| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| For The Year Ended 31 March 2025 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Consolidated Statement of Comprehensive Income | 8 |
| Consolidated Balance Sheet | 9 |
| Company Balance Sheet | 10 |
| Consolidated Statement of Changes in Equity | 11 |
| Company Statement of Changes in Equity | 12 |
| Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Financial Statements | 15 |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED |
| COMPANY INFORMATION |
| For The Year Ended 31 March 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| Unit 1, St Stephens Court |
| 15-17 St Stephens Road |
| Bournemouth |
| Dorset |
| BH2 6LA |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| GROUP STRATEGIC REPORT |
| For The Year Ended 31 March 2025 |
| The directors present their strategic report of the company and the group for the year ended 31 March 2025. |
| REVIEW OF BUSINESS |
| The group delivered revenue of £24.7m (2023/24: £20.4m), generating a profit before tax of £1.5m (2023/24: breakeven). 74% of our revenue in 2024/25 (2023/24: 72%) derived from repeat customers, while 26% came from new business (2023/24: 28%). |
| Market conditions remain challenging driven by political decision making on both sides of the Atlantic. We are proud of the leading role our Managing Director took to ensure that British Steel retained its blast furnaces to continue to make steel in the UK. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The board considers risk assessment, identification of mitigating actions and internal control to be fundamental to the operation of the group. The principal risks are described as: |
| - Management of health and safety risks. |
| - Successful winning and execution of contracts. |
| - Provision of first-class customer service. |
| - Attracting, retaining and motivating employees. |
| - Maintenance of a supportive and capable supply chain |
| Health and safety continues to be a core value for the group, working under the motto of Safety First. Regular safety briefings are held and all team members are encouraged to report potential safety concerns to help us to continuously improve our safety systems. |
| The group's business development and bid management functions are responsible for identifying and winning new business within profitability parameters set by the board. The group's contract management resources are responsible for the successful execution of projects while the whole group is focused on delivering first-class customer service. |
| The majority of the group's export revenue is denominated in Sterling, meaning that the group does not face a significant currency risk. When foreign currency orders are won, the group takes out contracts to hedge its risk using established foreign exchange broking relationships. |
| The group's human resources function is responsible for working with line managers to recruit, train and retain our employees. New joiners are given a bespoke training plan to ensure that they are fully versed in the requirements of their role and all employees participate in an annual appraisal cycle to support their personal and business development. All employees participate in a common annual incentive programme while senior managers and non-family directors benefit from an enterprise management incentive scheme which gives them options to purchase minority shareholdings in the group. |
| The group's commercial discipline is responsible for maintaining key supplier relationships including supplier selection, development and management. Close and loyal relationships with key suppliers ensures that the group is able to obtain excellent supplier service giving us a competitive advantage in winning and executing projects. |
| FIXED ASSETS |
| The group has invested £367,000 in new production plant and machinery during the year as part of a recapitalisation programme aimed at improving efficiency and maintaining competitivity. |
| FUTURE DEVELOPMENTS |
| The development of our new factory started during the year with the demolition of existing buildings on the site. The directors intend to complete the first phase of the factory build using a combination of internal and external finance. In the meantime, the group will continue to make selected investments in production and other capacity and efficiencies to support the growth required to allow the factory development to take place. |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| GROUP STRATEGIC REPORT |
| For The Year Ended 31 March 2025 |
| OUTLOOK |
| The group entered the new financial year with a strong order book and a robust sales funnel. While there are continued headwinds in domestic markets and global instability is disturbing our export markets, the directors believe that the group is well positioned to continue to grow the company in 2025/26. |
| The directors have agreed not to pay any final dividend for 2024/25. The payment of dividends in 2025/26 remain under review. |
| ON BEHALF OF THE BOARD: |
| 2 July 2025 |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| REPORT OF THE DIRECTORS |
| For The Year Ended 31 March 2025 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of the design, manufacture and erection of high quality steel structures, including aircraft hangars and their electro-mechanical doors, warehouses, industrial buildings, grandstands, multi-storey buildings for hotels, offices and multi-storey car parks, highway bridges, sports halls, protective hangars for military aircraft, defence structures, communication towers and many other steel structures. The group also designs, manufactures and installs doors, curtain walling, windows and other glazing systems. The group has a proud history of designing and fabricating containerised structures for export markets, for which erection supervisory services are provided world-wide. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 March 2025. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report: |
| Peter Reid |
| Timothy Reid |
| Simon Boyd |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group 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; |
| - | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Schofields, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED |
| Opinion |
| We have audited the financial statements of John Reid and Sons (Strucsteel) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| An understanding of the legal and regulatory framework the company operates in was obtained through discussions with directors and other management in addition to our general industry and sector experience. The most significant laws and regulations identified, being those that have a direct effect on material amounts and disclosures in the financial statements, are FRS 102, Companies Act 2006 and HM Revenue & Customs (HMRC) Tax Legislation. |
| We also considered other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate, or to avoid material penalty. These included the requirements of the various Health and Safety Regulations. |
| Audit procedures were performed to obtain sufficient evidence regarding compliance. These procedures include making enquiries to directors and other management in addition to the inspection of applicable regulatory and legal correspondence. Financial statement disclosures were reviewed and tested to supporting documentation. |
| Enquiries were also made to the directors and other management to assess the company's internal control environment and their policies and procedures on fraud risk. The company's systems and controls were documented, and audit procedures were designed to test these controls. Further, the risk of management override of controls was addressed through testing journal entries and other adjustments for appropriateness. The judgements made in making accounting estimates were assessed for any indication of potential bias, and the business rationale of significant transactions outside the normal course of the business was evaluated. |
| We have properly planned and performed the audit in accordance with auditing standards and all members of the engagement team have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. However, the inherent nature of the audit, and the limited procedures performed, means there is an unavoidable risk that some irregularities may have gone undetected. 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditors |
| Unit 1, St Stephens Court |
| 15-17 St Stephens Road |
| Bournemouth |
| Dorset |
| BH2 6LA |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
| For The Year Ended 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| TURNOVER | 24,743,289 | 20,465,371 |
| Cost of sales | (19,111,223 | ) | (16,769,475 | ) |
| GROSS PROFIT | 5,632,066 | 3,695,896 |
| Administrative expenses | (3,991,978 | ) | (3,541,334 | ) |
| 1,640,088 | 154,562 |
| Other operating income | 5,912 | 7,118 |
| OPERATING PROFIT | 4 | 1,646,000 | 161,680 |
| Interest receivable and similar income | 130,971 | 159,705 |
| 1,776,971 | 321,385 |
| Interest payable and similar expenses | 5 | (413,672 | ) | (369,981 | ) |
| PROFIT/(LOSS) BEFORE TAXATION | 1,363,299 | (48,596 | ) |
| Tax on profit/(loss) | 6 | (413,735 | ) | (14,462 | ) |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
949,564 |
(63,058 |
) |
| Profit/(loss) attributable to: |
| Owners of the parent | 949,564 | (63,058 | ) |
| Total comprehensive income attributable to: |
| Owners of the parent | 949,564 | (63,058 | ) |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| CONSOLIDATED BALANCE SHEET |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 | - | - |
| Tangible assets | 9 | 11,733,936 | 11,590,134 |
| Investments | 10 | - | - |
| 11,733,936 | 11,590,134 |
| CURRENT ASSETS |
| Stocks | 11 | 399,869 | 639,753 |
| Debtors | 12 | 5,219,307 | 6,060,440 |
| Cash at bank and in hand | 4,660,492 | 1,130,701 |
| 10,279,668 | 7,830,894 |
| CREDITORS |
| Amounts falling due within one year | 13 | 6,515,848 | 5,130,435 |
| NET CURRENT ASSETS | 3,763,820 | 2,700,459 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
15,497,756 |
14,290,593 |
| CREDITORS |
| Amounts falling due after more than one year | 14 | (4,645,197 | ) | (4,785,647 | ) |
| PROVISIONS FOR LIABILITIES | 18 | (525,360 | ) | (127,311 | ) |
| NET ASSETS | 10,327,199 | 9,377,635 |
| CAPITAL AND RESERVES |
| Called up share capital | 19 | 40,594 | 40,594 |
| Revaluation reserve | 20 | 1,428,193 | 1,428,193 |
| Merger reserve | 20 | 1,927,046 | 1,927,046 |
| Shares held in treasury | 20 | (1,859,250 | ) | (1,859,250 | ) |
| Retained earnings | 20 | 8,790,616 | 7,841,052 |
| SHAREHOLDERS' FUNDS | 10,327,199 | 9,377,635 |
| The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2025 and were signed on its behalf by: |
| Simon Boyd - Director |
| Timothy Reid - Director |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| COMPANY BALANCE SHEET |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 18 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 19 |
| Revaluation reserve | 20 |
| Shares held in treasury | 20 | ( |
) | ( |
) |
| Retained earnings | 20 |
| SHAREHOLDERS' FUNDS |
| Company's loss for the financial year | (38,095 | ) | (56,150 | ) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| For The Year Ended 31 March 2025 |
| Called up |
| share | Retained | Revaluation |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 April 2023 | 40,594 | 7,904,110 | 1,428,193 |
| Changes in equity |
| Total comprehensive income | - | (63,058 | ) | - |
| Balance at 31 March 2024 | 40,594 | 7,841,052 | 1,428,193 |
| Changes in equity |
| Total comprehensive income | - | 949,564 | - |
| Balance at 31 March 2025 | 40,594 | 8,790,616 | 1,428,193 |
| Shares |
| Merger | held in | Total |
| reserve | treasury | equity |
| £ | £ | £ |
| Balance at 1 April 2023 | 1,927,046 | (1,859,250 | ) | 9,440,693 |
| Changes in equity |
| Total comprehensive income | - | - | (63,058 | ) |
| Balance at 31 March 2024 | 1,927,046 | (1,859,250 | ) | 9,377,635 |
| Changes in equity |
| Total comprehensive income | - | - | 949,564 |
| Balance at 31 March 2025 | 1,927,046 | (1,859,250 | ) | 10,327,199 |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| For The Year Ended 31 March 2025 |
| Called up | Shares |
| share | Retained | Revaluation | held in | Total |
| capital | earnings | reserve | treasury | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 April 2023 | ( |
) |
| Changes in equity |
| Deficit for the year | - | (56,150 | ) | - | - | (56,150 | ) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 March 2024 | ( |
) |
| Changes in equity |
| Deficit for the year | - | (38,095 | ) | - | - | (38,095 | ) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 March 2025 | ( |
) |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| CONSOLIDATED CASH FLOW STATEMENT |
| For The Year Ended 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 4,530,583 | (277,195 | ) |
| Interest paid | (330,283 | ) | (287,659 | ) |
| Interest element of hire purchase payments paid | (83,389 | ) | (82,322 | ) |
| Tax received/(paid) | (15,686 | ) | 3,810 |
| Net cash from operating activities | 4,101,225 | (643,366 | ) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (474,764 | ) | (4,496,922 | ) |
| Sale of tangible fixed assets | 18,283 | 24,733 |
| Interest received | 130,971 | 159,705 |
| Net cash from investing activities | (325,510 | ) | (4,312,484 | ) |
| Cash flows from financing activities |
| Capital repayments in year | (223,007 | ) | (253,570 | ) |
| Loans advanced in year | - | 4,000,000 |
| Loan capital repayments in year | (56,086 | ) | (43,446 | ) |
| Amounts repaid by directors | 33,169 | - |
| Amounts advanced to directors | - | (8,627 | ) |
| Net cash from financing activities | (245,924 | ) | 3,694,357 |
| Increase/(decrease) in cash and cash equivalents | 3,529,791 | (1,261,493 | ) |
| Cash and cash equivalents at beginning of year | 2 | 1,130,701 | 2,392,194 |
| Cash and cash equivalents at end of year | 2 | 4,660,492 | 1,130,701 |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| For The Year Ended 31 March 2025 |
| 1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2025 | 2024 |
| £ | £ |
| Profit/(loss) before taxation | 1,363,299 | (48,596 | ) |
| Depreciation charges | 394,255 | 334,777 |
| Loss/(profit) on disposal of fixed assets | 109,529 | (24,733 | ) |
| Movement in sales invoiced in advance | 608,807 | 387,212 |
| Finance costs | 413,672 | 369,981 |
| Finance income | (130,971 | ) | (159,705 | ) |
| 2,758,591 | 858,936 |
| Decrease/(increase) in stocks | 239,884 | (178,323 | ) |
| Decrease/(increase) in trade and other debtors | 807,964 | (300,959 | ) |
| Increase/(decrease) in trade and other creditors | 724,144 | (656,849 | ) |
| Cash generated from operations | 4,530,583 | (277,195 | ) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 March 2025 |
| 31/3/25 | 1/4/24 |
| £ | £ |
| Cash and cash equivalents | 4,660,492 | 1,130,701 |
| Year ended 31 March 2024 |
| 31/3/24 | 1/4/23 |
| £ | £ |
| Cash and cash equivalents | 1,130,701 | 2,392,194 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| Other |
| non-cash |
| At 1/4/24 | Cash flow | changes | At 31/3/25 |
| £ | £ | £ | £ |
| Net cash |
| Cash at bank |
| and in hand | 1,130,701 | 3,529,791 | 4,660,492 |
| 1,130,701 | 3,529,791 | 4,660,492 |
| Debt |
| Finance leases | (1,164,501 | ) | 223,008 | (191,106 | ) | (1,132,599 | ) |
| Debts falling due |
| within 1 year | (56,086 | ) | (4,646 | ) | - | (60,732 | ) |
| Debts falling due |
| after 1 year | (3,900,469 | ) | 60,732 | - | (3,839,737 | ) |
| (5,121,056 | ) | 279,094 | (191,106 | ) | (5,033,068 | ) |
| Total | (3,990,355 | ) | 3,808,885 | (191,106 | ) | (372,576 | ) |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| For The Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| John Reid and Sons (Strucsteel) Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The impact of current economic conditions and other factors has been considered by the directors when assessing whether the company is a going concern. Management has taken into account all of the available information about the future of the company and its ability to meet debts and obligations as they fall due. It has been concluded that it is appropriate for the financial statements to be prepared on a going concern basis. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirement of paragraph 33.7. |
| Basis of consolidation |
| The consolidated financial statements present financial information about the group as a single economic entity through combining the financial statements of the company and all of its subsidiaries as identified in note 11. Intragroup balances and transactions are eliminated in full. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue and expenses during the year. However the nature of estimation means the actual outcomes could differ from those involving estimates. |
| The estimation of construction contracts has had the most significant effect on amounts recognised in the financial statements. When the outcome of a construction contract can be estimated reliably, contract revenue and costs associated with the construction contract are recognised by reference to the stage of completion of the contract activity at the reporting date. |
| Outcomes of construction contracts are estimated using internally generated detailed costings. The stage of completion is measured using the costs incurred for work performed to date as a percentage of estimated total costs. |
| Turnover |
| Turnover is recognised when economic benefits flow to the group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. |
| When the outcome of a construction contract can be estimated reliably, revenue associated with the construction contract is recognised by reference to the stage of completion of the contract activity at the reporting date. |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks and construction contracts |
| Stocks are valued at the lower of cost and net realisable value, with costs comprising of direct materials. |
| When the outcome of a construction contract can be estimated reliably, contract revenue and costs associated with the construction contract are recognised by reference to the stage of completion of the contract activity at the reporting date. When it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss is recognised as an expense immediately. |
| Recorded turnover in excess of payments on account are classified as amounts recoverable on contracts and are separately disclosed within debtors. The balance of payments on account are classified as payments on account and separately disclosed within creditors. |
| The stage of completion of a construction contract is measured using the costs incurred for work performed to date as a percentage of estimated total costs. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
| Loans and borrowings are initially recognised at the transition price including transition costs. Subsequently, they are measured at amortised cost using the effective interest method, less impairment. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2025 | 2024 |
| £ | £ |
| Wages and salaries | 6,179,842 | 5,189,017 |
| Social security costs | 712,119 | 551,256 |
| Pension costs | 400,006 | 218,111 |
| 7,291,967 | 5,958,384 |
| The average number of employees during the year was as follows: |
| 2025 | 2024 |
| Office and Management | 73 | 69 |
| Production | 49 | 49 |
| 122 | 118 |
| 2025 | 2024 |
| £ | £ |
| Directors' remuneration | 812,039 | 540,013 |
| Directors' pension contributions to money purchase schemes | 36,000 | 36,000 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 3 | 3 |
| Information regarding the highest paid director is as follows: |
| 2025 | 2024 |
| £ | £ |
| Emoluments etc | 314,229 | 280,021 |
| Pension contributions to money purchase schemes | 12,000 | 12,000 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2025 | 2024 |
| £ | £ |
| Other operating leases | 21,121 | 88,605 |
| Depreciation - owned assets | 185,508 | 160,036 |
| Depreciation - assets on hire purchase contracts | 208,749 | 174,742 |
| (Profit)/loss on disposal of fixed assets | 109,529 | (24,733 | ) |
| Auditors' remuneration | 29,400 | 28,500 |
| Foreign exchange differences | 26,974 | 286 |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2025 | 2024 |
| £ | £ |
| Bank and other interest | 16,367 | 18,395 |
| Mortgage interest | 313,916 | 269,264 |
| Hire purchase | 83,389 | 82,322 |
| 413,672 | 369,981 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2025 | 2024 |
| £ | £ |
| Current tax: |
| Foreign corporation tax | 15,686 | 44,414 |
| Deferred tax | 398,049 | (29,952 | ) |
| Tax on profit/(loss) | 413,735 | 14,462 |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2025 | 2024 |
| £ | £ |
| Profit/(loss) before tax | 1,363,299 | (48,596 | ) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) |
340,825 |
(12,149 |
) |
| Effects of: |
| Expenses not deductible for tax purposes | 52,474 | - |
| Depreciation in excess of capital allowances | 8,671 | 8,608 |
| Adjustments to tax charge in respect of previous periods | - | 210 |
| Research and development enhanced deduction/tax credits | - | (15,517 | ) |
| Foreign tax paid/deducted | 11,765 | 33,310 |
| Total tax charge | 413,735 | 14,462 |
| 7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 8. | INTANGIBLE FIXED ASSETS |
| Company |
| Patents |
| and |
| licences |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 April 2024 | 10,248,677 | 3,150,334 | 273,127 |
| Additions | 67,060 | 367,339 | - |
| Disposals | - | (290,589 | ) | (42,804 | ) |
| At 31 March 2025 | 10,315,737 | 3,227,084 | 230,323 |
| DEPRECIATION |
| At 1 April 2024 | 371,592 | 1,757,322 | 270,987 |
| Charge for year | 48,384 | 191,741 | 1,647 |
| Eliminated on disposal | - | (184,070 | ) | (42,804 | ) |
| At 31 March 2025 | 419,976 | 1,764,993 | 229,830 |
| NET BOOK VALUE |
| At 31 March 2025 | 9,895,761 | 1,462,091 | 493 |
| At 31 March 2024 | 9,877,085 | 1,393,012 | 2,140 |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2024 | 133,577 | 1,204,802 | 15,010,517 |
| Additions | 152,716 | 78,755 | 665,870 |
| Disposals | (47,226 | ) | (109,180 | ) | (489,799 | ) |
| At 31 March 2025 | 239,067 | 1,174,377 | 15,186,588 |
| DEPRECIATION |
| At 1 April 2024 | 101,222 | 919,260 | 3,420,383 |
| Charge for year | 19,104 | 133,380 | 394,256 |
| Eliminated on disposal | (27,519 | ) | (107,594 | ) | (361,987 | ) |
| At 31 March 2025 | 92,807 | 945,046 | 3,452,652 |
| NET BOOK VALUE |
| At 31 March 2025 | 146,260 | 229,331 | 11,733,936 |
| At 31 March 2024 | 32,355 | 285,542 | 11,590,134 |
| Included in cost of land and buildings is freehold land of £8,320,034 (2024 - £8,320,034) which is not depreciated. |
| The net book value of tangible fixed assets includes £ 1,288,509 (2024 - £ 1,197,049 ) in respect of assets held under hire purchase contracts. |
| Company |
| Freehold |
| property |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 10. | FIXED ASSET INVESTMENTS |
| The total of £40,595 represents shares in subsidiary companies at cost. |
| The company's investments at the balance sheet date in the share capital of companies include the following: |
| Class of Shares |
% Holding |
Nature of Business |
| John Reid and Sons (Strucsteel) Limited | Ordinary | 100.00 | Steel buildings and accessories |
| Reidsteel Limited | Ordinary | 100.00 | Dormant |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 11. | STOCKS |
| Group |
| 2025 | 2024 |
| £ | £ |
| Raw materials | 399,869 | 639,753 |
| 12. | DEBTORS |
| Group | Company |
| 2025 | 2024 | 2025 | 2024 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 1,443,579 | 3,013,218 |
| Amounts recoverable on contracts | 1,336,572 | 701,350 |
| Other debtors | 1,778,856 | 1,652,677 |
| Corporation tax | 45,494 | 45,494 |
| Prepayments and accrued income | 188,466 | 221,361 |
| 4,792,967 | 5,634,100 |
| Amounts falling due after more than one year: |
| Corporation tax | 426,340 | 426,340 | 414,848 | 414,848 |
| Aggregate amounts | 5,219,307 | 6,060,440 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2025 | 2024 | 2025 | 2024 |
| £ | £ | £ | £ |
| Other loans (see note 15) | 60,732 | 56,086 |
| Hire purchase contracts (see note 16) | 327,139 | 279,323 |
| Trade creditors | 1,341,955 | 1,489,584 |
| Amounts owed to group undertakings | - | - |
| Social security and other taxes | 188,652 | 175,512 |
| Sales invoiced in advance | 3,388,011 | 2,779,206 | - | - |
| Accrued expenses | 1,209,359 | 350,724 |
| 6,515,848 | 5,130,435 |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2025 | 2024 |
| £ | £ |
| Other loans (see note 15) | 3,839,737 | 3,900,469 |
| Hire purchase contracts (see note 16) | 805,460 | 885,178 |
| 4,645,197 | 4,785,647 |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 15. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Mortgage | 60,732 | 56,086 |
| Amounts falling due between one and two years: |
| Mortgage - 1-2 years | 65,763 | 60,732 |
| Amounts falling due between two and five years: |
| Mortgage - 2-5 years | 231,818 | 214,083 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Mortgage more 5yrs instal | 3,542,156 | 3,625,654 |
| The mortgage is repayable by monthly instalments and matures in 2048. |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 327,139 | 279,323 |
| Between one and five years | 805,460 | 885,178 |
| 1,132,599 | 1,164,501 |
| Group |
| Non-cancellable operating | leases |
| 2025 | 2024 |
| £ | £ |
| Within one year | 15,689 | 21,121 |
| Between one and five years | - | 15,689 |
| 15,689 | 36,810 |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 2025 | 2024 |
| £ | £ |
| Mortgage | 3,900,469 | 3,956,554 |
| The mortgage is secured by way of a fixed charge over the freehold property held in the subsidiary company. |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 18. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2025 | 2024 | 2025 | 2024 |
| £ | £ | £ | £ |
| Deferred tax | 500,360 | 102,311 | 237,135 | 238,273 |
| Other provisions |
| Contract remedial costs | 25,000 | 25,000 | - | - |
| Aggregate amounts | 525,360 | 127,311 | 237,135 | 238,273 |
| Group |
| Contract |
| Deferred | remedial |
| tax | costs |
| £ | £ |
| Balance at 1 April 2024 | 102,311 | 25,000 |
| Charge to Statement of Comprehensive Income during year | 398,049 | - |
| Balance at 31 March 2025 | 500,360 | 25,000 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2024 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 March 2025 |
| The company deferred tax provision is analysed as follows: |
| 2025 | 2024 |
| Accelerated capital allowances (deferred tax asset) | 23,485 | 24,623 |
| Freehold property revaluation | 213,650 | 213,650 |
| 237,135 | 238,273 |
| 19. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 40,594 | 40,594 |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 20. | RESERVES |
| Group |
| Shares |
| Retained | Revaluation | Merger | held in |
| earnings | reserve | reserve | treasury | Totals |
| £ | £ | £ | £ | £ |
| At 1 April 2024 | 7,841,052 | 1,428,193 | 1,927,046 | (1,859,250 | ) | 9,337,041 |
| Profit for the year | 949,564 | 949,564 |
| At 31 March 2025 | 8,790,616 | 1,428,193 | 1,927,046 | (1,859,250 | ) | 10,286,605 |
| Company |
| Shares |
| Retained | Revaluation | held in |
| earnings | reserve | treasury | Totals |
| £ | £ | £ | £ |
| At 1 April 2024 | ( |
) | 6,175,631 |
| Deficit for the year | ( |
) | ( |
) |
| At 31 March 2025 | ( |
) | 6,137,536 |
| Retained earnings represents cumulative profits and losses net of dividends and other adjustments. |
| The revaluation reserve records the increase in fair value of land and buildings and investment property, less deferred tax. |
| The merger reserve records the difference between the consideration and nominal value of shares issued during a merger and the fair value of assets transferred. |
| The shares held in treasury reserve records the company's own issued shares that it has repurchased but not cancelled. |
| 21. | CONTINGENT LIABILITIES |
| The subsidiary company (supported by the parent company) in the normal course of business, has given guarantees totalling £1,836,532 in respect of the company's own contracts. Where the company enters into such arrangements, it does so in order to provide assurance to the beneficiary that it will fulfil its existing contractual obligations. The issue of such guarantees does not therefore increase the company's overall exposure and the disclosure of such bonds and guarantees is given for information purposes only. |
| The company has provided a cross guarantee with Barclays in respect to the bank facilities held by the subsidiary undertaking. |
| 22. | CAPITAL COMMITMENTS |
| 2025 | 2024 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | 103,633 | 28,849 |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024: |
| 2025 | 2024 |
| £ | £ |
| Peter Reid |
| Balance outstanding at start of year | 531,788 | 535,793 |
| Amounts repaid | - | (4,005 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 531,788 | 531,788 |
| Timothy Reid |
| Balance outstanding at start of year | 504,954 | 506,288 |
| Amounts advanced | 445 | - |
| Amounts repaid | - | (1,334 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 505,399 | 504,954 |
| Simon Boyd |
| Balance outstanding at start of year | 461,027 | 470,495 |
| Amounts repaid | (8,615 | ) | (9,468 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 452,412 | 461,027 |
| Loans to directors are unsecured, provided interest free and are repayable on demand. |
| 24. | RELATED PARTY DISCLOSURES |
| Key management personnel of the entity or its parent (in the aggregate) |
| 2025 | 2024 |
| £ | £ |
| Sale of fixed assets | - | 9,493 |
| Sales | 5,880 | - |
| Other related parties |
| 2025 | 2024 |
| £ | £ |
| Sales | 5,378 | 22,409 |
| Sale of fixed assets | 1,250 | 2,400 |
| Amount due from related party | 6,000 | 7,500 |
| JOHN REID AND SONS (STRUCSTEEL) HOLDINGS |
| LIMITED (REGISTERED NUMBER: 06170629) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 25. | SHARE-BASED PAYMENT TRANSACTIONS |
| The company operates an Enterprise Management Incentive (EMI) share option scheme under which options have been granted to employees. |
| A total of 2,842 share options have been granted under this scheme, all with an exercise price of £41.29 per share. The options are subject to a three-year vesting period from the date of grant. |
| As at the reporting date, the vesting schedule is as follows: |
| - 2,436 options have a vesting date of 31 October 2023. |
| - 406 options have a vesting date of 13 March 2025. |
| The options are equity-settled and are subject to the specified vesting conditions, with no performance based criteria. No options have been exercised during the period and all options remain unexercised as at the reporting date. |
| 26. | PENSION SCHEMES |
| The group operates a defined contribution pension scheme for the benefit of the employees and directors. The assets of the scheme are administered by the trustees in a fund independent from those of the group. |
| The contributions payable in the year amounted to £400,006 (2024 - £218,111). |
| 27. | GOVERNMENT GRANTS |
| During the year the group received government support grants totalling £nil (2024 - £2,500). |