Company registration number 13992632 (England and Wales)
STOWELL HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
STOWELL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Miss B Stowell
Mr V Stowell
Secretary
Mr V Stowell
Company number
13992632
Registered office
Arnolds Way
Yatton
North Somerset
England
BS49 4QN
Auditor
Pareto Analysis Limited
Parkview
23 Wadham Street
Weston-super-Mare
Somerset
BS23 1JZ
Accountants
Xeinadin South Wales & West Limited
Edinburgh House
1-5 Bellevue Road
Clevedon
BS21 7NP
Solicitors
Shakespeare Martineau
One Temple Quay
Temple Back East
Bristol
BS1 6DZ
STOWELL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
STOWELL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Principal activities

The principal activity of the company and group continued to be that of is the manufacture of concrete products.

Review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

We are an independent family business who has been producing concrete products for over 60 years. With three manufacturing works in Somerset, we supply a full complement of concrete and insulating blocks, reconstituted stone walling and T - beams for general construction work. Also produced are kerbs, channels and paving to suit the requirement of the road builder as well as a range of landscaping products.

We pride ourselves in our ability to provide quality products in a timely manner with short lead times.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and net margin.

Turnover for the year increased by 12% from the previous year.

Operating profit decreased to £242,180 from £405,140 and the net operating margin was 1.1% compared to 2.1% last year. The balance of profit after tax has been added to reserves.

Given the nature of the Company's activities, the Company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

Principal risks and uncertainties

The future growth of the company is dependent on the competitiveness of the company in relation to its industry rivals and the business environment generally.

On behalf of the board

Miss B Stowell
Director
12 March 2026
STOWELL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Directors

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

Miss B Stowell
Mr V Stowell
Financial instruments

Objectives and policies

The company invests in new plant and equipment each year in order to remain efficient and competitive. This will enable the company to deliver increased turnover while retaining a competitive margin.

Price risk, credit risk, liquidity risk and cash flow risk

The company has no borrowing other than its creditors and is therefore in a strong position to adapt to market conditions.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

Employee involvement

The company involves all its employees in its objectives, plans and performance and on other relevant matters of interest to employees through various communication methods and regular company meetings.

Environmental matters

The company recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designed and implements policies to reduce any damage that may be caused by the company's activities.

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 auditor of the company 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 auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Miss B Stowell
Director
12 March 2026
STOWELL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

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 group and company, 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 and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STOWELL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STOWELL HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Stowell Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he 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.

STOWELL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STOWELL HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the directors' 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

STOWELL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STOWELL HOLDINGS LIMITED
- 6 -

Our approach was as follows:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006) and the relevant direct and indirect tax compliance regulation in the United Kingdom.

- We understood how the Company is complying with those frameworks by making enquiries of management to understand how the Company maintains and communicates its policies and procedures in these areas and corroborated this by reviewing supporting documentation.

- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override and by assuming revenue to be a fraud risk.

Based on this understanding we designed our audit procedures to identity noncompliance with such laws and regulations. Our procedures involved testing journals identified by specific risk criteria.

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 a Report of the Auditors 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.

Paul William John (Senior Statutory Auditor)
For and on behalf of Pareto Analysis Limited, Statutory Auditor
Parkview
23 Wadham Street
Weston-super-Mare
Somerset
BS23 1JZ
12 March 2026
STOWELL HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
22,103,366
19,739,292
Cost of sales
(14,777,442)
(12,489,336)
Gross profit
7,325,924
7,249,956
Distribution costs
(2,764,000)
(1,995,253)
Administrative expenses
(4,319,744)
(4,849,563)
Operating profit
4
242,180
405,140
Interest receivable and similar income
8
49,038
97,174
Gain/(loss) on financial assets at fair value through profit and loss account
9
769,281
1,427,326
Profit before taxation
1,060,499
1,929,640
Tax on profit
10
(526,402)
(433,249)
Profit for the financial year
534,097
1,496,391
Profit for the financial year is all attributable to the owners of the parent company.
STOWELL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
£
£
Profit for the year
534,097
1,496,391
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
534,097
1,496,391
Total comprehensive income for the year is all attributable to the owners of the parent company.
STOWELL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
11,449,904
13,567,251
Investment property
12
850,000
-
0
Investments
13
19,148,246
16,299,747
31,448,150
29,866,998
Current assets
Stocks
15
7,028,847
8,830,180
Debtors
16
4,567,807
4,268,741
Cash at bank and in hand
8,102,681
6,744,876
19,699,335
19,843,797
Creditors: amounts falling due within one year
17
(4,106,238)
(3,313,544)
Net current assets
15,593,097
16,530,253
Total assets less current liabilities
47,041,247
46,397,251
Provisions for liabilities
Deferred tax liability
18
136,546
26,647
(136,546)
(26,647)
Net assets
46,904,701
46,370,604
Capital and reserves
Called up share capital
20
100,000
100,000
Profit and loss reserves
46,804,701
46,270,604
Total equity
46,904,701
46,370,604

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 12 March 2026 and are signed on its behalf by:
12 March 2026
Mr V Stowell
Director
Company registration number 13992632 (England and Wales)
STOWELL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
12
850,000
-
0
Investments
13
12,493,145
9,885,203
13,343,145
9,885,203
Current assets
Cash at bank and in hand
6,218
-
0
Creditors: amounts falling due within one year
17
(2,458)
(9,000,000)
Net current assets/(liabilities)
3,760
(9,000,000)
Net assets
13,346,905
885,203
Capital and reserves
Called up share capital
20
100,000
100,000
Profit and loss reserves
13,246,905
785,203
Total equity
13,346,905
885,203

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £12,461,702 (2024 - £858,893 profit).

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 12 March 2026 and are signed on its behalf by:
12 March 2026
Mr V Stowell
Director
Company registration number 13992632 (England and Wales)
STOWELL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2023
100,000
44,774,213
44,874,213
Year ended 30 June 2024:
Profit and total comprehensive income
-
1,496,391
1,496,391
Balance at 30 June 2024
100,000
46,270,604
46,370,604
Year ended 30 June 2025:
Profit and total comprehensive income
-
534,097
534,097
Balance at 30 June 2025
100,000
46,804,701
46,904,701
STOWELL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2023
100,000
(73,690)
26,310
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
858,893
858,893
Balance at 30 June 2024
100,000
785,203
885,203
Year ended 30 June 2025:
Profit and total comprehensive income
-
12,461,702
12,461,702
Balance at 30 June 2025
100,000
13,246,905
13,346,905
STOWELL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
4,658,888
2,808,535
Income taxes paid
(230,000)
(458,159)
Net cash inflow from operating activities
4,428,888
2,350,376
Investing activities
Purchase of tangible fixed assets
(226,403)
(271,573)
Proceeds from disposal of tangible fixed assets
35,500
29,857
Purchase of investment property
(929,218)
-
Purchase of investments
(2,000,000)
(932,372)
Interest received
49,038
97,174
Net cash used in investing activities
(3,071,083)
(1,076,914)
Net increase in cash and cash equivalents
1,357,805
1,273,462
Cash and cash equivalents at beginning of year
6,744,876
5,471,414
Cash and cash equivalents at end of year
8,102,681
6,744,876
STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
1
Accounting policies
Company information

Stowell Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Arnolds Way, Yatton, North Somerset, England, BS49 4QN.

The group consists of Stowell Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Stowell Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

The Group has adopted the principles of merger accounting from FRS 102. Accordingly the consolidated financial statements for the Group have been presented as if Stowell Concrete Limited has been owned by Stowell Holdings Limited throughout the current and preceding periods. The comparative figures include the results of the merged entity, the assets and liabilities at the previous balance sheet dates and the shares issued by Stowell Holdings Limited as consideration as if they had always been in issue.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction 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:

Freehold land and buildings
10% reducing balance basis
Short Leasehold buildings
10% reducing balance basis
Plant and equipment
25% reducing balance basis
Fixtures and fittings
15% reducing balance basis
Computers
25% reducing balance basis
Motor vehicles
25% reducing balance basis

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 recognised in the profit and loss account.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

Investments are shown at fair market value and any profits or losses in the year are recognised in the Profit and Loss account. Fair value has been determined based on the quoted market price in an active market.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.9
Stocks

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

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

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 group 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 group after deducting all of its liabilities.

STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Amounts 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 subsequently 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 group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -
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 profit and loss account, 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 if, and only if, there is 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.

1.14
Employee benefits

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

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

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

1.15
Retirement benefits

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

1.16
Leases

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 d asset are consumed.

2
Judgements and key sources of estimation uncertainty

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

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

STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
22,101,266
19,739,292
Rent receivable
2,100
-
22,103,366
19,739,292
2025
2024
£
£
Other revenue
Interest income
49,038
97,174
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
2,336,516
2,887,090
Profit on disposal of tangible fixed assets
(28,266)
(11,843)
Operating lease charges
43,995
9,083
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 group and company
11,250
10,500
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
40
47
-
-
24
24
-
-
Total
64
71
0
0
STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,993,125
4,487,670
-
0
-
0
Social security costs
490,412
519,479
-
-
Pension costs
208,020
475,716
-
0
-
0
4,691,557
5,482,865
-
0
-
0
Redundancy payments made or committed
108,920
45,000
-
-
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
593,466
785,000
Company pension contributions to defined contribution schemes
2,373
-
595,839
785,000
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
280,000
430,000
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
49,038
59,017
Other interest income
-
38,157
Total income
49,038
97,174
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
49,038
59,017
STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
9
Gain/(loss) on financial assets at fair value through profit and loss account
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Fair value gains/(losses) through profit or loss on investment property
(79,218)
-
Other gains/(losses)
Gain/(loss) on financial assets at fair value through profit and loss account
848,499
1,427,326
769,281
1,427,326
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
416,503
632,508
Deferred tax
Origination and reversal of timing differences
109,899
(199,259)
Total tax charge
526,402
433,249

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

2025
2024
£
£
Profit before taxation
1,060,499
1,929,640
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
265,125
482,410
Tax effect of expenses that are not deductible in determining taxable profit
(2,115)
3,792
Gains not taxable
(132,181)
(214,723)
Unutilised tax losses carried forward
1,821
-
0
Change in unrecognised deferred tax assets
109,899
(199,259)
Depreciation on assets not qualifying for tax allowances
283,853
361,029
Taxation charge
526,402
433,249
STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
11
Tangible fixed assets
Group
Freehold land and buildings
Short Leasehold buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2024
919,751
10,526,374
24,840,036
897,232
122,978
1,478,341
38,784,712
Additions
3,182
5,070
167,947
-
0
604
49,600
226,403
Disposals
(20,592)
(21,075)
(2,050)
(9,939)
-
0
(4,000)
(57,656)
At 30 June 2025
902,341
10,510,369
25,005,933
887,293
123,582
1,523,941
38,953,459
Depreciation and impairment
At 1 July 2024
543,735
3,910,565
18,698,634
575,225
109,255
1,380,047
25,217,461
Depreciation charged in the year
2,046
661,888
1,581,724
50,065
4,123
36,670
2,336,516
Eliminated in respect of disposals
(18,616)
(19,074)
(2,050)
(8,932)
-
0
(1,750)
(50,422)
At 30 June 2025
527,165
4,553,379
20,278,308
616,358
113,378
1,414,967
27,503,555
Carrying amount
At 30 June 2025
375,176
5,956,990
4,727,625
270,935
10,204
108,974
11,449,904
At 30 June 2024
376,016
6,615,809
6,141,402
322,007
13,723
98,294
13,567,251
The company had no tangible fixed assets at 30 June 2025 or 30 June 2024.
STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
12
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 July 2024
-
-
Additions through external acquisition
929,218
929,218
Net gains or losses through fair value adjustments
(79,218)
(79,218)
At 30 June 2025
850,000
850,000

Investment property values are estimated by the Directors. There has been no valuation of investment properties by an independent valuer.

13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
100,000
100,000
Listed investments
19,148,246
16,299,747
12,393,145
9,785,203
19,148,246
16,299,747
12,493,145
9,885,203
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 July 2024
16,299,747
Additions
2,000,000
Valuation changes
848,499
At 30 June 2025
19,148,246
Carrying amount
At 30 June 2025
19,148,246
At 30 June 2024
16,299,747
STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2024
100,000
9,785,203
9,885,203
Additions
-
2,000,000
2,000,000
Valuation changes
-
607,942
607,942
At 30 June 2025
100,000
12,393,145
12,493,145
Carrying amount
At 30 June 2025
100,000
12,393,145
12,493,145
At 30 June 2024
100,000
9,785,203
9,885,203
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Stowell Concrete Limited
Arnolds Way
Yatton
North Somerset
BS49 4QN
Ordinary shares
100.00
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
621,256
376,359
-
-
Finished goods and goods for resale
6,407,591
8,453,821
-
0
-
0
7,028,847
8,830,180
-
-
STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,435,983
3,937,636
-
0
-
0
Corporation tax recoverable
131,824
318,327
-
0
-
0
Other debtors
-
0
2,350
-
0
-
0
Prepayments and accrued income
-
0
10,428
-
0
-
0
4,567,807
4,268,741
-
-
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Amounts due to related parties
-
0
-
0
-
0
9,000,000
Trade creditors
2,124,687
1,361,611
2,458
-
0
Other taxation and social security
732,170
620,961
-
-
Other creditors
979,000
799,001
-
0
-
0
Accruals and deferred income
270,381
531,971
-
0
-
0
4,106,238
3,313,544
2,458
9,000,000
18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
136,546
26,647
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 July 2024
26,647
-
Charge to profit or loss
109,899
-
Liability at 30 June 2025
136,546
-
STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
18
Deferred taxation
(Continued)
- 27 -

T he deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
208,020
475,716

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

20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
21
Related party transactions
Transactions with related parties

Stowell Trust

20 acres of land used by the company, and where its head office is situated, is held in a trust jointly controlled by Vincent Stowell, Margaret Stowell, Georgina Minakawa and Quinton Stowell. No rent is charged to the group for its use.

22
Cash generated from group operations
2025
2024
£
£
Profit after taxation
534,097
1,496,391
Adjustments for:
Taxation charged
526,402
433,249
Investment income
(49,038)
(97,174)
Gain on disposal of tangible fixed assets
(28,266)
(11,843)
Depreciation and impairment of tangible fixed assets
2,336,516
2,887,090
Other gains and losses
(769,281)
(1,427,326)
Movements in working capital:
Decrease/(increase) in stocks
1,801,333
(1,490,480)
(Increase)/decrease in debtors
(485,569)
1,308,823
Increase/(decrease) in creditors
792,694
(290,195)
Cash generated from operations
4,658,888
2,808,535
STOWELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
23
Cash absorbed by operations - company
2025
2024
£
£
Profit after taxation
12,461,702
858,893
Adjustments for:
Investment income
(11,940,261)
-
0
Other gains and losses
(528,724)
(858,893)
Movements in working capital:
Increase in creditors
2,458
-
Cash absorbed by operations
(4,825)
-
24
Analysis of changes in net funds - group
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
6,744,876
1,357,805
8,102,681
25
Analysis of changes in net funds/(debt) - company
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
-
6,218
6,218
Other non-cash change
(9,000,000)
9,000,000
-
(9,000,000)
9,006,218
6,218
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