| REGISTERED NUMBER: |
| Irwins Quality Aggregates Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2026 |
| REGISTERED NUMBER: |
| Irwins Quality Aggregates Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2026 |
| Irwins Quality Aggregates Limited (Registered number: NI612868) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2026 |
| Page |
| Company information | 1 |
| Statement of financial position | 2 | to | 3 |
| Notes to the financial statements | 4 | to | 10 |
| Irwins Quality Aggregates Limited |
| Company Information |
| for the Year Ended 31 March 2026 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered Accountants |
| Armagh Business Centre |
| 2 Loughgall Road |
| Armagh |
| BT61 7NH |
| Bankers: |
| 11-16 Donegal Square East |
| Belfast |
| Antrim |
| BT1 5UB |
| Solicitors: |
| 12-14 Mandeville Street |
| Portadown |
| Co Armagh |
| BT62 3NZ |
| Irwins Quality Aggregates Limited (Registered number: NI612868) |
| Statement of Financial Position |
| 31 March 2026 |
| 2026 | 2025 |
| Notes | £ | £ |
| Fixed assets |
| Intangible assets | 4 |
| Property, plant and equipment | 5 |
| Investments | 6 |
| Current assets |
| Inventories | 7 |
| Receivables | 8 |
| Cash at bank |
| Payables |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Payables |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| Provisions for liabilities | 11 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 12 |
| Capital redemption reserve |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Irwins Quality Aggregates Limited (Registered number: NI612868) |
| Statement of Financial Position - continued |
| 31 March 2026 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Irwins Quality Aggregates Limited (Registered number: NI612868) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2026 |
| 1. | Statutory information |
| Irwins Quality Aggregates Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the statement of financial position and amortised on a straight line basis over its useful economic life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business. |
| Property, plant and equipment |
| Freehold property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Property, plant and equipment under the cost model are stated at historical cost, less accumulated depreciation. 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. |
| Investments in associates |
| Associates are entities in which the company has significant influence, but neither control nor joint control, generally through holding between 20% and 50% of the voting rights. |
| Investments in associates are initially recognised at cost. Subsequently, investments are measured at cost less any accumulated impairment losses. |
| The company assesses at each reporting date whether there is objective evidence that an investment in an associate is impaired. Where indicators of impairment exist, the investment is reviewed and written down to its recoverable amount. Any impairment loss is recognised in the profit and loss account. |
| Dividend income from associates is recognised in the profit and loss account when the company's right to receive payment has been established. |
| Inventories |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Irwins Quality Aggregates Limited (Registered number: NI612868) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2026 |
| 2. | Accounting policies - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Irwins Quality Aggregates Limited (Registered number: NI612868) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2026 |
| 2. | Accounting policies - continued |
| Financial instruments |
| The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments: |
| (i) Financial assets |
| Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. |
| 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. |
| If there is 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 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. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| (iii) Offsetting |
| 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. |
| 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. |
| Receivables |
| Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Irwins Quality Aggregates Limited (Registered number: NI612868) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2026 |
| 2. | Accounting policies - continued |
| Payables |
| Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| 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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
| 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 the Statement of Income and Retained Earnings 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. |
| Critical accounting judgements and key sources of estimation uncertainty |
| Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
| Useful economic lives of intangible and tangible assets |
| The annual depreciation and amortisation charges for intangible and tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See property, plant and equipment note for the carrying amount of the assets, and above for the useful economic lives for each class of asset. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Intangible fixed assets |
| Goodwill |
| £ |
| Cost |
| At 1 April 2025 |
| and 31 March 2026 |
| Amortisation |
| At 1 April 2025 |
| and 31 March 2026 |
| Net book value |
| At 31 March 2026 |
| At 31 March 2025 |
| Irwins Quality Aggregates Limited (Registered number: NI612868) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2026 |
| 5. | Property, plant and equipment |
| Freehold | Plant and | Motor | Computer |
| property | machinery | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 April 2025 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2026 |
| Depreciation |
| At 1 April 2025 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2026 |
| Net book value |
| At 31 March 2026 |
| At 31 March 2025 |
| Fixed assets, included in the above, which are held under finance leases are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| Cost |
| At 1 April 2025 |
| Additions |
| Transfer to ownership | - | (111,000 | ) | (111,000 | ) |
| At 31 March 2026 |
| Depreciation |
| At 1 April 2025 |
| Charge for year |
| Transfer to ownership | - | (74,903 | ) | (74,903 | ) |
| At 31 March 2026 |
| Net book value |
| At 31 March 2026 |
| At 31 March 2025 |
| Irwins Quality Aggregates Limited (Registered number: NI612868) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2026 |
| 6. | Fixed asset investments |
| Interest in |
| associate |
| £ |
| Cost |
| At 1 April 2025 | 1,000,000 |
| Additions |
| At 31 March 2026 |
| Net book value |
| At 31 March 2026 |
| At 31 March 2025 |
| 7. | Inventories |
| 2026 | 2025 |
| £ | £ |
| Finished goods |
| The replacement cost of inventory did not differ significantly from the figures shown. |
| 8. | Receivables: amounts falling due within one year |
| 2026 | 2025 |
| £ | £ |
| Trade receivables |
| Other receivables |
| 9. | Payables: amounts falling due within one year |
| 2026 | 2025 |
| £ | £ |
| Finance leases |
| Trade payables |
| Taxation and social security |
| Other payables |
| The bank facility is secured by the following:- |
| (a) An all monies debenture over Irwins Quality Aggregates Limited. |
| (b) A first legal charge over the company property at 55 Gortgonis Road, Coalisland, Co Tyrone. |
| The finance leases are secured on assets included within property, plant and equipment with a net book value of £428,709. |
| 10. | Payables: amounts falling due after more than one year |
| 2026 | 2025 |
| £ | £ |
| Finance leases |
| Irwins Quality Aggregates Limited (Registered number: NI612868) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2026 |
| 11. | Provisions for liabilities |
| 2026 | 2025 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred tax |
| £ |
| Balance at 1 April 2025 |
| Provided during year |
| Balance at 31 March 2026 |
| 12. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2026 | 2025 |
| value: | £ | £ |
| Ordinary | 1 | 10,350 | 10,350 |
| Ordinary A, B and C class |
| shares | 1 | 750 | 750 |
| 11,100 | 11,100 |
| 13. | Related party disclosures |
| In December 2022 Irwins Quality Aggregates Limited invested £1,000,000 to acquire a one third shareholding in W D Irwin & Sons (Portadown) Limited. In September 2025, Irwins Quality Aggregates Limited invested a further £270,000 in W D Irwin & Son (Portadown) Limited. No dividends or other distributions have been received from this investment in the year. Irwin Quallity Aggregates Limited now holds 37.3% of the shares in W D Irwin & Sons (Portadown) Limited. |
| Included within other creditors is a balance owed to the directors of £132,000 (2025: £109,627). No interest is charged on this balance. |