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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: Peter Reid
Timothy Reid
Simon Boyd
Timothy Cook
Donna Campo
Simon Morgan
Timothy Outteridge





REGISTERED OFFICE: 3 Reid Street
Christchurch
Dorset
BH23 2BT





REGISTERED NUMBER: 00617773 (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 & 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:





Simon Boyd - Director


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.

Peter Reid
Timothy Reid
Simon Boyd
Timothy Cook
Donna Campo
Simon Morgan
Timothy Outteridge

Other changes in directors holding office are as follows:

Byron Yates - appointed 10 June 2024 - resigned 18 November 2024

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:





Timothy Reid - Director


2 July 2025

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.




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 & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773)

STATEMENT OF COMPREHENSIVE INCOME
For The Year Ended 31 March 2025

2025 2024
Notes £    £   

TURNOVER 24,743,289 20,465,371

Cost of sales (19,111,222 ) (16,769,475 )
GROSS PROFIT 5,632,067 3,695,896

Administrative expenses (3,952,733 ) (3,477,933 )
1,679,334 217,963

Other operating income 5,912 7,118
OPERATING PROFIT 4 1,685,246 225,081

Interest receivable and similar income 130,958 159,693
1,816,204 384,774

Interest payable and similar expenses 5 (413,672 ) (369,981 )
PROFIT BEFORE TAXATION 1,402,532 14,793

Tax on profit 6 (414,873 ) (21,702 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

987,659

(6,909

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

987,659

(6,909

)

JOHN REID & SONS (STRUCSTEEL) LIMITED (REGISTERED NUMBER: 00617773)

BALANCE SHEET
31 March 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Tangible assets 7 6,171,132 5,988,194

CURRENT ASSETS
Stocks 8 399,869 639,753
Debtors 9 4,412,935 5,390,013
Cash at bank and in hand 4,660,226 1,130,352
9,473,030 7,160,118
CREDITORS
Amounts falling due within one year 10 6,515,848 5,130,432
NET CURRENT ASSETS 2,957,182 2,029,686
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,128,314

8,017,880

CREDITORS
Amounts falling due after more than one year 11 (4,645,197 ) (4,785,647 )

PROVISIONS FOR LIABILITIES 15 (288,225 ) (25,000 )
NET ASSETS 4,194,892 3,207,233

CAPITAL AND RESERVES
Called up share capital 16 527,722 527,722
Share premium 17 20,427 20,427
Capital redemption reserve 17 4,510 4,510
Retained earnings 17 3,642,233 2,654,574
SHAREHOLDERS' FUNDS 4,194,892 3,207,233

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 & 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 527,722 2,661,483 20,427 4,510 3,214,142

Changes in equity
Total comprehensive income - (6,909 ) - - (6,909 )
Balance at 31 March 2024 527,722 2,654,574 20,427 4,510 3,207,233

Changes in equity
Total comprehensive income - 987,659 - - 987,659
Balance at 31 March 2025 527,722 3,642,233 20,427 4,510 4,194,892

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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 as modified by the revaluation of certain assets.

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
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

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

20252024
££

Wages and salaries6,179,8425,189,017
Social security costs712,119551,256
Pension costs400,006218,111
7,291,9675,958,384


The average number of employees during the year was as follows:
20252024

Office and Management7369
Production4949
122118

2025 2024
£    £   
Directors' remuneration 1,440,269 945,405
Directors' pension contributions to money purchase schemes 210,146 84,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 8 7

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):

20252024
££
Other operating leases21,12188,605
Depreciation - owned assets146,372121,118
Depreciation - assets on hire purchase contracts208,749174,742
(Profit)/loss on disposal of fixed assets109,529(24,733)
Auditors' remuneration29,40028,500
Foreign exchange differences26,974286

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

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 399,187 (22,712 )
Tax on profit 414,873 21,702

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 1,402,532 14,793
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 -
25%)

350,633

3,698

Effects of:
Expenses not deductible for tax purposes 52,475 -
Adjustments to tax charge in respect of previous periods - 211
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 4,275,145 3,150,334 273,127
Additions 67,060 367,339 -
Disposals - (290,589 ) (42,804 )
At 31 March 2025 4,342,205 3,227,084 230,323
DEPRECIATION
At 1 April 2024 - 1,757,322 270,987
Charge for year 9,248 191,741 1,647
Eliminated on disposal - (184,070 ) (42,804 )
At 31 March 2025 9,248 1,764,993 229,830
NET BOOK VALUE
At 31 March 2025 4,332,957 1,462,091 493
At 31 March 2024 4,275,145 1,393,012 2,140

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 133,577 1,204,802 9,036,985
Additions 152,716 78,755 665,870
Disposals (47,226 ) (109,180 ) (489,799 )
At 31 March 2025 239,067 1,174,377 9,213,056
DEPRECIATION
At 1 April 2024 101,222 919,260 3,048,791
Charge for year 19,104 133,380 355,120
Eliminated on disposal (27,519 ) (107,594 ) (361,987 )
At 31 March 2025 92,807 945,046 3,041,924
NET BOOK VALUE
At 31 March 2025 146,260 229,331 6,171,132
At 31 March 2024 32,355 285,542 5,988,194

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 399,869 639,753

9. DEBTORS
2025 2024
£    £   
Amounts falling due within one year:
Trade debtors 1,443,579 3,013,218
Amounts owed by group undertakings 1,085,698 1,085,682
Amounts recoverable on contracts 1,336,572 701,350
Other debtors 301,635 175,458
Corporation tax 45,494 45,494
Prepayments and accrued income 188,465 221,357
4,401,443 5,242,559

Amounts falling due after more than one year:
Corporation tax 11,492 11,492
Deferred tax asset - 135,962
11,492 147,454

Aggregate amounts 4,412,935 5,390,013

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) 60,732 56,086
Hire purchase contracts (see note 13) 327,139 279,323
Trade creditors 1,341,955 1,489,581
Social security and other taxes 188,652 175,512
Sales invoiced in advance 3,388,011 2,779,206
Accruals and deferred income 1,209,359 350,724
6,515,848 5,130,432

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Other loans (see note 12) 3,839,737 3,900,469
Hire purchase contracts (see note 13) 805,460 885,178
4,645,197 4,785,647

12. LOANS

An analysis of the maturity of loans is given below:

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.

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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

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 15,689 21,121
Between one and five years - 15,689
15,689 36,810

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
288,225 25,000

Contract
Deferred remedial
tax costs
£    £   
Balance at 1 April 2024 (135,962 ) 25,000
Charge to Statement of Comprehensive Income during year 399,187 -
Balance at 31 March 2025 263,225 25,000

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
527,722 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 2,654,574 20,427 4,510 2,679,511
Profit for the year 987,659 987,659
At 31 March 2025 3,642,233 20,427 4,510 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 103,633 28,849

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
£    £   
Simon Boyd
Balance outstanding at start of year 20,997 30,465
Amounts repaid (8,615 ) (9,468 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,382 20,997

Timothy Cook
Balance outstanding at start of year 25,000 25,000
Amounts repaid (25,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 25,000

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

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

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).