ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 04480588

HAZELL AND JEFFERIES (TARMAC) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

HAZELL AND JEFFERIES (TARMAC) LIMITED

COMPANY INFORMATION

Director	R E Hazell


Company secretary	F J Hazell


Registered number	04480588


Registered office	Mount Pleasant Farm
	Coombe End
	Whitchurch Hill
	Pangbourne
	Berkshire
	RG8 7TB


Independent auditor	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	2 Communications Road
	Greenham Business Park
	Greenham
	Newbury
	Berkshire
	RG19 6AB

HAZELL AND JEFFERIES (TARMAC) LIMITED

CONTENTS

	Page
Group strategic report	1
Director's report	2 - 3
Independent auditor's report	4 - 6
Consolidated profit and loss account	7
Consolidated balance sheet	8
Company balance sheet	9
Consolidated statement of changes in equity	10
Company statement of changes in equity	11
Consolidated statement of cash flows	12
Consolidated analysis of net debt	13
Notes to the financial statements	14 - 23

HAZELL AND JEFFERIES (TARMAC) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

BUSINESS REVIEW

The results for the year and the financial position of the group are shown in the annexed financial statements.

Given the straightforward nature of the business, the director is of the opinion that analysis using Key Performance Indicators is not necessary for an understanding of the development, performance or position of the group.

The director considers that the results for the year are satisfactory and anticipates that the group will continue to trade successfully for the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES

The group focuses on retaining and increasing its customer base by providing a high level of service and maintaining strong relationships with key customers and suppliers.

The main financial risks arising from the group's activities are price risk, credit risk and liquidity risk. These are monitored by the director and were not considered to be significant at the balance sheet date.

The director monitors price risk and considers that there are no significant associated risks.

The group's policy in respect of credit risk is to require appropriate credit checks on potential customers before sales are made and to monitor payments against contractual agreements for existing customers.

The group's policy in respect of liquidity risk is to maintain readily accessible bank deposit accounts to ensure the group has sufficient funds for operations.

FINANCIAL KEY PERFORMANCE INDICATORS

Turnover, margin and net profit are the main measures used to monitor the performance of the group.

This report was approved by the board and signed on its behalf.

R E Hazell

Director

Date: 7 July 2026

Page 1

HAZELL AND JEFFERIES (TARMAC) LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

The director presents his report and the financial statements for the year ended 31 October 2025.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITIES

The principal activity of the company in the year under review was that of a holding company. The principal
activity of the subsidiary company in the year under review was that of tarmac contracting.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £3,401,914 (2024 - £2,797,519).

DIRECTOR

The director who served during the year was:

R E Hazell

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

∙he 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 and the Group's auditor is aware of that information.

AUDITOR

The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

HAZELL AND JEFFERIES (TARMAC) LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

This report was approved by the board and signed on its behalf.

R E Hazell

Director

Date: 7 July 2026

Page 3

HAZELL AND JEFFERIES (TARMAC) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZELL AND JEFFERIES (TARMAC) LIMITED

Opinion

We have audited the financial statements of Hazell and Jefferies (Tarmac) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's affairs as at 31 October 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 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 director's 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 or the 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 director with respect to going concern are described in the relevant sections of this report.

Page 4

HAZELL AND JEFFERIES (TARMAC) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZELL AND JEFFERIES (TARMAC) LIMITED (CONTINUED)

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 director is 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 Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Director's 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's 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 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 director's 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 Director's responsibilities statement set out on page 2, the director is 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 director determines 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 director is responsible for assessing the Group's and 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 director either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.

Page 5

HAZELL AND JEFFERIES (TARMAC) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HAZELL AND JEFFERIES (TARMAC) LIMITED (CONTINUED)

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 Group financial statements.

Because of the inherent limitations of an audit, there is a risk that 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 new 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 irregularites occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulation;

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

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside of the normal course of business and reviewing accounting estimates for evidence of bias.

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 Auditor's report.

Alexander Peal BSc(Hons) FCA DChA (Senior statutory auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB

7 July 2026

Page 6

HAZELL AND JEFFERIES (TARMAC) LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2025

	2025	2024
Note	£	£


Turnover	3	30,748,836	28,437,684
Cost of sales		(24,177,583)	(22,956,544)
Gross profit		6,571,253	5,481,140
Administrative expenses		(3,351,607)	(2,185,709)
Other operating income	4	978,385	421,470
Operating profit		4,198,031	3,716,901
Interest receivable and similar income		402,858	230,250
Profit before taxation		4,600,889	3,947,151
Tax on profit	7	(1,198,975)	(1,149,632)
Profit for the financial year		3,401,914	2,797,519

Profit for the year attributable to:
Owners of the Parent Company	3,401,914	2,797,519
	3,401,914	2,797,519

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 14 to 23 form part of these financial statements.

Page 7

HAZELL AND JEFFERIES (TARMAC) LIMITED

REGISTERED NUMBER: 04480588

CONSOLIDATED BALANCE SHEET

AS AT 31 OCTOBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	8		23,197,144		22,313,607
			23,197,144		22,313,607
Current assets
Debtors: amounts falling due within one year	10	3,707,490		4,183,125
Cash at bank and in hand	11	12,809,926		8,877,971
		16,517,416		13,061,096
Creditors: amounts falling due within one year	12	(4,061,895)		(3,154,935)
Net current assets			12,455,521		9,906,161
Total assets less current liabilities			35,652,665		32,219,768
Provisions for liabilities
Deferred taxation	13	(593,801)		(562,818)
			(593,801)		(562,818)
Net assets excluding pension asset			35,058,864		31,656,950
Net assets			35,058,864		31,656,950

Capital and reserves
Called up share capital	14	500	500
Capital redemption reserve		500	500
Profit and loss account		35,057,864	31,655,950
Equity attributable to owners of the Parent Company		35,058,864	31,656,950
		35,058,864	31,656,950

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R E Hazell

Director

Date: 7 July 2026

The notes on pages 14 to 23 form part of these financial statements.

Page 8

HAZELL AND JEFFERIES (TARMAC) LIMITED

REGISTERED NUMBER: 04480588

COMPANY BALANCE SHEET

AS AT 31 OCTOBER 2025

		2025		2024
Note		£		£

Fixed assets
Fixed Asset Investments	9		1,000		1,000
			1,000		1,000

Creditors: amounts falling due within one year	12	-		(3,784)
Net current assets/(liabilities)			-		(3,784)
Total assets less current liabilities			1,000		(2,784)


Net assets/(liabilities)			1,000		(2,784)

Capital and reserves
Called up share capital	14	500	500
Capital redemption reserve		500	500
Profit and loss account		-	(3,784)
		1,000	(2,784)

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

R E Hazell

Director

Date: 7 July 2026

The notes on pages 14 to 23 form part of these financial statements.

Page 9

HAZELL AND JEFFERIES (TARMAC) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£
At 1 November 2024	500	500	31,655,950	31,656,950	31,656,950

Profit for the year	-	-	3,401,914	3,401,914	3,401,914
At 31 October 2025	500	500	35,057,864	35,058,864	35,058,864

The notes on pages 14 to 23 form part of these financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£
At 1 November 2023	500	500	28,858,431	28,859,431	28,859,431

Profit for the year	-	-	2,797,519	2,797,519	2,797,519
At 31 October 2024	500	500	31,655,950	31,656,950	31,656,950

The notes on pages 14 to 23 form part of these financial statements.

Page 10

HAZELL AND JEFFERIES (TARMAC) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 November 2024	500	500	(3,784)	(2,784)

Profit for the year	-	-	3,784	3,784
At 31 October 2025	500	500	-	1,000

The notes on pages 14 to 23 form part of these financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 November 2023	500	500	(3,784)	(2,784)

At 31 October 2024	500	500	(3,784)	(2,784)

The notes on pages 14 to 23 form part of these financial statements.

Page 11

HAZELL AND JEFFERIES (TARMAC) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 OCTOBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	3,401,914	2,797,519
Adjustments for:
Depreciation of tangible assets	1,795,625	1,805,473
Profit on disposal of tangible assets	(662,670)	-
Interest received	(402,858)	(230,250)
Taxation charge	1,198,975	1,149,632
Decrease in debtors	475,635	3,342,966
Increase in creditors	238,968	846,299
Corporation tax (paid)	(500,000)	(213,709)
Net cash generated from operating activities	5,545,589	9,497,930

Cash flows from investing activities
Purchase of tangible fixed assets	(2,679,162)	(2,517,497)
Sale of tangible fixed assets	662,670	65,256
Interest received	402,858	230,250
Net cash from investing activities	(1,613,634)	(2,221,991)

Net increase in cash and cash equivalents	3,931,955	7,275,939
Cash and cash equivalents at beginning of year	8,877,971	1,596,940
Cash and cash equivalents at the end of year	12,809,926	8,872,879

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	12,809,926	8,872,879
	12,809,926	8,872,879

The notes on pages 14 to 23 form part of these financial statements.

Page 12

HAZELL AND JEFFERIES (TARMAC) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 OCTOBER 2025


At 1 November 2024	Cash flows	At 31 October 2025
£	£	£

Cash at bank and in hand	8,877,971	3,931,955	12,809,926
	8,877,971	3,931,955	12,809,926

The notes on pages 14 to 23 form part of these financial statements.

Page 13

HAZELL AND JEFFERIES (TARMAC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1.Accounting policies

1.1

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 Group management to exercise judgment in applying the Group's accounting policies (see note 2).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The following principal accounting policies have been applied:

1.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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.

Page 14

HAZELL AND JEFFERIES (TARMAC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1.Accounting policies (continued)

1.4

Current and deferred taxation

The tax expense for the year 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.

1.5

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is not charged on freehold land.

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:

Land and buildings	-	5% straight line
Plant & machinery	-	25% straight line
Motor vehicles	-	25% straight line
Fixtures & fittings	-	25% 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.

1.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 15

HAZELL AND JEFFERIES (TARMAC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1.Accounting policies (continued)

1.7

Debtors

Trade and other debtors are recognised at the settlement amount after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

1.8

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9

Creditors

Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods and services it must provide.

2.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following have had the most significant effect on amounts recognised in the financial statements.

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

Bad debt provisions
Provisions are estimated by the group in respect of specific debts based upon the age of the debt and knowledge of known issues.

Tarmac contracting	29,938,369	22,397,780
Skip hire	810,467	6,039,904
	30,748,836	28,437,684

All turnover arose within the United Kingdom.

Page 16

HAZELL AND JEFFERIES (TARMAC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

4.	Other operating income
		2025	2024
		£	£

Other operating income	29,895	-
Ground rent receivable	274,568	381,292
Insurance claims receivable	11,252	10,893
Profit on disposal of tangible assets	662,670	29,285
	978,385	421,470

5.	Employees
	Staff costs, including director's remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	5,895,201	5,061,139
Social security costs	722,337	565,189
Cost of defined contribution scheme	79,229	72,498
	6,696,767	5,698,826

The average monthly number of employees, including the director, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Directors	2	2	1	1
Administration	11	13	-	-
Contracting	81	79	-	-

	94	94	1	1

6.	Director's remuneration
		2025	2024
		£	£

	Director's emoluments	45,904	38,979

All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total remuneration in respect of these individuals, including employer national insurance and pension contributions was £558,535 (2024: £537,906).

Page 17

HAZELL AND JEFFERIES (TARMAC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Corporation tax
Current tax on profits for the year	1,160,820	972,705
Adjustments in respect of previous periods	7,172	143,360
	1,167,992	1,116,065

Total current tax	1,167,992	1,116,065

Deferred tax
Origination and reversal of timing differences	30,983	33,567
Total deferred tax	30,983	33,567


	Tax on profit	1,198,975	1,149,632

Profit on ordinary activities before tax

4,600,889

3,947,151

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	1,150,222	986,788
Effects of:
Fixed asset differences	(17,120)	15,293
Expenses not deductible for tax purposes	25,270	4,627
Adjustments to tax charge in respect of prior periods	7,172	143,360
Remeasurement of deferred tax for changes in tax rates	33,431	(436)
Total tax charge for the year	1,198,975	1,149,632

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

HAZELL AND JEFFERIES (TARMAC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

8.	Tangible fixed assets
	Group

	Land and buildings	Plant & machinery	Motor vehicles	Fixtures & fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 November 2024	18,982,323	9,512,399	9,973,471	219,955	38,688,148
Additions	836,500	840,652	999,495	2,515	2,679,162
Disposals	-	(556,015)	(268,170)	(2,700)	(826,885)
At 31 October 2025	19,818,823	9,797,036	10,704,796	219,770	40,540,425
Depreciation
At 1 November 2024	383,397	7,589,348	8,213,621	188,175	16,374,541
Charge for the year	78,717	837,798	864,883	14,227	1,795,625
Disposals	-	(556,015)	(268,170)	(2,700)	(826,885)
At 31 October 2025	462,114	7,871,131	8,810,334	199,702	17,343,281
Net book value
At 31 October 2025	19,356,709	1,925,905	1,894,462	20,068	23,197,144
At 31 October 2024	18,598,926	1,923,051	1,759,850	31,780	22,313,607

Included in the land and buildings is land at cost of £17,651,670 (2024: £16,876,670) which is not depreciated.

Page 19

HAZELL AND JEFFERIES (TARMAC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

9.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 November 2024	1,000
	At 31 October 2025	1,000

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Principal activity	Class of shares	Holding

Hazell and Jefferies Limited

Tarmac contracting

Ordinary £1

100%

	The aggregate of the share capital and reserves as at 31 October 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:
	Name	Profit

Hazell and Jefferies Limited

33,381,782

10.

Debtors

		Group	Group
		2025	2024
		£	£


Trade debtors	3,036,674	2,329,201
Other debtors	472,508	440,169
Prepayments and accrued income	198,308	1,413,755
	3,707,490	4,183,125

Page 20

HAZELL AND JEFFERIES (TARMAC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

11.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

Cash at bank and in hand	12,809,926	8,877,971
	12,809,926	8,877,971

12.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	1,590,699	1,218,792	-	-
Amounts owed to group undertakings	-	-	-	3,784
Corporation tax	667,993	972,706	-	-
Other taxation and social security	112,266	79,580	-	-
Other creditors	41,679	572,756	-	-
Accruals and deferred income	1,649,258	311,101	-	-
	4,061,895	3,154,935	-	3,784

13.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	(562,818)	(529,251)
Charged to profit and loss account	(30,983)	(33,567)
At end of year	(593,801)	(562,818)

Page 21

HAZELL AND JEFFERIES (TARMAC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

13.Deferred taxation (continued)

Company

		2025	2024

		-	-

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£	£

Accelerated capital allowances	(593,904)	(563,120)
Short term timing differences	103	302
	(593,801)	(562,818)

14.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

500 (2024 - 500) Ordinary shares of £1 each	500	500

15.	Capital commitments
	At 31 October 2025 the Group had capital commitments as follows:
		Group	Group
		2025	2024
		£	£

	Contracted for but not provided in these financial statements	1,395,500	53,012
		1,395,500	53,012

Page 22

HAZELL AND JEFFERIES (TARMAC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

16.

Related party transactions

The group is controlled by R E Hazell by virtue of his shareholdings.

During the year, Hartslock LLP, a LLP related by common control, charged the group rent of £3,500 (2024: £3,500) in respect of properties held by the LLP and used by the group. During the year, the group charged staff salaries of £Nil (2024: £Nill) to the LLP. The group was recharged £105,762 (2024: £84,509) during the year by Harstlock LLP. At the balance sheet date Hartslock LLP owed £105,762 (2024: £84,509) to the group.

At the balance sheet date Hazell & Jefferies Farms Limited owed £175,994 (2024: £146,452) to the company. During the year, the company recharged £39,988 (2024: £4,373) of R Hazell salary to H&J Farms.

Page 23