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| Registered number: 15122852
FAHEY'S HOLDINGS LIMITED ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
FAHEY'S HOLDINGS LIMITED COMPANY INFORMATION
DIRECTORS | N Fahey
| S A Fahey
REGISTERED NUMBER | 15122852
REGISTERED OFFICE | Little Oaks Carne Cross
| St Blazey
| Par
| Cornwall
| PL24 2SX
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditors
| Chy Nyverow
| Newham Road
| Truro
| Cornwall
| TR1 2DP
FAHEY'S HOLDINGS LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 2
Directors' Report | 3
Directors' Responsibilities Statement | 4
Independent Auditors' Report | 5 - 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Statement of Financial Position | 10
Company Statement of Financial Position | 11
Consolidated Statement of Changes in Equity | 12
Company Statement of Changes in Equity | 13
Consolidated Statement of Cash Flows | 14
Notes to the Financial Statements | 15 - 30
FAHEY'S HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
PRINCIPAL ACTIVITY
On 25 October 2024, Fahey's Holdings Limited acquired the entire share capital of Fahey's Concrete Limited by way of a share for share exchange. The group has two principal activities: 1) The sale of ready mix concrete from their three batching plants, two in Cornwall and one in mid Devon. 2) The quarrying and sale of aggregates and stone from their quarries. The main product line continues to be ready mix concrete which accounts for 92% of this gross turnover.
BUSINESS REVIEW
There has been continuing steady demand from the construction sector. The profitability of ready mix still remains good and the concrete has a very strong position in the market. Over a number of years the Group has built significant competitive advantage over other local operators. The group’s gross profit has increased this year from £6.2m to £7.0m. The group continues to invest in the extraction of stone and aggregates from the quarries at Cansford and Okehampton. The directors still see the quarries as a long-term company asset, complimenting the core business of ready mix and investments for the future. The group has always placed high importance on the quality assurance requirement for concrete and have developed a very good quality product, which is highly regarded. It continues to comply with all of the required British quality standards. This has given them good relationships with both customers and suppliers. Overall financial performance continues to be very good. There has been further significant investment in the plant and machinery and vehicles. The continued profitability allows Fahey's to operate and invest in plant and equipment without any requirement for bank finance. The Joint venture with West Country Cement Ltd has now been trading for 9 years and is continuing to perform well. This has allowed for loan repayments to continue being paid to Fahey's. The directors are very aware that they operate in a highly regulated sector. They dedicate a large amount of time and money towards regulatory requirements of their operation. In addition to in-house expertise, external consultants are utilised for technical, health and safety, environmental, and planning matters, to ensure that all current requirements are met. The group directors and shareholders are confident that the business will continue to trade profitably for many years. The balance sheet continues to be very strong.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks that could affect the group are: ∙Compliance with quality standards, ∙Compliance with health and safety and environmental regulations, ∙The sourcing of raw materials for the production of ready mix concrete, ∙Recruitment of appropriately qualified staff. The group has no borrowing and large cash deposits and therefore no credit risk. This provides comfort in covering any poor trading years and still being able to keep their employees. The group has a very good reputation in Cornwall and Devon. They have a good share of the market and strive to maintain a quality product and high level of service to their customers. They have confidence regarding the future of the group. Page 1
FAHEY'S HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
FINANCIAL KEY PERFORMANCE INDICATORS
Gross turnover has increased to £22.8m from £19.8m, a 15.2% increase. Gross profit has increased to £7.0m from £6.2m, a 12.9% increase. Gross profit margin has remained consistent at 31%. Net profit before tax has decreased from £3.79m to £3.76m.
OTHER KEY PERFORMANCE INDICATORS
The group do not consider there to be any material other key performance indicators. This report was approved by the board and signed on its behalf.
N Fahey Director
Date: 26 February 2026
Page 2
1 FAHEY'S HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £2,854,768 (2024: £2,890,569). The directors do not recommend the payment of a dividend.
DIRECTORS
The directors who served during the year were:
N Fahey
S A Fahey
FUTURE DEVELOPMENTS
The new site at Roche is under development likely to be completed in late 2025.
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.
POST BALANCE SHEET EVENTS
On 27 August 2025, Fahey's Quarries Limited (100% subsidiary of Fahey's Holdings Limited), was incorporated and on 31 October 2025, acquired two quarry sites for cash consideration of £12.29m, which was funded by the group.
AUDITORS
The auditors, Bishop Fleming 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.
N Fahey Director
Date: 26 February 2026
Page 3
FAHEY'S HOLDINGS LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 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 judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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. Page 4
FAHEY'S HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAHEY'S HOLDINGS LIMITED
OPINION
We have audited the financial statements of Fahey's Holdings Limited (the ' Company') and its subsidiaries (the 'Group') for the year ended 30 June 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, 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 Company's affairs as at 30 June 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the Annual Report other than the financial statements and our 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. Page 5
FAHEY'S HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAHEY'S HOLDINGS LIMITED (CONTINUED)
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 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 Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 6
FAHEY'S HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAHEY'S HOLDINGS LIMITED (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: ∙We have considered the nature of the industry and sector, control environment, business performance and key drivers for directors' remuneration; ∙We have considered the results of enquiries with management about their own identification and assessment of the risk of irregularities; ∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation. ∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to the completeness of revenue. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or avoid a material penalty. These included health and safety, employment law, data protection and QSRMC regulations. Our procedures to respond to the risks identified included the following: ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙Enquiring of management concerning actual and potential litigation and claims; ∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; ∙Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around completeness; and ∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business. We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, Page 7
FAHEY'S HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FAHEY'S HOLDINGS LIMITED (CONTINUED) recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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. Kevin Connor FCA (Senior Statutory Auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors Chy Nyverow Newham Road Truro Cornwall TR1 2DP 26 February 2026 Page 8
FAHEY'S HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 22,884,034 | 19,861,675
Cost of sales |  | (15,873,137) | (13,625,884)
Gross profit |  | 7,010,897 | 6,235,791
Administrative expenses |  | (4,005,048) | (2,907,435)
Other operating income | 5 | 41,347 | 45,421
Operating profit |  | 3,047,196 | 3,373,777
Share of profit of joint venture | 12 | 235,833 | 309,203
Total operating profit |  | 3,283,029 | 3,682,980
(Loss)/profit on disposal of investments |  | (100) | -
Interest receivable and similar income | 9 | 480,298 | 112,149
Profit before tax |  | 3,763,227 | 3,795,129
Tax on profit |  | (908,459) | (904,560)
Profit for the financial year |  | 2,854,768 | 2,890,569
Total comprehensive income for the year |  | 2,854,768 | 2,890,569
Profit for the year attributable to: |  |  |
Owners of the parent company |  | 2,854,768 | 2,890,569
|  | 2,854,768 | 2,890,569
The notes on pages 15 to 30 form part of these financial statements.
Page 9
FAHEY'S HOLDINGS LIMITED REGISTERED NUMBER:15122852 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 10,212,639 |  | 7,831,126
Investments | 12 |  | 1,066,124 |  | 830,391
Investment property | 13 |  | 679,906 |  | 411,218
|  |  | 11,958,669 |  | 9,072,735
Current assets |  |  |  |  |
Stocks | 14 | 222,595 |  | 236,271 |
Debtors: amounts falling due within one year | 15 | 4,533,692 |  | 4,870,755 |
Cash at bank and in hand | 16 | 15,485,648 |  | 14,502,679 |
|  | 20,241,935 |  | 19,609,705 |
Creditors: amounts falling due within one year | 17 | (2,309,073) |  | (2,093,901) |
Net current assets |  |  | 17,932,862 |  | 17,515,804
Total assets less current liabilities |  |  | 29,891,531 |  | 26,588,539
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (1,902,138) |  | (1,453,914) |
Other provisions | 19 | (109,664) |  | (109,664) |
|  |  | (2,011,802) |  | (1,563,578)
Net assets |  |  | 27,879,729 |  | 25,024,961
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100 |  | 100
Merger reserve | 21 |  | 1 |  | 1
Profit and loss account | 21 |  | 27,879,628 |  | 25,024,860
|  |  | 27,879,729 |  | 25,024,961
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2026.
N Fahey
Director
The notes on pages 15 to 30 form part of these financial statements. Page 10
FAHEY'S HOLDINGS LIMITED REGISTERED NUMBER:15122852 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 852,147 |  | 515,436
Investments | 12 |  | 102 |  | 3
|  |  | 852,249 |  | 515,439
Creditors: amounts falling due within one year | 17 | (854,143) |  | (515,438) |
Net current liabilities |  |  | (854,143) |  | (515,438)
Total assets less current liabilities |  |  | (1,894) |  | 1
Net (liabilities)/assets |  |  | (1,894) |  | 1
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100 |  | 1
Loss/(profit) for the year |  | (1,994) |  | - |
Profit and loss account carried forward |  |  | (1,994) |  | -
|  |  | (1,894) |  | 1
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2026.
N Fahey
Director
The notes on pages 15 to 30 form part of these financial statements. Page 11
FAHEY'S HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Merger reserve | Profit and loss account | Equity attributable to owners of Company | Total equity
| £ | £ | £ | £ | £
At 1 September 2023 | 99 | 1 | 22,134,291 | 22,134,391 | 22,134,391
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | - | 2,890,569 | 2,890,569 | 2,890,569
Contributions by and distributions to owners |  |  |  |  |
Shares issued during the period | 1 | - | - | 1 | 1
Total transactions with owners | 1 | - | - | 1 | 1
At 1 July 2024 | 100 | 1 | 25,024,860 | 25,024,961 | 25,024,961
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | 2,854,768 | 2,854,768 | 2,854,768
At 30 June 2025 | 100 | 1 | 27,879,628 | 27,879,729 | 27,879,729
| The notes on pages 15 to 30 form part of these financial statements.
Page 12
FAHEY'S HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
Shares issued during the period | 1 | - | 1
At 1 July 2024 | 1 | - | 1
Loss for the year | - | (1,994) | (1,994)
Shares issued during the year | 99 | - | 99
At 30 June 2025 | 100 | (1,994) | (1,894)
| The notes on pages 15 to 30 form part of these financial statements.
Page 13
FAHEY'S HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,854,768 | 2,890,569
Adjustments for: |  |
Depreciation of tangible assets | 1,822,073 | 1,207,014
Interest received | (480,298) | (112,149)
Taxation charge | 908,459 | 904,560
Decrease in stocks | 13,676 | 14,912
(Increase) in debtors | (13,016) | (549,162)
Decrease in amounts owed by joint ventures | 400,000 | 301,369
Increase in creditors | 313,013 | 223,202
Share of operating (loss) in joint ventures | (235,833) | (309,203)
Corporation tax (paid) | (628,000) | (551,567)
Net cash generated from operating activities | 4,954,842 | 4,019,545
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (4,203,586) | (3,106,732)
Purchase of investment properties | (248,584) | -
Interest received | 480,298 | 101,902
Net cash from investing activities | (3,971,872) | (3,004,830)
Net increase in cash and cash equivalents | 982,970 | 1,014,715
Cash and cash equivalents at beginning of year | 14,502,678 | 13,487,963
Cash and cash equivalents at the end of year | 15,485,648 | 14,502,678
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 15,485,648 | 14,502,678
| 15,485,648 | 14,502,678
Page 14
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | GENERAL INFORMATION
Fahey's Holdings Limited is a private company limited by shares, registered in England & Wales. The company registration number is 15122852. The registered office is Little Oaks Carne Cross, St Blazey, Par, Cornwall, United Kingdom, PL24 2SX. 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 judgement 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 following principal accounting policies have been applied:
| 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. Fahey's Holdings Limited was incorporated on 7 September 2023. On 25 October 2024, a reorganisation was completed by share for share exchange, with Fahey's Holdings Limited becoming the parent company of the group. The reconstructed group was consolidated using merger accounting principles, as outlined in paragraph 19 of FRS102. In line with the requirements of FRS102, the results and cash flows of all combining entities have been brought into the financial statements of the combined entity from the beginning of the financial period. The comparative information has also been restated by including the total comprehensive income for all combining entities for the previous reporting period and their statement of financial position for the previous reporting date. There was a £1 difference between the nominal value of the shares issued in the share exchange and the book value of the shares obtained, which has been recorded in the merger reserve. This accounting treatment is considered appropriate as the reorganisation involved entities under common control and did not result in a change in the ownership interests of the ultimate parent. Fahey's Holdings Limited individual financial statements have taken the necessary reliefs to recognise the investment in the subsidiary at the nominal value of the shares issued as consideration for the share for share exchange. Page 15
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.3 | GOING CONCERN
The directors are confident that the group will continue to trade profitably and remain cash generative for a period of at least 12 months from the date of approval of the financial statements. Therefore the financial statements have been prepared on the going concern basis. A significant investment has been completed post year end, as detailed in the post balance sheet event note, however this was completed in cash and the group continues to have minimal exposure to any third party debt. The group continues to anticipate future profit and cash generation and does not envisage any significant unavoidable spends that cannot be funded from the existing cash holding or future cash generated from the trade.
| 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: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Sale of ready mix concrete and aggregates Revenue from the sale of ready-mixed concrete and aggregates is recognised when the goods are delivered to the customer and the significant risks and rewards of ownership have transferred. At this point, the Group has no further managerial involvement or effective control over the goods.The amount of revenue is recognised when it can be measured reliably, it is probable that economic benefits will flow to the Group, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds. Page 16
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.7 | 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 reporting 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 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; ∙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 reporting date.
| 2.8 | 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 the straight-line method and reducing balance method.. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 5% | straight line
|  |  |  | Plant and machinery | - | 15% | reducing balance
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures and fittings | - | 15% | 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 17
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.9 | INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.10 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | ASSOCIATES AND JOINT VENTURES
An entity is treated as a joint venture where the Group is party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control. An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of profit. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
| 2.12 | STOCKS
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting 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.
| 2.13 | 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.
| 2.14 | 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. Page 18
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.15 | 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.
| 2.16 | 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. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
3. | JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements require management/Directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. Management do not consider there to be estimates of assumptions that pose a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial period. The value of investment property is assessed at each year-end and this is estimated based on external factors, with consideration being made over the need for impairment of the value. Certain assumptions used in determining this value are at the judgement of directors.
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ready mix sales | 21,236,257 | 18,192,095
| Sand and blocks | 1,291,314 | 1,484,276
| Recovery | 87,810 | 47,070
| Haulage | 268,653 | 138,234
|  | 22,884,034 | 19,861,675
| All turnover arose within the United Kingdom.
Page 19
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | OTHER OPERATING INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rents receivable | 26,250 | 34,184
| Insurance claims receivable | 15,097 | 11,237
|  | 41,347 | 45,421
6. | AUDITORS' REMUNERATION
| During the year, the Group obtained the following services from the Group's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Group's auditors for the audit of the consolidated and parent Company's financial statements | 3,500 | -
| Fees payable to the Group's auditors in respect of: |  |
| The auditing of accounts of subsidiaries of the Group | 22,500 | 18,500
| All non-audit services not included above | 5,000 | 5,000
7. | EMPLOYEES
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 4,495,889 | 3,588,887
| Social security costs | 515,174 | 414,158
| Cost of defined contribution scheme | 98,252 | 90,483
|  | 5,109,315 | 4,093,528
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 82 | 77
Page 20
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
8. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 562,489 | 318,137
| Group contributions to defined contribution pension schemes | 8,132 | 5,333
|  | 570,621 | 323,470
| During the year retirement benefits were accruing to 3 directors (2024: 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £338,250 (2024: £111,331).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,200 (2024: £4,200).
9. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 480,298 | 112,149
|  | 480,298 | 112,149
10. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 460,235 | 400,194
| Adjustments in respect of previous periods | - | (20,540)
|  | 460,235 | 379,654
| TOTAL CURRENT TAX | 460,235 | 379,654
| DEFERRED TAX |  |
| Changes to tax rates | 448,224 | 524,906
| TOTAL DEFERRED TAX | 448,224 | 524,906
|  | 908,459 | 904,560
Page 21
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 10.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR/PERIOD
| The tax assessed for the year/period is lower than (2024: lower 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 | 3,763,227 | 3,795,129
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 940,807 | 948,782
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 21,953 | 5,426
| Capital allowances for year/period in excess of depreciation | 4,135 | (33,524)
| Adjustments to tax charge in respect of prior periods | - | (20,540)
| Joint venture profits recognised on consolidation not taxed | (58,436) | (77,300)
| Deferred tax movements | - | 81,716
| TOTAL TAX CHARGE FOR THE YEAR/PERIOD | 908,459 | 904,560
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges. Page 22
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
11. | TANGIBLE FIXED ASSETS
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| COST |  |  |  |  |
| At 1 July 2024 | 1,669,102 | 4,132,881 | 10,224,591 | 136,371 | 16,162,945
| Additions | 554,696 | 2,096,886 | 1,533,995 | 18,009 | 4,203,586
| At 30 June 2025 | 2,223,798 | 6,229,767 | 11,758,586 | 154,380 | 20,366,531
| DEPRECIATION |  |  |  |  |
| At 1 July 2024 | 308,867 | 2,136,235 | 5,814,562 | 72,155 | 8,331,819
| Charge for the year on owned assets | 6,054 | 486,504 | 1,318,012 | 11,503 | 1,822,073
| At 30 June 2025 | 314,921 | 2,622,739 | 7,132,574 | 83,658 | 10,153,892
| NET BOOK VALUE |  |  |  |  |
| At 30 June 2025 | 1,908,877 | 3,607,028 | 4,626,012 | 70,722 | 10,212,639
| At 30 June 2024 | 1,360,235 | 1,996,646 | 4,410,029 | 64,216 | 7,831,126
Page 23
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 11.TANGIBLE FIXED ASSETS (CONTINUED)
| Company
|  | Freehold property
|  | £
| COST |
| At 1 July 2024 | 515,436
| Additions | 336,711
| At 30 June 2025 | 852,147
| At 30 June 2025 | -
| NET BOOK VALUE |
| At 30 June 2025 | 852,147
| At 30 June 2024 | 515,436
12. | FIXED ASSET INVESTMENTS
| Group
|  | Investments in subsidiary companies | Investment in joint ventures | Total
|  | £ | £ | £
| COST OR VALUATION |  |  |
| At 1 July 2024 | 100 | 830,291 | 830,391
| Disposals | (100) | - | (100)
| Share of profit/(loss) | - | 235,833 | 235,833
| At 30 June 2025 | - | 1,066,124 | 1,066,124
Page 24
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
| Company
|  | Investments in subsidiary companies
|  | £
| COST |
| At 1 July 2024 | 3
| Additions | 99
| At 30 June 2025 | 102
| SUBSIDIARY UNDERTAKINGS
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Holding
| Fahey's Concrete Limited | Little Oaks Carne Cross, St. Blazey, Par, Cornwall,PL24 2SX | 100%
| Fahey's Properties Limited | Little Oaks Carne Cross, St. Blazey, Par, Cornwall,PL24 2SX | 100%
| Fahey's Construction Limited (dormant) | Little Oaks Carne Cross, St. Blazey, Par, Cornwall,PL24 2SX | 100%
| Fahey's Farming Limited (dormant) | Little Oaks Carne Cross, St. Blazey, Par, Cornwall,PL24 2SX | 100%
| The aggregate of the share capital and reserves as at 30 June 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Fahey's Concrete Limited | 26,816,811 | 2,622,092
| Fahey's Properties Limited | (812) | (813)
| Fahey's Construction Limited (dormant) | 1 | -
| Fahey's Farming Limited (dormant) | 1 | -
Page 25
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
| JOINT VENTURE
| The following was a joint venture of the Company:
| Name | Registered office | Holding
| West Country Cement Limited | Glentor, Ashburton, Newton Abbot, United Kingdom, TQ13 7LF | 50%
| Group share of joint venture profits recognised in the year £235,833 (2024: £309,203). The entity is considered a joint venture due to 50% share capital and voting rights held with another corporate entity.
13. | INVESTMENT PROPERTY
| Group
|  | Freehold investment property
|  | £
| VALUATION |
| At 1 July 2024 | 411,218
| Additions at cost | 268,688
| AT 30 JUNE 2025 | 679,906
The 2025 valuations were made by the Directors, on an open market value for existing use basis.
14. | STOCKS
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 222,595 | 236,271
|  | 222,595 | 236,271
Page 26
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
15. | DEBTORS
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Trade debtors | 2,646,297 | 2,668,607
| Amounts owed by joint ventures and associated undertakings | 1,598,631 | 1,998,631
| Other debtors | 48,111 | 5,280
| Prepayments and accrued income | 240,653 | 198,237
|  | 4,533,692 | 4,870,755
16. | CASH AND CASH EQUIVALENTS
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 15,485,648 | 14,502,679
|  | 15,485,648 | 14,502,679
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 1,508,400 | 1,442,766 | - | -
| Amounts owed to group undertakings | - | - | 854,143 | 515,438
| Corporation tax | - | 119,654 | - | -
| Other taxation and social security | 506,417 | 336,540 | - | -
| Other creditors | 137,602 | 43,476 | - | -
| Accruals and deferred income | 156,654 | 151,465 | - | -
|  | 2,309,073 | 2,093,901 | 854,143 | 515,438
Page 27
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
18. | DEFERRED TAXATION
| Group
|  | 2025
|  | £
| At beginning of year | 1,453,914
| Charged to profit or loss | (448,224)
| AT END OF YEAR | 1,902,138
| Company
|  | 2025
| AT END OF YEAR | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 1,894,167 | 1,447,082
| Short term timing differences | (3,887) | (5,026)
| Capital gains/(losses) | 11,858 | 11,858
|  | 1,902,138 | 1,453,914
19. | PROVISIONS
| Group
|  | Spoil provision
|  | £
| At 1 July 2024 | 109,664
| AT 30 JUNE 2025 | 109,664
Page 28
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
20. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 100 (2024: 100) Ordinary shares of £1.00 each | 100 | 100
21. | RESERVES
Merger Reserve The merger reserve represents the difference between the nominal value of shares issued as consideration for a business combination accounted for under the merger accounting method and the nominal value of the shares acquired. Profit and loss account The profit and loss account is the only reserve and consists of retained earnings plus £75,000 of non- distributable reserves from the revaluation of the investment property as detailed in note 13.
22. | ANALYSIS OF NET DEBT
|  | At 1 July 2024 | Cash flows | At 30 June 2025
|  | £ | £ | £
| Cash at bank and in hand | 14,502,679 | 972,969 | 15,475,648
| Debt due within 1 year | - | - | -
|  | 14,502,679 | 972,969 | 15,475,648
23. | PENSION COMMITMENTS
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £98,252 (2024: £90,483). Contributions totalling £15,498 (2024: £20,105) were payable to the fund at the reporting date and are included in creditors. Page 29
FAHEY'S HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
24. | RELATED PARTY TRANSACTIONS
| The company has taken advantage of the exemption with FRS102 (section 33.1A) not to disclose transactions or balances with wholly-owned members of the group. Details of West Country Cement Ltd, a joint venture are given in note 12. During the year Fahey's Conrete purchased raw materials from West Country Cement Ltd. These transactions were carried out at arms length and amounted to £4,354,462 in the year ended 30 June 2025. At the year end, £511,136, (2024: £393,170) was outstanding within trade creditors and an amount was owed to the company by West Country Cement Ltd of £1,598,631 (2024: £1,998,631). At the year end, Fahey's Concrete Limited owed close family of close family of Mr N Fahey £43,114 (2024: £43,114). This loan is interest free and repayable on demand. At the year end, Fahey's Concrete Limited was owed £Nil by a director (2024: £5,280). During the year a close family member of a director of Fahey's Concrere Limited was employed by the company and received remuneration for their role.
25. | POST BALANCE SHEET EVENTS
On 27 August 2025, Fahey's Quarries Limited (100% subsidiary of Fahey's Holdings Limited), was incorporated and on 31 October 2025, acquired two quarry sites for cash consideration of £12.29m, which was funded by the group
26. | CONTROLLING PARTY
The controlling party is Mr N Fahey.
Page 30