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REGISTERED NUMBER: NI042535 (Northern Ireland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Capital Reinforcing (Ireland) Limited

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Capital Reinforcing (Ireland) Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: P Cardwell
D Owens
C G Mcaleer



REGISTERED OFFICE: 8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG



REGISTERED NUMBER: NI042535 (Northern Ireland)



AUDITORS: Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG



BANKERS: Barclays Bank PLC
48B & 50 Lord Street
Liverpool
Merseyside
L2 1TD



SOLICITORS: Bennett Williams Solicitors
Egerton House
2 Tower Road
Birkenhead
CH41 1FN

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
Turnover has decreased by 13% to £45.11m (2023: £51.85m). Overall, a net profit before tax of £2.82m was achieved for the year ended 31 December 2024 compared to a profit of £6.24m for the year ended 31 December 2023. The company's asset base remains strong with net assets of £14.19m at 31 December 2024 (2023: £13.08m). The directors are satisfied with the company's performance in the year and the emphasis going forward continues to be securing turnover that will result in sustainable growth and profitability.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed what they consider to be the major risks and are satisfied that adequate systems are in place to mitigate these risks. The assessment covered the normal risk areas expected for a company of this size and nature, including the Ukrainian conflict, market competition and staffing. The directors consider the company is well placed to meet the challenges ahead and continue to trade profitably.

STRATEGY AND FUTURE DEVELOPMENTS
The company is committed to maintaining the long term shareholder value. In the coming years the company aims to increase revenue and profitability. The company will continue to develop relationships with customers and suppliers and generate new work where possible while remaining competitive. The company is also considering its carbon output from its overall operations and has put a strategy in place to become net carbon zero in the next few years.

ON BEHALF OF THE BOARD:





D Owens - Director


22 August 2025

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of retail of steel rebar and steel reinforcing products.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £3.33 per share.

The total distribution of dividends for the year ended 31 December 2024 will be £ 1,000,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

P Cardwell
D Owens
C G Mcaleer

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Report of the Directors
for the Year Ended 31 December 2024


AUDITORS
The auditors, Tyrone Accountancy Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Owens - Director


22 August 2025

Report of the Independent Auditors to the Members of
Capital Reinforcing (Ireland) Limited

Opinion
We have audited the financial statements of Capital Reinforcing (Ireland) Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2024 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.

Report of the Independent Auditors to the Members of
Capital Reinforcing (Ireland) Limited


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

Report of the Independent Auditors to the Members of
Capital Reinforcing (Ireland) Limited


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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by auditing standards).

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation.

We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the officers.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

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.




Ruairi Dundas (Senior Statutory Auditor)
for and on behalf of Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG

22 August 2025

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Income Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 4 45,114,527 51,850,805

Cost of sales 39,330,082 40,874,800
GROSS PROFIT 5,784,445 10,976,005

Administrative expenses 2,811,664 4,523,937
2,972,781 6,452,068

Other operating income 32,525 27,653
OPERATING PROFIT 7 3,005,306 6,479,721

Interest receivable and similar income 12,680 30,051
3,017,986 6,509,772

Interest payable and similar expenses 9 188,080 267,914
PROFIT BEFORE TAXATION 2,829,906 6,241,858

Tax on profit 10 725,741 1,501,654
PROFIT FOR THE FINANCIAL YEAR 2,104,165 4,740,204

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Other Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

PROFIT FOR THE YEAR 2,104,165 4,740,204


OTHER COMPREHENSIVE INCOME
- 1,454,703
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

1,454,703
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,104,165

6,194,907

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 5,731,584 5,819,815
Investment property 13 192,788 192,788
5,924,372 6,012,603

CURRENT ASSETS
Stocks 14 9,392,908 6,399,692
Debtors 15 6,297,784 6,918,992
Cash at bank 219,715 7,336,139
15,910,407 20,654,823
CREDITORS
Amounts falling due within one year 16 6,605,159 12,065,266
NET CURRENT ASSETS 9,305,248 8,589,557
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,229,620

14,602,160

CREDITORS
Amounts falling due after more than one
year

17

(698,972

)

(1,139,378

)

PROVISIONS FOR LIABILITIES 20 (339,402 ) (375,701 )
NET ASSETS 14,191,246 13,087,081

CAPITAL AND RESERVES
Called up share capital 21 300,000 300,000
Revaluation reserve 22 1,812,363 1,812,363
Retained earnings 22 12,078,883 10,974,718
SHAREHOLDERS' FUNDS 14,191,246 13,087,081

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2025 and were signed on its behalf by:





D Owens - Director


Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 300,000 7,234,514 357,660 7,892,174

Changes in equity
Dividends - (1,000,000 ) - (1,000,000 )
Total comprehensive income - 4,740,204 1,454,703 6,194,907
Balance at 31 December 2023 300,000 10,974,718 1,812,363 13,087,081

Changes in equity
Dividends - (1,000,000 ) - (1,000,000 )
Total comprehensive income - 2,104,165 - 2,104,165
Balance at 31 December 2024 300,000 12,078,883 1,812,363 14,191,246

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Cash Flow Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2,376,872 ) 11,957,104
Interest paid (188,080 ) (267,914 )
Tax paid (1,392,261 ) (1,399,885 )
Net cash from operating activities (3,957,213 ) 10,289,305

Cash flows from investing activities
Purchase of tangible fixed assets (547,407 ) (951,232 )
Purchase of investment property - (51,805 )
Sale of tangible fixed assets 106,467 149,583
Interest received 12,680 30,051
Net cash from investing activities (428,260 ) (823,403 )

Cash flows from financing activities
Loan repayments in year (1,302,291 ) (500,903 )
Amount introduced by directors - 819,760
Amount withdrawn by directors (428,660 ) -
Equity dividends paid (1,000,000 ) (1,000,000 )
Net cash from financing activities (2,730,951 ) (681,143 )

(Decrease)/increase in cash and cash equivalents (7,116,424 ) 8,784,759
Cash and cash equivalents at beginning of
year

2

7,336,139

(1,448,620

)

Cash and cash equivalents at end of year 2 219,715 7,336,139

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 2,829,906 6,241,858
Depreciation charges 531,184 354,878
Profit on disposal of fixed assets (2,013 ) (24,486 )
Government grants (15,679 ) (16,965 )
Finance costs 188,080 267,914
Finance income (12,680 ) (30,051 )
3,518,798 6,793,148
(Increase)/decrease in stocks (2,993,216 ) 2,205,382
Decrease in trade and other debtors 636,887 3,646,382
Decrease in trade and other creditors (3,539,341 ) (687,808 )
Cash generated from operations (2,376,872 ) 11,957,104

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 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 219,715 7,336,139
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 7,336,139 -
Bank overdrafts - (1,448,620 )
7,336,139 (1,448,620 )


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 7,336,139 (7,116,424 ) 219,715
7,336,139 (7,116,424 ) 219,715
Debt
Debts falling due within 1 year (1,300,904 ) 1,140,745 (160,159 )
Debts falling due after 1 year (860,518 ) 161,546 (698,972 )
(2,161,422 ) 1,302,291 (859,131 )
Total 5,174,717 (5,814,133 ) (639,416 )

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Capital Reinforcing (Ireland) Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets
Tangible fixed assets are originally stated at cost and are subsequently carried at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes any costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - 2% on cost
Leasehold land and buildings - over the term of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance


Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of it's financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
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.

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements indicate profit of £2.8m for the year to 31 December 2024. The business continues to demonstrate continuing profitability and increased net asset position.

Business projections indicate increasing levels of turnover and profitabilty for the forseeable future.

The owners have expressed their satisfaction with the performance of the business and confirmed their support for the company going forward.

Based on the above, it is deemed appropriate for the company to be regarded as a going concern.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates, judgements and assumptions that affect the reported amounts of assets, liabilities, income and expenditure in the reporting period. Actual results could differ from those estimates. Therefore management believe the critical accounting policies, where estimates, judgements and assumptions are necessarily applied, are summarised below:

Impairment of fixed assets:
The company's property, plant and equipment are stated at cost less accumulated depreciation. The assets are depreciated over their estimated useful economic lives. The carrying values of such assets are reviewed annually for any indication of impairment. The carrying value of such assets is tested for impairment where events or changes in circumstances indicate the carrying value is incorrectly stated. If such a review indicated that the carrying value is overstated, the value of the asset is restated to its deemed recoverable amount. Recoverable amount is deemed to be the higher of the assets fair value less costs of sale or its value in use. Value in use is calculated based on the discounted future cash flow of the asset or of the cash generating unit which the asset belongs.

Provision for obsolete inventory:
Management review the inventory held by the company on a regular basis to identify any inventory which is slow moving or obsolete. Inventory is stated at the lower of cost and net realisable value. Where management identifies any items, or lines, of inventory which they deem to have a net realisable value less than cost, then provision is made for such items.

4. TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 45,114,527 51,850,805
45,114,527 51,850,805

5. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 3,408,366 3,348,359
Other pension costs 124,517 200,512
3,532,883 3,548,871

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.24 31.12.23

Administration 15 7
Production 60 80
75 87

6. DIRECTORS' EMOLUMENTS
31.12.24 31.12.23
£    £   
Directors' remuneration 389,569 317,810

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

Defined benefit schemes 3 3

Information regarding the highest paid director is as follows:
31.12.24 31.12.23
£    £   
Emoluments etc 165,217 104,103

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24 31.12.23
£    £   
Hire of plant and machinery 13,346 3,266
Depreciation - owned assets 531,184 354,878
Profit on disposal of fixed assets (2,013 ) (24,486 )
Foreign exchange differences 21,763 25,710

8. AUDITORS' REMUNERATION
31.12.24 31.12.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

9,000

9,000

9. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank interest 188,080 267,914

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 762,040 1,331,945

Deferred tax (36,299 ) 169,709
Tax on profit 725,741 1,501,654

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:

31.12.24 31.12.23
£    £   
Profit before tax 2,829,906 6,241,858
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

707,477

1,560,465

Effects of:
Expenses not deductible for tax purposes 12,744 (101,261 )
Capital allowances in excess of depreciation - (127,259 )
Depreciation in excess of capital allowances 41,819 -
Deferred tax (36,299 ) 169,709
Total tax charge 725,741 1,501,654

Tax effects relating to effects of other comprehensive income

31.12.23
Gross Tax Net
£    £    £   
Revaluation of land and buildings 1,454,703 - 1,454,703

11. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary shares of £1 each
Final 1,000,000 1,000,000

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 4,210,000 3,938,810 62,012 8,210,822
Additions 139,390 392,017 16,000 547,407
Disposals - (550,762 ) - (550,762 )
At 31 December 2024 4,349,390 3,780,065 78,012 8,207,467
DEPRECIATION
At 1 January 2024 - 2,359,588 31,419 2,391,007
Charge for year 68,993 446,484 15,707 531,184
Eliminated on disposal - (446,308 ) - (446,308 )
At 31 December 2024 68,993 2,359,764 47,126 2,475,883
NET BOOK VALUE
At 31 December 2024 4,280,397 1,420,301 30,886 5,731,584
At 31 December 2023 4,210,000 1,579,222 30,593 5,819,815

Cost or valuation at 31 December 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2024 4,210,000 - - 4,210,000
Cost 139,390 3,780,065 78,012 3,997,467
4,349,390 3,780,065 78,012 8,207,467

If freehold property had not been revalued if would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 2,743,405 2,743,405
Aggregate depreciation 375,946 330,252

Freehold property was valued on an open market basis on 26 January 2024 by Sanderson Weatherall .

The valuation was undertaken in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors in the United Kingdom.

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

13. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 192,788
NET BOOK VALUE
At 31 December 2024 192,788
At 31 December 2023 192,788

14. STOCKS
31.12.24 31.12.23
£    £   
Stocks 9,392,908 6,399,692

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 6,164,869 6,307,095
Other debtors 4,821 7,570
Prepayments and accrued income 128,094 604,327
6,297,784 6,918,992

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 18) 160,159 1,300,904
Trade creditors 3,183,697 5,772,936
Tax 112,040 742,261
Social security and other taxes 59,437 76,855
VAT 277,046 721,394
Other creditors 6,064 45,713
Directors' current accounts 967,122 1,395,782
Accrued expenses 1,839,594 2,009,421
6,605,159 12,065,266

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans (see note 18) 698,972 860,518
Accruals and deferred income - 278,860
698,972 1,139,378

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

18. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 160,159 1,300,904

Amounts falling due between one and two years:
Bank loans - 1-2 years 320,318 155,070

Amounts falling due between two and five years:
Bank loans - 2-5 years 378,654 705,448

19. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Bank loans 859,131 2,161,422

The bank loans are secured by debenture over company stock and assets, limited guarantee by directors for £300,0000 and charges over land and property at Pool Lane, Bromborough.

20. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 339,402 375,701

Deferred
tax
£   
Balance at 1 January 2024 375,701
Credit to Income Statement during year (36,299 )
Balance at 31 December 2024 339,402

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
300,000 Ordinary £1 300,000 300,000

Capital Reinforcing (Ireland) Limited (Registered number: NI042535)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

22. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2024 10,974,718 1,812,363 12,787,081
Profit for the year 2,104,165 2,104,165
Dividends (1,000,000 ) (1,000,000 )
At 31 December 2024 12,078,883 1,812,363 13,891,246

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24 31.12.23
£    £   
D Owens
Balance outstanding at start of year 1,395,782 576,022
Amounts advanced (1,428,660 ) (180,240 )
Amounts repaid 1,000,000 1,000,000
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 967,122 1,395,782

24. POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the financial year end.

25. ULTIMATE CONTROLLING PARTY

The controlling party is D Owens.