Company registration number 10168000 (England and Wales)
BAKER FAMILY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
BAKER FAMILY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr T G Baker
Mrs J Baker
Company number
10168000
Registered office
Eastern Concrete
Stowmarket Business Park
Ernest Nunn Road
Stowmarket
IP14 2ED
Auditor
Ensors
Connexions
159 Princes Street
Ipswich
IP1 1QJ
BAKER FAMILY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
BAKER FAMILY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

During the year the group continued to invest in its people, capital equipment and operational efficiencies. The strategic focus on higher value solutions resulted in a strong turnover for the 15 months ended 31 December 2025 of £30.0m compared to the previous 6 months to 30 September 2024 turnover of £11.1m. The group is reporting a profit before tax for the 15 months to 31 December 2025 of £761k (6 months to 30 September 2024: a loss of £252k).

Principal risks and uncertainties

The group's principal risks and uncertainties have been considered to be the credit worthiness of its clients, pressure on margins from competition in the market, rising material prices and overall uncertainties in the construction sector generally.

Development and performance

In a challenging market of world economy, all of our staff have gone above and beyond this year and this has shaped our company to be in a good positioning with some long-term projects that will provide long-term benefit for the group.

The financial position remains strong, with net assets of over £4 million (30 September 2024: £3.5 million). Throughout the year the group has invested over £3 million of additional plant and equipment

The group has also continued to invest in a joint venture entity. The investment in the joint venture is an investment in the future of the group, laying the foundation for the future supply of aggregate to the group company Eastern Concrete Limited.

While financial performance should always be a key concern, the focus on vision and values and on creating sustainable value for all our stakeholders has sustained Eastern Concrete Ltd (the main trading subsidiary) as a recognisable brand in East Anglia.

Other performance indicators

The key performance indicators on which the directors primarily focus are considered to be turnover, gross profit, EBITDA, aged debtor days, creditor levels including hire purchase balance. These are monitored on an ongoing basis and particularly within the quarterly management accounts.

On behalf of the board

Mr T G Baker
Director
6 August 2026
BAKER FAMILY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 2 -

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

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Principal activities

The principal activity of the company continued to be that of property rentals, whilst the principal activity of the group continued to be that of ready mix concrete manufacture.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mr T G Baker
Mrs J Baker
Financial instruments
Treasury operations and Financial Instruments

The group’s financial instruments comprise cash, invoice finance facility, hire purchase facilities, property loans and other items such as trade debtors and creditors arising directly from operations. The main objectives of the group’s policy towards its financial instruments is to maximise returns on cash balances, manage working capital requirements, maintain an excellent relationship with creditors and the group’s bankers, and finance ongoing operations.

The directors’ policy is to maintain a strong capital base to underpin the future development of the business. Operations are financed through invoice finance and the management of working capital. Major capital projects are financed in part through the use of hire purchase facilities and the property purchases via secured property loans.

Market risk

We do not expect any dramatic change in the current market conditions in the forthcoming period.

Interest rate risk

Rising interest rates are a risk we have to manage to the best of our ability.

Foreign currency risk

The directors consider that the group has very limited exposure to foreign exchange volatility with very few transactions outside of pound sterling. On this basis the group does not require a structured hedging policy.

Credit risk

The group undertakes credit references before credit facilities are provided. The group maintains a good level of credit control to ensure credit terms are not exceeded by an unacceptable time and to reduce the risk of bad debts.

Future developments

The group is looking to continue providing a high level of service to its customers, by providing highest quality concrete at competitive prices, delivered to site in a safe and timely fashion.

BAKER FAMILY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 3 -
Auditor

On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly Ensors Accountants LLP formally resigned as the company's auditors with the directors duly appointing Azets Audit Services Limited, trading as Ensors to fill the vacancy arising. The auditor Azets Audit Services Limited, trading as Ensors will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr T G Baker
Director
6 August 2026
BAKER FAMILY HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 4 -

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

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BAKER FAMILY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BAKER FAMILY HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Baker Family Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

BAKER FAMILY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BAKER FAMILY HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including revenue recognition, management override of systems and control, transactions with related parties, commitments and contingencies and accounting estimates.

We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.

BAKER FAMILY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BAKER FAMILY HOLDINGS LIMITED
- 7 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework both at the planning stage and reminded to remain alert throughout the audit;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud;

- reviewed and challenged accounting estimates to ensure no indication of management bias.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Use of our report

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

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
12 August 2026
BAKER FAMILY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 8 -
Period
Period
ended
ended
30 December
30 September
2025
2024
Notes
£
£
Turnover
3
30,005,203
11,128,158
Cost of sales
(25,316,298)
(9,532,214)
Gross profit
4,688,905
1,595,944
Administrative expenses
(3,453,542)
(1,150,940)
Other operating income
94,963
28,181
Operating profit
4
1,330,326
473,185
Interest receivable and similar income
6
1,174
2,045
Interest payable and similar expenses
7
(570,732)
(223,305)
Profit before taxation
760,768
251,925
Tax on profit
8
(194,777)
(66,121)
Profit for the financial period
565,991
185,804
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
BAKER FAMILY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
30 December 2025
30 September 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
10,122,337
9,106,412
10,122,337
9,106,412
Current assets
Stocks
13
369,432
307,345
Debtors
14
4,088,457
3,425,830
Cash at bank and in hand
347,513
278,785
4,805,402
4,011,960
Creditors: amounts falling due within one year
15
(6,935,122)
(6,650,342)
Net current liabilities
(2,129,720)
(2,638,382)
Total assets less current liabilities
7,992,617
6,468,030
Creditors: amounts falling due after more than one year
16
(2,865,634)
(2,101,815)
Provisions for liabilities
Deferred tax liability
19
1,080,304
885,527
(1,080,304)
(885,527)
Net assets
4,046,679
3,480,688
Capital and reserves
Called up share capital
21
400
200
Profit and loss reserves
4,046,279
3,480,488
Total equity
4,046,679
3,480,688

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 6 August 2026 and are signed on its behalf by:
06 August 2026
Mr T G Baker
Mrs J Baker
Director
Director
Company registration number 10168000 (England and Wales)
BAKER FAMILY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
30 December 2025
30 September 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
2,198,508
2,198,508
Investments
10
150
150
2,198,658
2,198,658
Current assets
Debtors
14
47,773
54,738
Cash at bank and in hand
33,409
4,886
81,182
59,624
Creditors: amounts falling due within one year
15
(859,164)
(915,353)
Net current liabilities
(777,982)
(855,729)
Total assets less current liabilities
1,420,676
1,342,929
Creditors: amounts falling due after more than one year
16
(410,437)
(490,464)
Net assets
1,010,239
852,465
Capital and reserves
Called up share capital
21
400
200
Profit and loss reserves
1,009,839
852,265
Total equity
1,010,239
852,465

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £157,775 (2024 - £5,449 loss).

The financial statements were approved by the board of directors and authorised for issue on 6 August 2026 and are signed on its behalf by:
06 August 2026
Mr T G Baker
Mrs J Baker
Director
Director
Company registration number 10168000 (England and Wales)
BAKER FAMILY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2024
200
3,294,684
3,294,884
Period ended 30 September 2024:
Profit and total comprehensive income
-
185,804
185,804
Balance at 30 September 2024
200
3,480,488
3,480,688
Period ended 31 December 2025:
Profit and total comprehensive income
-
565,991
565,991
Bonus issue of shares
21
200
(200)
-
0
Reduction of shares
21
(200)
-
(200)
Other movements
200
-
200
Balance at 31 December 2025
400
4,046,279
4,046,679
BAKER FAMILY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2024
200
857,714
857,914
Period ended 30 September 2024:
Loss and total comprehensive income for the period
-
(5,449)
(5,449)
Balance at 30 September 2024
200
852,265
852,465
Period ended 31 December 2025:
Profit and total comprehensive income
-
157,774
157,774
Bonus issue of shares
21
200
(200)
-
0
Reduction of shares
21
(200)
-
(200)
Other movements
200
-
200
Balance at 31 December 2025
400
1,009,839
1,010,239
BAKER FAMILY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 13 -
Period ended
Period ended
30 December 2025
30 September 2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,895,911
647,935
Interest paid
(570,732)
(223,305)
Net cash inflow from operating activities
1,325,179
424,630
Investing activities
Purchase of tangible fixed assets
(3,013,507)
(188,484)
Proceeds from disposal of tangible fixed assets
607,471
239,051
Interest received
1,174
2,045
Net cash (used in)/generated from investing activities
(2,404,862)
52,612
Financing activities
Repayment of bank loans
(80,028)
(29,191)
Payment of finance leases obligations
1,228,439
(474,219)
Net cash generated from/(used in) financing activities
1,148,411
(503,410)
Net increase/(decrease) in cash and cash equivalents
68,728
(26,168)
Cash and cash equivalents at beginning of period
278,785
304,953
Cash and cash equivalents at end of period
347,513
278,785
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Baker Family Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Eastern Concrete, Stowmarket Business Park, Ernest Nunn Road, Stowmarket, IP14 2ED.

The group consists of Baker Family Holdings Limited its subsidiary Eastern Concrete Limited and a joint venture company East Coast Marine Aggregates Limited.

1.1
Reporting period

The company has prepared financial statements for a fifteen month period, and as a result the comparative amounts presented within these financial statements are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary a mounts in these financial statements are rounded to the nearest £.

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

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

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

The company's results are included in the consolidated financial statements presented within these financial statements.

1.3
Business combinations

The consolidation of Baker Family Holdings Limited and its subsidiary Eastern Concrete Limited has been considered a group reconstruction and therefore accounted for using the merger accounting method.

Under merger accounting the carrying values of the assets and liabilities of the group companies are not required to be adjusted to fair value and are combined from the beginning of the financial period in which the combination occurred, being 11 November 2016.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.4
Basis of consolidation

A ll intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.5
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Income is recognised when the concrete is either delivered to or collected by the customer.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil
Plant and equipment
3 to 7 years straight line
Motor vehicles
1.5 to 7 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

I n the parent company financial statements, investments in the subsidiary are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

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

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Concrete and related sales
30,005,203
11,128,158
2025
2024
£
£
Other revenue
Interest income
1,174
2,045
4
Operating profit
2025
2024
£
£
Operating profit for the period is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
4,200
4,300
Depreciation of tangible fixed assets
1,392,391
362,196
Profit on disposal of tangible fixed assets
(2,280)
(4,387)
Operating lease charges
102,000
31,000
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 20 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
2
2
2
2
Fitters
7
6
-
-
Drivers and batchers
65
53
-
-
Office
26
20
-
-
4
3
-
-
Total
104
84
2
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
4,752,696
1,748,222
-
0
-
0
Social security costs
504,933
169,015
-
-
Pension costs
115,193
44,710
-
0
-
0
5,372,822
1,961,947
-
0
-
0
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,174
2,045
7
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
315,046
129,487
Other interest
255,686
93,818
Total finance costs
570,732
223,305
8
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
194,777
66,121
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
8
Taxation
(Continued)
- 21 -

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
760,768
251,925
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
190,192
62,981
Tax effect of expenses that are not deductible in determining taxable profit
4,545
2,708
Adjustments in respect of prior years
40
-
0
Deferred tax adjustments
-
0
432
Taxation charge
194,777
66,121
9
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2024
2,198,508
2,918,191
9,510,739
14,627,438
Additions
-
0
389,533
2,623,974
3,013,507
Disposals
-
0
(401,243)
(1,820,399)
(2,221,642)
At 31 December 2025
2,198,508
2,906,481
10,314,314
15,419,303
Depreciation and impairment
At 1 October 2024
-
0
1,517,225
4,003,801
5,521,026
Depreciation charged in the period
-
0
220,557
1,171,834
1,392,391
Eliminated in respect of disposals
-
0
(401,243)
(1,215,208)
(1,616,451)
At 31 December 2025
-
0
1,336,539
3,960,427
5,296,966
Carrying amount
At 31 December 2025
2,198,508
1,569,942
6,353,887
10,122,337
At 30 September 2024
2,198,508
1,400,966
5,506,938
9,106,412
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
9
Tangible fixed assets
(Continued)
- 22 -
Company
Freehold land and buildings
£
Cost
At 1 October 2024 and 31 December 2025
2,198,508
Depreciation and impairment
At 1 October 2024 and 31 December 2025
-
0
Carrying amount
At 31 December 2025
2,198,508
At 30 September 2024
2,198,508

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
1,861,051
1,114,842
-
0
-
0
Motor vehicles
4,238,303
2,944,947
-
0
-
0
6,099,354
4,059,789
-
-

Freehold land and buildings with a carrying amount of £1,746,563 (30 September 2024: £1,746,563) have been pledged to secure borrowings of the company.

10
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
100
100
Investments in joint ventures
12
-
0
-
0
50
50
-
0
-
0
150
150
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
10
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 October 2024 and 31 December 2025
150
Carrying amount
At 31 December 2025
150
At 30 September 2024
150
11
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Eastern Concrete Limited
Stowmarket Business Park, Ernest Nunn Road, Stowmarket, Suffolk, IP14 2ED
Ready mix concrete manufacture
Ordinary £1 shares
100
0

The investment in the subsidiary is stated at cost.

12
Joint ventures

Details of joint ventures at 31 December 2025 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
East Coast Marine Aggregates Limited
Crown Business Centre, Old Ipswich Road, Ardleigh, Colchester, CO7 7QR
Ordinary £1 shares
50.00
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
369,432
307,345
-
-
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 24 -
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,706,953
3,290,220
1,648
12,109
Other debtors
19,868
1,286
-
0
1,285
Prepayments and accrued income
1,361,636
134,324
12,414
-
0
4,088,457
3,425,830
14,062
13,394
Deferred tax asset (note 19)
-
0
-
0
33,711
41,344
4,088,457
3,425,830
47,773
54,738
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
17
88,070
88,071
88,070
88,071
Obligations under finance leases
18
1,253,867
869,274
-
0
-
0
Trade creditors
2,857,221
2,916,372
946
3,092
Amounts owed to undertakings in which the group has a participating interest
110,702
-
0
-
0
-
0
Other taxation and social security
386,619
304,903
6,828
5,715
Other creditors
2,216,109
2,442,178
740,786
788,931
Accruals and deferred income
22,534
29,544
22,534
29,544
6,935,122
6,650,342
859,164
915,353

The hire purchase creditors are secured on the specifically financed asset.

Included within other creditors is £1,210,715 (30 September 2024: £1,423,213) which is secured by an all assets debenture.

16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
410,437
490,464
410,437
490,464
Obligations under finance leases
18
2,455,197
1,611,351
-
0
-
0
2,865,634
2,101,815
410,437
490,464

The hire purchase creditors are secured on the specifically financed asset.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
16
Creditors: amounts falling due after more than one year
(Continued)
- 25 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
65,396
146,884
58,156
138,183
17
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
498,507
578,535
498,507
578,535
Payable within one year
88,070
88,071
88,070
88,071
Payable after one year
410,437
490,464
410,437
490,464

The long-term loans are secured by fixed charges over the freehold property and land.

The company's subsidiary, Eastern Concrete Limited, has provided the bank a guarantee of £1,015,000 in respect of the above borrowings.

The company has taken out two property loans which are due to mature on 15 December 2031. Both loans have interest charged at 2.7% per annum over base rate and are subject to monthly repayments.

18
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
1,253,867
869,274
-
0
-
0
Non-current liabilities
2,455,197
1,611,351
-
0
-
0
3,709,064
2,480,625
-
-
Group
Company
2025
2024
2025
2024
Future minimum lease payments due:
£
£
£
£
Within one year
1,557,628
1,017,025
-
0
-
0
In two to five years
2,589,928
1,755,974
-
0
-
0
In over five years
86,881
8,751
-
0
-
0
4,234,437
2,781,750
-
-
Less: future finance charges
(525,373)
(301,125)
-
0
-
0
3,709,064
2,480,625
-
0
-
0
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
18
Finance lease obligations
(Continued)
- 26 -

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
1,902,289
1,676,099
-
-
Tax losses
(821,985)
(790,572)
-
-
1,080,304
885,527
-
-
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Tax losses
-
-
33,711
41,344
Group
Company
2025
2025
Movements in the period:
£
£
Liability/(Asset) at 1 October 2024
885,527
(41,344)
Charge to profit or loss
194,777
7,633
Liability/(Asset) at 31 December 2025
1,080,304
(33,711)
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
115,193
44,710

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 27 -
21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares (Class A) of £1 each
20
200
20
200
Ordinary shares (Class B) of £1 each
20
-
20
-
Ordinary shares (Class C) of £1 each
55
-
55
-
Ordinary shares (Class D) of £1 each
55
-
55
-
Ordinary shares (Class E) of £1 each
25
-
25
-
Ordinary shares (Class F) of £1 each
25
-
25
-
Ordinary shares (Class G) of £1 each
200
-
200
-
400
200
400
200
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
21
Share capital
(Continued)
- 28 -

T he company has issued multiple classes of ordinary shares, all of which are non-redeemable. The rights attaching to each class are summarised below:

Class A ordinary shares

A ordinary shares carry four votes per share. They confer rights to participate in approved income distributions, which may differ from distributions declared for other share classes. They also participate in approved capital distributions (including on a winding up), subject to a cap of £8,000,000 in aggregate payable to holders of all share classes other than G ordinary shares.

Class B ordinary shares

B ordinary shares carry four votes per share. They entitle holders to participate in approved income distributions, which may vary from those of other classes. They also participate in approved capital distributions (including on a winding up), subject to the £8,000,000 aggregate cap applicable to all share classes other than G ordinary shares.

Class C ordinary shares

C ordinary shares carry voting rights of two votes for every eleven shares held. They entitle holders to participate in approved income distributions, which may differ from other share classes. They participate in approved capital distributions (including on a winding up), subject to the £8,000,000 aggregate cap shared with all classes except G ordinary shares.

Class D ordinary shares

D ordinary shares carry voting rights of two votes for every eleven shares held. They entitle holders to participate in approved income distributions, which may differ from those of other classes. They participate in approved capital distributions (including on a winding up), subject to the £8,000,000 aggregate cap applicable to all share classes other than G ordinary shares.

Class E ordinary shares

E ordinary shares carry voting rights of two votes for every five shares held. They confer rights to participate in approved income distributions, which may differ from distributions of other classes. They also participate in approved capital distributions (including on a winding up), subject to the £8,000,000 aggregate cap shared with all classes except G ordinary shares.

Class F ordinary shares

F ordinary shares carry voting rights of two votes for every five shares held. They entitle holders to participate in approved income distributions, which may differ from those of other share classes. They participate in approved capital distributions (including on a winding up), subject to the £8,000,000 aggregate cap applicable to all share classes other than G ordinary shares.

Class G ordinary shares

G ordinary shares do not carry general voting rights, except on matters affecting the rights attaching to those shares. They do not participate in income distributions. They are entitled to participate in capital distributions (including on a winding up) only after an aggregate amount of £8,000,000 has been distributed to holders of all other share classes.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
21
Share capital
(Continued)
- 29 -

During the year, the company undertook a reorganisation of its share capital, comprising a bonus issue of shares and a subsequent redesignation of its share classes.

Bonus issue

The company capitalised £200 from distributable reserves and issued 200 Class G Ordinary shares as fully paid bonus shares to existing shareholders. Prior to this transaction, the company had only Class A Ordinary shares in issue.

The bonus issue did not change the total net assets of the company but resulted in a transfer from profit and loss reserves to share capital. The newly issued Class G Ordinary shares rank in accordance with the rights attaching to that class, as disclosed above.

Redesignation of share capital

Following the bonus issue, the company redesignated its share capital into multiple classes of shares (including Class A to Class G Ordinary shares). This redesignation did not change the total issued share capital of the company but amended the rights attaching to the shares, including voting rights and rights to income and capital distributions, as described above.

No consideration was received or paid in respect of the redesignation, and accordingly there was no impact on the total equity of the company.

22
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
750,000
1,653,750
-
-

Included within capital commitments is £750,000 (30 September 2024: £29,750) which has been recognised within debtors.

23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
302,688
139,747
Other information
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
23
Related party transactions
(Continued)
- 30 -

At the balance sheet date the company was owed £249,950 (September 2024: £249,950) by East Coast Marine Aggregates Limited, a joint venture company. This amount has been fully provided for at the balance sheet date.

During the year the the subsidiary Eastern Concrete Limited made sales of £Nil (September 2024: £Nil) and purchases of £1,702,620 (September 2024: £697,806) with the joint venture East Coast Marine Aggregates Limited. At the balance sheet date, Eastern Concrete Limited owed East Coast Marine Aggregates Limited £110,702 (September 2024: £249,249).

The subsidiary Eastern Concrete Limited has provided the bank a guarantee of £1,015,000 (September 2024:£1,015,000) in respect of the borrowings of the company.

24
Controlling party

There is no ultimate controlling party by virtue of no one shareholder owning more than 50% of the shares in the company.

25
Directors' transactions

Dividends totalling £0 (2024 - £0) were paid in the period in respect of shares held by the company's directors.

At the balance sheet date, the group owed the directors £783,154 (September 2024: £835,807) in respect of a loan account which is repayable on demand and subject to interest at 8%, which during the period amounts to £80,853 (September 2024: £29,545).

26
Cash generated from group operations
2025
2024
£
£
Profit after taxation
565,991
185,804
Adjustments for:
Taxation charged
194,777
66,121
Finance costs
570,732
223,305
Investment income
(1,174)
(2,045)
Gain on disposal of tangible fixed assets
(2,280)
(4,387)
Depreciation and impairment of tangible fixed assets
1,392,391
362,196
Movements in working capital:
Increase in stocks
(62,087)
(55,978)
Increase in debtors
(662,627)
(372,327)
(Decrease)/increase in creditors
(99,812)
245,246
Cash generated from operations
1,895,911
647,935
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 31 -
27
Analysis of changes in net debt - group
1 October 2024
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
278,785
68,728
347,513
Borrowings excluding overdrafts
(578,535)
80,028
(498,507)
Payment of finance leases obligations
(2,480,625)
(1,228,439)
(3,709,064)
(2,780,375)
(1,079,683)
(3,860,058)
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