ACCOUNTS - Final Accounts preparation

Operating (loss)/profit

The operating (loss)/profit is stated after charging/(crediting):

Registered number: 10659371

RAYMOND BROWN QUARRY PRODUCTS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026


RAYMOND BROWN QUARRY PRODUCTS LIMITED

COMPANY INFORMATION

Directors	S Clasby
	W Roberts


Company secretary	W Roberts


Registered number	10659371


Registered office	2nd Floor
	Fryern House, Winchester Road
	Chandler's Ford
	Eastleigh
	SO53 2DR


Independent auditor	Grant Thornton UK LLP
	Chartered Accountants & Statutory Auditor
	1st Floor
	One Valpy
	20 Valpy Street
	Reading
	RG1 1AR


Bankers	Lloyds Bank PLC
	3 Town Quay
	Southampton
	Hampshire
	SO14 2AQ


RAYMOND BROWN QUARRY PRODUCTS LIMITED

CONTENTS

	Page
Strategic Report	1 - 4
Directors' Report	5 - 6
Independent Auditor's Report	7 - 12
Statement of Comprehensive Income	13
Statement of Financial Position	14
Statement of Changes in Equity	15
Statement of Cash Flows	16 - 17
Notes to the Financial Statements	18 - 34


RAYMOND BROWN QUARRY PRODUCTS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Introduction

The directors present their Strategic Report for the year ended 31 March 2026.

The company is a subsidiary company within the group headed by Raymond Brown Quarry Holdco Limited.

Group reorganisation

On 14 March 2025, the Binder Holdco Limited Group of which Raymond Brown Quarry Products Limited was a member, completed a reorganisation which included the establishment of a new holding company for the ownership of Binder Holdco Limited and remaining subsidiaries, and the demerger of a number of other subsidiary companies.

Raymond Brown Quarry Products Limited was one of the demerged companies and ownership of the company was transferred to Raymond Brown Quarry Holdco Limited.

Business review

The company's principal activity during the year was that of quarrying, aggregate sales, transport and inert tipping. The directors consider it appropriate to prepare the financial statements on a going concern basis and the funding of the business with the new banking facility which was put in place on 30 June 2025 is fully aligned with the board’s strategy for the growth of the business.

Key Performance Indicators (KPIs)

The directors consider the key performance indicators to be turnover, EBITDA (Earnings before interest, tax, depreciation and amortisation) before exceptional items and Cash at Bank. Operating EBITDA is a non-accounting measure used by the board as a KPI.

Company KPIs

	2026	2025
	£'000	£'000
Turnover	9,353	12,587
Operating EBITDA	1,220	2,637
Cash at bank and in hand	8,756	8,428

Operating EBITDA is defined at Earnings Before Interest Depreciation and Amortisation, and excluding any exceptional income and expenses.

Results and performance for the year

The turnover figures above represent trading performance for the year ended 31 March 2026 and 31 March 2025. The turnover of £9,353,395 (2025: £12,586,600) has decreased in 2026, with this decrease in most part related to the cessation of quarrying at one of the company’s quarries in June 2025 following extraction of the available reserve.

The operating EBITDA of £1,220,297 (2025: £2,637,448) decreased by £1,417,151 in 2026 given the lower sales volumes following the cessation of quarrying. The company’s exceptional expense of £169,353 (2025: £4,040,126 income) related to a combination of restructuring costs associated with the quarry that ceased operations and provisions related to non-operational sites. The previous year included a large amount of intercompany debt waivers associated with the group reorganisation which did occur in the current year.

Page 1


RAYMOND BROWN QUARRY PRODUCTS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Results and performance for the year (continued)

All transactions undertaken by the group have a business purpose and a commercial rationale. The group does not engage in aggressive tax planning and does not implement structures purely for tax planning purposes. In relation to tax compliance, it is the policy of the group to fully comply with all applicable tax rules, regulations and disclosure requirements; submit all tax returns by their due dates; and pay all applicable taxes as they fall due.

The group uses appropriately qualified and trained employees to look after the group's tax affairs and uses external advisors as appropriate.

The company’s cash position at year end of £8,756,112 (2025: £8,428,158) was satisfactory and has improved slightly in the year given the trading performance and continued investment in both existing and new quarry reserves.

Principal risks and uncertainties

The company's directors meet regularly to evaluate the company's risk appetite. In the view of the directors the principal risks and uncertainties facing the company can be broadly categorised as competitive, legislative and regulatory, health and safety, financial and information technology.

Competitive risks

The company operates in markets where there are competing products available. However, the strategic location of the quarries and, excellent service and products, helps to mitigate this risk.

Legislative and regulatory risks

The company must meet obligations with respect to certain UK standards across all of its business streams. These standards are subject to continuous revision and any new directive may have a material impact on the ability of the company to deliver products and services at a profit. In addition, compliance imposes costs and failure to comply with the standards could materially affect the company's ability to operate. We continue to review our operations and work alongside our customers to enable us to anticipate and react to future changes in the legislative and regulatory environments.

Health and safety risks

Safety is a top priority across the company. The company has robust health and safety procedures in place and our management have a commitment to health and safety matters. Sharing of good practice and learning across our operations is encouraged to support continual improvement across the company.

Financial risks

The company has established a risk and financial management framework, the primary objective of which is to protect the company from events that hinder the achievement of its performance objectives. The framework aims to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.

Page 2


RAYMOND BROWN QUARRY PRODUCTS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Principal risks and uncertainties (continued)

Exposure to price, credit, liquidity and cash flow risk

Price risk arises on financial instruments because of changes in, for example, commodity prices or equity prices. The company has exposure to changes in commodity prices for aggregates and mitigates this risk through the delivery of a variety of product and service lines as well as looking to actively manage its cost base.

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Company policies are aimed at minimising such losses, and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. The company limits individual trade debtor counterparty exposure to £350,000 (2025: £350,000), and at the reporting date no single trade debtor exceeded 15.4% (2025: 13.9%) of the trade debtor amount.

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing cash generation by its operations and applying cash collection targets throughout the company. The company currently has a considerable cash reserve and also manages liquidity risk via an overdraft facility.

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on a variable rate debt. The company periodically reviews its exposure to changes to variable interest rates and the company looks to manage this exposure to changes in interest rates through the fixed rate debt on the likes of assets purchased under hire purchase agreement. The company's exposure to variable interest rates is limited.

Information technology risk

The loss of the company's IT network or data held within it could result in significant reputational and financial damage. The company has a dedicated IT function, with skill and experience in maintaining and monitoring IT infrastructure. Business data is regularly backed up and stored in a secure location. Email and Internet filtering technology and firewall software is in place to restrict the impact of cyber-attacks.

The directors implement risk strategies when possible to manage these risks.

Business development

The company continues to place emphasis on expansion of its Quarrying operations through a combination of extensions to existing quarries and new quarries. The company has recently received planning for a significant new quarry in Dorset which it will look to develop over the next 12 months and is also developing a number of other opportunities.

Environmental impact

The company endeavours to minimise its environmental impact. The board believes that good environmental practices support the board's strategy by enhancing the reputation of the company, the efficiency of production and delivery of quality products and services. The company also places significant importance on environmental education throughout the community and ensuring quarry sites are returned to a state which is an enhancement to the environment.

Outlook

The company's prospects will be dependent on the UK economy and reserve availability. The company believes that by continuing with its core strategies, and given its spread of quarries and customers, it is well positioned to take advantage of opportunities.

Page 3


RAYMOND BROWN QUARRY PRODUCTS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

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

W Roberts

Director

Date: 4 August 2026

Page 4


RAYMOND BROWN QUARRY PRODUCTS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Results and dividends

The loss for the year, after taxation, amounted to £665,281 (2025: profit £4,513,340).

The directors did not recommend the payment of dividends in the year (2025: £461,027).

Directors

The directors who served during the year, and up to the date of signing this report, were:

S Clasby

W Roberts

R Westell (resigned 3 January 2026)

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 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 and profit or loss of the company 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; and

∙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 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.

Qualifying third party indemnity provisions

The company purchased and maintained appropriate insurance cover in respect of Directors' and Officers' liabilities.

Matters covered in the Strategic Report

As permitted under s414C(11) of the Companies Act 2006, the directors have included information in the Strategic Report that otherwise would be required under s416(4) to be disclosed in the Directors' Report, including information in respect of principal activity, financial risks and policies and future developments.

Page 5

RAYMOND BROWN QUARRY PRODUCTS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Going concern

The company business activities, together with the factors likely to affect its future development, performance and position are outlined in the Strategic Report, along with the company's objectives, policies and processes for managing its capital, its financial management objectives and its exposure to risks. The financial position of the group, its cashflows, liquidity position and borrowing facilities are outlined in the financial statements.

A review of both short and long term stress tested financial forecasts covering the anticipated activity levels and liquidity has been undertaken to provide comfort that there is sufficient liquidity to support the company over the next twelve months. More information on going concern is set out in note 2.2 to the financial statements.

The company agreed senior debt facilities with Lloyds PLC on 30 June 2025. These facilities and current free cash will support the future development of the company’s quarrying operations.

The directors have not identified any material uncertainties around the going concern assumptions and have reasonable expectation that the company has adequate resources to continue its operational existence for a period of at least twelve months from signing these financial statements. Thus they continue to adopt the going concern basis for accounting in preparing the annual financial statements.

Subsequent events

There are no subsequent events to report.

Disclosure of information to auditor

The directors confirm that:

∙so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and

∙the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

W Roberts

Director

Date: 4 August 2026

Page 6

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RAYMOND BROWN QUARRY PRODUCTS LIMITED

Opinion

We have audited the financial statements of Raymond Brown Quarry Products Limited (the 'company') for the year ended 31 March 2026, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, 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 31 March 2026 and of its loss for the year then ended;

∙the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙the financial statements 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 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

We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.

In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as cost push inflation and the global supply chain crisis, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.

Page 7

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RAYMOND BROWN QUARRY PRODUCTS LIMITED (CONTINUED)

Conclusions relating to going concern (continued)

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.

Other information

The other information comprises the information included in the Annual Report and financial statements, other than the financial statements and our Auditor’s Report thereon. The directors are responsible for the other information contained within the Annual Report and financial statements. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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 the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Page 8

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RAYMOND BROWN QUARRY PRODUCTS LIMITED (CONTINUED)

Matter on which we are required to report under the Companies Act 2006

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.

Matters on which we are required to report by exception

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 5, 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 9

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RAYMOND BROWN QUARRY PRODUCTS 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 financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

∙The company is subject to many laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. To understand these we enquired with management, and those charged with governance, concerning the company’s policies and procedures relating to

−the identification, evaluation and compliance with laws and regulations;

−the detection and response to the risks of fraud; and

−the establishment of internal controls to mitigate risks related to fraud or non-compliance with laws and regulations;

∙We enquired whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud. We corroborated the results of our enquiries to relevant supporting documentation.

∙We identified whether there is a culture of honesty and ethical behaviour and whether there is a strong emphasis on the prevention and deterrence of fraud.

∙We obtained an understanding of the legal regulatory frameworks that are applicable to the company and determined that the most significant laws and regulations which are directly relevant to specific assertions in the financial statements are those related to the reporting frameworks, being FRS 102 and the Companies Act 2006.

∙We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

∙The engagement team’s assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur.

∙We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by evaluating management’s incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls. We determined that the principal risks were in relation to:

−journal entries, with a focus on manual journals, including those with unusual account combinations or those posted by inappropriate users; and

−potential management bias in determining significant estimates and judgements, particularly in relation to the impairment of certain assets and calculating the fair value of certain financial assets.

Page 10

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RAYMOND BROWN QUARRY PRODUCTS LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements (continued)

∙Our audit procedures involved:

−evaluation of the design effectiveness of controls that management has in place to prevent and detect fraud;

−identifying unusual or high-risk journals to investigate and verify, including credit postings to expenses accounts and postings by inappropriate users;

−challenging assumptions and judgements made by management in its significant accounting estimates and judgements; and

−considering whether audit evidence obtained was consistent with our wide understanding of the business.

∙No evidence of management override of controls was identified from our journal testing.

∙In addition, we completed audit procedures to conclude on the compliance of disclosures in the financial statements with applicable financial reporting requirements.

∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

∙The engagement partner’s assessment of whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations.

∙Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s;

−Understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;

−Knowledge of the industry in which the entity operations; and

−Understanding of the legal and regulatory requirements specific to the entity.

∙We did not identify any matters relating to non-compliance with laws and regulations and fraud, or any such instances communicated to the audit team.

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.

Page 11

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RAYMOND BROWN QUARRY PRODUCTS LIMITED (CONTINUED)

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.

Andrew Wood BA ACA

Senior Statutory Auditor

for and on behalf of Grant Thornton UK LLP

Statutory Auditor, Chartered Accountants

Reading

4 August 2026

Page 12


RAYMOND BROWN QUARRY PRODUCTS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
Note	£	£


Turnover	4	9,353,395	12,586,600
Cost of sales		(8,244,964)	(10,436,735)
Gross profit		1,108,431	2,149,865
Administrative expenses		(1,291,581)	(1,490,728)
Exceptional (expenses)/income	5	(169,353)	4,040,126
Operating (loss)/profit	6	(352,503)	4,699,263
Interest receivable and similar income	10	272,581	569,117
Interest payable and similar expenses	11	(433,012)	(880,680)
(Loss)/profit before tax		(512,934)	4,387,700
Tax on (loss)/profit	12	(152,347)	125,640
(Loss)/profit for the financial year		(665,281)	4,513,340

There were no recognised gains and losses for 2026 or 2025 other than those included in the Statement of Comprehensive Income.

There was no other comprehensive income for 2026 (2025: £Nil).

The notes on pages 18 to 34 form part of these financial statements.

Page 13


RAYMOND BROWN QUARRY PRODUCTS LIMITED REGISTERED NUMBER:10659371

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Tangible assets	14		6,068,225		7,385,940
Current assets
Stocks	15	468,149		714,412
Debtors: amounts falling due within one year	16	2,023,577		2,660,321
Cash at bank and in hand		8,756,112		8,428,158
		11,247,838		11,802,891
Creditors: amounts falling due within one year	17	(2,447,617)		(3,101,334)
Net current assets			8,800,221		8,701,557
Total assets less current liabilities			14,868,446		16,087,497
Creditors: amounts falling due after more than one year	18		(1,208,668)		(1,818,155)
Provisions for liabilities
Deferred tax	20	(796,609)		(846,192)
Other provisions	21	(1,622,305)		(1,517,005)
			(2,418,914)		(2,363,197)
Net assets			11,240,864		11,906,145

Capital and reserves
Called up share capital	23	1,000	1,000
Capital contribution reserve	24	2,500,000	2,500,000
Profit and loss account	24	8,739,864	9,405,145
Total equity		11,240,864	11,906,145

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

W Roberts

Director

Date: 4 August 2026

The notes on pages 18 to 34 form part of these financial statements.

Page 14


RAYMOND BROWN QUARRY PRODUCTS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	1,000	-	5,352,832	5,353,832
Comprehensive income for the year
Profit for the year	-	-	4,513,340	4,513,340
Total comprehensive income for the year	-	-	4,513,340	4,513,340
Contributions by and distributions to owners
Dividends paid	-	-	(461,027)	(461,027)
Waiver of loans owed to companies with common ownership	-	2,500,000	-	2,500,000

At 1 April 2025	1,000	2,500,000	9,405,145	11,906,145
Comprehensive loss for the year
Loss for the year	-	-	(665,281)	(665,281)
Total comprehensive loss for the year	-	-	(665,281)	(665,281)
At 31 March 2026	1,000	2,500,000	8,739,864	11,240,864

The notes on pages 18 to 34 form part of these financial statements.

Page 15


RAYMOND BROWN QUARRY PRODUCTS LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

			2026	2025
			£	£

Cash flows from operating activities
(Loss)/profit for the financial year	(665,281)	4,513,340
Adjustments for:
Depreciation of tangible assets	1,403,447	1,935,097
(Profit)/loss on disposal of tangible assets	(44,519)	43,214
Interest payable	433,012	880,680
Interest receivable	(272,581)	(569,117)
Intercompany debt waivers (part of exceptionals)	-	(3,900,000)
Taxation received/(paid)	152,347	(125,640)
Decrease/(increase) in stocks	246,263	(355,029)
Decrease/(increase) in debtors	665,898	(682,686)
(Decrease)/increase in creditors	(497,775)	726,130
(Decrease) in provisions	(93,416)	(455,779)
Increase in amounts owed by group undertakings	(2,427)	-
Corporation tax paid	(75,000)	-
Net cash generated from operating activities	1,249,968	2,010,210

Cash flows from investing activities
Purchase of tangible fixed assets	(739,275)	(1,047,196)
Cash from sale of tangible fixed assets	773,102	349,623
Interest received	272,581	11,264
Net cash from investing activities	306,408	(686,309)

Page 16


RAYMOND BROWN QUARRY PRODUCTS LIMITED

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

		2026	2025
		£	£


Cash flows from financing activities
Capital contribution	-	2,500,000
Increase in amounts owed by/to group undertakings	-	5,660,389
Increase in cash from interest received/paid	-	72,219
Dividends paid	-	(461,027)
Repayment of finance leases	(967,343)	(988,726)
Interest paid	(134,791)	(162,104)
Borrowing costs	(126,288)	-
Net cash (used in)/generated from financing activities	(1,228,422)	6,620,751
Net increase in cash and cash equivalents	327,954	7,944,652
Cash and cash equivalents at beginning of year	8,428,158	483,506
Cash and cash equivalents at the end of year	8,756,112	8,428,158

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	8,756,112	8,428,158
	8,756,112	8,428,158

The notes on pages 18 to 34 form part of these financial statements.

Page 17


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

Raymond Brown Quarry Products Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 10659371, and its registered head office is located at 2nd Floor, Fryern House, Winchester Road, Chandler's Ford, Eastleigh, SO53 2DR.

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 judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

In assessing the company's going concern position, the directors have considered the current cash on hand and forecast trading of the company. Projected Statement of Income and Retained Earnings, Statement of Financial Position and Cash Flow forecasts for the company for the period to 31 March 2028 have been prepared. The cash position and these projections show that the company has sufficient funding to be able to meet its liabilities as they fall due.

The company's directors also meet regularly to manage its day to day working capital requirements through its own cash balances and banking facilities. At 31 March 2026 the company had a sizable cash reserve and on 30 June 2025 agreed new banking facilities with Lloyds PLC, being a Revolving Credit Facility for working capital funding and a Trade Finance Facility for support for the purchase of capital equipment if required.

The financial forecasts for the year ending 31 March 2028 include different scenarios of increasing severity of impact in order to confirm that, under each one, the company can continue to operate as a going concern given the sizeable cash reserves through the forecast period.

The directors have not identified any material uncertainties around the going concern assumptions and have reasonable expectation that the company has adequate resources to continue its operational existence for a period of at least twelve months from signing these financial statements. Thus they continue to adopt the going concern basis for accounting in preparing the annual financial statements.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentation currency is GBP and all values are rounded to the nearest pound (£) except where otherwise stated. The company only undertakes transactions in GBP.

Page 18


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.4

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 arising from the sale of sand and aggregate is recognised at the point in time when control of the product is transferred to the customer i.e. at the point when the goods are delivered to the customer.

Rendering of services

Revenue arising from transport and inert tipping services. It is recognised at the point the transport and tipping has been utilised.

2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

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.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 19


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

2.10

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 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 Statement of Financial Position 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.

2.11

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as disclosed below.

Depreciation is provided on the following basis:

				Operating Sites	-	Over the life of the lease applicable to each size
				Plant & Machinery	-	20% reducing balance & 3 years 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.

Page 20


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Assets under the course of construction relate to costs incurred and plant purchased in order to develop a site ready for use. Once the site starts to generate revenue the assets are transferred into operating sites or plant and equipment where they are subsequently depreciated.

2.12

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an assets (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.13

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 weighted average 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.

2.14

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

2.15

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Page 21


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.15

Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 22


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2.17

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 23


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.

Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:

Estimates

Restoration and aftercare provisions

Management are required to estimate the future costs associated with the restoration and aftercare of quarry and waste disposal sites once they have been fully quarried or utilised. A provision is charged to the profit and loss account over the duration of the estimated life of the site based on the percentage of reserve extracted to the total estimated reserves remaining at the site. The estimated restoration costs and remaining reserve are based on management's judgement and estimates which are supported by the associated technical analysis and years of experience in this area. Further details are contained in note 21.

Taxation

Management estimation and judgement are required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in notes 12 and 20.

Judgements

Impairment of non-financial assets

Where there are indicators of impairment of individual assets, the company performs impairment tests based on fair value less costs to sell or a value in use calculation. The fair value less costs to sell calculation is based on available data from binding sales transactions in an arm's length transaction on similar assets or observable market prices less incremental costs for disposing of the asset. See note 14.

4.	Turnover
		2026	2025
		£	£

Sale of aggregate and sand	7,666,230	10,950,327
Sale of inert tipping and material transport	1,687,165	1,636,273
	9,353,395	12,586,600

All turnover arose within the United Kingdom.

Page 24


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

5.	Exceptional (expenses)/income
		2026	2025
		£	£

Waive of intercompany debt	-	3,900,000
Provisions relating to non-operating sites	(92,899)	140,126
Restructuring costs	(76,454)	-
	(169,353)	4,040,126

During the year costs were incurred in relation to provisions for non-operational sites and restructuring costs which were deemed exceptional in nature.

The waiver of intercompany debt in 2025 relates to loans made by other group companies to the company as part of the group reorganisation that was completed on 14 March 2025. The waivers and other exceptional income and expenses are not considered to be part of the ordinary trading of the company.

Depreciation of tangible fixed assets	1,403,447	1,935,097
Operating leases	98,392	87,135
(Profit)/loss on disposal of tangible fixed assets	(44,519)	43,214

7.	Auditor's remuneration
		2026	2025
		£	£

Fees payable to the company's auditor for the audit of the company's financial statements	60,667	43,775
Fees payable to the company's auditor and its associates in respect of:
Accounts preparation services	2,575	2,472

	These fees were charged to and paid by another member of the group on the company's behalf.

Page 25


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Wages and salaries	1,928,081	1,873,877
Social security costs	244,200	191,410
Cost of defined contribution scheme	58,817	48,807
	2,231,098	2,114,094

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

	2026	2025
	No.	No.

Operational	42	41
Management	3	3

	45	44

Key management personnel are deemed to be the directors.

9.	Directors' remuneration

None of the directors received any emoluments in respect of their qualifying services to the company directly through the company during the year under review and the previous period. The directors were remunerated through other group companies up until 14 March 2025 when the company was demerged, and their emoluments for this period are disclosed in the financial statements of the company in which the payments were made.

10.	Interest receivable and similar income
		2026	2025
		£	£

Loans to group undertakings	-	569,117
Bank interest receivable	272,018	-
Other interest receivable	563	-
	272,581	569,117

Page 26


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

11.	Interest payable and similar expenses
		2026	2025
		£	£

Bank interest payable	99,505	485,634
Interest arising from discounting	198,716	232,942
Finance leases and hire purchase contracts	134,791	162,104
	433,012	880,680

Corporation tax
Current tax on profits for the year	193,232	-
Adjustments in respect of previous periods	8,699	-
Total current tax	201,931	-

Deferred tax
Origination and reversal of timing differences	(115,612)	(118,982)
Adjustment in respect of prior periods	66,028	(6,658)
Total deferred tax	(49,584)	(125,640)


	Taxation on (loss)/profit on ordinary activities	152,347	(125,640)

Page 27


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

12.Taxation (continued)

Factors affecting tax charge/(credit) for the year The tax assessed for the year is higher than (2025: lower than) the standard rate of corporation tax in the UK of25% (2025:25%). The differences are explained below:
	2026	2025
	£	£

(Loss)/profit on ordinary activities before tax

(512,934)

4,387,700

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025: 25%)	(128,234)	1,096,925
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	12,428	12,264
Capital allowances deficit/(excess) to/(of) depreciation	193,426	(77,132)
Group relief claimed	-	(176,039)
Adjustments to tax charge in respect of prior periods - deferred tax	66,028	(6,658)
Adjustments to tax charge in respect of prior periods - current tax	8,699	-
Non-taxable income/expense (debt waivers/investment impairments/G/L on sale)	-	(975,000)
Total tax charge/(credit) for the year	152,347	(125,640)

Factors that may affect future tax charges

Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the Statement of Financial Position date.

13.	Dividends
		2026	2025
		£	£

Dividends paid

461,027

Page 28


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

14.	Tangible fixed assets

	Operating sites	Plant & machinery	Assets under the course of construction	Total
	£	£	£	£
Cost or valuation
At 1 April 2025	8,028,423	9,082,881	1,479,673	18,590,977
Additions	192,767	128,296	492,712	813,775
Disposals	(2,474,724)	(2,548,633)	-	(5,023,357)
Transfers between classes	20,456	74,807	(95,263)	-
At 31 March 2026	5,766,922	6,737,351	1,877,122	14,381,395
Depreciation
At 1 April 2025	6,591,811	4,613,226	-	11,205,037
Charge for the year	582,358	821,089	-	1,403,447
Disposals	(2,474,724)	(1,820,590)	-	(4,295,314)
At 31 March 2026	4,699,445	3,613,725	-	8,313,170
Net book value
At 31 March 2026	1,067,477	3,123,626	1,877,122	6,068,225
At 31 March 2025	1,436,612	4,469,655	1,479,673	7,385,940

Included in the net book value of £6,068,225 (2025: £7,385,940) is £2,436,546 (2025: £3,626,583) relating to assets held under hire purchase agreements within the plant and machinery category. The depreciation charged to the financial statements in the year in respect of such assets amounts to £653,868 (2025: £759,249).

15.	Stocks
		2026	2025
		£	£

	Raw materials	468,149	714,412

Stocks are stated after provisions for impairment of £Nil (2025: £Nil).

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 29


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

16.	Debtors: amounts falling due within one year

					2026	2025
					£	£


Trade debtors	1,889,725	2,486,767
Amounts owed by group undertakings	2,427	-
Other debtors	73,255	111,902
Prepayments and accrued income	58,170	61,652
	2,023,577	2,660,321

Trade debtors are stated after provisions for impairment of £Nil (2025: £Nil).

Amounts owed by group undertakings are non-interest bearing, unsecured and repayable on demand.

17.	Creditors: amounts falling due within one year
		2026	2025
		£	£

Trade creditors	541,414	1,162,121
Corporation tax	126,931	-
Other taxation and social security	437,902	513,275
Obligations under finance lease and hire purchase contracts	651,511	940,189
Other creditors	203,124	39,264
Accruals and deferred income	486,735	446,485
	2,447,617	3,101,334

18.	Creditors: amounts falling due after more than one year
		2026	2025
		£	£

	Net obligations under finance leases and hire purchase contracts	1,208,668	1,818,155

Page 30


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Within one year	651,511	940,189
Between 1-5 years	1,208,668	1,818,155
	1,860,179	2,758,344

Assets purchased using hire purchase facilities are secured against the assets to which they relate.

20.	Deferred taxation

	2026	2025
	£	£

At beginning of year	(846,192)	(971,832)
Credited to profit and loss	115,612	118,982
Adjustment in respect of prior periods	(66,029)	6,658
At end of year	(796,609)	(846,192)

The provision for deferred taxation is made up as follows:
	2026	2025
	£	£

Accelerated capital allowances	(796,609)	(844,917)
Other timing differences	-	(1,275)
	(796,609)	(846,192)

Page 31


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

21.	Provisions

		Restoration and aftercare provisions
		£

	At 1 April 2025	1,517,005
	Charged to profit and loss	(234,312)
	Provision utilised	140,896
	Interest arising from discounting	198,716
	At 31 March 2026	1,622,305

The restoration and aftercare provision relates to future obligations for restoration and aftercare of the company’s current and closed quarries. Please refer to note 3 for details of the estimates in the calculation of the restoration and aftercare provision.

22.	Analysis of net debt

		At 1 April 2025	Cash flows	Drawdowns	Other non-cash changes	At 31 March 2026
		£	£	£	£	£

Cash at bank and in hand	8,428,158	327,954	-	-	8,756,112
Finance leases	(2,758,344)	1,101,469	(74,500)	(128,804)	(1,860,179)
	5,669,814	1,429,423	(74,500)	(128,804)	6,895,933

23.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

1,000 (2025: 1,000) Ordinary shares of £1 each	1,000	1,000

All the ordinary shares carry equal participation in assets, rights to dividends and voting power.

Page 32


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

24.

Reserves

The company's capital and reserves are as follows:

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Capital contribution reserve

The capital contribution has arisen following a debt waiver of an amounts owed by the company to companies which were part of the same group prior to the group reorganisation. The debt waiver occurred between the group reorganisation completing on 14 March 2025 and 31 March 2025. The company and counter party companies are owned by the same ultimate shareholders.

Profit and loss account

Includes all current year retained profit and losses.

25.	Contingent liabilities

The company has a debenture with Lloyds Bank Plc which has been provided as additional security for the company’s hire purchase debt and banking facilities.

26.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £58,817 (2025: £48,807). Contributions totalling £13,688 (2025: £14,026) were payable to the fund at the reporting date and are included in creditors.


Not later than 1 year	461,968	465,968
Later than 1 year and not later than 5 years	40,333	70,198
	502,301	536,166

Page 33


RAYMOND BROWN QUARRY PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

28.

Related party transactions

Following the group reorganisation, the company and various other companies that were in the same group up until the 14 March 2025 are now in different groups. As all of these companies have common directors and because private equity funds managed by Elysian Capital LLP hold the ultimate controlling interests in both groups, the company and the companies which are part of the Raymond Brown New Topco Limited group are now considered to be related parties at 31 March 2025.

The related party transactions detailed below are those that have taken place between the company and the companies which were previously in the same group, and show transactions for the current year and prior year. The transactions and amounts outstanding prior to 14 March 2025 and prior to the reorganisation would in prior years have been considered to be inter company trading and note a related party transaction.

During the year, the company provided transport services to Fortis IBA Limited to the value of £452,594 (2025: £560,045) and at 31 March 2026 £30,947 (2025: £75,082) was due with respect to the services.

The company received a range of management support services from Raymond Brown Minerals & Recycling Limited and Binder Bidco Limited to the value of £132,000 (2025: £661,298). At 31 March 2026, £19,618 (2025: £14,076) of this charge was payable.

29.	Subsequent events

There are no subsequent events to report.

30.	Controlling party

During the year to 31 March 2026 the directors consider that the ultimate parent undertaking of the company was Raymond Brown Quarry Holdco Limited.

On 14 March 2025 a group reorganisation occurred under a capital reduction and demerger arrangement and Raymond Brown Quarry Holdco Limited became the ultimate parent of the company.

At the time of filing these accounts, Raymond Brown Quarry Holdco Limited is exempt from preparing group accounts. The ultimate parent company is registered in England and Wales and the registered office address of the company is the same as Raymond Brown Quarry Products Limited.

Page 34