ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 15114989

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

COMPANY INFORMATION

Directors	Lord Cavendish
	Lady Cavendish
	The Hon Miss Lucy Cavendish
	Allen Gibb
	Stuart Sims
	David Sarti (resigned 31 August 2024)
	Richard Page (resigned 14 January 2025)
	Lucy Armstrong


Registered number	15114989


Registered office	Cavendish House
	Kirkby-In-Furness
	Cumbria
	LA17 7UN


Independent auditors	Armstrong Watson Audit Limited
	Chartered Accountants
	James Watson House
	Montgomery Way
	Rosehill
	Carlisle
	Cumbria
	CA12UU

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10 - 11
Company Balance Sheet	12
Consolidated Statement of Changes in Equity	13 - 14
Company Statement of Changes in Equity	15 - 16
Consolidated Statement of Cash Flows	17 - 18
Consolidated Analysis of Net Debt	19
Notes to the Financial Statements	20 - 41

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

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

Business review

Burlington Construction Materials Group was formed in 2024 as the ultimate parent company for Burlington Slate Limited and Burlington Aggregates Limited, both of which had operated independently for many years prior to this structure.

The principal activity of the company is that of a holding company overseeing the operations of Burlington Slate and Burlington Aggregates, with both contributing to the production and supply of construction materials. The Group's mission is to leverage the strength and heritage of its subsidiaries to become a leading provider of high-quality construction materials, combining natural British stone products and construction aggregates to serve both domestic and international markets.

In its second year, the Group profit and loss account reports an increase in turnover of £0.82m or 7.5% (£11.77m FY25 versus £10.95m FY24).

The performance of both subsidiaries contrasted, with growth experienced in the market for concrete and aggregates (20% increased turnover) and contraction in the sale of slate products (24% revenue shrinkage). This ultimately resulted in the group making an operating loss of £361k against profit of £74k the year before.

Post year-end slate and architectural sales have remained under pressure, reflecting the reduced demand for premium materials. Demand for concrete and aggregates has surged however, indicating a positive upturn within the local construction industry. We can expect higher revenues in FY26 from Burlington Aggregates, and we should maintain revenue as a minimum on Burlington Slate. We remain confident that the Architectural market will improve and our orderbook has increased in support of this view. We anticipate a year of growth in FY27 for Burlington Slate.

Principal risks and uncertainties

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 Slate'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 key risk faced by Burlington Aggregates is demand in the local market. As Barrow is of national importance from a defence perspective this risk, whilst high, feels remote.

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.

Page 1

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Financial key performance indicators

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.

Key financial indicators for the year include a notable decrease in gross margin from 50% to 41%. This reduction largely stems from Burlington Slate’s margin being 15% lower, consistent with subdued sales performance from Architectural that commands a high margin than roofing.

Position of the Group at the Year End

The Group's net assets decreased from £7.1m to £6.5m. This was driven by the loss after tax of £603k. Burlington Construction Materials Group Limited continues to enjoy the support of the wider Holker Group.

Future Developments

The business strategy focusses on the sustainable development of Kirkby Quarry. The aggregates business is supporting this development and increased local demand has been welcome during FY26.

We recognise that in the short term Burlington Aggregates and the Roofing element of Burlington Slate will be significant contributors to our success and whilst there is dependency between the two operations, together they combine into a great value proposition.

Efficiency drives in production will be the key driver to support Roofing for the long-term but also support the business in its Dimensional Stone recovery. We will not see the benefits in FY26 but expect improvements to drop through to our results in FY27 and beyond.

The Board are looking forward to the future with the combination of Burlington Slate and Burlington Aggregates through BCMG and expect results to deliver cash generation in FY26 and profitability in FY27.

This report was approved by the board and signed on its behalf.

Allen Gibb

Director

Date: 23 December 2025

Page 2

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

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.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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 for the Group's financial statements and then apply them consistently;

∙make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £603,124 (2024 - loss £42,083).

Directors

The directors who served during the year were:

Lord Cavendish

Lady Cavendish

The Hon Miss Lucy Cavendish

Allen Gibb

Stuart Sims

David Sarti (resigned 31 August 2024)

Richard Page (resigned 14 January 2025)

Lucy Armstrong

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Allen Gibb

Director

Date: 23 December 2025

Page 4

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

Opinion

We have audited the financial statements of Burlington Construction Materials Group Limted (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2025 and of the Group's loss 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 United Kingdom, including the Financial Reporting Council'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 or 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.

Page 5

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED (CONTINUED)

Other information

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.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Directors' Report 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 Directors' Report.

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

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

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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.

Page 6

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

Page 7

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

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

Joanna Gray (Senior Statutory Auditor)

for and on behalf of

Armstrong Watson Audit Limited

Chartered Accountants

James Watson House

Montgomery Way

Rosehill

Carlisle

Cumbria

CA12UU

23 December 2025

Page 8

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

		As restated
	2025	2024
Note	£	£


Turnover	4	11,770,674	10,946,506
Cost of sales		(8,820,750)	(5,511,937)
Gross profit		2,949,924	5,434,569
Distribution costs		(688,762)	(1,018,210)
Administrative expenses		(2,643,488)	(4,362,247)
Other operating income	5	16,576	20,142
Operating (loss)/profit	6	(365,750)	74,254
Interest receivable and similar income	10	8,658	12,758
Interest payable and similar expenses	11	(474,586)	(408,710)
Loss before taxation		(831,678)	(321,698)
Tax on loss	12	228,554	279,615
Loss for the financial year		(603,124)	(42,083)

(Loss) for the year attributable to:
Owners of the parent Company	(603,124)	(42,083)
	(603,124)	(42,083)

Total comprehensive income for the year attributable to:
Owners of the parent Company	(603,124)	(42,083)
	(603,124)	(42,083)

The notes on pages 20 to 41 form part of these financial statements.

Page 9

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

REGISTERED NUMBER: 15114989

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		1,303,986		1,452,187
Tangible assets	14		9,630,819		10,363,647
			10,934,805		11,815,834
Current assets
Stocks	16	3,127,595		3,104,371
Debtors: amounts falling due within one year	17	2,216,063		2,347,785
Cash at bank and in hand	18	635,877		703,988
		5,979,535		6,156,144
Creditors: amounts falling due within one year	19	(5,099,820)		(6,097,162)
Net current assets			879,715		58,982
Total assets less current liabilities			11,814,520		11,874,816
Creditors: amounts falling due after more than one year	20		(4,641,103)		(3,904,922)
Provisions for liabilities
Deferred taxation	23	(410,447)		(605,838)
Other provisions	24	(231,300)		(229,262)
			(641,747)		(835,100)
Net assets			6,531,670		7,134,794

Capital and reserves
Called up share capital	25	15,360,000	15,360,000
Merger reserve	26	(15,037,878)	(15,037,878)
Profit and loss account	26	6,209,548	6,812,672
		6,531,670	7,134,794

Page 10

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

REGISTERED NUMBER: 15114989

CONSOLIDATED 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:

Allen Gibb

Director

Date: 23 December 2025

The notes on pages 20 to 41 form part of these financial statements.

Page 11

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

REGISTERED NUMBER: 15114989

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

	2025	2024
Note	£	£

Fixed assets
Investments	15	15,360,000	15,360,000
		15,360,000	15,360,000

Total assets less current liabilities		15,360,000	15,360,000


Net assets		15,360,000	15,360,000

Capital and reserves
Called up share capital	25	15,360,000	15,360,000
		15,360,000	15,360,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company's profit for the year was £nil (2024£nil).

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Allen Gibb

Director

Date: 23 December 2025

The notes on pages 20 to 41 form part of these financial statements.

Page 12

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Merger reserve	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£	£
At 1 April 2024	15,360,000	(15,037,878)	6,812,672	7,134,794	7,134,794
Comprehensive income for the year
Loss for the year	-	-	(603,124)	(603,124)	(603,124)
Total comprehensive income for the year	-	-	(603,124)	(603,124)	(603,124)
Total transactions with owners	-	-	-	-	-
At 31 March 2025	15,360,000	(15,037,878)	6,209,548	6,531,670	6,531,670

The notes on pages 20 to 41 form part of these financial statements.

Page 13


		BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Revaluation reserve	Merger reserve	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£	£
At 1 April 2023	16,560,000	343,956	(17,510,848)	6,510,799	5,903,907	1,211	5,905,118
Comprehensive income for the year
Loss for the year	-	-	-	(42,083)	(42,083)	-	(42,083)
Total comprehensive income for the year	-	-	-	(42,083)	(42,083)	-	(42,083)
Contributions by and distributions to owners
Shares cancelled during the year	(1,200,000)	-	-	-	(1,200,000)	-	(1,200,000)
Transfer to/from profit and loss account	-	(343,956)	-	343,956	-	-	-
Other movements	-	-	2,472,970	-	2,472,970	(1,211)	2,471,759
Total transactions with owners	(1,200,000)	(343,956)	2,472,970	343,956	1,272,970	(1,211)	1,271,759
At 31 March 2024	15,360,000	-	(15,037,878)	6,812,672	7,134,794	-	7,134,794

The notes on pages 20 to 41 form part of these financial statements.

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BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Total equity
	£	£
At 1 April 2024	15,360,000	15,360,000
Other comprehensive income for the year	-	-
Total comprehensive income for the year	-	-
Total transactions with owners	-	-
At 31 March 2025	15,360,000	15,360,000

The notes on pages 20 to 41 form part of these financial statements.

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BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Total equity
	£	£
At 1 April 2023	16,560,000	16,560,000
Other comprehensive income for the year	-	-
Total comprehensive income for the year	-	-
Contributions by and distributions to owners
Shares cancelled during the year	(1,200,000)	(1,200,000)
Total transactions with owners	(1,200,000)	(1,200,000)
At 31 March 2024	15,360,000	15,360,000

The notes on pages 20 to 41 form part of these financial statements.

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BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Loss for the financial year	(603,124)	(42,083)
Adjustments for:
Amortisation of intangible assets	145,489	90,931
Depreciation of tangible assets	694,985	712,432
Loss on disposal of tangible assets	(143,073)	(26,350)
Government grants	(11,790)	(11,790)
Interest paid	474,585	408,710
Interest received	(8,658)	(12,758)
Taxation charge	(228,554)	(279,615)
(Increase) in stocks	(23,222)	(719,450)
Decrease/(increase) in debtors	163,558	(1,150,128)
(Decrease)/increase in creditors	(756,006)	1,177,048
(Decrease)/increase in amounts owed to join ventures	(385,470)	192,138
Increase/(decrease) in provisions	2,037	(9,712)
Corporation tax (paid)	(37,056)	(233,542)
Net cash generated from operating activities	(716,299)	95,831

Cash flows from investing activities
Purchase of tangible fixed assets	(101,685)	-
Sale of tangible fixed assets	155,000	126,350
Sale of investment properties	-	1,100,000
Government grants received	11,790	11,790
Interest received	8,658	12,758
HP interest paid	(21,605)	(27,052)
Sale of fixed asset investments	-	(1,200,000)
Net cash from investing activities	52,158	23,846
Cash flows from financing activities
New secured loans	4,850,000	-
Repayment of loans	(3,050,000)	(168,750)
Repayment of other loans	(741,000)	-
Repayment of/new finance leases	(49,307)	194,650
Interest paid	(452,980)	(381,658)
Dividends paid to non-controlling interests	-	(1,211)
Net cash used in financing activities	556,713	(356,969)
Net (decrease) in cash and cash equivalents	(107,428)	(237,292)
Cash and cash equivalents at beginning of year	(379,524)	(142,232)

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BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

		2025	2024
		£	£

Cash and cash equivalents at the end of year	(486,952)	(379,524)

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	635,877	703,988
Bank overdrafts	(1,122,829)	(1,083,512)
	(486,952)	(379,524)

The notes on pages 20 to 41 form part of these financial statements.

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BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	703,988	(68,111)	635,877
Bank overdrafts	(1,083,512)	(39,317)	(1,122,829)
Debt due after 1 year	(3,708,750)	308,750	(3,400,000)
Debt due within 1 year	(5,357)	(1,225,293)	(1,230,650)
Finance leases	(245,478)	49,306	(196,172)
	(4,339,109)	(974,665)	(5,313,774)

The notes on pages 20 to 41 form part of these financial statements.

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BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Burlington Construction Materials Group 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 £.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

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.

The following principal accounting policies have been applied:

Page 20

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

2.3

Going concern

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 Group and 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 Group's continued viability.

On the basis of the group and 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.

Page 21

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Operating leases: the Group as lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

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.

2.6

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

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.

2.7

Employee benefits

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

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

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

Page 22

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.8

Retirement 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.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account, except exchange differences arising in the consolidated accounts on the retranslation of the group's net investment in the foreign subsidiary, which are shown as a movement on the Statement of Comprehensive Income.

Page 23

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their
estimated useful lives on the following bases:

Land and buildings Freehold	-	2% straight line except where the directors believe that the residual value is not less than the cost
Land and buildings Leasehold	-	2 - 20% straight line
Plant and machinery	-	5 - 50% straight line
Motor vehicles	-	20 - 25% straight line
Fixtures, fittings and equipment	-	20 - 30% straight line

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.

Page 24

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.13

Fixed asset investments

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.

2.14

Impairment of fixed assets and goodwill

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

2.15

Stocks

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

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.

2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 25

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.19

Provisions for liabilities

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Page 26

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 27

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.20

Financial instruments (continued)

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

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

2.21

Equity instruments

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

Page 28

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

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

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

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.

Page 29

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Sale of goods	11,770,674	10,946,506
	11,770,674	10,946,506

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	11,057,618	10,569,769
Rest of Europe	23,830	4,310
Rest of the world	689,226	372,427
	11,770,674	10,946,506

5.	Other operating income
		2025	2024
		£	£

Other operating income	1,051	-
Government grants receivable	11,790	11,790
Sundry income	3,735	8,352
	16,576	20,142

Government grants receivable	11,790	11,790
Exchange differences	3,456	13,502
Other operating lease rentals	69,502	107,321

Page 30

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	7,000	4,000
Fees payable to the Company's auditors in respect of:
The auditing of accounts of associates of the Company	30,000	24,000

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	3,234,507	3,242,453
Social security costs	310,146	300,420
Cost of defined contribution scheme	141,305	144,011
	3,685,958	3,686,884

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Production	77	87
Office and management	16	12
Sales	6	7

	99	106

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)

Page 31

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	254,576	241,459
Group contributions to defined contribution pension schemes	36,570	26,270
	291,146	267,729

	During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £246,943 (2024 - £171,207).

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	8,658	12,758
		8,658	12,758

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	74,421	69,320
Other loan interest payable	378,560	312,338
Finance leases and hire purchase contracts	21,605	27,052
	474,586	408,710

Page 32

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	(4,870)	72,418
Adjustments in respect of previous periods	(28,295)	9,676
	(33,165)	82,094

Total current tax	(33,165)	82,094

Deferred tax
Origination and reversal of timing differences	(195,389)	(361,709)
Total deferred tax	(195,389)	(361,709)


	Tax on loss	(228,554)	(279,615)

Loss on ordinary activities before tax

(831,678)

(321,700)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(207,920)	(80,425)
Effects of:
Tax effect of expenses that are not deductible in determining taxable profit	(29,084)	35,286
Change in unrecognised deferred tax assets	45,950	(25,000)
Depreciation on assets not qualifying for tax allowances	-	4,109
Adjustments to brought forward values	-	(176,085)
Exempt ABGH distributions	(37,500)	(37,500)
Total tax charge for the year	(228,554)	(279,615)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 33

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Intangible assets
	Group

	Leases	Goodwill	Total
	£	£	£
Cost
At 1 April 2024	181,801	1,454,889	1,636,690
At 31 March 2025	181,801	1,454,889	1,636,690
Amortisation
At 1 April 2024	93,572	90,931	184,503
Charge for the year on owned assets	2,712	145,489	148,201
At 31 March 2025	96,284	236,420	332,704
Net book value
At 31 March 2025	85,517	1,218,469	1,303,986
At 31 March 2024	88,229	1,363,958	1,452,187

The Company has paid The Holker Estate Trust, the lessor, a capital amount to permit an amendment to the lease, to allow the processing at Burlington Slate Quarries of minerals quarried elsewhere, and to allow the construction of office premises at the Kirkby Quarry. This amount is being amortised over the remaining period of the lease.

Page 34

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Tangible fixed assets
	Group

	Freehold property	Long-term leasehold property	Plant and machinery	Fixtures, fittings & equipment	Assets under construction
	£	£	£	£	£
Cost or valuation
At 1 April 2024	577,895	4,630,812	11,799,475	138,067	4,961,589
Additions	-	12,194	6,500	-	82,991
Disposals	-	-	(915,607)	-	(2,500)
At 31 March 2025	577,895	4,643,006	10,890,368	138,067	5,042,080
Depreciation
At 1 April 2024	43,533	2,613,871	8,949,218	137,569	-
Charge for the year on owned assets	3,564	138,672	646,502	498	-
Charge for the year on financed assets	-	22,152	11,198	-	-
Disposals	-	-	(906,180)	-	-
At 31 March 2025	47,097	2,774,695	8,700,738	138,067	-
Net book value
At 31 March 2025	530,798	1,868,311	2,189,630	-	5,042,080
At 31 March 2024	534,362	2,016,941	2,850,257	498	4,961,589

Page 35

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 April 2024	22,107,838
	Additions	101,685
	Disposals	(918,107)
	At 31 March 2025	21,291,416
	Depreciation
	At 1 April 2024	11,744,191
	Charge for the year on owned assets	789,236
	Charge for the year on financed assets	33,350
	Disposals	(906,180)
	At 31 March 2025	11,660,597
	Net book value
	At 31 March 2025	9,630,819
	At 31 March 2024	10,363,647

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Land and buildings	203,001	212,960
Plant and machinery	30,040	40,336
	233,041	253,296

Page 36

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	15,360,000
	At 31 March 2025	15,360,000

Direct subsidiary undertaking
The following was a direct subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Burlington Slate Limited

England and Wales

Ordinary

100%

Indirect subsidiary undertakings
The following were indirect subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Burlington Slate Production Limited	England and Wales	Ordinary	100%
Burlington Stone Inc	USA	Ordinary	100%
Lakeland Green Slate and Stone Company Limited	England and Wales	Ordinary	100%
Mandall's Slate Company Limited	England and Wales	Ordinary	94.18%
The Broughton Moor Green Slate Quarries Limited	England and Wales	Ordinary	100%
Burlington Aggregates Limited	England and Wales	Ordinary	100%

16.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	2,346,831	2,483,381
Work in progress (goods to be sold)	780,764	620,990
	3,127,595	3,104,371

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 37

BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.

Debtors

		Group	Group
		2025	2024
		£	£


Trade debtors	1,682,412	1,739,073
Other debtors	409,928	252,660
Prepayments and accrued income	123,723	356,052
	2,216,063	2,347,785

18.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

Cash at bank and in hand	635,877	703,988
Less: bank overdrafts	(1,122,829)	(1,083,512)
	(486,952)	(379,524)

19.	Creditors: Amounts falling due within one year
		Group	Group
		2025	2024
		£	£

Bank overdrafts	1,122,829	1,083,512
Other loans	125,000	866,000
Trade creditors	793,369	871,789
Amounts owed to joint ventures	598,466	983,936
Corporation tax	1,628	71,849
Other taxation and social security	332,055	346,713
Obligations under finance lease and hire purchase contracts	55,069	49,306
Other creditors	1,239,108	1,366,426
Accruals and deferred income	832,296	457,631
	5,099,820	6,097,162

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BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

20.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Other loans	4,500,000	2,700,000
Net obligations under finance leases and hire purchase contracts	141,103	196,172
Other creditors	-	1,008,750
	4,641,103	3,904,922

21.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Other loans	125,000	866,000
	125,000	866,000

Amounts falling due 2-5 years
Other loans	4,500,000	2,700,000
	4,500,000	2,700,000

	4,625,000	3,566,000

22.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2025	2024
		£	£

Within one year	55,069	49,306
Between 1-5 years	141,103	196,172
	196,172	245,478

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BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

23.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(605,838)
	Charged to profit or loss	195,391
	At end of year	(410,447)

Company

		2025

	At end of year	-

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£	£

Accelerated capital allowances	(1,206,059)	(625,167)
Other timing differences	128,229	19,329
Losses and other deductions	667,383	-
	(410,447)	(605,838)

24.	Provisions
	Group

	Pension obligations	Site restoration costs	Total
	£	£	£

At 1 April 2024	38,648	190,614	229,262
Charged to profit or loss	2,038	-	2,038
At 31 March 2025	40,686	190,614	231,300

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BURLINGTON CONSTRUCTION MATERIALS GROUP LIMTED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

25.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

15,360,000 (2024 - 15,360,000) Ordinary shares of £1.00 each	15,360,000	15,360,000

26.

Reserves

Revaluation reserve

The revaluation reserve represents the accumulated gains or losses on revaluation of fixed assets.

Profit and loss account

Profit and loss reserves represent accumulated profit or loss for the year and prior periods, less dividends paid and foreign exchange translation differences.

27.	Retirement benefit schemes
		2025	2024
		£	£

Defined contribution schemes
Charge to profit and loss in respect of defined contribution schemes	141,305	116,223
	141,305	116,223

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

28.	Prior year adjustment

The prior year accounts have been restated to eliminate intergroup management charges.

Page 41