Caseware UK (AP4) 2023.0.135 2023.0.135 Assets held under finance leases are recognised in the balance sheet 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. At each balance sheet date, non-financial assets not held at fair value are assessed to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset (or asset’s cash generating unit). The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s cash generating unit) continued use. The cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset. If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to the recoverable amount. An impairment loss is recognised in the statement of comprehensive income, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in statement of comprehensive income.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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance methods. 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Financial Statements CES Quarry Products Limited For the financial year ended 31 March 2025 Registered number: NI005383
CES Quarry Products Limited
Company Information
Directors | Ronald Stevenson
| Jamie Stevenson
| Robert Ian McDougall
| Wayne Stevenson
Company secretary | Jamie Stevenson
Registered number | NI005383
Registered office | Doran's Rock
| 124 Crossgar Road
| Saintfield
| Co. Down
| BT24 7JQ
Independent auditor | Grant Thornton (NI) LLP
| Chartered Accountants & Statutory Auditors
| 12 - 15 Donegall Square West
| Belfast
| BT1 6JH
Bankers | Danske Bank
| South Business Centre
| 45 - 48 High Street
| Portadown
| Craigavon
| BT62 1LB
Solicitors | Wilson Nesbitt
| 36 Alfred Street
| Belfast
| Co. Antrim
| BT2 8EP
CES Quarry Products Limited
Contents
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditor's report | 5 - 8
Statement of comprehensive income | 9
Statement of financial position | 10 - 11
Statement of changes in equity | 12
Statement of cash flows | 13 - 14
Analysis of net debt | 15
Notes to the financial statements | 16 - 32
CES Quarry Products Limited
Strategic report For the financial year ended 31 March 2025
Introduction
The directors are pleased to present their Strategic report for the Company for the year ended 31 March 2025.
Business review
Turnover for the year amounted to £25,630,089 compared to £24,605,864 in the previous year. The results for the year show a profit of £390,707 compared to £560,206 in the previous year. The directors are satisfied with the performance of the business during the past year, and will seek every opportunity to increase profitability and turnover.
Principal risks and uncertainties
The directors consider that the principal risks and uncertainties faced by the Company are in the following categories:
Economic risk
The Company has previously absorbed substantial provisions for doubtful debts as a result of the ongoing recession in the construction sector. The directors have taken prudent steps to minimise risk of further exposure in this area.
Competition risk
The directors of the Company manage competition risk through close attention to product quality and customer services.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The Company policy throughout the year has been to ensure continuity of funding by matching the source of funds to the intended use of those funds, so that fixed assets are financed out of reserves and through the use of hire purchase and finance lease agreements where appropriate. Funding for significant developments, such as expenditure on buildings is secured on specific borrowings with drawdown and repayment terms that are spread over a period of years. Short-term flexibility is achieved by overdraft facilities.
Interest rate risk
The Company has interest bearing liabilities. Interest bearing liabilities relate to bank overdrafts and loans and invoice discounting, which pay interest at variable rates. The Company does not actively manage its interest rate risk. The directors will revisit the appropriateness of this policy should the Company's operations change in size or nature.
Inflation risk
Cost inflation is currently high and unpredictable and the future level of inflation remains uncertain. The Company maintains regular forecasts to ensure areas affected by cost increases are identified so mitigating action can be taken. The Company is working with customers, suppliers and employees to mitigate the impact of increasing costs. Page 1
CES Quarry Products Limited
Strategic report (continued) For the financial year ended 31 March 2025
Credit risk
The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. The Company has a policy to seek appropriate insurance on major customers.
Financial key performance indicators
The Company's key financial and other performance indicators during the year were turnover and gross margin. Turnover Turnover for the year increased by £1.02m to £25.63m (2024: £24.61m). Gross Margin Gross margin for the Company was 24.16% compared with 22.80% in 2024. This report was approved by the board and signed on its behalf.
................................................ Ronald Stevenson Director
Date: 3 November 2025
Page 2
CES Quarry Products Limited
Directors' report For the financial year ended 31 March 2025 The directors present their report and the financial statements for the financial year ended 31 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.
Principal activity
The Company's principal activity during the year continued to be the manufacture of concrete blocks and associated products.
Results and dividends
The profit for the financial year, after taxation, amounted to £390,707 (2024 - £560,206). The Company paid a dividend of £130,000 during the year (2024: £158,333).
Directors
The directors who served during the financial year were:
Ronald Stevenson
Jamie Stevenson
Robert Ian McDougall
Wayne Stevenson
Page 3
CES Quarry Products Limited
Directors' report (continued) For the financial year ended 31 March 2025
Charitable donations
During the period the Company made the following charitable donations:
| 2025 £ | 2024 £
Charitable donations | 24,173 | 21,308
Future developments
The Company intends to continue with its present strategies and focus on general contracting going forward.
Matters covered in the Strategic report
Information the Company has chosen, in accordance with S414C (II) of the Companies Act 2006, to set out in the strategic report which would otherwise by required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report is as follows: ∙Business review; ∙Principal risks & uncertainties; and ∙Financial risk management.
Disclosure of information to auditor
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's auditor is 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's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Grant Thornton (NI) LLP, will continue in office in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ Ronald Stevenson Director
Date: 3 November 2025
Page 4
Independent auditor's report to the members of CES Quarry Products Limited
Opinion
We have audited the financial statements of CES Quarry Products Limited ("the Company"), which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity for the financial year ended 31 March 2025, and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion, CES Quarry Products Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 March 2025 and of its financial performance and cash flows for the financial year then ended; 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 'Responsibilities of the auditor 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 United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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
Independent auditor's report to the members of CES Quarry Products Limited (continued)
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, 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 Directors' report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report and the Strategic 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 Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 6
Independent auditor's report to the members of CES Quarry Products Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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. A further description of an auditor's 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy law, Employment Law, Environmental Regulations, and Health and Safety laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. Page 7
Independent auditor's report to the members of CES Quarry Products Limited (continued) We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating useful lives of tangible fixed assets, estimating an allowance for the impairment of debtors and stocks; and ∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls
The purpose of our audit work and to whom we owe our responsibilities
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 auditor’s 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. Bronagh Bourke FCA (Senior statutory auditor) for and on behalf of Grant Thornton (NI) LLP Chartered Accountants & Statutory Auditors Belfast 3 November 2025 Page 8
CES Quarry Products Limited
Statement of comprehensive income For the financial year ended 31 March 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 25,630,089 | 24,605,864
Cost of sales |  | (19,438,844) | (18,994,934)
Gross profit |  | 6,191,245 | 5,610,930
Administrative expenses |  | (5,449,817) | (4,905,781)
Other operating income |  | 19,659 | 8,118
Operating profit | 5 | 761,087 | 713,267
Interest receivable and similar income |  | 41,144 | 6,052
Interest payable and similar expenses | 8 | (146,229) | (123,848)
Profit before tax |  | 656,002 | 595,471
Tax on profit | 9 | (265,295) | (35,265)
Profit for the financial year |  | 390,707 | 560,206
All amounts relate to continuing operations.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 16 to 32 form part of these financial statements.
Page 9
CES Quarry Products Limited Registered number:NI005383
Statement of financial position As at 31 March 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 347,280 |  | 507,868
Tangible assets | 12 |  | 10,122,716 |  | 10,437,697
|  |  | 10,469,996 |  | 10,945,565
Current assets |  |  |  |  |
Stocks | 13 | 1,904,182 |  | 1,872,615 |
Debtors: amounts falling due within one year | 14 | 6,962,743 |  | 6,594,341 |
Current asset investments | 15 | - |  | 500,000 |
Cash at bank and in hand | 16 | 382,732 |  | 632,335 |
|  | 9,249,657 |  | 9,599,291 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 17 | (6,978,256) |  | (7,488,126) |
Net current assets |  |  | 2,271,401 |  | 2,111,165
Total assets less current liabilities |  |  | 12,741,397 |  | 13,056,730
Creditors: amounts falling due after more than one year | 18 |  | (1,213,306) |  | (1,813,252)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (1,249,825) |  | (1,225,919) |
|  |  | (1,249,825) |  | (1,225,919)
Net assets |  |  | 10,278,266 |  | 10,017,559
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 1,000 |  | 1,000
Capital redemption reserve | 23 |  | 55,182 |  | 55,182
Profit and loss account | 23 |  | 10,222,084 |  | 9,961,377
Shareholders' funds |  |  | 10,278,266 |  | 10,017,559
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Ronald Stevenson
Director
Date: 3 November 2025
The notes on pages 16 to 32 form part of these financial statements. Page 10
CES Quarry Products Limited Registered number:NI005383
Statement of financial position (continued) As at 31 March 2025 Page 11
CES Quarry Products Limited
Statement of changes in equity For the financial year ended 31 March 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2024 | 1,000 | 55,182 | 9,961,377 | 10,017,559
Comprehensive income for the financial year |  |  |  |
Profit for the financial year | - | - | 390,707 | 390,707
Total comprehensive income for the financial year | - | - | 390,707 | 390,707
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (130,000) | (130,000)
Total transactions with owners | - | - | (130,000) | (130,000)
At 31 March 2025 | 1,000 | 55,182 | 10,222,084 | 10,278,266
Statement of changes in equity For the financial year ended 31 March 2024
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 1,000 | 55,182 | 9,559,504 | 9,615,686
Comprehensive income for the financial year |  |  |  |
Profit for the financial year | - | - | 560,206 | 560,206
Total comprehensive income for the year | - | - | 560,206 | 560,206
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (158,333) | (158,333)
Total transactions with owners | - | - | (158,333) | (158,333)
At 31 March 2024 | 1,000 | 55,182 | 9,961,377 | 10,017,559
| The notes on pages 16 to 32 form part of these financial statements.
Page 12
CES Quarry Products Limited
Statement of cash flows For the financial year ended 31 March 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 390,707 | 560,206
Adjustments for: |  |
Amortisation of intangible assets | 160,588 | 160,591
Depreciation of tangible assets | 529,342 | 556,912
Loss on disposal of tangible assets | 29,811 | -
Interest payable | 146,229 | 123,848
Interest receivable | (41,144) | (6,052)
Taxation charge | 265,295 | 35,265
(Increase) in stocks | (31,567) | (253,452)
(Increase) in debtors | (37,458) | (313,979)
(Increase) in amounts owed by related parties | (490,541) | (290,377)
(Decrease) in creditors | (489,537) | (350,156)
Corporation tax received | 110,170 | 20,254
Net cash generated from operating activities | 541,895 | 243,060
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (316,173) | (527,488)
Receipts from sale of tangible fixed assets | 72,000 | 17,531
Disposal/(purchase) of short-term investments | 500,000 | (500,000)
Interest received | 41,144 | 6,052
Hire purchase interest paid | (70,002) | (82,860)
Net cash inflow/(outflow) from investing activities | 226,969 | (1,086,765)
Cash flows from financing activities |  |
Bank loans obtained | - | 1,200,000
Repayment of bank loans | (211,484) | (239,186)
Repayment of finance leases | (495,231) | (433,002)
Dividends paid | (130,000) | (158,333)
Interest paid | (76,227) | (40,988)
New finance leases | 180,000 | 377,908
Other creditors - working capital facilities movement | (285,525) | 1,302,004
Net cash (outflow)/inflow from financing activities | (1,018,467) | 2,008,403
Page 13
CES Quarry Products Limited
Statement of cash flows (continued) For the financial year ended 31 March 2025
|  | 2025 | 2024
|  | £ | £
Net (decrease)/increase in cash and cash equivalents | (249,603) | 1,164,698
Cash and cash equivalents at beginning of financial year | 632,335 | (532,363)
Cash and cash equivalents at the end of financial year | 382,732 | 632,335
Cash and cash equivalents at the end of financial year comprise: |  |
Cash at bank and in hand | 382,732 | 632,335
| 382,732 | 632,335
The notes on pages 16 to 32 form part of these financial statements.
Page 14
CES Quarry Products Limited
Analysis of Net Debt For the financial year ended 31 March 2025
|  | At 1 April 2024 | Cash flows | New finance leases | At 31 March 2025
|  | £ | £ | £ | £
Cash at bank and in hand | 632,335 | (249,603) | - | 382,732
Other creditors - working capital facilities | (1,302,003) | 285,524 | - | (1,016,479)
Bank loans | (1,133,517) | 211,485 | - | (922,032)
Finance leases | (1,362,168) | 495,230 | (180,000) | (1,046,938)
| (3,165,353) | 742,636 | (180,000) | (2,602,717)
The notes on pages 16 to 32 form part of these financial statements.
Page 15
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025
1. | General information
The Company is limited by shares and is incorporated in Northern Ireland. The Company's registered office and business address is Doran's Rock, 124 Crossgar Road, Saintfield, Ballynahinch, County Down, BT24 7JQ. 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 management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 16
CES Quarry Products Limited
Notes to the financial statements For the financial 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 Company 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 Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company 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 Company 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 Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Hire purchase and finance leases
Assets held under finance leases are recognised in the balance sheet 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.
| 2.7 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 17
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025 2.Accounting policies (continued)
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Borrowing costs
All borrowing costs are recognised in profit or loss in the financial year in which they are incurred.
| 2.11 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.12 | Current and deferred taxation
The tax expense for the financial 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 reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 reporting date. Page 18
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025 2.Accounting policies (continued)
| 2.13 | 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 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 Statement of comprehensive income over its useful economic life. The estimated useful lives range as follows: Goodwill - 20 years
| 2.14 | 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. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance methods. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery and office equipment | - | 10% | reducing balance
|  |  |  | Motor vehicles | - | 20% | reducing balance
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 19
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025 2.Accounting policies (continued)
| 2.15 | Hire purchase and finance leases
At each balance sheet date, non-financial assets not held at fair value are assessed to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset (or asset’s cash generating unit). The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s cash generating unit) continued use. The cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset. If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to the recoverable amount. An impairment loss is recognised in the statement of comprehensive income, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in statement of comprehensive income.
| 2.16 | Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Costs includes all direct costs and appropriate proportion of fixed and variable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.17 | 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.
| 2.18 | 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. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.19 | 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 20
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025 2.Accounting policies (continued)
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.21 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right shortterm loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
| 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. Page 21
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
When preparing the financial statements management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses, The following are significant management judgements in applying the accounting policies of the business that have the most significant effect on the financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates 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. Allowances for impairment of debtors Determining whether there are indicators of impairment of the Company's trade debtors and amounts owed by related parties at the Balance sheet date. The Company estimates the allowance for doubtful trade debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of the relationship and factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the related parties. At year-end, a provision of £35,829 (2024: £229,000) was recognised against debtors. Allowances for impairment of stock The Company makes a number of estimates, that are subjective in nature, in respect of provisions for inventory whose carrying value may never be realised. The Company uses a variety of sources to determine provision rates against specific categories of stock, including historical sales patterns, post year end trading performance and age. At year-end, a provision of £50,000 (2024:£50,000) was recognised against stocks. Estimating useful lives of tangible fixed assets The Company estimates the useful lives of tangible assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limited on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors mentioned above. Based on management's assessment as at 31 March 2025, there is no change in the estimated useful lives of tangible assets during those years. Depreciation charged for the year amounted to £529,342 (2024:£556,910).
4. | Turnover
All of the turnover is attributable to the Company's principal activity, with all sales within the United Kingdom. Page 22
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amortisation of intangible fixed assets | 160,588 | 160,588
| Depreciation of tangible fixed assets | 529,342 | 557,410
| Other operating lease rentals | 655,462 | 455,064
| Fees payable to auditors | 28,000 | 20,000
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,515,223 | 3,297,059
| Social security costs | 396,307 | 350,860
| Cost of defined contribution scheme | 223,800 | 135,331
|  | 4,135,330 | 3,783,250
| The average monthly number of employees, including the directors, during the financial year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 24 | 24
|  | Management | 8 | 8
|  | Manufacturing | 37 | 37
|  |  | 69 | 69
Page 23
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 452,655 | 421,474
| Company contributions to defined contribution pension schemes | 101,810 | 17,388
|  | 554,465 | 438,862
| During the financial year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £131,229 (2024 - £111,810).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £24,360 (2024 - £540).
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 76,227 | 40,988
| Finance leases and hire purchase contracts | 70,002 | 82,860
|  | 146,229 | 123,848
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 241,389 | 54,937
| Adjustments in respect of previous periods | - | (234,714)
| Total current tax | 241,389 | (179,777)
| Deferred tax |  |
| Origination and reversal of timing differences | 22,038 | 223,410
| Adjustments in respect of previous periods | 1,868 | (8,368)
| Total deferred tax | 23,906 | 215,042
| Taxation on profit on ordinary activities | 265,295 | 35,265
Page 24
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025 9.Taxation (continued)
| Factors affecting tax charge for the financial year
| The tax assessed for the financial year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 656,002 | 595,471
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 164,001 | 148,868
| Effects of: |  |
| Expenses not deductible for tax purposes | 12,055 | 31,623
| Fixed asset timing differences | 87,371 | 97,857
| Adjustments to tax charge in respect of prior periods | - | (234,714)
| Adjustments in respect of prior period - deferred tax | 1,868 | (8,369)
| Total tax charge for the financial year | 265,295 | 35,265
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
10. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 130,000 | 158,333
Page 25
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025
11. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 April 2024 | 3,211,762
| At 31 March 2025 | 3,211,762
| Amortisation |
| At 1 April 2024 | 2,703,894
| Charge for the financial year | 160,588
| At 31 March 2025 | 2,864,482
| Net book value |
| At 31 March 2025 | 347,280
| At 31 March 2024 | 507,868
Page 26
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025
12. | Tangible fixed assets
|  | Freehold property | Plant and machinery and office equipment | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 April 2024 | 6,054,466 | 7,746,381 | 738,556 | 14,539,403
| Additions | - | 316,172 | - | 316,172
| Disposals | - | (265,000) | - | (265,000)
| At 31 March 2025 | 6,054,466 | 7,797,553 | 738,556 | 14,590,575
| Depreciation |  |  |  |
| At 1 April 2024 | 182,017 | 3,495,314 | 424,375 | 4,101,706
| Charge for the financial year | 38,391 | 428,115 | 62,836 | 529,342
| Disposals | - | (163,189) | - | (163,189)
| At 31 March 2025 | 220,408 | 3,760,240 | 487,211 | 4,467,859
| Net book value |  |  |  |
| At 31 March 2025 | 5,834,058 | 4,037,313 | 251,345 | 10,122,716
| At 31 March 2024 | 5,872,449 | 4,251,067 | 314,181 | 10,437,697
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 1,856,298 | 2,317,950
| Motor vehicles | 173,272 | 255,483
|  | 2,029,570 | 2,573,433
| The depreciation charge in respect of assets held under finance leases for the year in respect of plant and machinery amounted to £190,415 (2024: £257,550) and in respect of motor amounted to £43,418 (2024: £48,182).
Page 27
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 1,904,182 | 1,872,615
| There is no significant difference between the replacement cost of finished goods and their carrying amounts.
14. | Debtors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 4,911,280 | 5,061,883
| Amounts owed by related parties | 1,612,558 | 1,122,017
| Other debtors | 231,307 | 86,952
| Prepayments and accrued income | 207,598 | 163,892
| Tax recoverable | - | 159,597
|  | 6,962,743 | 6,594,341
| Amounts owed by related parties are unsecured, interest free and repayable on demand.
15. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed term deposits | - | 500,000
| This represents cash held on deposit with maturity of 6 months. During the year, it was not reinvested.
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 382,732 | 632,335
|  | 382,732 | 632,335
Page 28
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 227,656 | 211,485
| Other creditors - working capital facilities | 1,016,479 | 1,302,003
| Trade creditors | 3,959,118 | 4,182,781
| Corporation tax | 191,962 | -
| Other taxation and social security | 824,596 | 1,120,255
| Obligations under finance lease and hire purchase contracts | 528,008 | 470,948
| Other creditors | 5,623 | 16,475
| Accruals and deferred income | 224,814 | 184,179
|  | 6,978,256 | 7,488,126
| Finance lease and hire purchase are secured by fixed and floating charges over the Company's assets. Bank loans relate to a structure loan facility which is interest-bearing and are secured by fixed and floating charges over the Company's assets. Other creditors - working capital facilities balances are secured upon the respective trade debtors they relate.
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 694,376 | 922,032
| Net obligations under finance leases and hire purchase contracts | 518,930 | 891,220
|  | 1,213,306 | 1,813,252
| Please refer to note 17 for the details of security.
Page 29
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025
19. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 227,656 | 211,485
| Other creditors - working capital facilities | 1,016,479 | 1,302,003
| Amounts falling due 1-2 years |  |
| Bank loans | 507,819 | 470,260
| Amounts falling due 2-5 years |  |
| Bank loans | 186,557 | 451,772
|  | 1,938,511 | 2,435,520
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 528,008 | 470,948
| Between 1-5 years | 518,930 | 891,220
|  | 1,046,938 | 1,362,168
21. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (1,225,919)
| Charged to profit or loss | (23,906)
| At end of year | (1,249,825)
Page 30
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025 21.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (1,262,535) | (1,240,497)
| Short term timing differences | 12,710 | 14,578
|  | (1,249,825) | (1,225,919)
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 1,000 (2024 - 1,000) Ordinary Shares shares of £1.00 each | 1,000 | 1,000
23. | Reserves
Called up share capital Represents the nominal value of shares that have been issued. Capital redemption reserve Includes the nominal value of shares repurchased by the Company. Profit and loss account Includes all current and prior period retained profits and losses.
24. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme 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 £223,800 (2024: £135,331). At year-end, there is an accrual of £17,667 (2024:£16,475) in respect of pension contributions outstanding. Page 31
CES Quarry Products Limited
Notes to the financial statements For the financial year ended 31 March 2025
25. | Commitments under operating leases
| At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 284,089 | 273,054
| Later than 1 year and not later than 5 years | 1,136,354 | 1,365,269
| Later than 5 years | 4,261,328 | 4,095,806
|  | 5,681,771 | 5,734,129
26. | Related party transactions
| Balances owed from/(to) related parties comprise the following. Amounts owed from related parties includes £28,022 (2024: £28,022) due from Rockincolour Limited; a related party by virtue of common directors. The balance arose due to leasing arrangement with the Company amounting to £175,000 during the year. Amounts owed from related parties includes £39,536 (2024: £8,994) due from Lisowen Contracts Limited; a related party of virtue of common directors. Transactions and balances are carried out at arms length under normal trading conditions. The balance arose due to various transactions with the Company amounting to £57,000 during the year. Amounts owed from related parties includes £1,545,001 (2024: £1,085,001) due from BH Property Brothers Limited; a related party by virtue of common directors. Amounts owed from BH Property Brothers Limited are unsecured, interest free and repayable on demand. The balance arose due to loan transactions with the Company during the year. The additional loan drawn from the facility amounted to £465,000 (2024: £300,000).
27. | Post balance sheet events
There has been no post balance sheet events.
28. | Controlling party
The Company is controlled by Ronald Stevenson.
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