Company registration number 13393404 (England and Wales)
PLASMOR (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PLASMOR (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr J A Slater
Mr N Marwood
Mr M Howley
Ms G Wagstaff
Secretary
Mr N Marwood
Company number
13393404
Registered office
Plasmor Ltd
Womersley Road
Knottingley
WF11 0DL
Auditor
Sumer Auditco Limited
Reivaulx House
1 St Mary's Court
York
North Yorkshire
YO24 1AH
PLASMOR (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 33
PLASMOR (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

Operational and trading activities continued to be shaped by challenging macro‑economic conditions across the UK construction market. Although inflationary pressures eased during the year and interest rates began to trend downward, the legacy impact of elevated borrowing costs and constrained household finances continued to suppress activity, particularly within the housing sector. Newbuild demand remained weak, with developers slowing build‑out rates and prioritising existing sites over new starts. This subdued environment extended into the repair, maintenance and improvement market, where homeowners deferred non‑essential expenditure. As a result, both professional trade and DIY activity softened across the year, limiting volume growth opportunities and intensifying competition across core product categories.

The Plasmor Group’s unique access to high quality aggregates from industry leading processes positions the business strongly to meet customer demand for premium lightweight aggregate blocks produced using in‑house raw materials. Swift decision‑making and decisive action, reflecting the Group’s operational flexibility, delivered significant benefits as operations were appropriately flexed to address challenging market cost pressures. Plasmor remains well resourced, maintaining essential investment in plant, machinery, and environmental and operational infrastructure to support the consistent delivery of high‑quality, sustainable products and first‑class service. Continued development of value‑added paving products supports growth through differentiation and quality, underpinned by state‑of‑the‑art manufacturing assets.

Principal risks and uncertainties

These do not alter much from year to year. They are:

1) The impact of general economic trends upon the construction industry in general and the housing market in particular.

2) The direct and indirect impact of climate change (reflected in energy and transport costs, building regulations and changes in building methods).

3) The effect of consolidation within the supply chain, including suppliers, customers and competitors.

4) The burden of regulation and red tape, which is felt badly by businesses of our size.

We manage these risks by having a well-diversified base of business partners (both suppliers and customers), by having a proportion of our material supply in our ownership, by active product development and certification programmes, and by having a management structure, including active "hands-on" directors, capable of a rapid response to changing conditions. All this is backed up by a disciplined approach to the market and by high standards of product quality and customer service.

Research and development

In order to maintain the company's position as a market leader in quality concrete products, a continuing research and development programme is carried out. The accounting policy is described in note 1 to the financial statements.

PLASMOR (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

In managing our business, we have a number of key indicators that we use, in addition to the management accounts, to measure and manage the performance of the business. These include output, energy consumption, labour cost and individual product profitability. These measures are monitored on a weekly and monthly basis and communicated to the relevant managers in the business to take remedial action where required.

Taking our Corporate and Social Responsibility very seriously we also monitor performance in other key areas including Sustainability, Environmental Impact, H&S, Staff Wellbeing and Equality.

This is not a complex business. The KPI’s presented here are part of a much wider reporting framework that enables the directors to understand the development, performance, and position of the business.

- Profit margin: 3.93% (2024 - 5.42%) is the ratio of PBT over turnover.

- Liquidity ratio: 3.31 (2024 - 3.13) is the ratio Current Assets less Stocks over Current Liabilities.

- Net cash flow from operating activities: £5m (2024 - £14m).

Financial instruments

The company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit and cash flow risk associated with selling on credit and manages this through credit control procedures. The nature of its financial instruments means that they are not subject to a price risk or liquidity risk.

Future developments

Whilst 2025 can, after years of volatility, be considered a period of stabilisation, challenges will remain throughout 2026. E levated cost bases, combined with ongoing political and economic uncertainty, are likely to weigh on housebuilding as well as the broader construction and manufacturing sectors. Opportunities for volume growth will be limited. Consequentially as businesses and individuals across the economic spectrum adapt, competition for reduced volumes will exert pressure on prices. Plasmor’s strong cash flows, continued focus on cost control coupled with the continuing financial flexibility of our manufacturing operations make us well positioned to respond to the challenges and take advantage of opportunities as and when they arise.

Directors' wider considerations - s172

Decision Making

All decisions taken by the Board are done so in the context of the Group’s long-term prospects. When performance allows staff participate in a generous profit share scheme which encourages focus on productivity and value for money.

Employee Interests

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. The company is committed to staff development and all staff receive continual appropriate training.

Business Relationships

The Plasmor Group enjoys excellent relationships with customers and suppliers alike. Customer service and product quality are second to none we work with our customers to ensure fair pricing and mutual corporate responsibility.

In terms of suppliers, we necessarily appreciate the value of a good supply chain. Whilst always seeking value for money we ensure suppliers are paid correctly and to terms. Again, we encourage suppliers to respect our values through BES 6001 accreditation.

Operational Impacts

Mindful of environmental responsibilities the Group operates with ISO 14001 accreditation. Energy consumption and carbon emissions are monitored with a view to satisfying our SECR responsibilities, maximising efficiency and minimising our carbon footprint. The group is committed to green / hybrid vehicles.

PLASMOR (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

Standards and Reputation

Plasmor’s reputation within the industry is exemplary. In terms of quality, products are manufactured within the framework of BSES 13369 and ISO 9001. The culture of the business stems from its family ownership and reflect traditional values of honesty, integrity and fairness. The board ensure these values permeate top down throughout the business.

Equity and Fairness

The business recognises its responsibility to all stakeholders and as mentioned previously the long-term interests of those stakeholders are considered throughout decision making processes. Naturally, there is a balance, whilst shareholders reasonably expect a return on their investment in terms of dividends any distributions are made in the context of results and capital investment requirements. The group benefits greatly from shareholder involvement at the highest level within the management team.

Disabled Persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

On behalf of the board

Mr N Marwood
Director
20 May 2026
PLASMOR (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

Principal activities

The principal activity of the group is the manufacture of building blocks and pavers.

Results and dividends

The results for the year are set out on page 10.

Ordinary interim dividends of £4,200,000 (2024 - £9,200,000) were paid during the year. The directors do not recommend payment of a final dividend.

Directors

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

Mr J A Slater
Mr N Marwood
Mr M Howley
Ms G Wagstaff
Mr J R Marshall
(Resigned 20 September 2025)
Auditor

Sumer Auditco limited were appointed as auditor to the following BHP LLP becoming part of the Sumer Group on 31 of December 2025, which required a change in audit firm to comply with applicable regulatory requirements.

In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

Energy and carbon report
PLASMOR (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
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.

On behalf of the board
Mr N Marwood
Director
20 May 2026
PLASMOR (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PLASMOR (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLASMOR (HOLDINGS) LIMITED
- 7 -
Opinion

We have audited the financial statements of Plasmor (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 31 December 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.

PLASMOR (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLASMOR (HOLDINGS) LIMITED
- 8 -
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 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 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.

Iregularities, including fraud,are instances of non-compliance with laws and regujlations. we design procedures in line with our responsibilities,outlined above and on the Financial Reporting Councill's website, to detect material misstatements in respect of irregularities,including fraud.

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.

PLASMOR (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLASMOR (HOLDINGS) LIMITED
- 9 -

Other matters which we are required to address

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection of records and correspondence;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates and policies for indicators of potential bias.

- Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Laura Masheder (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
Reivaulx House
1 St Mary's Court
York
North Yorkshire
YO24 1AH
20 May 2026
PLASMOR (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Year
Period
ended
ended
31 December
31 December
2025
2024
Notes
£
£
Turnover
3
93,299,439
115,996,033
Cost of sales
(70,590,573)
(85,118,827)
Gross profit
22,708,866
30,877,206
Administrative expenses
(19,205,083)
(24,878,360)
Other operating income
41,590
11,901
Operating profit
4
3,545,373
6,010,747
Interest receivable and similar income
7
122,391
276,110
Profit before taxation
3,667,764
6,286,857
Tax on profit
8
(1,247,000)
(1,770,300)
Profit for the financial year
2,420,764
4,516,557

Total comprehensive income for the period is all attributable to the owners of the parent compnay.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

PLASMOR (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
10
38,088,280
37,759,793
Investment property
11
-
0
375,000
38,088,280
38,134,793
Current assets
Stocks
13
16,156,240
13,531,124
Debtors
14
13,424,046
15,492,283
Cash at bank and in hand
15,011,529
19,592,025
44,591,815
48,615,432
Creditors: amounts falling due within one year
16
(8,543,855)
(11,214,023)
Net current assets
36,047,960
37,401,409
Total assets less current liabilities
74,136,240
75,536,202
Provisions for liabilities
Provisions
17
-
0
201,726
Deferred tax liability
18
4,452,000
3,871,000
(4,452,000)
(4,072,726)
Net assets
69,684,240
71,463,476
Capital and reserves
Called up share capital
20
384,000
384,000
Revaluation reserve
3,617,575
3,617,575
Other reserves
9,500
9,500
Profit and loss reserves
65,673,165
67,452,401
Total equity
69,684,240
71,463,476
The financial statements were approved by the board of directors and authorised for issue on 20 May 2026 and are signed on its behalf by:
20 May 2026
Mr N Marwood
Director
Company registration number 13393404 (England and Wales)
PLASMOR (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
384,000
384,000
Total assets less current liabilities
384,000
384,000
Capital and reserves
Called up share capital
20
384,000
384,000

As permitted by s408 Company has not presented its own profit and loss account and related notes.The company's profit for the was £4,200,000 (2024 - £9,200,000).

The financial statements were approved by the board of directors and authorised for issue on 20 May 2026 and are signed on its behalf by:
20 May 2026
Mr N Marwood
Director
Company registration number 13393404 (England and Wales)
PLASMOR (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2023
384,000
3,617,575
9,500
72,135,844
76,146,919
Period ended 31 December 2024:
Profit and total comprehensive income
-
-
-
4,516,557
4,516,557
Dividends
9
-
-
-
(9,200,000)
(9,200,000)
Balance at 31 December 2024
384,000
3,617,575
9,500
67,452,401
71,463,476
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
2,420,764
2,420,764
Dividends
9
-
-
-
(4,200,000)
(4,200,000)
Balance at 31 December 2025
384,000
3,617,575
9,500
65,673,165
69,684,240
PLASMOR (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2023
384,000
-
0
384,000
Period ended 31 December 2024:
Profit and total comprehensive income for the period
-
9,200,000
9,200,000
Dividends
9
-
(9,200,000)
(9,200,000)
Balance at 31 December 2024
384,000
-
0
384,000
Year ended 31 December 2025:
Profit and total comprehensive income
-
4,200,000
4,200,000
Dividends
9
-
(4,200,000)
(4,200,000)
Balance at 31 December 2025
384,000
-
0
384,000
PLASMOR (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
5,559,949
15,108,823
Income taxes paid
(350,004)
(817,176)
Net cash inflow from operating activities
5,209,945
14,291,647
Investing activities
Purchase of tangible fixed assets
(6,522,785)
(7,845,622)
Proceeds from disposal of tangible fixed assets
431,975
562,080
Proceeds from disposal of investment property
378,000
-
Interest received
122,391
276,110
Net cash used in investing activities
(5,590,419)
(7,007,432)
Financing activities
Dividends paid to equity shareholders
(4,200,000)
(9,200,000)
Net cash used in financing activities
(4,200,000)
(9,200,000)
Net decrease in cash and cash equivalents
(4,580,474)
(1,915,785)
Cash and cash equivalents at beginning of year
19,592,003
21,507,788
Cash and cash equivalents at end of year
15,011,529
19,592,003
Relating to:
Cash at bank and in hand
15,011,529
19,592,025
Bank overdrafts included in creditors payable within one year
-
(22)
PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
1
Accounting policies
Company information

Plasmor (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Plasmor Ltd, Womersley Road, Knottingley, WF11 0DL.

The group consists of Plasmor (Holdings) Limited and all of its subsidiaries.

1.1
Reporting period

The accounts report on the 12 month period to 31 December 2025. The comarative figures relate to a 16 month period to 31 December 2024. Therefore the comparative figures are not wholly comparable to the new period.

1.2
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 £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Plasmor (Holdings) 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 31 December 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.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has 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.

PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Turnover derived from rental income is recognised on an accruals basis and turnover from the sale of properties is recognised at the point of transfer of legal title.

1.6
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 calculated to write off the cost or valuation of fixed assets, except freehold land which is not depreciated, over their expected useful lives at the following annual rates:

Freehold Land and Buildings
4 - 5% straight line basis
Leasehold land and buildings
4% straight line basis or over the lease term, if under 25 years
Plant, motor vehicles and equipment
10 - 25% straight line basis and 25% reducing balance

Quarries included within freehold property are depreciated based upon the tonnage extracted relative to the anticipated reserves.

Assets under construction at the year end are not depreciated until they are brought into economic use.

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.

Freehold land is not depreciated.

1.7
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.

Where fair value cannot be achieved without undue cost or effort,investment property is accounted for as tangible fixed assets.

1.8
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.

PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.9
Impairment of fixed assets

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

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.

1.10
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.

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.

1.11
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.

1.12
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.

PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
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 publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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 recogn ised 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.

PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
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 inv estment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
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.

1.14
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.

PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same t ax authority.

1.15
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be reauired to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risk and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value.When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

1.16
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.

1.17
Retirement benefits

The group operates two defined contribution pension schemes; one for its employees, the other for directors. Pension contributions under the schemes are charged to the profit and loss account as incurred.

1.18
Leases

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.

PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 22 -
1.19
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.20

Carbon credits

The company incurs expenditure for carbon credits for future use. When the initial cost is made this is treated as a prepayment as such credits are held for own use only. The company calculates their requirements over a 2-3 year window and then purchase extra credits based on historical evidence of usage and then release them straight line over time to the profit and loss.

1.21

Restoration costs

Provisions for restoration costs are made to reflect the costs of the remedial work in relation to the closure of mining sites operated by the group. The amount provided represents the expected costs of restoring the sites in line with the group's legal and constructive obligations based on survey measurements carried out at the balance sheet date. The provision is released as actual costs are incurred to restore the sites. The provisions are calculated by the directors with advice from third party surveyors who are considered best placed to estimate the restoration costs.

1.22

Mining assets

Mining assets comprise land purchased by the group for the purpose of mineral extraction activities. The cost comprises the price paid for the land and any other costs incurred in exploring the sites for mining purposes, including estimated obligations arising from mine restoration commitments at the date of acquiring the mines. Mining assets are amortised using the units of production method in line with the cost model based on the estimated reserves and the rate of extraction in the period. Mining assets are reviewed for impairment on an annual basis and an impairment is included in the financial statements where facts or circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount.

PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
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.

Depreciation

The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £5,825,234 (2024 - £7,428,921 ) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.

Bad debt provision

Outstanding trade debtor balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and are therefore able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).

Stock

The group converts raw materials, including those from their own quarries, to finished goods as part of its production operations. Stock values include any costs such as labour and overheads attributable to generating finished goods, as management believe this is the most suitable costing method to take into account the matching concept of accounting.

At each reporting date an assessment is made for provisions required to properly recognise wastage, damaged goods and over absorbed overheads. 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 and provided for in the balance sheet. Reversals of impairment losses are also recognised in profit or loss where these arise.

Restoration provision

An obligation exist to restore land leased for the purposes of mineral extraction to its original condition before mining operations commenced. Management have employed external planning and enviromental consultansts to calculate the cost of the provision required in respect of restoring the relevant land. At each reporting date managment assess that the provision is a reliable estimate of the future costs to be incurred. During the period, the provision related to certain leased land was released as the land was returned to the lessor and the Group's restoration obligations in respect of that site ceased.

PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales of blocks, pavers and haulage
93,287,461
115,964,759
Other income
11,978
31,274
93,299,439
115,996,033
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
93,299,439
115,996,033
2025
2024
£
£
Other revenue
Interest income
122,391
276,110
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
5,825,234
7,428,921
Profit on disposal of tangible fixed assets
(62,911)
(208,166)
Profit on disposal of investment property
(3,000)
-
0
Operating lease charges
936,289
1,465,722
5
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
4,200
4,000
Audit of the financial statements of the company's subsidiaries
77,175
77,500
81,375
81,500
For other services
Taxation compliance services
-
8,000
All other non-audit services
-
11,195
-
19,195
PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
6
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
Directors
5
4
5
4
Production
226
225
-
-
Sales and Administration
59
66
-
-
Distribution
90
121
-
-
Total
380
416
5
4

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
18,499,494
23,224,149
-
0
-
0
Social security costs
2,361,393
2,624,531
-
-
Pension costs
1,207,921
1,561,575
-
0
-
0
22,068,808
27,410,255
-
0
-
0
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
122,391
276,110
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
122,391
276,110
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
666,000
799,000
PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Taxation
2025
2024
£
£
(Continued)
- 26 -
Deferred tax
Origination and reversal of timing differences
581,000
971,300
Total tax charge
1,247,000
1,770,300

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
3,667,764
6,286,857
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
916,941
1,571,714
Tax effect of expenses that are not deductible in determining taxable profit
152,199
55,072
Tax effect of income not taxable in determining taxable profit
-
0
(19,000)
Adjustments in respect of prior years
-
0
(2,684)
Other tax adjustments
(7,900)
-
0
Fixed asset differences
196,475
122,302
Movements in deferred tax not recognised
(2,715)
42,896
Chargeable gains / losses
(8,000)
-
Taxation charge
1,247,000
1,770,300
9
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
4,200,000
9,200,000
PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
10
Tangible fixed assets
Group
Freehold Land and Buildings
Leasehold land and buildings
Assets under construction
Plant, motor vehicles and equipment
Total
£
£
£
£
£
Cost
At 1 January 2025
25,949,421
301,466
6,318
96,759,720
123,016,925
Additions
748,059
-
0
208,355
5,566,371
6,522,785
Disposals
(678,187)
-
0
-
0
(864,421)
(1,542,608)
At 31 December 2025
26,019,293
301,466
214,673
101,461,670
127,997,102
Depreciation and impairment
At 1 January 2025
9,587,805
301,466
-
0
75,367,861
85,257,132
Depreciation charged in the year
506,995
-
0
-
0
5,318,239
5,825,234
Eliminated in respect of disposals
(368,283)
-
0
-
0
(805,261)
(1,173,544)
At 31 December 2025
9,726,517
301,466
-
0
79,880,839
89,908,822
Carrying amount
At 31 December 2025
16,292,776
-
0
214,673
21,580,831
38,088,280
At 31 December 2024
16,361,616
-
0
6,318
21,391,859
37,759,793
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.

Group

Upon transition to FRS 102, the group elected to take exemption 35.10 (d) of FRS 102, which permits the group to revalue freehold land and buildings at fair value and for that fair value to be used as a deemed cost for the item going forward.

Included in the cost of freehold land and buildings is land with a deemed cost of £7,950,610 (2024- £7,971,684 ) which is not depreciated.

The historic cost of land at the year end is £3,541,943 (2024 - £3,541,943) which is not depreciated.

Also included within freehold land and buildings is mining assets with a carrying value of £3,494,857 (2024 -£3,440,808 ).

11
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 January 2025 and 31 December 2025
375,000
-
Disposals
(375,000)
-
At 31 December 2025
-
-

During the year the group sold its remaining Investment property, which had a historic cost of £375,000.

PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
27
-
0
-
0
384,000
384,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
384,000
Carrying amount
At 31 December 2025
384,000
At 31 December 2024
384,000
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
5,475,536
4,915,951
-
-
Work in progress
1,200,198
1,095,643
-
-
Finished goods and goods for resale
9,480,506
7,519,530
-
0
-
0
16,156,240
13,531,124
-
-

There was no significant difference between the value shown for stocks and their replacement cost at the balance sheet date.

14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
11,196,919
12,236,829
-
0
-
0
Corporation tax recoverable
-
0
189,885
-
0
-
0
Other debtors
150,720
150,720
-
0
-
0
Prepayments and accrued income
2,076,407
2,914,849
-
0
-
0
13,424,046
15,492,283
-
-
PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
15
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank overdrafts
-
0
22
-
0
-
0
Payable within one year
-
0
22
-
0
-
0

The bank overdraft is secured by a multilateral guarantee across all group companies as disclosed within note 21.

16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
15
-
0
22
-
0
-
0
Trade creditors
6,426,752
8,706,761
-
0
-
0
Corporation tax payable
126,111
-
0
-
0
-
0
Other taxation and social security
598,441
573,985
-
0
-
0
Other creditors
10,023
2,267
-
0
-
0
Accruals and deferred income
1,382,528
1,930,988
-
0
-
0
8,543,855
11,214,023
-
0
-
0

Bank loans and overdrafts are secured as detalied in note 15

17
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Restoration provisions
-
201,726
-
-

The restoration provision related to a future obligation Plasmor Limited had on its mining and mineral extracting activities to restate the land in use to a condition in line with North Yorkshire County Council planning conditions.During the year the company satised all the obligations and hence released the provision.

PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Provisions for liabilities
(Continued)
- 30 -
Movements on provisions:
Restoration provisions
Group
£
At 1 January 2025
201,726
Utilisation of provision
(201,726)
At 31 December 2025
-
18
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
3,842,000
3,297,000
Revaluations
648,000
648,000
Investment property
-
8,000
Other timing differences
(38,000)
(82,000)
4,452,000
3,871,000
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
3,871,000
-
Charge to profit or loss
581,000
-
Liability at 31 December 2025
4,452,000
-
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,207,921
1,561,575
PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
19
Retirement benefit schemes
(Continued)
- 31 -

The group operates two defined contribution pension scheme s for all qualifying employees; one for its employees, the other for directors. The assets of the schemes are held separately from those of the group in independently administered funds.

Contributions totalling £129,915 (2024 - £133,362 ) were payable to the fund at the year end and are included in creditors.

20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary Shares of £1 each
192,080
192,080
192,080
192,080
'B' Ordinary Shares of £1 each
19,200
19,200
19,200
19,200
'C' Ordinary Shares of £1 each
23,600
23,600
23,600
23,600
'D' Ordinary Shares of £1 each
84,880
84,880
84,880
84,880
'E' Ordinary Shares of £1 each
64,240
64,240
64,240
64,240
384,000
384,000
384,000
384,000
21
Financial commitments, guarantees and contingent liabilities

There is a multilateral guarantee given by the company, its fellow subsidiary trading companies and its parent company under which each party guarantees the bank overdraft facilities of up to £1,000,000 of the other parties. The maximum contingent liability under this guarantee as at 31 December 2025 is £nil (2024 - £22).

22
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the group for certain properties and assets. Leases are negotiated for an average term of 3 years and rentals are fixed.

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 one year
289,860
856,778
-
-
Between two and five years
145,135
210,012
-
-
434,995
1,066,790
-
-
PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
935,617
2,360,260
-
-
24
Related party transactions

The company has taken advantage of the exemption granted by paragraph 33.1A of FRS 102 not to disclose related party transactions within wholly owned Plasmor (Holdings) Limited group companies.

25
Directors' transactions

Dividends of £1,865,417 (2024 -£3,947,188) were paid in the year in respect of shares held by the company's directors.

26
Controlling party

The Directors are of the opinion that there is no ultimate controlling party.

27
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Plasmor Limited
England and Wales
Block and paver manufacturer
Ordinary
100.00
-
Plasmor (Halton) Limited
England and Wales
Block and paver manufacturer
Ordinary
0
100.00
Plasmor (Sabey Kirby) Limited
England and Wales
Block manufacturer
Ordinary
0
100.00
Plasmor (Property) Limited
England and Wales
Dormant
Ordinary
0
100.00
Translift Freight Limited
England and Wales
Haulage contractor
Ordinary
0
100.00

The registered office of all group companies is Plasmor Limited, Wormersley Road, Knottingley, WF11 0DN.

28
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
865,551
1,247,641
Company pension contributions to defined contribution schemes
157,667
40,000
1,023,218
1,287,641
PLASMOR (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
28
Directors' remuneration
(Continued)
- 33 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
253,916
325,021
Company pension contributions to defined contribution schemes
40,000
-
29
Cash generated from group operations
2025
2024
£
£
Profit after taxation
2,420,764
4,516,557
Adjustments for:
Taxation charged
1,247,000
1,770,300
Investment income
(122,391)
(276,110)
Gain on disposal of tangible fixed assets
(62,911)
(208,166)
Gain on disposal of investment property
(3,000)
-
0
Depreciation and impairment of tangible fixed assets
5,825,234
7,428,921
Decrease in provisions
(201,726)
-
Movements in working capital:
(Increase)/decrease in stocks
(2,625,116)
4,706
Decrease in debtors
1,878,352
4,497,547
Decrease in creditors
(2,796,257)
(2,624,932)
Cash generated from operations
5,559,949
15,108,823
30
Analysis of changes in net funds - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
19,592,025
(4,580,496)
15,011,529
Bank overdrafts
(22)
22
-
0
19,592,003
(4,580,474)
15,011,529

There was no debt in the group in the current or previous year.

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