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Registration number: 12779934

Matte Black Surfacing Limited
Annual Report and Financial Statements
for the Year Ended 31 July 2025

Matte Black Surfacing Limited

Contents

Strategic Report | 1 to 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 8
Profit and Loss Account | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 to 23

Matte Black Surfacing Limited

Strategic Report for the Year Ended 31 July 2025

The directors present their strategic report for the year ended 31 July 2025.

Principal activity

The principal activity of the company is that of asphalt, tarmac and resurfacing solutions.

Fair review of the business

We, the directors, are pleased with the continued growth and profitability of the company. Turnover has exceeded £17m in the period, a 53% increase on the £11.6m achieved in 2024. Gross profit remains consistent with a margin of 16% compared to 17% in 2024.
We continue to invest in plant and machinery to ensure our work continues to be of the highest standard.
The current financial year continues to be positive. We are pleased with the performance of ongoing contracts and the company maintains a good pipeline of work and enquiries. The year end net assets were £1.6 million, an increase of £479k. We believe the company is in a good position for a strong 2026 and well placed for the future.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover | £000 | 17,824 | 11,619
Turnover growth | % | 53 | 73
Gross profit | £000 | 2,890 | 2,021
Gross margin | % | 16 | 17

Principal risks and uncertainties

Company performance post year end remains in line with expectations. Despite this, the company still faces risks and uncertainties in the course of its day-to-day operations. The successful management of risk is essential to enable the company to deliver its strategic objectives.
Noted below are key risks and uncertainties applicable to the company. Control of each of these risks is essential to ensure the ongoing success of the business. As such, the management is primarily the responsibility of the directors which is supported by the management throughout the company.
Supply chain risk:
Unavailability of materials can lead to unexpected downtime. Thanks to our excellent relationship with suppliers, built on a partnership approach to delivering high quality surfacing to our customers, the company continues to mitigate the impact of this risk.
Financial risk:
As the company operates it is open to potential uncertainties such as financial risks, most notably credit risk and liquidity risk. The effects of credit risks are controlled by the adoption of policies that require appropriate credit checking and monitoring of new customers and also for supplier and subcontractors, particularly when placing large orders. The company has no ongoing disputes or debts. Liquidity risk is managed by monitoring the cash flow position to ensure that sufficient funds are available to meet amounts due for current and future operations. The company remains in a strong cash position but management are aware how suddenly this can fluctuate in the construction sector.

Matte Black Surfacing Limited

Strategic Report for the Year Ended 31 July 2025

Market risk:
In order to minimise exposure to market risk we undertake contracts with a variety of customers. We recognise the risk of not focusing on completing our contractual obligations and therefore strive to fulfil these to a good quality, time scale and budget. Our success in this area generates repeat custom and protects the company position in the market place.
Workforce and materials risk:
If the availability of skilled workers, subcontractors or materials is insufficient to meet demand, this could lead to increased costs and therefore impact profitability. We maintain regular contact with suppliers, negotiating contract volumes, pricing and duration. We provide high level and site-specific programme information to the subcontractor base to aid with demand planning. When selecting our subcontractors, we consider competencies particularly in relation to health and safety, quality, previous performance and financial stability. Over the years we have built good relationships with subcontractors as management. For our own workforce, investment is continued to be made in their training and development. Should circumstances change whereby there is a major negative impact on supply chain, the company has the financial resources to ride out an enforced temporary reduction in its activity
Health and safety risk:
The company has detailed procedures and policies in place to minimise health and safety risks which are inherent due to the nature of the business. The directors take this responsibility seriously and in order to manage this risk procedures and policies are constantly being reviewed.

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

Mr M Durnian Director

Matte Black Surfacing Limited

Directors' Report for the Year Ended 31 July 2025

The directors present their report and the financial statements for the year ended 31 July 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr D J Hubbard

Mr J J Hubbard

Mr M Durnian

Results and dividends

The results for the year are set out on page 9.
Dividends were paid amounting to £312,267. The directors do not recommend payment of a further final dividend.

Financial instruments

Objectives and policies

The directors take the management of risk very seriously and as such have policies and procedures in place which have been authorised by the Board. Managing risk is seen as a key attribute of the company, as such, regular Board meetings are held where current management accounts are available to highlight any financial risks to be dealt with.

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

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.
Credit risk associated with invoice factoring and HP liabilities are mitigated through ensuring sufficient bank balances are available to cover repayments as they fall due. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

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

Mr M Durnian
Director

Matte Black Surfacing Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom 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.

Matte Black Surfacing Limited

Independent Auditor's Report to the Members of Matte Black Surfacing Limited

Opinion

We have audited the financial statements of Matte Black Surfacing Limited (the 'company') for the year ended 31 July 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its 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.

Other matters

In the previous accounting period the directors of the company took advantage of audit exemption under S477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.

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

Matte Black Surfacing Limited

Independent Auditor's Report to the Members of Matte Black Surfacing Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 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.

Matte Black Surfacing Limited

Independent Auditor's Report to the Members of Matte Black Surfacing Limited

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

• | the nature of the industry and sector, control environment and business performance;
• | the company’s own assessment of the risks that irregularities may occur either as a result of fraud or error;
• | results of our enquiries of management about their own identification and assessment of the risks of irregularities;
• | the key laws and regulations under which the business operates and whether management were aware of any instances of noncompliance;
• | the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• | whether the management have knowledge of any actual, suspected or alleged fraud.
• | the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
| As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
| We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Tax legislation, and Regulations established by regulators in the key markets in which the company operates.
| In addition, we considered provisions of other laws and regulations that do not have a direct effect of the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included the operating and environmental regulations relevant to the company as well as health and safety regulations relevant to the company. In addition to the above, our procedures to respond to risks identified included the following:
• | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having a direct effect on the financial statements;
• | enquiring of management, concerning any actual and potential litigation and claims;
• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• | in addressing the risk of fraud in revenue recognition, we have performed focussed testing on trades close to the year-end, depth testing and analytical review procedures to assess accuracy and completeness of revenue recognised; and

Matte Black Surfacing Limited

Independent Auditor's Report to the Members of Matte Black Surfacing Limited

• | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business
| We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.

John Heeney BA (Hons) FCA (Senior Statutory Auditor)
For and on behalf of RNS Chartered Accountants, Statutory Auditor
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

20 April 2026

Matte Black Surfacing Limited

Profit and Loss Account for the Year Ended 31 July 2025

| Note | 2025 £ | Unaudited 2024 £
Turnover | 3 | 17,824,087 | 11,618,900
Cost of sales |  | (14,934,376) | (9,597,920)
Gross profit |  | 2,889,711 | 2,020,980
Administrative expenses |  | (1,980,489) | (1,085,278)
Operating profit | 4 | 909,222 | 935,702
Amounts written off investments |  | (100) | -
Interest payable and similar expenses | 5 | (160,813) | (86,882)
|  | (160,913) | (86,882)
Profit before tax |  | 748,309 | 848,820
Tax on profit | 8 | 42,954 | (222,231)
Profit for the financial year |  | 791,263 | 626,589

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Matte Black Surfacing Limited

(Registration number: 12779934)
Balance Sheet as at 31 July 2025

| Note | 2025 £ | Unaudited 2024 £
Fixed assets |  |  |
Tangible assets | 9 | 3,391,400 | 2,094,777
Investments | 10 | - | 100
|  | 3,391,400 | 2,094,877
Current assets |  |  |
Debtors | 11 | 4,121,693 | 3,614,940
Cash at bank and in hand | 12 | 83,848 | 199,921
|  | 4,205,541 | 3,814,861
Creditors: Amounts falling due within one year | 13 | (3,835,728) | (3,205,565)
Net current assets |  | 369,813 | 609,296
Total assets less current liabilities |  | 3,761,213 | 2,704,173
Creditors: Amounts falling due after more than one year | 13 | (1,737,208) | (1,116,213)
Provisions for liabilities | 14 | (383,321) | (426,275)
Net assets |  | 1,640,684 | 1,161,685
Capital and reserves |  |  |
Called up share capital | 15 | 106 | 103
Retained earnings |  | 1,640,578 | 1,161,582
Shareholders' funds |  | 1,640,684 | 1,161,685

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

Mr M Durnian Director |  |

Matte Black Surfacing Limited

Statement of Changes in Equity for the Year Ended 31 July 2025

| Share capital £ | Retained earnings £ | Total £
At 1 August 2024 | 103 | 1,161,582 | 1,161,685
Profit for the year | - | 791,263 | 791,263
Total comprehensive income | - | 791,263 | 791,263
Dividends | - | (312,267) | (312,267)
New share capital subscribed | 3 | - | 3
At 31 July 2025 | 106 | 1,640,578 | 1,640,684

| Share capital £ | Retained earnings £ | Total £
At 1 August 2023 | 103 | 741,060 | 741,163
Profit for the year | - | 626,589 | 626,589
Total comprehensive income | - | 626,589 | 626,589
Dividends | - | (206,067) | (206,067)
At 31 July 2024 | 103 | 1,161,582 | 1,161,685

Matte Black Surfacing Limited

Statement of Cash Flows for the Year Ended 31 July 2025

| Note | 2025 £ | Unaudited 2024 £
Cash flows from operating activities
Profit for the year |  | 791,263 | 626,589
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 4 | 365,374 | 222,732
Loss/(profit) on disposal of tangible assets | 4 | 8,434 | (12,137)
Finance costs | 5 | 160,913 | 86,882
Corporation tax expense | 8 | (42,954) | 222,231
|  | 1,283,030 | 1,146,297
Working capital adjustments |  |  |
Decrease/(increase) in trade and other debtors | 11 | 45,913 | (1,845,509)
Increase in trade and other creditors | 13 | 144,716 | 1,162,877
Net cash flow from operating activities |  | 1,473,659 | 463,665
Cash flows from investing activities |  |  |
Acquisition of subsidiaries | 10 | - | (100)
Acquisitions of tangible assets |  | (13,441) | (4,638)
Proceeds from sale of tangible assets |  | 334,784 | 97,814
Advances of loans, classified as investing activities |  | (552,666) | (280,653)
Net cash flows from investing activities |  | (231,323) | (187,577)
Cash flows from financing activities |  |  |
Interest paid | 5 | (160,813) | (86,882)
Proceeds from issue of ordinary shares, net of issue costs |  | 3 | -
Proceeds from other borrowing draw downs |  | 285,855 | 493,822
Repayment of other borrowing |  | (75,000) | -
Payments to finance lease creditors |  | (1,096,187) | (562,640)
Dividends paid | 17 | (312,267) | (206,067)
Net cash flows from financing activities |  | (1,358,409) | (361,767)
Net decrease in cash and cash equivalents |  | (116,073) | (85,679)
Cash and cash equivalents at 1 August |  | 199,921 | 285,600
Cash and cash equivalents at 31 July | 12 | 83,848 | 199,921

Matte Black Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

1 | General information

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

The principal place of business is:
16 Carr Lane
Thealby
Scunthorpe
North Lincolnshire
DN15 9AE

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

Registration number: 12779934.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Group accounts not prepared

The company has taken advantage of the exemption in section 402 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the grounds that the subsidiary is not material for the purpose of giving a true and fair view and thus would be excluded from consolidation.

Matte Black Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

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 reviewed where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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 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 profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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
Motor vehicles | 20% per annum straight line
Furniture, fittings and equipment | 20% per annum straight line

Matte Black Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. 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. They are subsequently measured less provision for impairment. 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 receivables.
Sales retentions are held within debtors until they are received.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
The business utilises an invoice financing facility. Financial assets and liabilities arising from a sale are recorded at the transaction price.
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.

Matte Black Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2025 £ | Unaudited 2024 £
Rendering of services | 17,824,087 | 11,618,900

Matte Black Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | Unaudited 2024 £
Depreciation expense | 365,374 | 222,732
Operating lease expense - plant and machinery | 510,387 | 134,830
Loss/(profit) on disposal of property, plant and equipment | 8,434 | (12,137)

5 | Interest payable and similar expenses

| 2025 £ | Unaudited 2024 £
Interest on obligations under finance leases and hire purchase contracts | 156,095 | 83,367
Interest expense on other finance liabilities | 4,718 | 3,515
| 160,813 | 86,882

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | Unaudited 2024 £
Wages and salaries | 2,316,138 | 1,609,532
Social security costs | 259,591 | 159,587
Pension costs, defined contribution scheme | 59,771 | 35,206
| 2,635,500 | 1,804,325

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

| 2025 No. | Unaudited 2024 No.
Production | 36 | 33
Administration and support | 7 | 7
| 43 | 40

Matte Black Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

7 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | Unaudited 2024 £
Remuneration | 29,062 | 27,626
Contributions paid to money purchase schemes | 18,171 | 6,600
| 47,233 | 34,226

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | Unaudited 2024 No.
Accruing benefits under money purchase pension scheme | 3 | 3

8 | Taxation

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

| 2025 £ | Unaudited 2024 £
Deferred taxation |  |
Arising from origination and reversal of timing differences | (42,954) | 222,231

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | Unaudited 2024 £
Profit before tax | 748,309 | 848,820
Corporation tax at standard rate | 187,077 | 212,205
Tax decrease from effect of capital allowances and depreciation | (273,474) | (191,101)
Effect of expense not deductible in determining taxable profit | 25,602 | 1,042
Effect of tax losses | - | (22,146)
Tax increase from effect of unrelieved tax losses carried forward | 60,795 | -
Deferred tax credit from unrecognised tax loss or credit | (255,633) | -
Deferred tax expense from unrecognised temporary difference from a prior period | 212,679 | 222,231
Total tax (credit)/charge | (42,954) | 222,231

Matte Black Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Difference between accumulated depreciation and capital allowances | 638,954
Tax losses carried forward | (255,633)
| 383,321

2024 | Liability £
Difference between accumulated depreciation and capital allowances | 426,275
| 426,275

9 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 August 2024 | 1,719,694 | 778,118 | 2,497,812
Additions | 1,130,013 | 875,202 | 2,005,215
Disposals | (385,750) | (77,254) | (463,004)
At 31 July 2025 | 2,463,957 | 1,576,066 | 4,040,023
Depreciation
At 1 August 2024 | 244,162 | 158,873 | 403,035
Charge for the year | 209,199 | 156,175 | 365,374
Eliminated on disposal | (101,700) | (18,086) | (119,786)
At 31 July 2025 | 351,661 | 296,962 | 648,623
Carrying amount
At 31 July 2025 | 2,112,296 | 1,279,104 | 3,391,400
At 31 July 2024 | 1,475,532 | 619,245 | 2,094,777

Matte Black Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

10 | Investments

| 2025 £ | Unaudited 2024 £
Investments in subsidiaries | - | 100

Subsidiaries | £
Cost or valuation
At 1 August 2024 | 100
Disposals | (100)
At 31 July 2025 | -
Carrying amount
At 31 July 2025 | -
At 31 July 2024 | 100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) 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
Hurson Tri Limied | 50-54 Oswald Road Scunthorpe North Lincolnshire DN15 7PQ United Kingdom | Ordinary shares | 0% | 100%

Subsidiary undertakings
Hurson Tri Limied The principal activity of Hurson Tri Limied is the development of building projects. The company was dissolved on 15 July 2025.

Matte Black Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

11 | Debtors

| Note | 2025 £ | Unaudited 2024 £
Trade debtors |  | 2,661,601 | 2,565,173
Amounts owed by related parties | 18 | - | 41,934
Other debtors |  | 1,040,679 | 491,276
Prepayments |  | 94,787 | 61,063
Social security and other taxes |  | 324,626 | 455,494
|  | 4,121,693 | 3,614,940

12 | Cash and cash equivalents

| 2025 £ | Unaudited 2024 £
Cash at bank | 83,848 | 199,921

13 | Creditors

| Note | 2025 £ | Unaudited 2024 £
Due within one year |  |  |
Loans and borrowings | 16 | 1,509,020 | 1,023,573
Trade creditors |  | 2,179,046 | 2,104,283
Social security and other taxes |  | 94,501 | 43,457
Outstanding defined contribution pension costs |  | 3,499 | 1,410
Other payables |  | 32,949 | 22,941
Accrued expenses |  | 16,658 | 4,587
Directors' loan accounts |  | 55 | 5,314
|  | 3,835,728 | 3,205,565
Due after one year |  |  |
Loans and borrowings | 16 | 1,737,208 | 1,116,213

14 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 August 2024 | 426,275 | 426,275
Decrease in existing provisions | (42,954) | (42,954)
At 31 July 2025 | 383,321 | 383,321

Matte Black Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

15 | Share capital

Allotted, called up and fully paid shares

| 2025 | Unaudited 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100
Ordinary A share of £1 each | 1 | 1 | 1 | 1
Ordinary B share of £1 each | 1 | 1 | 1 | 1
Ordinary C Share of £1 each | 1 | 1 | 1 | 1
Ordinary D Share of £1 each | 1 | 1 | - | -
Ordinary E Share of £1 each | 1 | 1 | - | -
Ordinary F Share of £1 each | 1 | 1 | - | -
| 106 | 106 | 103 | 103

16 | Loans and borrowings

Current loans and borrowings

| 2025 £ | Unaudited 2024 £
Hire purchase contracts | 804,343 | 529,751
Invoice finance | 704,677 | 418,822
Other borrowings | - | 75,000
| 1,509,020 | 1,023,573

Non-current loans and borrowings

| 2025 £ | Unaudited 2024 £
Hire purchase contracts | 1,737,208 | 1,116,213

The obligations under HP and finance leases are secured upon the assets to which they relate.
The invoice finance creditor which is secured upon the book debts of the company.
Included within other borrowings are other loans which are secured against the assets of the company.

Matte Black Surfacing Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

17 | Dividends

Final dividends paid

|  | 2025 £ |  | Unaudited 2024 £
Final dividend of £104,430 (2024 - £94,880) per each Ordinary A share |  | 104,430 |  | 94,880
Final dividend of £207,837 (2024 - £111,187) per each Ordinary B share |  | 207,837 |  | 111,187
|  | 312,267 |  | 206,067

18 | Related party transactions

Summary of transactions with subsidiaries

Subsidiary company At the 31 July 2014, £41,934 was owed by the subsidiary company. The company was dissolved on 15 July 2025 and a loan of £56,155 written off in the current year.

Summary of transactions with other related parties

Companies under common control Included within debtors at the balance sheet date is £1,040,679 (2024 - £488,013), owed by companies under common control. No interest is being charged in respect of this balance which is repayable on demand.