The directors present their strategic report for the year ended 30 September 2025.

Cornish Concrete Products Limited is one of the UK's leading manufacturers of architectural and structural precast concrete elements. The main services provided by the company are pre-construction, manufacture, delivery and installation.

The company continues to operate across a broad range of construction sectors, including industrial, residential, institutional, commercial and infrastructure projects, providing both manufactured products and specialist contract services to a number of major and Tier 1 contractors.

The directors consider the principal financial performance indicators of the company to be turnover, gross profit, operating profit, profit before taxation, cash generation and the level and quality of secured future workload.

The company delivered a significant increase in activity during the year, with turnover increasing from £13.22 million to £15.59 million, representing growth of approximately 17.9%.

This increase reflects the progression of projects previously subject to contract slippage together with continued demand for the company's bespoke architectural and structural precast products and associated installation services.

Contract revenue increased substantially during the period and continues to represent the largest proportion of the company's turnover, demonstrating the company's ability to successfully deliver increasingly significant and technically demanding construction packages.

Gross profit increased from £2.05 million in 2024 to £2.31 million in 2025. Gross profit margin was approximately 14.8% compared with 15.5% in the previous year. Whilst the percentage margin reduced modestly, the directors are encouraged by the increased absolute contribution achieved from the higher level of activity.

The directors remain focused on improving project margin through stronger commercial management, procurement control, design coordination, production efficiency and management of subcontract and material costs.

Operating profit increased from £106,617 to £135,458, an improvement of approximately 27%, while profit before taxation increased from £55,088 to £80,512, an increase of approximately 46%.

Profit after taxation increased from £14,005 to £45,574.

The improvement in profitability reflects the benefits of the organisational and operational changes undertaken during recent periods together with the increased level of turnover achieved during the year.

The company has continued to strengthen its directly employed management resource, particularly within production, design and technical functions. This is intended to improve product quality, project coordination, programme control and reduce the company's reliance upon external design and engineering resources.

The business has also continued to invest in its manufacturing capability and facilities. Fixed asset additions during the year amounted to approximately £507,000, reflecting continued investment in plant, equipment, facilities and vehicles.

This investment supports the directors' long-term strategy of improving productivity, quality, health and safety and the company's ability to undertake larger and more complex projects.

Average employee numbers increased from 88 to 95 during the year. The directors consider the company's ability to recruit, develop and retain skilled employees to be fundamental to its future growth.

Turnover per employee also improved during the year, reflecting increased utilisation of the company's workforce and production capability.

The directors remain positive regarding the company's future trading prospects.

The level of secured work continues to provide visibility over future production and installation activity and supports the company's objective of maintaining and developing its position within the UK precast concrete market.

The company's sales strategy remains focused upon maintaining strong relationships with existing customers whilst selectively targeting projects where the company's specialist manufacturing, design and installation capability provides a competitive advantage.

The company continues to work closely with a number of major and Tier 1 contractors and has developed significant levels of repeat business.

The directors consider this repeat customer base, together with the company's specialist manufacturing capability, established workforce and continued capital investment, to provide a strong platform for future trading.

The company maintains a disciplined approach to tendering and contract selection. Potential projects are assessed having regard to commercial risk, programme, technical complexity, design responsibility, contractual conditions, available production capacity and expected financial return.

The directors believe this approach is important to ensuring that future turnover growth is achieved without compromising commercial performance or cash generation.

The increase in trading activity during the year has resulted in a corresponding increase in working-capital requirements.

Amounts due from contract customers increased during the year as a consequence of the higher level and stage of completion of construction contracts.

The directors recognise that strong commercial and cash management remains particularly important given the nature of construction contracts and continue to closely monitor applications for payment, certifications, retentions, variations and final account settlements.

The company's commercial and finance teams work closely together to ensure that contractual entitlements are identified, substantiated and recovered on a timely basis.

The company generated positive cash flow from operating activities during the year.

The business has continued to utilise its existing banking facilities and additional asset and loan finance to support working capital requirements and continued capital investment.

The directors regularly review cash-flow forecasts, borrowing facilities and future funding requirements and consider that the company's banking arrangements remain appropriate to support the anticipated level of trading.

The company continues to invest in improving all aspects of its production and operational processes.

Capital expenditure during the year included investment in plant, production facilities, fixtures and equipment and motor vehicles.

The objectives of this investment programme include:

• improving manufacturing efficiency and production capacity;

• maintaining and improving product quality;

• reducing operational and health and safety risk;

• improving working conditions;

• increasing the reliability of production;

• supporting the delivery of larger and more technically complex projects; and

• positioning the company for sustainable future growth.

The directors consider continued targeted capital investment to be important in maintaining the company's competitive position within the specialist precast concrete sector.

The company operates a structured approach to risk management.

Key performance indicators are used to monitor financial performance, health and safety, quality, customer satisfaction, employee performance and environmental matters.

The directors regularly review the risks and opportunities affecting the business.

The principal risks and uncertainties are considered to fall primarily within the following areas.

Commercial and Contractual Risk

The construction industry presents a range of commercial and contractual risks including programme delay, design development, inflation, variations, customer insolvency and disputes concerning valuation or contractual entitlement.

The company seeks to manage these risks through detailed pre-contract assessment, tender review, contract negotiation and project-level commercial management.

Bid/no-bid procedures are used to assess potential projects before significant resources are committed.

During project delivery, contract performance is monitored through regular operational and commercial reviews.

Particular emphasis is placed upon the timely identification and notification of variations, delays and changes in scope together with the maintenance of appropriate contractual records.

The directors consider strong commercial management to be an essential component of protecting project margin and cash flow.

Competitive Risk

The company operates within a competitive specialist construction market.

The company differentiates itself through its ability to provide an integrated service comprising pre-construction design advice, technical support, manufacture, delivery and installation.

Long-standing relationships with major contractors and repeat customers remain important to the company's business model.

The Board

The board's primary responsibility is to promote the long-term success of the company for the benefit of its shareholders whilst having regard to employees, customers, suppliers, the local community and other stakeholders.

The directors are responsible for the strategic direction and day-to-day management of the company.

Key matters reserved for board approval include:

• business strategy;

• financial budgets and forecasts;

• major capital expenditure;

• health and safety performance;

• organisational and senior management changes;

• significant contracts and commercial exposures;

• banking and financial arrangements; and

• material changes to company policies.

The board regularly reviews financial and operational performance together with the effectiveness of internal controls, governance and risk-management procedures.

Employees

The skills, commitment and experience of employees remain fundamental to the success of the business.

The company continues to invest in recruitment, training and professional development.

Health, safety and wellbeing remain key priorities and are regularly reviewed by the directors.

The company seeks to provide opportunities for employees to develop their skills and progress within the organisation.

Applications for employment from disabled persons are considered having regard to the ability of the individual to undertake the requirements of the role.

Where an existing employee becomes disabled, the company will, wherever reasonably practicable, seek to provide continuing employment, appropriate workplace adjustments, training and career development.

Customers

The company's reputation and long-term customer relationships remain central to its success.

The directors maintain regular engagement with customers throughout the pre-construction, design, manufacture and installation process.

Customer feedback and project performance are reviewed to identify areas in which the company's service and project delivery can be further improved.

The company's continued success in securing repeat business from major contractors is considered an important indicator of customer confidence.

Contractors and Suppliers

The directors recognise the importance of the company's supply chain in successfully delivering construction projects.

Subcontractors and suppliers are assessed having regard to capability, experience, financial standing, resources, quality and health and safety performance.

The directors consider the matters set out in section 172 (1) of the Companies Act 2006 when performing their duty and consider they have acted in-good faith in the way that would be most likely to promote the success of the company. The directors have continuing regard as to the interest of the company's employees and other stakeholders, the impact of its activities on the community, the environment and the company's reputation for good business conduct.

Cornish Concrete Products Limited is committed to engaging with its employees, stakeholders and the communities in which it operates.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 September 2025.

The principal activity of the company the year under review was that of the manufacture of architectural and structural precast concrete elements.

The results for the year are set out on page 16.

Ordinary dividends were paid amounting to £45,000. The directors do not recommend payment of a further dividend.

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

D Burrows is appointed to the role of Director Designate (effective 1 October 2022).

The company has maintained directors' liability insurance in respect of its directors.

The company's principal financial instruments comprise of bank balances, trade creditors, hire purchase contracts and bank loans. The main purpose of these instruments is to raise funds for the company's operations. The company does not enter into any hedging transactions.

The principal risks faced by the company have been mitigated as follows:

The company manages this particular risk through a combination of compiling projections and regular review of the management figures by the Directors. Where necessary, additional funds are sought to ensure that necessary funds are available to continue the company objectives.

The company constantly reviews the price of materials and adjusts the selling prices and prices quoted on contracts accordingly. These are agreed by the Directors. Quotation periods are minimise to reduce the risk of under-pricing materials, where prices are increasing. Advance payments are also required on certain jobs to help to fund the company.

The Directors are aware of the continual changes in law and regulations and the associated compliance costs and plan ahead accordingly. Compliance with laws and regulations is paramount to the continuation of the company and the company ensures that they comply. See the strategic report for more details.

Given that certain customers are required to pay an amount in advance and stage payments are made for contracts, the Directors assess that the exposure to credit risk is reduced.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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.

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 company’s auditor 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 company’s auditor is aware of that information.

The directors are responsible for preparing the annual 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

We have audited the financial statements of Cornish Concrete Products Limited (the 'company') for the year ended 30 September 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 30 September 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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:

• 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.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

• the financial statements are not in agreement with the accounting records and returns; or

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

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

As explained more fully in the directors' responsibilities statement, 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.

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.

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

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

• We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management.

• We considered the legal and regulatory frameworks most significant are those that relate to health and safety, company law, compliance with FRS 102 (UK GAAP), GDPR and employment matters. Other areas specific to the industry included noise pollution, planning and compliance.

• We assessed the extent of compliance with the above legislation through discussions with management and review of specific correspondence, including internal health and safety reviews.

• We corroborated our enquiries through our review of the minutes of the directors meetings and the record of accidents during the year. We also made enquiries with management of any potential litigation and claims and reviewed legal costs for evidence of any litigation.

We assessed the risks of material misstatement in respect of fraud as follows:

• We made enquiries of the directors and management of any knowledge of actual, suspected, or alleged fraud and considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud.

• We identified all related parties to the entity and the extent of transactions between those parties with the entity.

• We considered the risk of fraud through management override.

Based on this understanding we designed our audit procedures to identify and address material misstatements in relation to fraud as follows:

• Reviewing manual journal entries for evidence of management override or fraud.

• Identifying transactions between the entity and related parties and ensured disclosure in the accounts was correct.

• Performing analytical procedures to identify any unusual or unexpected relationships.

• Assessing whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 22 to 42 form part of these financial statements.

The notes on pages 22 to 42 form part of these financial statements.

The notes on pages 22 to 42 form part of these financial statements.

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

The notes on pages 22 to 42 form part of these financial statements.

The notes on pages 22 to 42 form part of these financial statements.

Cornish Concrete Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Point Mills, Bissoe, TRURO, Cornwall, England, TR4 8QZ.

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 company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Preparation of consolidated financial statements

The financial statements contain information about Cornish Concrete Products Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 402 of the Companies Act 2006 from the requirements to prepare consolidated financial statements because the subsidiary company is excluded from consolidation on the grounds that it is immaterial.

The directors have considered the company's financial position, current trading, secured workload, cash-flow forecasts and available banking facilities.true

The company reported a profit before taxation of £80,512 for the year ended 30 September 2025 and generated positive cash flow from operating activities. The directors recognise that the increase in trading activity has increased the company's working-capital requirements and continue to monitor cash flow, contract debtor recovery and banking facilities closely. The company has an established customer base, continued demand for its specialist products and services and a secured workload which provides visibility over future activity.

The directors have reviewed forecasts and projections covering a period of at least twelve months from the date of approval of the financial statements, including consideration of reasonably foreseeable changes in trading performance and working-capital requirements.

Having considered the company's current trading position, secured workload, forecast cash generation and available banking facilities, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going-concern basis in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where payments on account are received from customers in advance of services rendered the amounts are treated as deferred income and recognised within creditors. Amounts invoiced in advance of the stage of completion of works are recognised as deferred income within accruals.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

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

The cost of tangible assets include directly attributable incremental costs incurred in their acquisition and installation.

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:

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 credited or charged to profit or loss.

Interests in subsidiary undertakings are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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, an estimated proportion of direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Raw materials and consumables are stated as purchase cost on a first in, first out basis.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

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.

The company 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 company's balance sheet 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.

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 method 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, 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.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.

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 deducting all of its 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 payments 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.

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 through 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

The tax expense represents the sum of the tax currently payable and deferred 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

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

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 leases asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

In the application of the company’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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The depreciation rates are set to account for the cost of the asset over its useful economic life.

These are calculated and agreed by the directors on an individual contract/customer basis.

The measurement and recognition of deferred income. The company has control and review procedures in place to ensure that estimates are made consistently and on an appropriate basis, in accordance with contractual terms.

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.

Stock of finished goods is valued at 70% of the selling price. The directors consider this to be the best estimate of cost of producing the stock, including materials, labour and an apportionment of overhead costs that have been incurred in bringing the stocks to their present location and condition.

The turnover and profit before taxation are attributable to the one principal activity of the company.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

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

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Freehold land and buildings with a carrying amount of £439,238 (2024 - £483,232) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. See 'Loans and overdrafts' note for details.

Included within the net book value of the freehold property above is freehold land with a total value of £95,300 (2024: £95,300).

Details of the company's subsidiaries at 30 September 2025 are as follows:

Amounts owed by contract customers includes £139,045 falling due after one year (2024: £103,170)

Deferred income is made up of amounts due to customers for contract work.

The amounts shown as bank loans and bank overdrafts are secured by:

- Fixed and floating charges over the company's freehold property;

- Fixed and floating charge over the and owned by the Directors personally; and

- A unlimited debenture over the assets of the company.

The amounts shown as being under hire purchase and lease finance arrangements are secured against the assets to which they relate.

The bank loan with £64,890 outstanding at the year end matures on 20 May 2026 with interest charged at a fixed rate of 3.51%. The CBILS loan with £54,099 outstanding at the year end matures on 31 July 2026 and has a interest rate of 3.84% over the Bank of England base rate. The loan with £266,957 outstanding at the year end matures in August 2030 with a charge at a fixed rate of 6.69%.

Finance lease payments represent rentals payable by the company for certain items of plant, machinery, and motor vehicles obtained under Hire Purchase contracts. 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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

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

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The amount outstanding to the pension scheme at the year end was £12,667 (2024: £11,429).

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Amounts contracted for but not provided in the financial statements:

The remuneration of key management personnel is as follows.

The directors of the company (including the Director Designate) are considered to be the key management personnel of the company.

During the year the company was provided with services from two companies that are jointly controlled by a director of Cornish Concrete Products Limited and his wife as follows:

Purchases were made at rate discounted to reflect the quantity of services purchased and the relationships between the parties. The amounts outstanding are unsecured and will be settled in cash.

During the year the company paid £30,000 for rent of land to two of the directors.

During the year the company made advances to certain directors as follows:

Dividends totalling £45,000 (2024 - £0) were paid in the year in respect of shares held by the company's directors.