REGISTERED NUMBER: 05053385 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2025

for

F G D Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

R P Aucott

S J Davies

C J Hood

M C Davis

SECRETARY:

C J Hood

REGISTERED OFFICE:

Smestow Bridge

Bridgnorth Road

Wombourne

Wolverhampton

West Midlands

WV5 8AY

REGISTERED NUMBER:

05053385 (England and Wales)

AUDITORS:

Haines Watts Wolverhampton Limited

Statutory Auditors

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

The directors present their strategic report for the year ended 30th September 2025.

REVIEW OF BUSINESS

Once again, the sale and distribution of aggregates is subject to a healthy but challenging competition. As in previous years the directors are pleased to report that we managed to achieve good margins.

The principal activities of the business continue to be the sale and distribution of aggregates to the construction industry, including all types of quarried aggregates, sands and gravels and recycled materials. The clearance of construction sites of waste material - so called 'muck shift' - also continues to be a key complimentary service, making a meaningful contribution to the profitability of the business.

The sale of aggregate continues to be subject to intense price competition. Notwithstanding the highly competitive market, FGD achieved £33.7m sales in the year to 30th September 2025, a decrease of £3.2m compared to 2024. Online media has been maintained throughout the business and is part of our day to day running. Internal training is continued. Geographical expansion is still one of the core objectives of the business in the coming years.

Sales for the year ended 30th September 2025 were £33,735,251 compared to £36,988,995 for 2024. The gross profit percentage was 8.3% (2024: 7.7%). The company made a pre-tax profit of £1,331,029 for the year ended 30th September 2025 compared to £1,332,273 for 2024. The cash at bank and in hand was £2,437,035 compared to £2,083,966 and secured debt was decreased by £36,241 from £384,503 during the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks affecting the company are considered to be fire (or other similar sudden unforeseen events) leading to a reduction in administration capacity and product availability, overall market and economic conditions, and the volatility of raw material prices.

The company mitigates these risks in a number of ways, including the use of a disaster recovery plan covering potential disruptions to its business, the specific identification of alternate suppliers and the use of relevant financial instruments.

The company operates in a very competitive market which is a continuing risk and may result in sales being lost to competitors. The company manages this risk by providing excellent service in all its activities.

The company has reviewed its position, in the light of the present economic outlook, as part of its normal budgetary process. The directors believe that the company has satisfactory financial resources, as demonstrated by the current assets at 30 September 2025. The company is expected to continue to trade profitably, even in the event of uncertainties in the global economy.

After making appropriate enquiries, the directors are of the opinion that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the report and accounts.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's operations expose it to a variety of financial risks that include the effects of credit risk and investment risk.

The company monitors and takes action in each of these areas as follows:

CREDIT RISK

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. Credit checks are made on those customers who are deemed to be a significant credit risk to the company as well as the company taking out a policy of credit insurance to mitigate major risks. The company also monitors all court judgements made against its customers and makes appropriate adjustments in the light of this information.

LIQUIDITY RISK

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.

KEY PERFORMANCE INDICATORS

The directors use a number KPIs in measuring the performance of the business. Key indicators used by the company cover margins, debtors, and cash generation. The Directors are comfortable with performance against KPIs, in view of the competitive environment. As these KPIs are derived from figures disclosed in this report, no additional KPIs are disclosed.

BY ORDER OF THE DIRECTORS:

R P Aucott - Director

19 May 2026

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

DIVIDENDS

interim dividends per share were paid as follows:

Ordinary A £1 shares

1,019,830

Ordinary B £1 shares

66,000

Ordinary C £1 shares

0

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 30 September 2025 was £1,085,830.

RESEARCH AND DEVELOPMENT

In recent periods the overall commitment to research in order to strengthen the bases of knowledge has been increased to retain its market position, by acquiring new technical, design and systems expertise. This has meant more concentration on conceptual ideas for extension of the company's technical ability and adaptability in developing new strategies and methodologies. The company is in an advanced state of continuous work and development in order to effectively respond to clients' requirements across a wide and changing range of activities requiring new and specific solutions in technical analysis and future environmentally friendly solutions.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

R P Aucott

S J Davies

C J Hood

M C Davis

EMPLOYEES

Applications for employment from disabled persons are always fully considered, bearing in mind the respective aptitude and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who is fortunate enough not to suffer from a disability.

Employees are kept informed and consulted on matters of importance to them, including those factors affecting the performance and future of the business.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Haines Watts Wolverhampton Limited are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

BY ORDER OF THE DIRECTORS:

R P Aucott - Director

19 May 2026

Opinion

We have audited the financial statements of F G D Ltd (the 'company') for the year ended 30 September 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 September 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.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 five, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 material misstatements in respect of irregularities, including fraud.

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Identifying and obtaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and made enquiry of the Company's management to understand the Company's compliance with that framework;

Obtaining an understanding of the internal controls established to mitigate risks relating to fraud or other error which could affect the financial reporting process;

Making enquiries of management to determine whether they have knowledge of any actual or suspected fraud;

Reviewing assumptions and judgements made by the management in its significant accounting estimates;

In addition to transaction-based testing, on a sample basis, of sales, purchases and payroll costs, we have undertaken a review of accounting journals and non-routine payments and receipts;

We did not identify any key audit matters relating to irregularities, including fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect irregularities, including those leading to 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 occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or mispresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.

Geoffrey Hopwood BCOM ACA (Senior Statutory Auditor)

for and on behalf of Haines Watts Wolverhampton Limited

Statutory Auditors

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

19 May 2026

TURNOVER

33,735,251

36,988,995

Cost of sales

30,949,695

34,126,199

GROSS PROFIT

2,785,556

2,862,796

Administrative expenses

1,541,809

1,622,812

1,243,747

1,239,984

Other operating income

94,423

87,127

OPERATING PROFIT

4

1,338,170

1,327,111

Interest receivable and similar income

44,475

56,543

1,382,645

1,383,654

Interest payable and similar expenses

5

51,616

51,381

PROFIT BEFORE TAXATION

1,331,029

1,332,273

Tax on profit

6

344,686

331,818

PROFIT FOR THE FINANCIAL YEAR

986,343

1,000,455

OTHER COMPREHENSIVE INCOME

Revaluation of Property

59,727

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

59,727

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,046,070

1,000,455

FIXED ASSETS

Tangible assets

8

974,828

341,310

Investment property

9

2,704,659

3,356,773

3,679,487

3,698,083

CURRENT ASSETS

Debtors

10

4,921,279

7,047,106

Cash at bank and in hand

2,437,035

2,083,966

7,358,314

9,131,072

CREDITORS

Amounts falling due within one year

11

5,904,820

7,614,061

NET CURRENT ASSETS

1,453,494

1,517,011

TOTAL ASSETS LESS CURRENT LIABILITIES

5,132,981

5,215,094

CREDITORS

Amounts falling due after more than one year

12

(314,509

)

(350,750

)

PROVISIONS FOR LIABILITIES

16

(89,193

)

(95,305

)

NET ASSETS

4,729,279

4,769,039

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

4,729,179

4,768,939

SHAREHOLDERS' FUNDS

4,729,279

4,769,039

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2026 and were signed on its behalf by:

R P Aucott - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2023

100

5,011,477

5,011,577

Changes in equity

Dividends

-

(1,242,993

)

(1,242,993

)

Total comprehensive income

-

1,000,455

1,000,455

Balance at 30 September 2024

100

4,768,939

4,769,039

Changes in equity

Dividends

-

(1,085,830

)

(1,085,830

)

Total comprehensive income

-

1,046,070

1,046,070

Balance at 30 September 2025

100

4,729,179

4,729,279

Cash flows from operating activities

Cash generated from operations

1

2,014,569

1,283,500

Interest paid

(51,616

)

(51,381

)

Tax paid

(513,640

)

(327,178

)

Net cash from operating activities

1,449,313

904,941

Cash flows from investing activities

Purchase of tangible fixed assets

(26,717

)

(65,039

)

Purchase of investment property

-

(437,659

)

Sale of tangible fixed assets

8,066

30,933

Interest received

44,475

56,543

Net cash from investing activities

25,824

(415,222

)

Cash flows from financing activities

Loan repayments in year

(36,238

)

(31,227

)

Equity dividends paid

(1,085,830

)

(1,242,993

)

Net cash from financing activities

(1,122,068

)

(1,274,220

)

Increase/(decrease) in cash and cash equivalents

353,069

(784,501

)

Cash and cash equivalents at beginning of year

2

2,083,966

2,868,467

Cash and cash equivalents at end of year

2

2,437,035

2,083,966

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,331,029

1,332,273

Depreciation charges

93,224

105,393

Loss on disposal of fixed assets

3,747

19,520

Finance costs

51,616

51,381

Finance income

(44,475

)

(56,543

)

1,435,141

1,452,024

Decrease in trade and other debtors

1,983,319

157,246

Decrease in trade and other creditors

(1,403,891

)

(325,770

)

Cash generated from operations

2,014,569

1,283,500

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

2,437,035

2,083,966

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

2,083,966

2,868,467

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank and in hand

2,083,966

353,069

2,437,035

2,083,966

353,069

2,437,035

Debt

Debts falling due within 1 year

(33,753

)

-

(33,753

)

Debts falling due after 1 year

(350,750

)

36,241

(314,509

)

(384,503

)

36,241

(348,262

)

Total

1,699,463

389,310

2,088,773

1.	STATUTORY INFORMATION

F G D Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

The turnover shown in the profit and loss account is the amount receivable for the provision of goods and services falling within the Company's activities, net of Value Added Tax, rebates and trade discounts. Turnover from the provision of goods and services are recognised in the accounting period in which the Company obtains the right to consideration in exchange for its performance and when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

10% on cost

Long leasehold property

4% on cost

Plant and machinery

15% on reducing balance

Motor vehicles

25% on reducing balance

Fixtures and fittings

15% on reducing balance

Computer equipment

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,476,606

1,546,985

Social security costs

175,804

182,136

Other pension costs

53,470

55,184

1,705,880

1,784,305

The average number of employees during the year was as follows:

2025

2024

Administration

36

39

Directors are considered to be key management personnel.

2025

2024

£

£

Directors' remuneration

212,874

212,667

Directors' pension contributions to money purchase schemes

28,800

28,800

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

71,000

70,889

Pension contributions to money purchase schemes

9,600

9,600

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

93,227

105,394

Loss on disposal of fixed assets

3,747

19,520

Auditors' remuneration

27,858

26,096

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

51,616

51,381

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

350,798

375,776

Over/under provision in prior years

-

(41,829

)

Total current tax

350,798

333,947

Deferred tax

(6,112

)

(2,129

)

Tax on profit

344,686

331,818

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,331,029

1,332,273

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

332,757

333,068

Effects of:

Expenses not deductible for tax purposes

11,929

40,579

tax

Research and Development claim from prior year

-

(41,829

)

Total tax charge

344,686

331,818

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Revaluation of Property

59,727

-

59,727

7.

DIVIDENDS

2025

2024

£

£

Ordinary A shares of £1 each

Interim

1,019,830

1,176,993

Ordinary B shares of £1 each

Interim

66,000

66,000

1,085,830

1,242,993