| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| JOHN REID & SONS (STRUCSTEEL) LIMITED |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| FOR |
| JOHN REID & SONS (STRUCSTEEL) LIMITED |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 31 March 2025 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Statement of Comprehensive Income | 9 |
| Balance Sheet | 10 |
| Statement of Changes in Equity | 11 |
| Notes to the Financial Statements | 12 |
| JOHN REID & SONS (STRUCSTEEL) 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 & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| STRATEGIC REPORT |
| For The Year Ended 31 March 2025 |
| The directors present their strategic report for the year ended 31 March 2025. |
| REVIEW OF BUSINESS |
| The company 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 company. 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 company, 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 company's business development and bid management functions are responsible for identifying and winning new business within profitability parameters set by the board. The company's contract management resources are responsible for the successful execution of projects while the whole company is focused on delivering first-class customer service. |
| The majority of the company's export revenue is denominated in Sterling, meaning that the company does not face a significant currency risk. When foreign currency orders are won, the company takes out contracts to hedge its risk using established foreign exchange broking relationships. |
| The company'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 company. |
| The company'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 company is able to obtain excellent supplier service giving us a competitive advantage in winning and executing projects. |
| FIXED ASSETS |
| The company 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 company 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 & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| STRATEGIC REPORT |
| For The Year Ended 31 March 2025 |
| OUTLOOK |
| The company 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 company 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 & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| REPORT OF THE DIRECTORS |
| For The Year Ended 31 March 2025 |
| The directors present their report with the financial statements of the company for the year ended 31 March 2025. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company 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 company also designs, manufactures and installs doors, curtain walling, windows and other glazing systems. The company 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. |
| Other changes in directors holding office are as follows: |
| POLITICAL DONATIONS AND EXPENDITURE |
| No political donations were made during the year (2024 - £5,000). |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the 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 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. |
| 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| REPORT OF THE DIRECTORS |
| For The Year Ended 31 March 2025 |
| 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 & SONS (STRUCSTEEL) LIMITED |
| Opinion |
| We have audited the financial statements of John Reid & Sons (Strucsteel) Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 March 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| JOHN REID & SONS (STRUCSTEEL) 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 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. |
| 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 & SONS (STRUCSTEEL) 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 & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| STATEMENT OF COMPREHENSIVE INCOME |
| For The Year Ended 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| 1,679,334 | 217,963 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 1,816,204 | 384,774 |
| Interest payable and similar expenses | 5 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 | ( |
) | ( |
) |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| BALANCE SHEET |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Stocks | 8 |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 11 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Share premium | 17 |
| Capital redemption reserve | 17 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| STATEMENT OF CHANGES IN EQUITY |
| For The Year Ended 31 March 2025 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 April 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | - | ( |
) |
| Balance at 31 March 2024 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 March 2025 |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 31 March 2025 |
| 1. | STATUTORY INFORMATION |
| John Reid & Sons (Strucsteel) 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 company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirement of paragraph 33.7. |
| 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. |
| 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 company 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. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 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. |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 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 |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 2025 | 2024 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2025 | 2024 |
| £ | £ |
| Other operating leases | 21,121 | 88,605 |
| Depreciation - owned assets | 146,372 | 121,118 |
| 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 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2025 | 2024 |
| £ | £ |
| Bank and other interest |
| Mortgage interest |
| Hire purchase |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 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 | ( |
) |
| Tax on profit |
| UK corporation tax has been charged at 25% (2024 - 25%). |
| 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 before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Adjustments to tax charge in respect of previous periods |
| Research and development enhanced deduction/tax credits | - | (15,517 | ) |
| Foreign tax paid/deducted | 11,765 | 33,310 |
| Total tax charge | 414,873 | 21,702 |
| UK corporation tax has been charged at 25% (2024 - 25%). Deferred tax has been charged at 25% (2024 - 25%). |
| 7. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 7. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Included in cost or valuation of land and buildings is freehold land of £ 4,275,145 (2024 - £ 4,275,145 ) 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. |
| 8. | STOCKS |
| 2025 | 2024 |
| £ | £ |
| Raw materials |
| 9. | DEBTORS |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts recoverable on contracts |
| Other debtors |
| Corporation tax |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Corporation tax | 11,492 | 11,492 |
| Deferred tax asset | - | 135,962 |
| Aggregate amounts |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other loans (see note 12) |
| Hire purchase contracts (see note 13) |
| Trade creditors |
| Social security and other taxes |
| Sales invoiced in advance | 3,388,011 | 2,779,206 |
| Accruals and deferred income |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other loans (see note 12) |
| Hire purchase contracts (see note 13) |
| 12. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Mortgage |
| Amounts falling due between one and two years: |
| Mortgage - 1-2 years | 65,763 |
| Amounts falling due between two and five years: |
| Mortgage - 2-5 years |
| 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. |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 13. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| 14. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Mortgage | 3,900,469 | 3,956,554 |
| The mortgage is secured by way of a fixed charge over freehold property. |
| 15. | PROVISIONS FOR LIABILITIES |
| 2025 | 2024 |
| £ | £ |
| Deferred tax | 263,225 | - |
| Contract remedial costs | 25,000 | 25,000 |
| Contract |
| Deferred | remedial |
| tax | costs |
| £ | £ |
| Balance at 1 April 2024 | ( |
) |
| Charge to Statement of Comprehensive Income during year |
| Balance at 31 March 2025 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1 | 527,722 | 527,722 |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 17. | RESERVES |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 April 2024 | 2,679,511 |
| Profit for the year |
| At 31 March 2025 | 3,667,170 |
| Retained earnings represents cumulative profits and losses net of dividends and other adjustments. |
| The share premium reserve records the amount above the nominal value received for shares sold, less transaction costs. |
| The capital redemption reserve records the nominal value of shares repurchased by the company. |
| 18. | ULTIMATE PARENT COMPANY |
| John Reid & Sons (Strucsteel) Holdings Limited is both the company's ultimate parent company and the parent undertaking of the group for which consolidated financial statements are prepared. These financial statements, along with registered office details, are available at Companies House. |
| 19. | CONTINGENT LIABILITIES |
| The company, in the normal course of business, has given guarantees totalling £1,836,532 in respect of its 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 parent company has provided a cross guarantee with Barclays in respect to the company's bank facilities. |
| 20. | CAPITAL COMMITMENTS |
| 2025 | 2024 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 21. | 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 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Loans to directors are unsecured, provided interest free and are repayable on demand. |
| 22. | RELATED PARTY DISCLOSURES |
| JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 March 2025 |
| 22. | RELATED PARTY DISCLOSURES - continued |
| 2025 | 2024 |
| £ | £ |
| Sale of fixed assets |
| Sales | 5,880 | - |
| 2025 | 2024 |
| £ | £ |
| Sales |
| Sale of fixed assets | 1,250 | 2,400 |
| Amount due from related party |
| 23. | PENSION SCHEMES |
| The company 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 company. |
| The contributions payable in the year amounted to £400,006 (2024 - £218,111). |
| 24. | GOVERNMENT GRANTS |
| During the year the company received government support grants totalling £nil (2024 - £2,500). |