Company registration number 00239935 (England and Wales)
ISAAC TIMMINS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
ISAAC TIMMINS LIMITED
COMPANY INFORMATION
Directors
A J M Berry
J D M Berry
K E M Berry
Company number
00239935
Registered office
Myers House
Barr Street
Off Leeds Road
Huddersfield
HD1 6PB
Auditor
Simpson Wood Limited
Bank Chambers
Market Street
Huddersfield
HD1 2EW
Solicitors
Gordons LLP
Riverside West
Whitehall Road
Leeds
LS1 4AW
ISAAC TIMMINS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 37
ISAAC TIMMINS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

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

Our group of companies is divided into four core business centres

• Readymix concrete

• Builders merchanting

• Dimension stone and aggregates

• Skip Hire and waste transfer

Review of the business

Turnover increased modestly by just over 2% during the year. The gross margin remained consistent with the prior year at a robust 27%. Profit before tax declined by £1m to £1.6m, resulting in a net margin of 2.5%. This performance reflects broader market trends and remains broadly in line with, if not slightly ahead of, our industry peers.

We remain committed to reinvesting profits directly back into the business. This includes expanding the breadth and depth of our stock range, investing in our existing estate and fleet, and maintaining competitive pay for our employees. These investments enable us to continue delivering first‑class service to our customers at competitive prices while supporting the wider community

Strict credit control procedures have continued to ensure that bad debts remain at exceptionally low levels. We will maintain tight oversight of all operational and other costs.

We also continue to monitor the performance of both the Group and the Company against detailed forecasts and industry performance indicators on a regular basis.

Principal risks and uncertainties

Operational Risk

The Group and Company maintain robust reporting systems that generate timely and accurate management information. This information is reviewed regularly by the directors and other key stakeholders to support effective oversight and decision‑making.

Price Risk

The Group and Company continue to face downward pressure on margins arising from competitive activity and ongoing supplier price increases. Despite these challenges, we remain focused on improving operational efficiencies to mitigate the impact on profitability.

Credit Risk

The Group and Company’s principal financial assets comprise stock and trade debtors, which represent the maximum exposure to credit risk in relation to financial assets.

The credit risk is primarily attributable to its trade debtors. The risk is managed by maintaining a strict credit policy and effective credit rating of prospective customers.

The amounts presented in the Balance Sheet are net of allowances for doubtful debts estimated by the Group and Company’s management based on prior experience and their assessment of the current economic environment.

The Group and Company have no significant concentration of credit risk with exposure spread over a large number of customers. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Liquidity risk

The Group and Company’s policy has been to ensure continuity of funding through acquiring an element of the fixed assets under finance leases to aid short term flexibility. In addition, the Group and Company has sufficient banking facilities in place to meet current and future working capital requirements.

ISAAC TIMMINS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
Key performance indicators

• Turnover;

Turnover totalled to £6 7,179,425 (2024: £6 5,647,114), a increase of £1,532,311 (2%).

• Gross margins;

Gross margin in the year was 27.11% (20 2 4: 2 8%), a decrease of 0.9 percentage points.

• Operational costs;

Operational costs totalled £10,940,997 (2024: £1 0,353,067), a increase of £587,930 (5%).

• Debt levels;

Debt levels a t the year-end totalled £2,642,492 (2024: £2,957,364), a decrease of £314,872 (1 1%).

• Stock levels.

Stock levels as at the year-end totalled £8,511,076 (2024: £8,660,262), a decrease of £149,186 (1.7%).

These are monitored on a daily, weekly and monthly basis and resultant actions are taken as and when

necessary.

Other performance indicators

The directors consider the key non‑financial performance indicators of the business to include:

- Maintaining a high standard of customer service — ensuring strong customer satisfaction and retention

- Compliance with all health and safety requirements — safeguarding employees, customers, and stakeholders

- Adherence to environmental regulations — minimising environmental impact and promoting sustainable practices

- Implementation of robust quality measures — ensuring consistency, reliability, and continuous improvement across operations

In order to continually improve, we listen to and, where relevant, act on any feedback we receive from our customers. We encourage all staff to proactively engage in such discussions and escalate any feedback to management. Health and Safety is monitored through a monthly scorecard which is produced and seen by all staff.

ISAAC TIMMINS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
Statement of the Director's duties in performance of s172(1) Companies Act 2019

The board of directors consider that both individually and together for the year ended 30 September 202 3 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the

Company and the Group for the benefit of its members as a whole and having regard to the matters set out in

s17 (1) (a-f) as below:

- The likely consequences of any decision in the long term;

- The interests of the Company’s and the Group’s employees;

- The need to foster the Company’s and the Group’s business relationships with suppliers, customers and

others;

- The impact of the Company’s and the Group’s operations on the community and the environment;

- The desirability of the Company and the Group maintaining a reputation for high standards of business conduct; and

- The need to act fairly between members of the company.

The directors make decisions by taking their legal duty into account and also the priorities and requirements of the stakeholders.

The likely consequences of any decision in the long term

The directors have regard to the likely consequences of their decisions on the long-term objectives and sustainability of the Company and the Group, its stakeholders and the community whilst also preserving its values and culture. When a dividend is proposed it is important to confirm the availability of distributable reserves whilst also considering cash requirements for future investment and without prejudicing the position of other creditors. We are a family business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.

The interests of the Company’s and the Group’s employees

Our employees are fundamental to the delivery of our business goals. For our business to succeed we need to manage performance, develop and nurture talent and listen and act on employee feedback. We have comprehensive induction, appraisal, people development and employee survey processes in place to meet these needs.

The health, safety and well-being of our employees is our primary consideration in the way we do business, reinforced through management performance objectives, scorecards, toolbox talks and visual notice boards and displays across all our operating sites.

The Group is committed to being a responsible business. Our behaviour is aligned with the expectations of our people, customers, shareholders, communities and society as a whole. We also ensure we share common values that inform and guide our behaviour so we achieve our business goals in the right way. All our employees have undertaken training in our Business Ethics, Corporate and Environmental Responsibility and Whistleblowing policy, copies of which can be found on our websites.

The need to foster the Company’s and the Group’s business relationships with suppliers, customers and others

The strategy of the Group targets organic growth, driven by cross-selling and up-selling products and services to existing customers, alongside the development of new customers and market territories. To do this we focus on developing and maintaining strong customer relationships, investing a large part of our time in developing our service offering.

We value our suppliers, many of whom we have traded with for well over 10 years and commit to always engaging responsibly and fairly. It is the policy of the Group to pay suppliers to agreed terms.

ISAAC TIMMINS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -

The impact of the Company’s and the Group’s operations on the community and the environment

The Group actively considers the impact of its operations on the community and environment. We are committed to understanding, managing and reducing the environmental and ecological impacts of our activities through innovation, technology and cultural change.

The desirability of the Company and the Group maintaining a reputation for high standards of business conduct

All new employees have a full one-day induction in a training environment to understand the culture of the business. At the end of this they get a New Starter Pack which documents our history, standards, equal opportunities and training programme (among other things). All employees have easy access to our Operating Procedures and Codes of Conduct and understand the requirement for them to comply with the Group’s high standards of business conduct at all times. Any issues of non-compliance with any of our policies can be dealt with in confidence.

The need to act fairly between members of the Group

The Group aims to act with integrity and courtesy in all its business relationships and will consider all members and stakeholders when making decisions for the overall good of the Company and the Group.

On behalf of the board

J D M Berry
Director
7 May 2026
ISAAC TIMMINS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 5 -

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

Principal activities

The principal activity of the company and group continued to be the ultimate parent of the Myers group companies.

Results and dividends

The results for the year are set out on 8 of these financial statements.

Total dividends for the financial period amounted to £1,508,876 (2024: £1,385,974 ).

Directors

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

A J M Berry
J D M Berry
K E M Berry
J D Myers
(Deceased 20 March 2023)
Financial instruments

The Company and Group’s principal financial instruments comprise bank balances, bank overdrafts and loans, trade creditors and trade debtors. The main purpose of these instruments is to finance the Group’s operations.

Disabled persons

The Group and Company are equal opportunities employers and are committed to treating job applicants and employees equally, irrespective of colour, creed, race, nationality or ethnic origin, sex, marital status, disability or age.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present.

The Group and Company regularly communicates with its employees about how the business is performing via various communication methods. Two way communication is encouraged through one to one meetings, team meetings and through its performance development process.

Future developments

Although trading conditions in the construction sector remain challenging, the strong and broad customer base, coupled with a massively increased growth in our product offering across all of our divisions gives optimism for strong levels of sales and profit for the upcoming year. As a company we are committed to providing a first class service to customers at competitive prices.

Auditor

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

ISAAC TIMMINS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -
Energy and carbon report

The Group is required to report its annual greenhouse gas emissions pursuant to the Directors Report and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. These regulations, known as Streamlined Energy and Carbon Reporting (SECR) came into effect on 1 April 2019 and the company is required to report the emissions and energy consumption for this year to 30 September 2024.

Following location-based methodology 3,504,534 kWh (last year 3,510,620 kwh) of scope 2 energy and 1,331,038 litres (last year 1,731,948 litres) of scope 1 fuel has been consumed in relation to the Group’s premises and assets, resulting in 4,072,440 kgCO2e (last year 5,442,767 kgCO2e) which is a 25.2% decrease. Emissions per £’000 turnover have been considered to be an appropriate intensity ratio- average emissions per £’000 turnover for the year were 60.8kgCO2e (last year 78.5 kgCO2e) this is a large decrease of 17.7kgCO2e per £’000 turnover. The Group aims to continue to lower this in the future.

Since June 2021 the company has tasked a member of its senior management team to look at how to reduce the company’s emissions. We now have a policy in place that all diesel company cars at the end of their contract will be replaced with electric cars. There are now numerous car charging points all over the network both for customer and staff use. The majority of our lighting has been changed to LED, we have now fitted solar panels on a number of our larger buildings.

Strategic report

Certain information is not shown in the Directors' Report because it is shown in the Strategic Report instead under s414C(11). The Strategic Report includes a business review, principal risks and uncertainties and both financial and non-financial key performance indicators.true

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.

Going concern

The directors have prepared financial projections which forecast continued growth and profitability. These forecasts show that the Group should be able to operate within its facilities.

As a consequence, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the going concern basis of accounting continues to be appropriate in preparing the financial statements. The directors have considered a period in excess of twelve months from the date of approval of these financial statements in making this assessment.

On behalf of the board
J D M Berry
Director
7 May 2026
ISAAC TIMMINS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 U nited K ingdom 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 group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ISAAC TIMMINS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ISAAC TIMMINS LIMITED
- 8 -
Opinion

We have audited the financial statements of Isaac Timmins Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise 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 September 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.

ISAAC TIMMINS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ISAAC TIMMINS LIMITED
- 9 -
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 group's and 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 group or 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.

Extent to which the audit was considered capable of detecting irregularies including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, emplo yment and heath and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

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

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

ISAAC TIMMINS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ISAAC TIMMINS LIMITED
- 10 -

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

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and;

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance and;

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

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

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

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

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel McAllister FCA (Senior Statutory Auditor)
For and on behalf of Simpson Wood Limited, Statutory Auditor
Chartered Accountants
Bank Chambers
Market Street
Huddersfield
HD1 2EW
7 May 2026
ISAAC TIMMINS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 11 -
2025
2024
Notes
£
£
Turnover
3
67,179,425
65,647,114
Cost of sales
(48,970,385)
(47,229,606)
Gross profit
18,209,040
18,417,508
Distribution costs
(5,096,520)
(4,850,332)
Administrative expenses
(10,940,997)
(10,353,067)
Other operating income
52,019
42,375
Operating profit
5
2,223,542
3,256,484
Interest receivable and similar income
9
226
-
0
Interest payable and similar expenses
10
(553,369)
(650,364)
Profit before taxation
1,670,399
2,606,120
Tax on profit
11
(955,850)
(939,128)
Profit for the financial year
27
714,549
1,666,992
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ISAAC TIMMINS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
13
783,244
923,744
Total intangible assets
783,244
923,744
Tangible assets
14
41,155,018
38,890,170
Investment property
15
1,460,000
1,460,000
43,398,262
41,273,914
Current assets
Stocks
18
8,511,076
8,660,262
Debtors
19
9,115,113
8,978,726
Cash at bank and in hand
331,197
2,342,567
17,957,386
19,981,555
Creditors: amounts falling due within one year
20
(15,782,459)
(16,324,954)
Net current assets
2,174,927
3,656,601
Total assets less current liabilities
45,573,189
44,930,515
Creditors: amounts falling due after more than one year
21
(6,544,732)
(5,831,890)
Provisions for liabilities
Deferred tax liability
24
4,792,165
4,068,006
(4,792,165)
(4,068,006)
Net assets
34,236,292
35,030,619
Capital and reserves
Called up share capital
26
1,420
1,420
Share premium account
27
692,610
692,610
Revaluation reserve
27
8,227,835
8,227,835
Profit and loss reserves
27
25,314,427
26,108,754
Total equity
34,236,292
35,030,619
The financial statements were approved by the board of directors and authorised for issue on 7 May 2026 and are signed on its behalf by:
07 May 2026
J D M Berry
Director
Company registration number 00239935 (England and Wales)
ISAAC TIMMINS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
19,417,118
19,653,994
Investment property
15
1,460,000
1,460,000
Investments
16
3,231,363
3,271,365
24,108,481
24,385,359
Current assets
Debtors
19
45,856
-
0
Cash at bank and in hand
15,273
8,119
61,129
8,119
Creditors: amounts falling due within one year
20
(4,392,013)
(4,364,421)
Net current liabilities
(4,330,884)
(4,356,302)
Total assets less current liabilities
19,777,597
20,029,057
Provisions for liabilities
Deferred tax liability
24
1,326,775
1,313,720
(1,326,775)
(1,313,720)
Net assets
18,450,822
18,715,337
Capital and reserves
Called up share capital
26
1,420
1,420
Share premium account
27
692,610
692,610
Revaluation reserve
27
6,817,307
6,817,307
Profit and loss reserves
27
10,939,485
11,204,000
Total equity
18,450,822
18,715,337

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 £1,244,360 (2024 - £819,134 profit).

The financial statements were approved by the board of directors and authorised for issue on 7 May 2026 and are signed on its behalf by:
07 May 2026
J D M Berry
Director
Company registration number 00239935 (England and Wales)
ISAAC TIMMINS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2023
1,420
692,610
8,227,835
25,827,736
34,749,601
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
1,666,992
1,666,992
Dividends
12
-
-
-
(1,385,974)
(1,385,974)
Balance at 30 September 2024
1,420
692,610
8,227,835
26,108,754
35,030,619
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
-
714,549
714,549
Dividends
12
-
-
-
(1,508,876)
(1,508,876)
Balance at 30 September 2025
1,420
692,610
8,227,835
25,314,427
34,236,292
ISAAC TIMMINS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 15 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2023
1,420
692,610
6,817,307
11,770,840
19,282,177
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
819,134
819,134
Dividends
12
-
-
-
(1,385,974)
(1,385,974)
Balance at 30 September 2024
1,420
692,610
6,817,307
11,204,000
18,715,337
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
-
1,244,361
1,244,361
Dividends
12
-
-
-
(1,508,876)
(1,508,876)
Balance at 30 September 2025
1,420
692,610
6,817,307
10,939,485
18,450,822
ISAAC TIMMINS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
4,978,381
7,869,301
Income taxes paid
(564,213)
(440,780)
Net cash inflow from operating activities
4,414,168
7,428,521
Investing activities
Purchase of intangible assets
-
(145,000)
Purchase of tangible fixed assets
(5,447,542)
(3,786,128)
Proceeds from disposal of tangible fixed assets
237,910
1,117,475
Repayment of loans
-
82,916
Interest received
226
-
0
Net cash used in investing activities
(5,209,406)
(2,730,737)
Financing activities
Repayment of bank loans
(285,001)
(351,668)
Payment of finance leases obligations
1,160,985
(755,288)
Interest paid
(553,369)
(650,364)
Dividends paid to equity shareholders
(1,508,876)
(1,385,974)
Net cash used in financing activities
(1,186,261)
(3,143,294)
Net (decrease)/increase in cash and cash equivalents
(1,981,499)
1,554,490
Cash and cash equivalents at beginning of year
2,312,696
758,206
Cash and cash equivalents at end of year
331,197
2,312,696
Relating to:
Cash at bank and in hand
331,197
2,342,567
Bank overdrafts included in creditors payable within one year
-
(29,871)
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 17 -
1
Accounting policies
Company information

Isaac Timmins Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of Isaac Timmins 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. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Isaac Timmins 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 September 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.

ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 18 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which 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.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.8
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
35 years straight line
Leasehold land and buildings
Straight line over the life of the lease agreement
Plant and equipment
5 - 10 years straight line
Fixtures, fittings and office equipment
5 - 8 years straight line
Computers
5 years straight line
Motor vehicles
10 years straight line (weighted as the life of the asset reduces)

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.

1.9
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.

1.10
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 20 -

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

1.12
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. Rebates, discounts, or other allowances received are deducted from the cost of stock, ensuring that the carrying amount reflects the actual expenditure incurred.

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.

1.13
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.

ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.14
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.

ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 22 -
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.

1.15
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.

1.16
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.

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.

ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 23 -
1.17
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.

1.18
Retirement benefits

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

1.19
Leases

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

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

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, management have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairments identified during the current financial year

ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 24 -
Key sources of estimation uncertainty

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

(i) Estimating value in use

Where an indication of impairment exists, management have carried out an impairment review to determine the recoverable amount of the asset, which is the higher of fair value less cost to sell and value in use. The value in use calculation has required the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and determine a suitable discount rate in order to calculate present value

(ii) Recoverability of receivables

The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers.

(iii) Carrying value of stocks

Individual stock lines are reviewed on a line by line basis to determine whether there is any evidence that stock provisions are required. The age of the stock is the key factor considered along with industry knowledge related to expected demand for particular stock lines.

One member of the Group trades in materials that it has extracted from quarries and processed into a range of products often tailored to the specifications laid down by the customer. The cost of this stock is difficult to estimate as there is no breakdown of raw materials associated with each stock item. The cost of the stock is the labour and overhead costs which are attributable to the extraction, transportation and processing of the materials in the quarry. The Company therefore uses an estimate of the average gross margin achieved on a sale and deducts this from the selling price/tonne to give an estimate for the cost of stock held at the year-end. The tonnage held at the year-end is verifiable through stock counting procedures.

(iv) Determining residual values and useful economic lives of tangible assets

The Group depreciates tangible assets, over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The estimation of useful lives of intangible assets is based on any contractual or legal rights associated with the asset, or the period in which the Company and Group expects to use the asset if shorter. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Judgement is also applied, when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the Group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
63,209,235
62,283,632
Skip rental
3,970,190
3,363,482
67,179,425
65,647,114
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
3
Turnover and other revenue
(Continued)
- 25 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
67,179,425
65,647,114
2025
2024
£
£
Other revenue
Interest income
226
-
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional item
-
82,916
5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
-
117
Research and development costs
278,155
-
Depreciation of tangible fixed assets
3,064,268
2,797,319
Profit on disposal of tangible fixed assets
(119,484)
(95,350)
Amortisation of intangible assets
140,500
152,480
Operating lease charges
585,382
680,659
6
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
39,600
37,670
For other services
All other non-audit services
21,100
20,080
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 26 -
7
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
Retail and production
294
281
-
-
Office and management
68
65
4
4
Total
362
346
4
4

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
15,265,835
14,142,071
104,377
102,939
Pension costs
479,650
488,816
23,290
23,127
15,745,485
14,630,887
127,667
126,066
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
28,438
32,695
Company pension contributions to defined contribution schemes
23,290
23,127
51,728
55,822
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
226
-
0
10
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
196,797
287,040
Interest on finance leases and hire purchase contracts
356,572
363,324
Total finance costs
553,369
650,364
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 27 -
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
530,761
Adjustments in respect of prior periods
244,787
-
0
Total current tax
244,787
530,761
Deferred tax
Origination and reversal of timing differences
711,063
408,367
Total tax charge
955,850
939,128

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
1,670,399
2,606,120
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
417,600
651,530
Effects of:
Expenses that are not deductible in determining taxable profit
83,968
119,175
Income not taxable in determining taxable profit
(41,150)
(112,403)
Utilisation of tax losses not previously recognised
-
0
53,699
Unutilised tax losses carried forward
78,690
-
0
Adjustments in respect of prior years
231,692
-
0
Group relief
(276)
(53,175)
Permanent capital allowances in excess of depreciation
(538,833)
(143,075)
Deferred tax movement
724,159
408,366
Chargeable gains
-
0
15,011
Taxation charge in the financial statements
955,850
939,128
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
1,508,876
1,385,974
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 28 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2024 and 30 September 2025
1,371,706
Amortisation and impairment
At 1 October 2024
447,962
Amortisation charged for the year
140,500
At 30 September 2025
588,462
Carrying amount
At 30 September 2025
783,244
At 30 September 2024
923,744
The company had no intangible fixed assets at 30 September 2025 or 30 September 2024.
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 29 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures, fittings and office equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 October 2024
31,176,094
349,898
99,456
15,809,156
460,392
1,590,978
8,738,778
58,224,752
Additions
395,800
-
0
124,636
3,580,344
38,164
203,573
1,105,025
5,447,542
Disposals
(4,163)
(6,699)
-
0
(1,329,356)
(35,985)
(13,408)
(402,092)
(1,791,703)
At 30 September 2025
31,567,731
343,199
224,092
18,060,144
462,571
1,781,143
9,441,711
61,880,591
Depreciation and impairment
At 1 October 2024
3,008,841
249,081
-
0
9,343,925
391,185
1,471,635
4,869,915
19,334,582
Depreciation charged in the year
762,634
-
0
-
0
1,242,697
21,027
47,440
990,470
3,064,268
Eliminated in respect of disposals
(1,420)
-
0
-
0
(1,284,210)
(37,184)
(12,899)
(337,564)
(1,673,277)
At 30 September 2025
3,770,055
249,081
-
0
9,302,412
375,028
1,506,176
5,522,821
20,725,573
Carrying amount
At 30 September 2025
27,797,676
94,118
224,092
8,757,732
87,543
274,967
3,918,890
41,155,018
At 30 September 2024
28,167,253
100,817
99,456
6,465,231
69,207
119,343
3,868,863
38,890,170
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 30 -
Company
Freehold land and buildings
Leasehold land and buildings
Total
£
£
£
Cost
At 1 October 2024
20,251,168
6,699
20,257,867
Additions
231,534
-
0
231,534
Disposals
-
0
(6,699)
(6,699)
At 30 September 2025
20,482,702
-
0
20,482,702
Depreciation and impairment
At 1 October 2024
603,873
-
0
603,873
Depreciation charged in the year
461,711
-
0
461,711
At 30 September 2025
1,065,584
-
0
1,065,584
Carrying amount
At 30 September 2025
19,417,118
-
0
19,417,118
At 30 September 2024
19,647,295
6,699
19,653,994
15
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 October 2024 and 30 September 2025
1,460,000
1,460,000

Investment property comprises 2 properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 22 June 2023 by Dove Haigh Philips, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

16
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
3,231,363
3,271,365
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
16
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2024 and 30 September 2025
3,271,365
Impairment
At 1 October 2024
-
Impairment losses
40,002
At 30 September 2025
40,002
Carrying amount
At 30 September 2025
3,231,363
At 30 September 2024
3,271,365
17
Subsidiaries

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

Name of undertaking
Class of
% Held
shares held
Direct
Indirect
Myers Group Holdings Limited
Ordinary
100.00
-
Craftvale Limited
Ordinary
100.00
-
Myers Group 1959 Ltd
Ordinary and preference
0
100.00
Naylor Bros (Denby Dale) Limited
Ordinary
0
100.00
Myers Building Supplies Ltd
Ordinary
0
100.00
Johnson Wellfield Ltd
Ordinary and preference
0
100.00
Myers Skip Hire Ltd
Ordinary
0
100.00
Readymix Huddersfield Ltd
Ordinary
0
100.00
Cliffe Road Garage Limited
Ordinary
0
100.00
Mini Mix-Huddersfield Limited
Ordinary and preference
0
100.00
Mobile Concrete Pumps Limited
Ordinary
0
100.00
HSH Skip Hire Limited
Ordinary
0
100.00
Huddersfield Skip Hire Limited
Ordinary
0
100.00
Blastmixer International Limited
Ordinary
0
100.00
Drayson & Sons (Timber Merchants) Ltd
Ordinary
0
100.00
Baildon Properties Ltd
Ordinary
0
100.00
Baildon Timber Ltd
Ordinary
0
100.00
Wellfield Homes Ltd
Ordinary
0
100.00
Northern Interstate Services Limited
Ordinary
0
100.00
Boards (Huddersfield) Ltd
Ordinary
0
100.00
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
17
Subsidiaries
(Continued)
- 32 -

All of the above subsidiaries have registered offices at 5 Barr Street, Off Leeds Road, Huddersfield, HD1 6PB.

18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
690,047
599,566
-
-
Work in progress
192,246
474,828
-
-
Finished goods and goods for resale
7,628,783
7,585,868
-
0
-
0
8,511,076
8,660,262
-
-
19
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,435,384
6,973,730
-
0
-
0
Corporation tax recoverable
123,762
579,813
45,856
-
0
Other debtors
42,465
39,565
-
0
-
0
Prepayments and accrued income
1,513,502
1,385,618
-
0
-
0
9,115,113
8,978,726
45,856
-
20
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
22
309,168
381,539
-
0
-
0
Obligations under finance leases
23
2,184,368
1,978,726
-
0
-
0
Trade creditors
6,751,066
7,471,494
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,355,853
3,898,496
Corporation tax payable
-
0
788,573
-
0
462,700
Other taxation and social security
1,872,790
1,707,112
-
0
-
0
Other creditors
367,854
319,789
3,415
3,225
Accruals and deferred income
4,297,213
3,677,721
32,745
-
0
15,782,459
16,324,954
4,392,013
4,364,421
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 33 -
21
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
22
2,333,324
2,575,825
-
0
-
0
Obligations under finance leases
23
4,211,408
3,256,065
-
0
-
0
6,544,732
5,831,890
-
-
22
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
2,642,492
2,927,493
-
0
-
0
Bank overdrafts
-
0
29,871
-
0
-
0
2,642,492
2,957,364
-
-
Payable within one year
309,168
381,539
-
0
-
0
Payable after one year
2,333,324
2,575,825
-
0
-
0

The bank loans are secured by a cross guarantee and debenture between all group companies. Various properties within the Company and Group are also secured by a first legal charge with the bank

A fixed charge with the bank exists over all book debts.

The net obligations under hire purchase contracts are secured against the assets to which they relate.

The amounts due to group undertakings are repayable on demand and do not incur interest charges.

The bank loan is repayable in quarterly amounts of £66,667.

23
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
2,184,368
1,978,726
-
0
-
0
Non-current liabilities
4,211,408
3,256,065
-
0
-
0
6,395,776
5,234,791
-
-
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
23
Finance lease obligations
(Continued)
- 34 -
Group
Company
2025
2024
2025
2024
Future minimum lease payments due:
£
£
£
£
Within one year
2,184,368
1,978,725
-
0
-
0
In two to five years
4,211,408
3,256,066
-
0
-
0
6,395,776
5,234,791
-
-

The net obligations under hire purchase contracts are secured against the assets to which they relate

24
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
3,693,018
2,811,834
Revaluations
1,364,865
1,364,865
Other short term timing differences
(265,718)
(108,693)
4,792,165
4,068,006
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
157,256
144,201
Revaluations
1,169,519
1,169,519
1,326,775
1,313,720
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 October 2024
4,068,006
1,313,720
Charge to profit or loss
724,159
13,055
Liability at 30 September 2025
4,792,165
1,326,775
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 35 -
25
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
479,650
488,816

The Group operates a defined contributions scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions paid by a subsidiary company to the fund and during the year to 30 September 202 5 amounted to £2 66,179 (202 4: £27 0,044).

26
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
2,840
2,840
1,420
1,420
27
Reserves
Share premium

The share premium account for the Company represents an accumulation of the excess received from historic share issues where they have been issued at a value over and above their nominal value.

Profit and loss reserves

The profit and loss account represents the accumulated gains and losses of the Company. This profit and loss account contains both distributable and non-distributable reserves. Distributable reserves amount to £8,834,950 as at 30 September 2025 (2024: £9,099,465).

The profit and loss account for the Group represents the accumulated gains and losses of the Group. The profit and loss account contains both distributable and non-distributable reserves. Distributable reserves amounted to £20,377,165 as at 30 September 2025 (2024: £21,17 0,722 ).

28
Operating lease commitments
As lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
547,260
610,480
73,000
73,000
Years 2-5
541,298
988,748
4,000
77,000
After 5 years
150,000
583,750
-
-
1,238,558
2,182,978
77,000
150,000
ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
28
Operating lease commitments
(Continued)
- 36 -
As lessor - operating leases

The operating leases represent leases to third parties for 4 buildings.

The lease at Canal Street is for 5.5 years with no option to extend.

The lease at Knaresborough is negotiated over terms of 5 to 10 years . The lease includes a provision for five-yearly upward rent reviews according to prevailing market conditions. There are options in place for either party to extend the lease terms.

The lease at 585 Blackmoorfoot Road has been negotiated over terms of 15 years . The lease includes a provision for five-yearly upward rent reviews according to prevailing market conditions. There are options in place for either party to extend the lease terms.

The lease at 323 Leeds Road has been negotiated over terms of 20 years . The lease includes a provision for five-yearly upward rent reviews according to prevailing market conditions. There are options in place for either party to extend the lease terms.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2025
2024
2025
2024
Future amounts receivable:
£
£
£
£
Within 1 year
121,978
195,853
59,250
133,125
Years 2-5
31,364
153,342
-
59,250
153,342
349,195
59,250
192,375
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
-
1,626,111
-
-
30
Contingent liabilities

The Company is a member of the Myers Group 1959 Limited VAT scheme under Section 43 of the Value Added Tax Act 1994 and in consequence may be held responsible for the liabilities of other members which at 30 September 202 5 totalled £1,382,507 (202 4: £1,391,208).

ISAAC TIMMINS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 37 -
31
Events after the reporting date

On the 19 April 2026, a fire in a neighboring property spread to a property owed by Isaac Timmins Limited. The cost of repairing the property and associated losses have yet to be assessed and determined, however they are likely to be material. The directors fully anticipate the associated repair cost, and any losses, will be fully covered by the insurance policy.

32
Related party transactions

At the year ended 30 September 2025 transactions took place with directors and other related parties. The aggregated sales made to the directors by the company totalled £8,553 with an aggregated outstanding debtor balance at the year-end of nil. The aggregated sales made to other related parties by the company totalled £32,898 with an aggregated outstanding debtor balance at the year-end of £4,407.

Aggregated purchases made by the company to other related parties totalled £20,667 during the year.

33
Cash generated from group operations
2025
2024
£
£
Profit after taxation
709,398
1,666,993
Adjustments for:
Taxation charged
955,850
939,128
Finance costs
553,369
650,364
Investment income
(226)
-
0
Gain on disposal of tangible fixed assets
(119,484)
(95,350)
Amortisation and impairment of intangible assets
140,500
152,480
Depreciation and impairment of tangible fixed assets
3,064,268
2,797,319
Movements in working capital:
Decrease in stocks
154,337
1,541,682
Increase in debtors
(592,438)
(137,413)
Increase in creditors
112,807
354,098
Cash generated from operations
4,978,381
7,869,301
34
Analysis of changes in net debt - group
1 October 2024
Cash flows
30 September 2025
£
£
£
Cash at bank and in hand
2,342,567
(2,011,370)
331,197
Bank overdrafts
(29,871)
29,871
-
0
2,312,696
(1,981,499)
331,197
Borrowings excluding overdrafts
(2,927,493)
285,001
(2,642,492)
Payment of finance leases obligations
(5,234,791)
(1,160,985)
(6,395,776)
(5,849,588)
(2,857,483)
(8,707,071)
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