses not deductible for tax purposes	422	116
Effect of non-qualifying depreciation	86,297	163,198
Effect of deferred capital grants	386,869	-
Other allowances	( 25,288)	( 32,875)
Under provision in deferred tax in prior year	-	126,126
	_______	_______
Tax on profit	1,445,914	1,569,892
	_______	_______

12. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	575,565	575,565
	_______	_______
Amortisation
At 1 April 2024 and 31 March 2025	575,565	575,565
	_______	_______
Carrying amount
At 31 March 2025	-	-
	_______	_______
At 31 March 2024	-	-
	_______	_______

13. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2024	8,016,130	48,900,919	170,138	57,087,187
Additions	44,932	6,187,322	-	6,232,254
Disposals	-	( 18,030)	-	( 18,030)
	_______	_______	_______	_______
At 31 March 2025	8,061,062	55,070,211	170,138	63,301,411
	_______	_______	_______	_______
Depreciation
At 1 April 2024	5,903,285	26,398,923	74,571	32,376,779
Charge for the year	402,022	4,029,212	16,724	4,447,958
	_______	_______	_______	_______
At 31 March 2025	6,305,307	30,428,135	91,295	36,824,737
	_______	_______	_______	_______
Carrying amount
At 31 March 2025	1,755,755	24,642,076	78,843	26,476,674
	_______	_______	_______	_______
At 31 March 2024	2,112,845	22,501,996	95,567	24,710,408
	_______	_______	_______	_______

Included within Freehold land and building is £1,060,000 (2024: £1,060,000) for land which is not depreciated.

14. Stocks

	2025	2024
	£	£
Finished goods and goods for resale	7,221,624	8,638,245
	_______	_______

15. Debtors

	2025	2024
	£	£
Trade debtors	8,129,045	7,137,732
Amounts owed by group undertakings	145,023	210,294
Prepayments and accrued income	2,207,536	171,620
Other debtors	3,043,226	396,479
	_______	_______
	13,524,830	7,916,125
	_______	_______

16. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	2,524,988	2,316,216
Amounts owed to group undertakings	12,338,435	9,890,436
Accruals and deferred income	90,645	229,151
Social security and other taxes	212,073	920,801
Obligations under finance leases	485,500	533,333
Other creditors	-	1,331
	_______	_______
	15,651,641	13,891,268
	_______	_______

17. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Amounts owed to group undertakings	26,808,665	27,008,665
Obligations under finance leases	99,750	400,000
	_______	_______
	26,908,415	27,408,665
	_______	_______

Amounts due to group undertakings have been classified as due after more than one year. Interest is payable at 2% above the Bank of England base rate.

18. Provisions

	Deferred tax (note 19)	Other provisions	Total
	£	£	£
At 1 April 2024	3,885,775	880,864	4,766,639
Additions	994,352	29,949	1,024,301
	_______	_______	_______
At 31 March 2025	4,880,127	910,813	5,790,940
	_______	_______	_______

Other provisionsRestoration provisions have been established in respect of legal, contractual or constructive obligations. Amounts have been estimated based on advice and opinions of suitably qualified and experienced specialists. These provisions are expected to be utilised over the life of the respective sites.

19. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 18)	4,880,127	3,885,775
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	4,880,127	3,885,775
	_______	_______

20. Government grants

	2025	2024
	£	£
Grants received or receivable	1,547,475	(-)
	_______	_______

The amounts recognised in the financial statements for government grants are as follows:

	2025	2024
	£	£
Recognised in creditors:
Deferred government grants due after more than one year	1,547,475	-
	_______	_______
Recognised in other operating income:
Government grants recognised directly in income	709,627	454,489
	_______	_______

21. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	£	No	£
Ordinary share shares of £ 1.00 each	1	1	1	1
	_______	_______	_______	_______

22. Reserves

Profit and loss accountThis reserve records cumulative profits or losses, net of dividends paid. This reserve is distributable in full.

23. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	2025	2024
	£	£
Tangible assets	1,350,000	187,560
	_______	_______

24. Pension commitments

The company operates a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £334,032 (2024: £376,888). At 31 March 2025 contributions amounting to £52,463 were outstanding.

25. Contingent assets and liabilities

The company has no contingent liabilities at the current or prior year ends.

26. Related party transactions

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

Above transactions and balances are with fellow group entities.

27. Controlling party

The company consider LCC Holdings Ltd, a company with a registered address of 6th Floor, Victory House, Prospect Hill, Douglas, Isle of Man to be the ultimate parent undertaking.

28. Parent and ultimate parent company

At the 31 March 2025 the ultimate parent of the company was LCC Holdings Ltd, a company with a registered address of 6th Floor, Victory House, Prospect Hill, Douglas, Isle of Man.