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Company Registration Number 01278704
| THOMAS ARMSTRONG (AGGREGATES) LIMITED |
| FINANCIAL STATEMENTS |
| 27 SEPTEMBER 2025 |
THOMAS ARMSTRONG (AGGREGATES) LIMITED COMPANY INFORMATION
Directors | J K Denham
| A R G Denham
| M G Fisher
| D H Lake (appointed 1 October 2024)
| G Murphy (appointed 1 October 2024)
Company secretary | Mr J M Tibbitts
Registered number | 01278704
Registered office | Workington Road
| Flimby
| Maryport
| Cumbria
| CA15 8RY
Independent auditors | Armstrong Watson Audit Limited
| Chartered Accountants & Statutory Auditors
| James Watson House
| Montgomery Way
| Rosehill
| Carlisle
| Cumbria
| CA1 2UU
Bankers | Virgin Money UK plc
| 40 St Vincent Place
| Glasgow
| G1 2HL
Solicitors | Burnetts LLP
| Victoria House
| Wavell Drive
| Rosehill
| Carlisle
| Cumbria
| CA1 2ST
THOMAS ARMSTRONG (AGGREGATES) LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 26
THOMAS ARMSTRONG (AGGREGATES) LIMITED STRATEGIC REPORT FOR THE PERIOD ENDED 27 SEPTEMBER 2025
Introduction
The directors present their strategic report and financial statements for the 52 weeks ended 27th September 2025.
Principal activity and review of the business
The company’s principal activities during the year continued to be the extraction and sale of sand and gravel in bulk and pre-packed products, the provision of land-fill services, the provision of vehicle repairs and haulage services and the import and distribution of bulk cement and PFA. The directors are pleased with the results for the year, as discussed below. The company’s financial and key performance indicators during the year were as follows: 52 weeks 52 weeks ended ended 27 September 28 September 2025 2024 Change £000 £000 % Turnover 41,671 40,445 3.0 Profit before taxation 7,858 7,385 6.4 Average number of employees 84 81 3.7 Turnover per employee 496.0 499.3 (0.6) Profit before taxation per employee 93.5 91.2 2.5 The company experienced increased volumes in some departments over the financial year whilst other departments struggled, however most departments continued to make a positive contribution to the overall result. Volumes sold from bulk aggregate and cement facilities in Cumbria improved slightly but ongoing issues with land continued to limit available stocks. Cement volumes from the Sunderland facility were down due falling demand from block manufacturers. Further increased operating costs saw a reduction in contribution from the transport department.
Principal risks and uncertainties
The principal risks and uncertainties facing the company can be classified as competitive, legislative and financial risks: Competitive risks The company negotiates annually with certain large customers to supply them for the following year. The success of these negotiations is uncertain and is subject to financial and performance criteria. The company also faces competition from smaller competitors who offer competitive prices in order to gain business from the company’s customers. The company is successful in dealing with these risks through the agreements negotiated and its own pricing and service standards. The company imports certain raw materials from the European Union which are priced in Euro. Our sales are in pounds sterling. Our aim in hedging our currency risk is to ensure that our products can be sold at the profit margin that we forecast when the purchase was made and to this end a number of forward contracts have been placed to cover the majority of our euro requirement for the coming financial year. The directors enter into agreements to hedge the value of fuel given the volatility of this commodity, the fair value of these derivatives is not material and is not reflected in these financial statements. Page 1
THOMAS ARMSTRONG (AGGREGATES) LIMITED STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 27 SEPTEMBER 2025 Legislative risks Certain aspects of the company’s activities are governed by environmental legislation. The company believes that good environmental practices are important and discusses environmental issues at all board meetings. Work methods are assessed and procedures are adopted to ensure that the company’s activities impact as little as possible upon the environment. Financial risks The main area of risk is that of credit risk by which one party will cause a loss for another party by failing to discharge an obligation. The company’s policy is to minimise that risk by ensuring that credit terms are only granted for customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. In addition to this the company has introduced credit insurance for its debtors. Details of the company’s debtors are shown at note 11 of the financial statements. Brexit risk The UK has now left the European Union and as a result of the new importing procedures the documentation required has greatly increased. The company is continuing to source as many products as possible within the UK to reduce any potential supply issues and to minimise any impact on production.
Future Developments
The directors expect to report reduced profits in the new financial year. Continued economic uncertainty in the UK along with increases in costs due to high inflation and political factors around the world, mean the company is likely to see reduced margins and contribution levels during the new financial year. This report was approved by the board and signed on its behalf.
Mr J M Tibbitts Secretary
Date: 4 June 2026
Page 2
THOMAS ARMSTRONG (AGGREGATES) LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 27 SEPTEMBER 2025 The directors present their report and the financial statements for the period ended 27 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments 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 Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the period, after taxation, amounted to £6,793,605 (2024 - £5,954,962). The directors do not recommend a final dividend (2024 - £nil).
Directors
The directors who served during the period were:
J K Denham
A R G Denham
M G Fisher
D H Lake (appointed 1 October 2024)
G Murphy (appointed 1 October 2024)
I Morrison (resigned 30 September 2024)
Page 3
THOMAS ARMSTRONG (AGGREGATES) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 27 SEPTEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
Mr J M Tibbitts Secretary
Date: 4 June 2026
Page 4
THOMAS ARMSTRONG (AGGREGATES) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMAS ARMSTRONG (AGGREGATES) LIMITED
Opinion
We have audited the financial statements of Thomas Armstrong (Aggregates) Limited (the 'Company') for the period ended 27 September 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 27 September 2025 and of its profit for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
THOMAS ARMSTRONG (AGGREGATES) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMAS ARMSTRONG (AGGREGATES) LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial period 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
THOMAS ARMSTRONG (AGGREGATES) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMAS ARMSTRONG (AGGREGATES) LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with directors and other management; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; 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; and ∙ considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙ performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; ∙ tested journal entries to identify unusual transactions; and ∙ reviewed the application of accounting policies, particularly in relation to those judgemental or uncertain areas. 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; ∙enquiring of management as to actual and potential litigation and claims; and ∙ reading board minutes and relevant correspondence with legal advisors. Page 7
THOMAS ARMSTRONG (AGGREGATES) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMAS ARMSTRONG (AGGREGATES) LIMITED (CONTINUED) 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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. Joanna Gray (Senior Statutory Auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditors Carlisle 4 June 2026 Page 8
THOMAS ARMSTRONG (AGGREGATES) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 27 SEPTEMBER 2025
| 52 weeks ended 28 September | 27 September
| 2025 | 2024
Note | £ | £
Turnover | 4 | 41,670,782 | 40,444,943
Cost of sales |  | (32,621,303) | (31,404,677)
Gross profit |  | 9,049,479 | 9,040,266
Administrative expenses |  | (1,633,974) | (2,090,856)
Other operating income | 5 | 438,602 | 435,240
Operating profit | 6 | 7,854,107 | 7,384,650
Interest receivable and similar income |  | 3,854 | -
Profit before tax |  | 7,857,961 | 7,384,650
Tax on profit | 9 | (1,064,356) | (1,429,688)
Profit for the financial period |  | 6,793,605 | 5,954,962
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 26 form part of these financial statements.
Page 9
THOMAS ARMSTRONG (AGGREGATES) LIMITED REGISTERED NUMBER: 01278704 STATEMENT OF FINANCIAL POSITION AS AT 27 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 10 |  | - |  | -
Tangible assets | 11 |  | 21,591,452 |  | 20,465,416
|  |  | 21,591,452 |  | 20,465,416
Current assets |  |  |  |  |
Stocks | 12 | 2,117,980 |  | 1,869,897 |
Debtors: amounts falling due within one year | 13 | 37,939,896 |  | 39,830,007 |
Cash at bank and in hand |  | 6,224 |  | 502,842 |
|  | 40,064,100 |  | 42,202,746 |
Creditors: amounts falling due within one year | 14 | (15,333,883) |  | (23,306,669) |
Net current assets |  |  | 24,730,217 |  | 18,896,077
Total assets less current liabilities |  |  | 46,321,669 |  | 39,361,493
Provisions for liabilities |  |  |  |  |
Deferred tax | 15 | (1,518,670) |  | (1,377,201) |
Other provisions | 16 | (580,194) |  | (555,092) |
|  |  | (2,098,864) |  | (1,932,293)
Net assets |  |  | 44,222,805 |  | 37,429,200
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 10,000 |  | 10,000
Profit and loss account | 18 |  | 44,212,805 |  | 37,419,200
|  |  | 44,222,805 |  | 37,429,200
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J K Denham
Director
Date: 4 June 2026
The notes on pages 12 to 26 form part of these financial statements. Page 10
THOMAS ARMSTRONG (AGGREGATES) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 27 SEPTEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 30 September 2023 | 10,000 | 31,464,238 | 31,474,238
Comprehensive income for the period |  |  |
Profit for the period | - | 5,954,962 | 5,954,962
Total comprehensive income for the period | - | 5,954,962 | 5,954,962
At 28 September 2024 | 10,000 | 37,419,200 | 37,429,200
Comprehensive income for the period |  |  |
Profit for the period | - | 6,793,605 | 6,793,605
Total comprehensive income for the period | - | 6,793,605 | 6,793,605
At 27 September 2025 | 10,000 | 44,212,805 | 44,222,805
| The notes on pages 12 to 26 form part of these financial statements.
Page 11
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025
1. | General information
Thomas Armstrong (Aggregates) Limited is a private company, limited by shares, incorporated in England. The registered office is Workington Road, Flimby, Maryport, Cumbria CA15 8RY. The principal activity of the Company continued to be the extraction and sale of sand and gravel in bulk and pre-packed products, the provision of land-fill services, the provision of vehicle repairs and haulage services and the import and distribution of bulk cement and PFA. They are presented in the pounds sterling and rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": - the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); - the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; - the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Thomas Armstrong (Holdings) Limited as at 27 September 2025 and these financial statements may be obtained from the stated registered office address. Page 12
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 13
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.6 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.7 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 14
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold buildings | - | 10 - 50 years
|  |  |  | Leasehold land and buildings | - | Over the term of the lease
|  |  |  | Plant and machinery | - | 5% - 33.33% per annum straight-line
|  |  |  | Motor vehicles | - | 8% - 33.33% per annum straight-line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.10 | Operating Leases
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the lease term.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 15
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.14 | Provisions
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Re-instatement and environmental costs
The company is committed to re-instatement and environmental monitoring liabilities relating to its quarrying and mineral extraction activities. Provisions for re-instatement costs are made so as to match revenues from the activity. Environmental monitoring costs are provided when the expenditure is probable (as required by the terms of planning permission or grant of licence) and the cost can be estimated within a reasonable range of possible outcomes. The impact of discounting is not material.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities and the reported amount of expenses during the year. Actual results may vary from the estimates used to produce these financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised the period in which the estimates are revised and in any future periods affected. Significant items subject to such estimates and assumptions are: a) Provisions Provisions for product liability or other legal claims and carbon emissions obligations are all made based on the best estimate of the likely committed cash flow, using relevant information at the reporting date. Provisions for restoration obligations are made on the best estimate of the cost involved to comply with those obligations. The useful lives of the quarrying sites are based on the estimated mineral reserves remaining. Page 16
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 27 September | 27 September
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of goods | 39,849,044 | 38,883,614
| Provision of services | 1,821,738 | 1,561,329
|  | 41,670,782 | 40,444,943
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 52 weeks ended 28 September | 27 September
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 125,322 | 132,603
| Net rents receivable | 255,497 | 260,430
| Stores admin allocation | (18,912) | (18,912)
| Profit on disposal of tangible assets | 76,695 | 61,119
|  | 438,602 | 435,240
6. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 52 weeks ended 28 September | 27 September
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Auditor's remuneration | 33,700 | 33,700
| Profit on sale of fixed assets | (76,695) | (61,119)
| Rent receivable | (255,497) | (260,430)
| Auditors remuneration received in respect of non-audit services is disclosed and analysed in the parent undertaking's group financial statements.
Page 17
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 52 weeks ended 28 September | 27 September
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,876,814 | 2,703,801
| Social security costs | 324,501 | 272,645
| Cost of defined contribution scheme | 92,817 | 90,830
|  | 3,294,132 | 3,067,276
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 52 weeks ended 28 September | 27 September
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office and management | 19 | 19
|  | Mechanics and drivers | 65 | 62
|  |  | 84 | 81
Page 18
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025
8. | Directors' remuneration
|  |  |  |  | 52 weeks ended 28 September | 27 September
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors salaries | 245,235 | 178,059
| Directors fees | 6,000 | 6,000
| Company contributions to defined contribution pension schemes | 20,808 | 19,391
|  | 272,043 | 203,450
| During the period retirement benefits were accruing to 3 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £124,585 (2024 - £128,296).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,597 (2024 - £12,248).
| Certain directors are paid by the ultimate parent undertaking for their services to the entire group. The company is charged a management charge of £104,579 (2024 - £104,579) for services provided to it by its ultimate parent undertaking. The directors do not consider they can accurately apportion this management charge between the element for directors’ remuneration and other services provided.
Page 19
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025
9. | Taxation
|  |  |  |  | 52 weekd ended 28 September | 27 September
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,803,125 | 1,777,873
| Adjustments in respect of previous periods | (880,238) | 1,220,142
|  | 922,887 | 2,998,015
| Total current tax | 922,887 | 2,998,015
| Deferred tax |  |
| Origination and reversal of timing differences | 141,469 | (1,568,327)
| Total deferred tax | 141,469 | (1,568,327)
| Tax on profit | 1,064,356 | 1,429,688
Page 20
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025 9.Taxation (continued)
| Factors affecting tax charge for the period
| The tax assessed for the period is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 52 weeks ended 28 September | 27 September
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 7,857,961 | 7,384,650
| Tax on profit on ordinary activities at standard CT rate of 25.00% (PY: 22.01%) | 1,964,490 | 1,846,822
| Effects of: |  |
| Fixed asset differences | 23,854 | -
| Other tax adjustments, reliefs and transfers | (19,174) | (1,555,534)
| Adjustments to tax charge in respect of previous periods | (880,238) | 1,220,142
| Movement in deferred tax not recognised | (24,576) | (81,742)
| Total tax charge for the period | 1,064,356 | 1,429,688
There were no factors that may affect future tax charges. Page 21
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025
10. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 28 September 2024 | 600,000
| At 27 September 2025 | 600,000
| Amortisation |
| At 28 September 2024 | 600,000
| At 27 September 2025 | 600,000
| Net book value |
| At 27 September 2025 | -
| At 27 September 2024 | -
Page 22
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025
11. | Tangible fixed assets
|  | Freehold property | Long-term leasehold property | Plant and machinery | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 28 September 2024 | 4,032,308 | 14,111 | 28,520,170 | 32,566,589
| Additions | - | - | 2,870,980 | 2,870,980
| Disposals | - | - | (1,551,328) | (1,551,328)
| At 27 September 2025 | 4,032,308 | 14,111 | 29,839,822 | 33,886,241
| Depreciation |  |  |  |
| At 28 September 2024 | 2,348,469 | 14,110 | 9,738,594 | 12,101,173
| Charge for the period on owned assets | 13,969 | - | 1,576,229 | 1,590,198
| Disposals | - | - | (1,396,582) | (1,396,582)
| At 27 September 2025 | 2,362,438 | 14,110 | 9,918,241 | 12,294,789
| Net book value |  |  |  |
| At 27 September 2025 | 1,669,870 | 1 | 19,921,581 | 21,591,452
| At 27 September 2024 | 1,683,839 | 1 | 18,781,576 | 20,465,416
| Included in freehold land and buildings above is freehold land costing £1,862,816 (2024 - £1,862,816), which is not depreciated.
Page 23
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025
12. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 163,759 | 228,177
| Finished goods and goods for resale | 1,954,221 | 1,641,720
|  | 2,117,980 | 1,869,897
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 6,079,960 | 6,454,350
| Amounts owed by group undertakings | 30,720,343 | 32,363,566
| Prepayments and accrued income | 1,139,593 | 1,012,091
|  | 37,939,896 | 39,830,007
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 1,673,049 | 10,914,221
| Trade creditors | 466,198 | 512,279
| Amounts owed to group undertakings | 8,581,354 | 6,920,334
| Corporation tax | - | 1,150,873
| Other taxation and social security | 2,374,552 | 1,878,703
| Accruals and deferred income | 2,238,730 | 1,930,259
|  | 15,333,883 | 23,306,669
| The bank overdraft is secured by cross guarantees issued by Thomas Armstrong (Holdings) Limited group companies.
Page 24
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025
15. | Deferred taxation
|  | 27 September 2025
|  | £
| At beginning of year | (1,377,201)
| Charged to profit or loss | (141,469)
| At end of year | (1,518,670)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (1,518,670) | (1,377,201)
|  | (1,518,670) | (1,377,201)
16. | Provisions
|  | Reinstatement and environmental liabilities
|  | £
| At 28 September 2024 | 555,092
| Charged to profit or loss | 25,102
| At 27 September 2025 | 580,194
| The company is committed to re-instatement and environmental monitoring liabilities relating to its quarrying and mineral extraction activities. Provisions for re-instatement costs are made on an undiscounted basis so as to match revenues from the activity. Environmental monitoring costs are provided when the expenditure is probable (as required by the terms of planning permission or grant of licence) and the cost can be estimated within a reasonable range of possible outcomes. The directors believe that the liability will unwind upon the ultimate cessation of the company's activities.
Page 25
THOMAS ARMSTRONG (AGGREGATES) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 SEPTEMBER 2025
17. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 10,000 (2024 - 10,000) Ordinary shares of £1.00 each | 10,000 | 10,000
18. | Reserves
Profit and loss account This represents cumulative profits and losses less dividends paid.
19. | Contingent liabilities
The company has given the bank an unlimited guarantee in connection with Thomas Armstrong (Holdings) Limited group bank borrowings.
20. | Capital commitments
| At 27 September 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | - | 227,756
|  | - | 227,756
21. | Pension commitments
The company belongs to a group money purchase pension scheme which is funded by the payment of contributions to an independently administered fund. Contributions to the fund are charged to the income statement as they become payable, in accordance with the rules of the scheme. In the current year, this amounted to £92,817 (2024 - £90,830).There were no outstanding contributions at the period end (2024 - £Nil).
22. | Related party transactions
| The company has not disclosed transactions with other Group companies, as it has taken advantage of the exemption contained within FRS102 on the grounds that the fellow group subsidiaries are wholly owned.
23. | Controlling party
The ultimate parent undertaking and controlling party is Thomas Armstrong (Holdings) Limited, a company registered in England and Wales. The parent undertaking of the group of undertakings for which group financial statements are drawn up and of which the company is a member is Thomas Armstrong (Holdings) Limited. Copies of Thomas Armstrong (Holdings) Limited's financial statements can be obtained from Companies House in Cardiff. Page 26