Company registration number 02892669 (England and Wales)
Lomas Distribution Limited
Annual report and financial statements
For the year ended 29 January 2025
Lomas Distribution Limited
Company information
Directors
Mrs L B Lomas
Mr R A Lomas
Secretary
Mrs L B Lomas
Company number
02892669
Registered office
1 Waterswallows Industrial Park
Waterswallows Road
Buxton
Derbyshire
England
SK17 7JB
Auditor
DJH Audit Limited
6th Floor, St George's House
56 Peter Street
Manchester
M2 3NQ
Lomas Distribution Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 10
Income statement
11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 31
Lomas Distribution Limited
Strategic report
For the year ended 29 January 2025
- 1 -

The directors present the strategic report for the year ended 29 January 2025.

Lomas Distribution Limited, established in 1994, specialises in the transport of bulk powders, liquids and packed goods across the UK and Europe. Continued investment in its modern fleet and infrastructure has reinforced its strong position within the freight sector, particularly as a leading specialist serving the construction industry.

Review of business

The business has historically operated both a Haulage and Plant Division. However, following the cancellation of the northern leg of HS2, the company made the strategic decision to discontinue the Plant Division and focus on its core operations. The review therefore reflects both continuing and discontinued activities.

Total turnover for the 12-month period was £65.8m (2024: £107.2m for 18 months), a modest 7% pro-rata reduction reflecting the Plant Division closure and prior period seasonality. Encouragingly, total gross margins improved to 11.0% (2024: 9.6%) and overheads in total have increased to £2.4m (2024: £2.3m for 18 months), the increase relates to the discontinued operations, as the overheads relating to the continued operations have decreased due to cost control.

Continuing operations delivered turnover of £64.0m (3% pro-rata reduction), with gross margins rising strongly to 12.0% (2024: 8.9%). Profit before tax from continuing activities increased significantly to £2.1m (2024: £0.5m, 18 months), highlighting the strength of the underlying business.

While higher interest rates increased finance costs, the overall loss before tax of £0.8 m reflects the £3.0m impact of discontinued operations. Net assets remain solid at £13.7 m.

The directors believe the company has performed resiliently in a challenging economic climate and has secured new contracts for 2026 and beyond. Strategic investment made during the year positions the business strongly for future growth.

Principal risks and uncertainties

Fuel Costs

The company utilises a fuel escalator system for most customers, effectively mitigating the risk associated with fuel price increases. Investing in HVO fuel has enhanced the company’s sustainability profile, appealing to eco-conscious consumers.

Driver Shortages

The company consistently attracts drivers due to its strong reputation and a diverse range of job opportunities. Subcontractors are used as needed to manage workflow and reduce risk.

Credit Risk

The company seeks to reduce financial risks from customers not meeting their obligations by implementing credit control processes and setting appropriate credit limits for all clients.

Inflation risk

The company consistently reviewed pricing strategies and operational efficiencies during the period to mitigate the impact of inflation wherever possible. Customer contracts contain rates linked to RPI which are reviewed on a regular basis as per each contract.

Interest Rate Risk

The company funds its operations through a combination of retained earnings and external borrowings, which are subject to floating rates. Although the rise in interest rates during and after the year-end will affect the business, the company’s finances are carefully managed to account for these.

Lomas Distribution Limited
Strategic report (continued)
For the year ended 29 January 2025
- 2 -
Key performance indicators

Despite external pressures, operational performance strengthened in continuing activities:

- Gross margin (continuing): 12.0% (2024: 8.9%)

- Net profit margin (continuing): 3.2% (2024: 1.5%)

- Profit before tax (continuing): £2.0m, significantly ahead of prior year on a pro-rata basis

- EBITDA (continuing): £20.4m

While total results reflect discontinued operations, the core business shows clear improvement and momentum.

Future developments

The directors anticipate a rise in business activity in the upcoming year, having secured new long-term customer contracts for 2026 that are expected to significantly boost turnover and return the underlying business of the company to profitability. They will continue to diversify the customer base to mitigate risks going forward.

During this period, the company has made significant investments in its fleet and infrastructure to support the anticipated increase in workload. Although this investment has notably impacted the current financial position, it was essential to procure specialised equipment in advance due to long lead times.

Despite the ongoing economic challenges, the directors remain confident that the coming year will be one of the company's most successful, driven by an expanding customer base.

Section 172(1) statement

The directors are bound by their duties under Companies Act 2006 (the 'Act') and understand each duty

is in the interest of the overall success of the company. This statement sets out how the directors have

regard to the matters set out in Section 172 of the Act whilst understanding their roles, including but not

limited to the:

A) likely consequences of any decisions in the long-term:

B) interests of the company's employees:

C) need to foster the company's business relationships with suppliers, customers and others:

D) impact of the company's operations on the community and environment:

E) desirability of the company maintaining a reputation for high standards of business conduct: and

F) need to act fairly as between members of the company.

Engagement with employees

As a family run business, the family values of the directors run through the organisation and we believe

that is key to long-term success, the people are valued, recognised and listened to, whether that is in the

office, garage, warehouse or on the road. Management teams have regular meetings and all employees

are kept up to date with any developments or requirements.

Lomas Distribution Limited
Strategic report (continued)
For the year ended 29 January 2025
- 3 -
Engagement with suppliers, customers and others

The company has acted in a prudent way to manage the impact of the pandemic, due to the nature of the business and the need for the services all decisions have been positive in an attempt to win new work and continue the company's growth.

The directors believe that the key to success and continuation of growth is by building long-term

sustainable relationships with our suppliers, providing first class training, support and management to our employees which in turn will allow the high standard business activities to align with the service our

customers expect. The key suppliers are vehicle and equipment providers and fuel suppliers, the directors have great long term relationships with all and this allows the business to be on the front foot of any new vehicle releases, have the capital expenditure planned in advance and allows the company to access fuel at great rates across the country. Other key relationships are with the bank and finance lenders, these relationships have been built up over many years and allow the company to attract the best products available.

The company is heavily involved with the local community and participates in local meetings and groups

to provide additional knowledge and resources to not only give back but to add value. The company

donates to local groups and charities and being one of the larger employers in the area it is something

the directors are keen to continue and enhance.

The company continues to change working practices to improve environmental performance, cost

reductions and are on the front foot to develop a more streamlined operation to minimise consumption

and reduce waste. We are constantly in discussions with customers and suppliers to develop new ways of working to reduce our consumption and engage and develop technology to move forwards and improve our environmental performance.

Due to the nature of the business, we will continue to need diesel fuel for the foreseeable, we constantly

invest in new technology to reduce emissions and are actively exploring the use of alternative fuels, we

use state of the art telematics, enhanced management systems and a modern aerodynamic fleet with the latest vehicle technology to reduce our consumption. We have electric charging points on site and where appropriate, we look to use low/zero emission technologies. In addition, a green approach is advocated, focused on recycling and reducing waste and use of plastics across the business.

The reputation of Lomas Distribution Limited is paramount to the directors and the decisions made are of the highest standard. The company has family values focused around honesty, integrity and a hard

working culture and this allows the exceptionally high standards to permeate throughout.

On behalf of the board

Mr R A Lomas
Director
6 March 2026
Lomas Distribution Limited
Directors' report
For the year ended 29 January 2025
- 4 -

The directors present their annual report and financial statements for the year ended 29 January 2025.

Principal activities

The principal activity of the company continued to be those of haulage contractors.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Richard Lomas (Deceased)
(Deceased 31 March 2024)
Mrs L B Lomas
Mr R A Lomas
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The Company places considerable value on the involvement of its employees and has continued to keep

them informed on matters affecting them as employees and on the various factors affecting the performance of the Company. This is achieved through formal and informal meetings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.

Auditor

The auditor, DJH Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

We fulfil the statutory requirements for Streamlined Energy and Carbon Reporting which includes

disclosure of the Group's carbon emissions. Under the Companies Act 2006 / SECR Regulations, 'Large'

companies' are required to report their annual emissions in their Directors' report.

Lomas Distribution Limited Streamlined Energy and Carbon Reporting statement covers the reporting

period 01 February 2024 to 31 January 2025 and has been prepared in line with the requirements of the Streamlined Energy and Carbon Reporting regulations and the relevant areas of the Greenhouse Gas ('GHG') Protocol Corporate Accounting and Reporting Standard.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
106,523,525
166,925,063
Lomas Distribution Limited
Directors' report (continued)
For the year ended 29 January 2025
- 5 -
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
28,758.00
44,026.00
28,758.00
44,026.00
Scope 2 - indirect emissions
- Electricity purchased
77.81
102.70
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
28,835.81
44,128.70
Intensity ratio
Tonnes CO2e per £1m turnover
438.3
411.6
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover.

Measures taken to improve energy efficiency

The company is dedicated to lowering energy consumption and reducing its carbon footprint through several key initiatives:

- It is planning vehicle routes more efficiently to optimize fuel usage by investing in computer technologies

- It is continuing to invest in a modern fleet with low emissions. The company is increasing its use of electric vehicles and expanding the adoption of HVO (Hydrotreated Vegetable Oil) vehicles.

- To further enhance its sustainability efforts, the company is implementing HVO offsetting options with customers, promoting a collaborative approach to environmental responsibility.

Through these combined initiatives, the company aims to make a positive impact in sustainable transportation practices.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

Lomas Distribution Limited
Directors' report (continued)
For the year ended 29 January 2025
- 6 -

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Disclosure in the strategic report

The company has chosen in accordance with section 414C(11) of Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's Strategic Report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

The review of business and description of key risks and uncertainties that the company has, have been included in the strategic report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr R A Lomas
Director
6 March 2026
Lomas Distribution Limited
Independent auditor's report
To the members of Lomas Distribution Limited
- 7 -
Opinion

We have audited the financial statements of Lomas Distribution Limited (the 'company') for the year ended 29 January 2025 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 29 January 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

Lomas Distribution Limited
Independent auditor's report (continued)
To the members of Lomas Distribution Limited
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report 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 obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Lomas Distribution Limited
Independent auditor's report (continued)
To the members of Lomas Distribution Limited
- 9 -

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,

including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and

other management;

- we focused on specific laws and regulations which we considered may have a direct material effect on

the financial statements or the operations of the company, including legislation such as the Companies

Act 2006, taxation legislation, data protection, employment, health and safety legislation and vehicle operating licence legislation;

- we assessed the extent of compliance with the laws and regulations through making enquiries of management and reviewing legal and professional fee invoices.

We assessed the susceptibility of the company's financial statements to material misstatement, including

obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their

knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries posted during the period and at the period end to identify unusual transactions;

- investigated the rationale behind significant or unusual transactions; and

- performed walkthrough tests on major transaction cycles.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed

procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC and regulators;

- reviewing legal and professional fees incurred during the period to identify any potential indications of

non-compliance with laws and regulations.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.

Lomas Distribution Limited
Independent auditor's report (continued)
To the members of Lomas Distribution Limited
- 10 -
Christopher Abbott FCA
Senior Statutory Auditor
For and on behalf of DJH Audit Limited
6 March 2026
Accountants
Statutory Auditor
St Georges House
Peter St
Manchester
M2 3NQ
Lomas Distribution Limited
Income statement
For the year ended 29 January 2025
- 11 -
Year
18 Months
ended
ended
Continuing
Discontinued
29 January
Continuing
Discontinued
29 January
operations
operations
2025
operations
operations
2024
Notes
£
£
£
£
£
£
Turnover
3
64,403,476
1,387,047
65,790,523
99,690,709
7,511,664
107,202,373
Cost of sales
(56,659,730)
(1,886,491)
(58,546,221)
(91,719,605)
(5,211,927)
(96,931,532)
Gross profit
7,743,746
(499,444)
7,244,302
7,971,104
2,299,737
10,270,841
Administrative expenses
(583,582)
(1,829,859)
(2,413,441)
(2,226,205)
(77,578)
(2,303,783)
Operating profit
4
7,160,164
(2,329,303)
4,830,861
5,744,899
2,222,159
7,967,058
Interest receivable and similar income
8
6,423
-
0
6,423
11,929
-
0
11,929
Interest payable and similar expenses
9
(5,052,607)
(619,719)
(5,672,326)
(6,137,546)
(1,112,680)
(7,250,226)
(Loss)/profit before taxation
2,113,980
(2,949,022)
(835,042)
(380,718)
1,109,479
728,761
Tax on (loss)/profit
10
120,000
-
0
120,000
959,187
-
0
959,187
(Loss)/profit for the financial year
2,233,980
(2,949,022)
(715,042)
578,469
1,109,479
1,687,948
Lomas Distribution Limited
Statement of comprehensive income
For the year ended 29 January 2025
- 12 -
Year
18 Months
ended
ended
2025
2024
£
£
(Loss)/profit for the year
(715,042)
1,687,948
Other comprehensive income
-
-
Total comprehensive income for the year
(715,042)
1,687,948
Lomas Distribution Limited
Statement of financial position
As at 29 January 2025
29 January 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
75,995,805
79,538,937
Current assets
Stocks
13
1,781,455
1,522,817
Debtors
14
20,908,540
14,857,786
Cash at bank and in hand
34,496
260,570
22,724,491
16,641,173
Creditors: amounts falling due within one year
15
(35,215,376)
(27,639,058)
Net current liabilities
(12,490,885)
(10,997,885)
Total assets less current liabilities
63,504,920
68,541,052
Creditors: amounts falling due after more than one year
16
(49,853,581)
(54,174,671)
Net assets
13,651,339
14,366,381
Capital and reserves
Called up share capital
21
225,000
225,000
Share premium account
22
25,000
25,000
Profit and loss reserves
23
13,401,339
14,116,381
Total equity
13,651,339
14,366,381
The financial statements were approved by the board of directors and authorised for issue on 6 March 2026 and are signed on its behalf by:
Mrs L B Lomas
Mr R A Lomas
Director
Director
Company registration number 02892669 (England and Wales)
Lomas Distribution Limited
Statement of changes in equity
For the year ended 29 January 2025
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
225,000
25,000
12,428,433
12,678,433
Period ended 29 January 2024:
Profit and total comprehensive income
-
-
1,687,948
1,687,948
Balance at 29 January 2024
225,000
25,000
14,116,381
14,366,381
Year ended 29 January 2025:
Loss and total comprehensive income
-
-
(715,042)
(715,042)
Balance at 29 January 2025
225,000
25,000
13,401,339
13,651,339
Lomas Distribution Limited
Statement of cash flows
For the year ended 29 January 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
18,335,228
34,669,524
Interest paid
(5,672,327)
(7,250,226)
Net cash inflow from operating activities
12,662,901
27,419,298
Investing activities
Purchase of tangible fixed assets
(16,142,423)
(45,946,291)
Proceeds from disposal of tangible fixed assets
8,417,500
5,369,851
Interest received
6,423
11,929
Net cash used in investing activities
(7,718,500)
(40,564,511)
Financing activities
Repayment of bank loans
(550,000)
(900,000)
Payment of finance leases obligations
(4,730,094)
14,221,175
Net cash (used in)/generated from financing activities
(5,280,094)
13,321,175
Net (decrease)/increase in cash and cash equivalents
(335,693)
175,962
Cash and cash equivalents at beginning of year
260,570
84,608
Cash and cash equivalents at end of year
(75,123)
260,570
Relating to:
Cash at bank and in hand
34,496
260,570
Bank overdrafts included in creditors payable within one year
(109,619)
-
0
Lomas Distribution Limited
Notes to the financial statements
For the year ended 29 January 2025
- 16 -
1
Accounting policies
Company information

Lomas Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Waterswallows Industrial Park, Waterswallows Road, Buxton, Derbyshire, England, SK17 7JB.

1.1
Reporting period

The financial statements are presented for the 12 month period ended 29 January 2025. The comparative information is for the 18 month period ended 29 January 2024 and therefore not entirely comparable.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements cover the company as an individual entity, and are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The directors have prepared a full financial forecast for the next three years to assess the company’s likely performance over that period. Amongst other things, the forecasts incorporate expected revenue streams, related overhead expenses and capital additions and disposals.true

Future revenue streams have been based upon historic data flexed for known increases in the contract terms.

Forecast overhead expenses also been based upon historic data and linked to the level of turnover within the business. The ratio of operating expenses to turnover has been consistent in previous years.

The level of disposals and additions of fixed assets again has been forecast in line with previous experience, using the last auction which took place in September 2025 as a base line. The level of additions and disposals has been flexed to determine the effect on the overall cash flow and shows that the company still generates significant cash flow with a reduction in the level of disposals and additions in excess of 25%.

The forecasts do not include any element of re-financing. However, the company is in negotiations with two different parties over asset financing and customer financing. The directors are confident that these negotiations will prove to be successful.

On the basis of the assumptions above, together with the three year forecasts, the directors are confident that the business is a going concern.

1.4
Revenue

Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, after taking account of trade discounts, settlement discounts and volume rebates, excluding value added tax and other sales taxes.

Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
1
Accounting policies
(Continued)
- 17 -

Turnover from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the company will received the consideration due under the contract; and

- the costs incurred and the costs to complete the contract can be measured reliably.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
at varying rates on cost and at variable rates on reducing balance
Fixtures and fittings
20% on reducing balance
Motor vehicles
at varying rates on cost
Trailers
at varying rates on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
1
Accounting policies
(Continued)
- 18 -
1.7
Stocks

Stock relates to fuel and consumables held for the maintenance and running of the vehicle fleet.

Stocks are valued at the lower of cost adjusted, when applicable, for any loss of 'service potential' and replacement cost.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
1
Accounting policies
(Continued)
- 20 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

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

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

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
- 21 -
2
Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation rates and estimated useful life of tangible fixed assets

Management review the useful economic lives of depreciable assets at each reporting date as to allocate the cost of assets, less their residual value, over their estimated useful lives. Uncertainties in these estimates relate to the actual life of the tangible fixed assets.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Haulage services
65,422,238
106,635,155
Garage services
368,285
567,218
65,790,523
107,202,373
2025
2024
£
£
Other revenue
Interest income
6,423
11,929
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of tangible fixed assets
15,158,810
22,963,821
Loss/(profit) on disposal of tangible fixed assets
667,368
(1,345,525)
Operating lease charges
1,285,727
1,860,565
Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
- 22 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
34,300
48,900
For other services
Taxation compliance services
2,375
2,250
All other non-audit services
38,825
37,465
41,200
39,715
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
2
3
Administration
26
23
Garage and distribution
313
351
Total
341
377

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
14,111,645
21,470,740
Social security costs
1,494,182
2,317,418
Pension costs
333,839
696,411
15,939,666
24,484,569
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
23,500
51,624
Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
- 23 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
6,423
11,929
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
767
-
Interest on invoice finance arrangements
568,763
1,067,689
Other interest on financial liabilities
51,747
135,000
621,277
1,202,689
Other finance costs
Interest on finance leases and hire purchase contracts
5,051,049
6,047,537
5,672,326
7,250,226
10
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
21,526
Deferred tax
Origination and reversal of timing differences
(120,000)
(980,713)
Total tax credit
(120,000)
(959,187)
Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
10
Taxation
(Continued)
- 24 -

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(835,042)
728,761
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(208,761)
182,190
Tax effect of expenses that are not deductible in determining taxable profit
2,127
-
0
Tax effect of utilisation of tax losses not previously recognised
1,371,646
-
0
Under/(over) provided in prior years
-
0
(21,526)
Super deduction allowance
-
0
(1,119,168)
Under/(over) provided in current year
-
0
(683)
Capital allowances in excess of depreciation
(1,285,012)
-
0
Taxation credit for the year
(120,000)
(959,187)
11
Discontinued operations

In 2020, the Company was awarded a major contract to deliver works on the northern section of High Speed 2 (HS2). To meet its contractual obligations, the Company made a substantial capital investment in new plant and machinery.

Following the decision, taken at short notice, to cancel the northern leg of HS2 and significantly reduce the overall scope of the project, the Company undertook a comprehensive review over several months to identify alternative uses for this investment. While certain elements of the broader scheme continued, the scale of the remaining works was considerably diminished. After careful evaluation, it was concluded that no commercially viable alternatives existed to utilise most of the plant at a sustainable level. Accordingly, the Directors resolved to discontinue the Plant Division.

The discontinuation represents the cessation of a significant component of the business and has had a material impact on the Company’s operations. Consequently, the financial performance attributable to the discontinued element of the Plant Division has been presented separately within the profit and loss account as discontinued operations.

Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
- 25 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Trailers
Total
£
£
£
£
£
Cost
At 30 January 2024
21,182,536
119,327
56,892,292
50,023,077
128,217,232
Additions
92,000
-
0
17,318,460
3,290,085
20,700,545
Disposals
(6,926,587)
-
0
(9,807,826)
(4,308,498)
(21,042,911)
At 29 January 2025
14,347,949
119,327
64,402,926
49,004,664
127,874,866
Depreciation and impairment
At 30 January 2024
6,235,499
119,327
23,870,864
18,452,605
48,678,295
Depreciation charged in the year
1,229,131
-
0
8,449,347
5,480,332
15,158,810
Eliminated in respect of disposals
(2,178,228)
-
0
(7,173,486)
(2,606,330)
(11,958,044)
At 29 January 2025
5,286,402
119,327
25,146,725
21,326,607
51,879,061
Carrying amount
At 29 January 2025
9,061,547
-
0
39,256,201
27,678,057
75,995,805
At 29 January 2024
14,947,037
-
0
33,021,428
31,570,472
79,538,937

Included within the total net book value of tangible fixed assets are the following amounts held under hire purchase contracts:

Plant and equipment £8,732,410 (202 4 - £14,797,966)

Motor vehicles £38,899,050 (202 4 - £32,794,289)

Trailers £28,995,243 (202 4 -£31,147,098)

These assets act as security for the hire purchase contracts to which they relate.

13
Stocks
2025
2024
£
£
Raw materials and consumables
1,057,488
981,120
Finished goods and goods for resale
723,967
541,697
1,781,455
1,522,817

Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
- 26 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
9,139,544
5,780,831
Other debtors
9,210,591
7,873,262
Prepayments and accrued income
2,146,405
911,693
20,496,540
14,565,786
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
412,000
292,000
Total debtors
20,908,540
14,857,786
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
1,059,619
600,000
Obligations under finance leases
18
20,205,237
16,956,119
Trade creditors
4,227,445
4,069,315
Taxation and social security
5,871,204
3,436,028
Other creditors
3,807,313
2,533,038
Accruals and deferred income
44,558
44,558
35,215,376
27,639,058
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
-
0
900,000
Obligations under finance leases
18
49,853,581
53,274,671
49,853,581
54,174,671
Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
- 27 -
17
Loans and overdrafts
2025
2024
£
£
Bank loans
950,000
1,500,000
Bank overdrafts
109,619
-
0
1,059,619
1,500,000
Payable within one year
1,059,619
600,000
Payable after one year
-
0
900,000

B ank loans of £950,000 (2024 - £1,500,000) and an invoice finance balance of £3,817,564 (2024 - £2,443,533), that's included within other creditors, are secured by way of fixed and floating charges held over all a ssets of the company, a cross guarantee between two related party companies, a charge held over land owned by a related party company and a director personal guarantee up to £200,000.

Obligations under finance lease and hire purchase contracts of £70,058,818 (2024 - £70,230,790) are secured against the assets to which they relate.

18
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
20,205,237
16,956,119
After more than one year
49,853,581
53,274,671
70,058,818
70,230,790
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
24,339,821
20,880,700
In two to five years
54,324,250
58,185,221
78,664,071
79,065,921
Less: future finance charges
(8,605,253)
(8,835,131)
70,058,818
70,230,790

Finance lease payments represent rentals payable by the company for certain items of equipment and vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
- 28 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

2025
2024
Balances:
£
£
Accelerated capital allowances
(17,650,000)
(17,455,000)
Tax losses
18,062,000
17,747,000
412,000
292,000
2025
Movements in the year:
£
Asset at 30 January 2024
(292,000)
Credit to profit or loss
(120,000)
Asset at 29 January 2025
(412,000)

The deferred tax balance all relates to accelerated capital allowances and tax losses carried forward.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
333,839
696,411

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
225,000 of £1 each
225,000
225,000
225,000
225,000

Each o rdinary share has full voting rights, the right to receive dividends and no right to participate in a distribution of capital except on winding up. All o rdinary shares are non-redeemable.

Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
- 29 -
22
Share premium account
2025
2024
£
£
At the beginning and end of the year
25,000
25,000

The s hare premium account includes amounts paid to the company for ordinary shares in excess of the ir nominal value. This is not a distributable reserve.

23
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
14,116,381
12,428,433
Adjusted balance
14,116,381
12,428,433
(Loss)/profit for the year
(715,042)
1,687,948
At the end of the year
13,401,339
14,116,381

Retained earnings represents the accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.

24
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
135,000
135,000
Years 2-5
540,000
540,000
After 5 years
337,500
472,500
1,012,500
1,147,500
25
Related party transactions
Transactions with related parties

During the year the following related party transactions occurred and were carried out on an arms length basis.

Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
25
Related party transactions
(Continued)
- 30 -
Services provided to companies under common control
Services received from companies under common control
2025
2024
2025
2024
£
£
£
£
Companies in which two directors have common control over
5,357,377
10,739,177
2,771,655
4,981,399

Included in other debtors are balances due from companies under common control totalling £9,090,870 (2024 - £7,873,262). These amounts are interest free, unsecured and repayable on demand.

At the balance sheet date, a loan due from a company under common control was reassigned to another company, also under the common control of the directors. The reassignment was carried out at the loan’s carrying value with no gain or loss arising from the transaction. The balance due from the transferee company at the year end was £7,198,738. No amounts were written off, waived or provided for in respect of related party balances during the year.

Key management personnel compensation totalling £284,231 (202 4 - £365,966) was paid during the year.

The company has guaranteed a loan balance held within a company that is under common control amounting to £2,921,057 (2024 - £3,148,611).

26
Cash generated from operations
2025
2024
£
£
(Loss)/profit for the year after tax
(715,042)
1,687,948
Adjustments for:
Taxation credited
(120,000)
(959,187)
Finance costs
5,672,326
7,250,226
Investment income
(6,423)
(11,929)
Loss/(gain) on disposal of tangible fixed assets
667,368
(1,345,525)
Depreciation and impairment of tangible fixed assets
22,963,821
22,963,821
Movements in working capital:
Increase in stocks
(258,638)
(229,897)
(Increase)/decrease in debtors
(5,930,754)
2,865,986
Increase in creditors
2,191,066
1,160,933
Cash generated from operations
24,463,724
33,382,376

Major non-cash transactions

During the period the company entered into hire purchase and finance lease agreements totalling £39,722,705 (2024 - £59,760,734).

Lomas Distribution Limited
Notes to the financial statements (continued)
For the year ended 29 January 2025
- 31 -
27
Analysis of changes in net debt
30 January 2024
Cash flows
New finance leases
29 January 2025
£
£
£
£
Cash at bank and in hand
260,570
(226,074)
-
34,496
Bank overdrafts
-
0
(109,619)
-
(109,619)
260,570
(335,693)
-
0
(75,123)
Borrowings excluding overdrafts
(1,500,000)
550,000
-
(950,000)
Obligations under finance leases
(70,230,790)
32,252,640
(32,080,668)
(70,058,818)
(71,470,220)
32,466,947
(32,080,668)
(71,083,941)
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