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Registration number: 03126135

Prepared for the registrar
Farmington Natural Stone Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 30 June 2025

Farmington Natural Stone Limited

(Registration number: 03126135)
Balance Sheet as at 30 June 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 1,966,651 | 1,785,731
Investment property | 6 | 4,126,500 | 4,126,500
Investments | 7 | 776 | 776
|  | 6,093,927 | 5,913,007
Current assets |  |  |
Stocks |  | 46,761 | 120,459
Debtors | 8 | 465,395 | 1,295,806
Cash at bank and in hand |  | 539,764 | 843,265
|  | 1,051,920 | 2,259,530
Creditors: Amounts falling due within one year | 9 | (1,361,955) | (2,439,318)
Net current liabilities |  | (310,035) | (179,788)
Total assets less current liabilities |  | 5,783,892 | 5,733,219
Creditors: Amounts falling due after more than one year | 9 | (260,732) | (249,059)
Deferred tax liabilities |  | (998,270) | (995,215)
Net assets |  | 4,524,890 | 4,488,945
Capital and reserves |  |  |
Called up share capital |  | 355 | 355
Revaluation reserve |  | 1,112,217 | 1,112,217
Retained earnings |  | 3,412,318 | 3,376,373
Shareholders' funds |  | 4,524,890 | 4,488,945

For the financial year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 March 2026 and signed on its behalf by:

R R Barrow
Company secretary and director

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Farmington Quarry
Northleach
Cheltenham
GL54 3NZ

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | 50 years straight line basis
Plant and machinery | 10% and 25% on cost per annum
Motor vehicles | 25% on cost per annum

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

| 4 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 145,083 | 140,195
UK corporation tax adjustment to prior periods | - | 14,941
| 145,083 | 155,136
Deferred taxation |  |
Arising from origination and reversal of timing differences | 3,055 | 170,059
Tax expense in the profit and loss | 148,138 | 325,195

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

| 5 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 July 2024 | 1,736,997 | 1,265,415 | 177,051 | 3,179,463
Additions | 246,581 | 301,884 | - | 548,465
Disposals | - | (242,000) | - | (242,000)
At 30 June 2025 | 1,983,578 | 1,325,299 | 177,051 | 3,485,928
Depreciation
At 1 July 2024 | 411,185 | 852,382 | 130,165 | 1,393,732
Charge for the year | 71,235 | 98,657 | 21,195 | 191,087
Eliminated on disposal | - | (65,542) | - | (65,542)
At 30 June 2025 | 482,420 | 885,497 | 151,360 | 1,519,277
Carrying amount
At 30 June 2025 | 1,501,158 | 439,802 | 25,691 | 1,966,651
At 30 June 2024 | 1,325,812 | 413,033 | 46,886 | 1,785,731

Included within the net book value of land and buildings above is £1,501,158 (2024 - £1,325,812) in respect of freehold land and buildings.

| 6 | Investment properties

| 2025 £
At 1 July 2024 and 30 June 2025 | 4,126,500

The value of investment properties has been estimated by the directors based on information provided by an external valuation expert.

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

| 7 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 776 | 776

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Farmington Services Limited |  | Ordinary | 100% | 100%
| England |  |  |
Farmington Masonry Services Limited |  | Ordinary | 100% | 100%
| England |  |  |
Farmington Estates Limited |  | Ordinary | 100% | 100%
| England |  |  |

Interest in Limited Liability Partnership
Farmington Masonry LLP |  | Designated member | 50% | 50%
| England |  |  |

At 30 June 2025, Farmington Services Limited had net assets of £38 (2024: £477).
At 30 June 2025, Farmington Masonry LLP had net assets of £Nil (2024: £Nil).

| 8 | Debtors

| Note | 2025 £ | 2024 £
Trade debtors |  | 143,069 | 977,469
Receivables from related parties | 11 | 259,170 | 266,048
Prepayments |  | 63,156 | 52,289
|  | 465,395 | 1,295,806

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

| 9 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 10 | 206,843 | 133,972
Trade creditors |  | 354,340 | 409,709
Amounts due to related parties | 11 | 570,597 | 1,606,168
Taxation and social security |  | 152,614 | 189,111
Accruals and deferred income |  | 5,150 | 6,508
Other creditors |  | 72,411 | 93,850
|  | 1,361,955 | 2,439,318

| 10 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 35,673 | 35,673
Bank overdrafts | 2,871 | 1,009
Finance lease liabilities | 142,079 | 79,984
Other borrowings | 26,220 | 17,306
| 206,843 | 133,972

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 181,120 | 208,004
Finance lease liabilities | 79,612 | 41,055
| 260,732 | 249,059

The loans are secured against the properties to which they relate.

| 11 | Related party transactions

The company sold supplies and received a management charge from Farmington Masonry LLP, a limited liability partnership in which the company is a designated member, of £1,972,473 (2024 - £2,167,987) and £230,000 (2024 - £230,000) respectively in the year. At the year end the limited liability partnership was owed £450,496 (2024 - £1,578,220) on its members loan account and was owed £143,069 (2024 - £977,469) in trade debtors and owed £87,342 (2024: £87,342) in trade creditors in relation with the LLP.
During the year, the company incurred management charges of £866,515 (2024 - £904,129), received management charges of £20,000 (2024 - 20,000) and received a dividend of £58,000 (2024 - £61,500) from Farmington Services Limited. At the balance sheet date the amount owed by Farmington Services Limited was £14,875 (2024 - £17,946 owed to).