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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: Peter Reid
Timothy Reid
Simon Boyd





REGISTERED OFFICE: Strucsteel House
Reid Street
Christchurch
BH23 2BT





REGISTERED NUMBER: 06170629 (England and Wales)





AUDITORS: Schofields
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:





Simon Boyd - Director


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:





Timothy Reid - Director


2 July 2025

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.




Mr P J Schofield FCA (Senior Statutory Auditor)
for and on behalf of Schofields
Chartered Accountants and Statutory Auditors
Unit 1, St Stephens Court
15-17 St Stephens Road
Bournemouth
Dorset
BH2 6LA

2 July 2025

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

949,564

(63,058

)

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 1 1
Tangible assets 9 5,568,036 5,607,172
Investments 10 40,595 40,595
5,608,632 5,647,768

CURRENT ASSETS
Debtors 12 1,892,065 1,892,063
Cash at bank 266 349
1,892,331 1,892,412
CREDITORS
Amounts falling due within one year 13 1,085,698 1,085,682
NET CURRENT ASSETS 806,633 806,730
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,415,265

6,454,498

PROVISIONS FOR LIABILITIES 18 237,135 238,273
NET ASSETS 6,178,130 6,216,225

CAPITAL AND RESERVES
Called up share capital 19 40,594 40,594
Revaluation reserve 20 1,428,193 1,428,193
Shares held in treasury 20 (1,859,250 ) (1,859,250 )
Retained earnings 20 6,568,593 6,606,688
SHAREHOLDERS' FUNDS 6,178,130 6,216,225

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 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)

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 40,594 6,662,838 1,428,193 (1,859,250 ) 6,272,375

Changes in equity
Deficit for the year - (56,150 ) - - (56,150 )
Total comprehensive income - (56,150 ) - - (56,150 )
Balance at 31 March 2024 40,594 6,606,688 1,428,193 (1,859,250 ) 6,216,225

Changes in equity
Deficit for the year - (38,095 ) - - (38,095 )
Total comprehensive income - (38,095 ) - - (38,095 )
Balance at 31 March 2025 40,594 6,568,593 1,428,193 (1,859,250 ) 6,178,130

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Straight line on buildings over 50 years
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - at varying rates on cost
Computer equipment - at varying rates on cost

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 1
NET BOOK VALUE
At 31 March 2025 1
At 31 March 2024 1

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 5,978,764
DEPRECIATION
At 1 April 2024 371,592
Charge for year 39,136
At 31 March 2025 410,728
NET BOOK VALUE
At 31 March 2025 5,568,036
At 31 March 2024 5,607,172

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 1,477,217 1,477,215
Corporation tax 45,494 45,494 - -
Prepayments and accrued income 188,466 221,361 - -
4,792,967 5,634,100 1,477,217 1,477,215

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 1,892,065 1,892,063

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 - - 1,085,698 1,085,682
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 1,085,698 1,085,682

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 238,273
Credit to Income Statement during year (1,138 )
Balance at 31 March 2025 237,135

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: £    £   
40,594 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 6,606,688 1,428,193 (1,859,250 ) 6,175,631
Deficit for the year (38,095 ) (38,095 )
At 31 March 2025 6,568,593 1,428,193 (1,859,250 ) 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).