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
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.
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.
• Turnover;
Turnover totalled to £67,179,425 (2024: £65,647,114), a increase of £1,532,311 (2%).
• Gross margins;
Gross margin in the year was 27.11% (2024: 28%), a decrease of 0.9 percentage points.
• Operational costs;
Operational costs totalled £10,940,997 (2024: £10,353,067), a increase of £587,930 (5%).
• Debt levels;
Debt levels at the year-end totalled £2,642,492 (2024: £2,957,364), a decrease of £314,872 (11%).
• 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.
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.
The board of directors consider that both individually and together for the year ended 30 September 2023 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.
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
The directors present their annual report and financial statements for the year ended 30 September 2025.
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 ).
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
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.
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.
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.
The auditor, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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.
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.
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 United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
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).
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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, employment 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.
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.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,244,360 (2024 - £819,134 profit).
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.
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 amounts 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.
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 group.
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.
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.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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.
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.
Equity investments 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.
In 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 group’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 company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
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, 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 method 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, 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.
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.
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.
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.
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 payments 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.
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 through 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The 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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased 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.
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
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
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.
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
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.
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.
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.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
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:
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.
Details of the company's subsidiaries at 30 September 2025 are as follows:
All of the above subsidiaries have registered offices at 5 Barr Street, Off Leeds Road, Huddersfield, HD1 6PB.
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.
The net obligations under hire purchase contracts are secured against the assets to which they relate
The following are the major deferred tax liabilities and assets recognised by the group and company:
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 2025 amounted to £266,179 (2024: £270,044).
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.
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: £21,170,722 ).
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:
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:
Amounts contracted for but not provided in the financial statements:
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 2025 totalled £1,382,507 (2024: £1,391,208).
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.
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.