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REGISTERED NUMBER: 02772805 (England and Wales)

Ideal Building Systems Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

Ideal Building Systems Limited (Registered number: 02772805)

Contents of the Financial Statements

for the year ended 31st December 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Statement of Comprehensive Income | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Notes to the Financial Statements | 11 |

Ideal Building Systems Limited

Company Information

for the year ended 31st December 2024

| DIRECTORS: | P E Benmasaud

| P R Coates

| M R Laverack

| C C Murray

| SECRETARY: | P E Benmasaud

| REGISTERED OFFICE: | Ideal Building Systems Limited

| Lancaster Road

| Carnaby Industrial Estate

| Bridlington

| East Yorkshire

| YO15 3QY

| REGISTERED NUMBER: | 02772805 (England and Wales)

| AUDITORS: | Smailes Goldie

| Chartered Accountants

| Statutory Auditor

| Regent's Court

| Princess Street

| Hull

| East Yorkshire HU2 8BA

Ideal Building Systems Limited (Registered number: 02772805)

Strategic Report

for the year ended 31st December 2024

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

REVIEW OF BUSINESS

The results for the year and financial position of the Company are as shown in the accompanying financial statements.

The Directors are pleased with the excellent performance of the Company which continues to build on foundations laid in previous years. Whilst we have seen a reduction in revenue due to delays in receipt of orders, profit margins have improved as a result of continued investment in the Production facility and efficiencies in the manufacturing process.

The Company remains debt free and has robust cash reserves.

The Company currently has secured revenue (orders and intents) for 80% of its manufacturing capacity for the next financial year (ending December 2025), with some Contracts extending well into the year ending December 2026.

The Company is now fully engaged in integrating innovative, eco-friendly practices into our operations and building processes, ensuring that we contribute positively to the environment and help drive the global transition to a low-carbon economy.

Ideal Building Systems Limited is committed to achieving Net Zero emissions by 2050 and we have adopted the carbon reduction targets for our direct emissions which align with those of the NHS.

PRINCIPAL RISKS AND UNCERTAINTIES

Material Supplies

The industry has previously seen pricing volatility and supply issues but both have now stabilised and this, assisted by our continued ability (due to cash reserves and storage capacity), to buy in bulk and stock significant amounts of materials has mitigated the small risk that remains. Our cash reserves have also enabled us to benefit from discounts due to improving supplier payment terms.

Staff

Attracting and retaining quality staff remains a priority to the Company and we have therefore invested heavily in staff training, development and welfare. We have strengthened our HR and improved our employee benefits and facilities to further mitigate the risk.

Competition

Risks affecting the Company are considered to relate to competition for contracts from both National and independent businesses. The Company continues to mitigate this by providing a high quality, financially competitive and professional service to its clients.

KPI'S

The company's key performance indicators are:

| 2024 |  | 2023 |  |

Revenue |  | 25,493,533 |  | 32,785,090 |  |

Revenue growth |  | -22.24% |  | 24.37% |  |

Operating profit |  | 2,399,821 |  | 3,099,409 |  |

ON BEHALF OF THE BOARD:

P E Benmasaud - Secretary

4th August 2025

Ideal Building Systems Limited (Registered number: 02772805)

Report of the Directors

for the year ended 31st December 2024

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of prefabricated buildings.

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2024 was £1,000,000 (2023: £1,000,000).

DIRECTORS

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

P E Benmasaud

P R Coates

M R Laverack

C C Murray

GOING CONCERN

The Company have considered the forecasts for the period to December 2025 and the order book for 2026 along with the Companies cash position and have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and have therefore prepared the financial statements on a going concern basis.

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.

Ideal Building Systems Limited (Registered number: 02772805)

Report of the Directors

for the year ended 31st December 2024

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P E Benmasaud - Secretary

4th August 2025

Report of the Independent Auditors to the Members of

Ideal Building Systems Limited

Opinion

We have audited the financial statements of Ideal Building Systems Limited (the 'company') for the year ended 31st December 2024 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 31st 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

Ideal Building Systems 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including United Kingdom Accounting Standards, the Companies Act 2006 and relevant tax legislation We also considered those laws and regulations which may have a material indirect effect on the financial statements, or operations of the company including those relating to data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- |  | performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | tested journal entries to identify unusual transactions; |

- |  | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |

- |  | investigated the rationale behind significant or unusual transactions. |

Report of the Independent Auditors to the Members of

Ideal Building Systems Limited

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- |  | agreeing financial statement disclosures to underlying supporting documentation; |

- |  | enquiring of management as to actual and potential litigation and claims; and |

- |  | reviewing correspondence with relevant regulators and the company's legal advisors. |

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

4th August 2025

Ideal Building Systems Limited (Registered number: 02772805)

Statement of Comprehensive Income

for the year ended 31st December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

TURNOVER | 25,493,533 |  | 32,785,090 |  |

Cost of sales | 17,035,208 |  | 23,999,538 |  |

GROSS PROFIT | 8,458,325 |  | 8,785,552 |  |

Administrative expenses | 6,085,127 |  | 5,709,669 |  |

2,373,198 |  | 3,075,883 |  |

Other operating income | 26,623 |  | 23,526 |  |

OPERATING PROFIT | 4 | 2,399,821 |  | 3,099,409 |  |

Income from shares in group undertakings | 140,000 |  | 80,000 |  |

Interest receivable and similar income | 426,667 |  | 254,119 |  |

|  |  | 566,667 |  |  |  |  | 334,119 |  |

2,966,488 |  | 3,433,528 |  |

Gain on revaluation of

investments | 71,738 |  | 16,778 |  |

3,038,226 |  | 3,450,306 |  |

Interest payable and similar expenses | 5 | 50,853 |  | 47,841 |  |

PROFIT BEFORE TAXATION | 2,987,373 |  | 3,402,465 |  |

Tax on profit | 6 | 665,796 |  | 781,175 |  |

PROFIT FOR THE FINANCIAL YEAR | 2,321,577 |  | 2,621,290 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,321,577 |  | 2,621,290 |  |

Ideal Building Systems Limited (Registered number: 02772805)

Balance Sheet

31st December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 956,859 |  | 927,730 |  |

Investments | 10 | 1,149,875 |  | 1,090,105 |  |

2,106,734 |  | 2,017,835 |  |

CURRENT ASSETS

Stocks | 11 | 945,006 |  | 1,169,021 |  |

Debtors | 12 | 7,965,364 |  | 8,883,252 |  |

Cash at bank and in hand | 11,028,149 |  | 7,552,797 |  |

19,938,519 |  | 17,605,070 |  |

CREDITORS

Amounts falling due within one year | 13 | 7,568,682 |  | 6,451,090 |  |

NET CURRENT ASSETS | 12,369,837 |  | 11,153,980 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 14,476,571 |  | 13,171,815 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (54,347 | ) | (23,995 | ) |

PROVISIONS FOR LIABILITIES | 16 | (146,165 | ) | (193,338 | ) |

NET ASSETS | 14,276,059 |  | 12,954,482 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 10,000 |  | 10,000 |  |

Revaluation reserve | 18 | 189,540 |  | 189,540 |  |

Retained earnings | 18 | 14,076,519 |  | 12,754,942 |  |

SHAREHOLDERS' FUNDS | 14,276,059 |  | 12,954,482 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 4th August 2025 and were signed on its behalf by:

P R Coates - Director | M R Laverack - Director

P E Benmasaud - Director | C C Murray - Director

Ideal Building Systems Limited (Registered number: 02772805)

Statement of Changes in Equity

for the year ended 31st December 2024

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1st January 2023 | 10,000 |  | 11,133,652 |  | 189,540 |  | 11,333,192 |  |

Changes in equity

Dividends | - |  | (1,000,000 | ) | - |  | (1,000,000 | ) |

Total comprehensive income | - |  | 2,621,290 |  | - |  | 2,621,290 |  |

Balance at 31st December 2023 | 10,000 |  | 12,754,942 |  | 189,540 |  | 12,954,482 |  |

Changes in equity

Dividends | - |  | (1,000,000 | ) | - |  | (1,000,000 | ) |

Total comprehensive income | - |  | 2,321,577 |  | - |  | 2,321,577 |  |

Balance at 31st December 2024 | 10,000 |  | 14,076,519 |  | 189,540 |  | 14,276,059 |  |

Ideal Building Systems Limited (Registered number: 02772805)

Notes to the Financial Statements

for the year ended 31st December 2024

1. | STATUTORY INFORMATION

| Ideal Building Systems 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

| The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

| 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 3.17(d);

| • | the requirement of paragraph 33.7.

| Preparation of consolidated financial statements

| The financial statements contain information about Ideal Building Systems Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Ideal Building Systems Holdings Limited, whose registered office is: Lancaster Road, Carnaby Industrial Estate, Bridlington, North Yorkshire, YO15 3QY.

Ideal Building Systems Limited (Registered number: 02772805)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

| Sale of goods

| Turnover from the sale of prefabricated units is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

| Construction contracts

| When the outcome of a construction contact can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to costs incurred to date and estimated costs to complete.

| Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

| When it is probable that contact costs will exceed the total contact turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

| Interest and other income

| Interest income is recognised using the effective interest method.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 1993, was amortised evenly over its estimated useful life of twenty years.

| Tangible fixed assets

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

| Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

| Leasehold improvements |  | - 20% on cost |  |

| Plant and machinery etc |  | - 15% on cost and 15% on reducing balance |  |

| Motor vehicles |  | - 25% on cost and 25% on reducing balance |  |

| Computer equipment |  | - 20% on cost and 15% on reducing balance |  |

Ideal Building Systems Limited (Registered number: 02772805)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| Long term contracts are stated at cost net of amounts transferred to cost of sales less any foreseeable losses and progress payments receivable, not matched with turnover. Cost consists of direct materials, direct labour and appropriate related overheads.

| Profit on long term contracts is recognised when the outcome of contracts can be assessed with reasonable certainty and is that amount which is estimated to fairly reflect the profit arising up to the accounting date. Profit on long term contracts is recognised in the profit and loss account as the difference between the reported turnover and related costs.

| Financial instruments

| Other financial assets, including fixed asset investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

| Such assets are subsequently carried at fair value and the changes in fair value are recognised in the Statement of Comprehensive Income.

| Taxation

| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

| Hire purchase and leasing commitments

| Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

| Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

| Employee benefits

| When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

| The company operated a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Ideal Building Systems Limited (Registered number: 02772805)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

2. | ACCOUNTING POLICIES - continued

| Debtors and creditors receivable / payable within one year

| Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

| Impairment

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| Investments

| Other investments are measured at cost less impairment.

3. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 3,629,132 |  | 3,816,041 |  |

| Social security costs | 358,860 |  | 333,033 |  |

| Other pension costs | 149,236 |  | 178,512 |  |

4,137,228 |  | 4,327,586 |  |

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

| 2024 |  | 2023

| Management | 4 |  | 4 |  |

| Direct and administration | 65 |  | 66 |  |

69 |  | 70 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 122,154 |  | 109,517 |  |

| Directors' pension contributions to money purchase schemes | - |  | 3,100 |  |

4. | OPERATING PROFIT

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

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 265,271 |  | 234,991 |  |

| Depreciation - assets on hire purchase contracts | 37,333 |  | 27,960 |  |

| Loss/(profit) on disposal of fixed assets | 39,583 |  | (1,467 | ) |

| Auditors' remuneration | 29,806 |  | 19,621 |  |

| Operating lease payments | 75,301 |  | 63,690 |  |

Ideal Building Systems Limited (Registered number: 02772805)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Other interest | 47,426 |  | 44,609 |  |

| Hire purchase | 3,427 |  | 3,232 |  |

50,853 |  | 47,841 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 753,315 |  | 736,676 |  |

| Adjustment in respect of previous periods | (40,346 | ) | - |  |

| Total current tax | 712,969 |  | 736,676 |  |

| Deferred tax | (47,173 | ) | 44,499 |  |

| Tax on profit | 665,796 |  | 781,175 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit before tax | 2,987,373 |  | 3,402,465 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 746,843 |  | 850,616 |  |

| Effects of:

| Expenses not deductible for tax purposes | 12,234 |  | 6,565 |  |

| Income not taxable for tax purposes | (35,000 | ) | (24,807 | ) |

| Adjustments to tax charge in respect of previous periods | (40,346 | ) | - |  |

| Enhanced expenditure | - |  | (668 | ) |

| periods |

| future rate |

| Unrealised (gains)/losses on unlisted investments | (17,935 | ) | (4,195 | ) |

| Change in rate of corporation tax | - |  | (46,336 | ) |

| Total tax charge | 665,796 |  | 781,175 |  |

| The standard rate of corporation tax in the UK for 2024 is 25% (2023: 25%).

| The expected net reversal of deferred tax liabilities in 2025 is £80,531 this is due to the reversal of accelerated capital allowances.

| There are unused capital losses at the year end of £148,626 (2023: £125,971).

Ideal Building Systems Limited (Registered number: 02772805)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

7. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Ordinary shares of £1 each

| Interim | 1,000,000 |  | 1,000,000 |  |

8. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1st January 2024

| and 31st December 2024 | 10,000 |  |

| AMORTISATION

| At 1st January 2024

| and 31st December 2024 | 10,000 |  |

| NET BOOK VALUE

| At 31st December 2024 | - |  |

| At 31st December 2023 | - |  |

9. | TANGIBLE FIXED ASSETS

| Improvements |

| to |  | Plant and |  | Motor |  | Computer |

| property |  | machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1st January 2024 | 416,992 |  | 849,223 |  | 455,967 |  | 185,081 |  | 1,907,263 |  |

| Additions | 113,959 |  | 100,983 |  | 378,667 |  | 3,605 |  | 597,214 |  |

| Disposals | (9,688 | ) | (49,570 | ) | (370,165 | ) | - |  | (429,423 | ) |

| At 31st December 2024 | 521,263 |  | 900,636 |  | 464,469 |  | 188,686 |  | 2,075,054 |  |

| DEPRECIATION

| At 1st January 2024 | 237,420 |  | 432,254 |  | 176,858 |  | 133,001 |  | 979,533 |  |

| Charge for year | 79,014 |  | 99,006 |  | 104,261 |  | 20,323 |  | 302,604 |  |

| Eliminated on disposal | (3,629 | ) | (40,309 | ) | (120,004 | ) | - |  | (163,942 | ) |

| At 31st December 2024 | 312,805 |  | 490,951 |  | 161,115 |  | 153,324 |  | 1,118,195 |  |

| NET BOOK VALUE

| At 31st December 2024 | 208,458 |  | 409,685 |  | 303,354 |  | 35,362 |  | 956,859 |  |

| At 31st December 2023 | 179,572 |  | 416,969 |  | 279,109 |  | 52,080 |  | 927,730 |  |

Ideal Building Systems Limited (Registered number: 02772805)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

9. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1st January 2024 | 18,000 |  | 128,885 |  | 146,885 |  |

| Additions | - |  | 146,810 |  | 146,810 |  |

| Disposals | - |  | (100,390 | ) | (100,390 | ) |

| Transfer to ownership | (18,000 | ) | (28,495 | ) | (46,495 | ) |

| At 31st December 2024 | - |  | 146,810 |  | 146,810 |  |

| DEPRECIATION

| At 1st January 2024 | 7,425 |  | 67,121 |  | 74,546 |  |

| Charge for year | 2,700 |  | 34,633 |  | 37,333 |  |

| Eliminated on disposal | - |  | (60,070 | ) | (60,070 | ) |

| Transfer to ownership | (10,125 | ) | (23,330 | ) | (33,455 | ) |

| At 31st December 2024 | - |  | 18,354 |  | 18,354 |  |

| NET BOOK VALUE

| At 31st December 2024 | - |  | 128,456 |  | 128,456 |  |

| At 31st December 2023 | 10,575 |  | 61,764 |  | 72,339 |  |

10. | FIXED ASSET INVESTMENTS

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1st January 2024 | 900,485 |  | 189,620 |  | 1,090,105 |  |

| Additions | 386,119 |  | - |  | 386,119 |  |

| Disposals | (398,087 | ) | - |  | (398,087 | ) |

| Revaluations | 71,738 |  | - |  | 71,738 |  |

| At 31st December 2024 | 960,255 |  | 189,620 |  | 1,149,875 |  |

| NET BOOK VALUE

| At 31st December 2024 | 960,255 |  | 189,620 |  | 1,149,875 |  |

| At 31st December 2023 | 900,485 |  | 189,620 |  | 1,090,105 |  |

| Cost or valuation at 31st December 2024 is represented by:

| Listed |  | Unlisted |

| investments |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2024 | 26,326 |  | - |  | 26,326 |  |

| Cost | 933,929 |  | 189,620 |  | 1,123,549 |  |

960,255 |  | 189,620 |  | 1,149,875 |  |

Ideal Building Systems Limited (Registered number: 02772805)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

10. | FIXED ASSET INVESTMENTS - continued

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Idacom Steel Buildings Limited

| Registered office: the same as can be found on page 1 of these financial statements.

| Nature of business: Construction of steel buildings

| %

| Class of shares: | holding |

| Ordinary | 80.00 |

11. | STOCKS

2024 | 2023 |

£ | £ |

| Raw materials | 649,580 |  | 688,539 |  |

| Work-in-progress | 295,426 |  | 480,482 |  |

945,006 |  | 1,169,021 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 4,508,397 |  | 5,151,565 |  |

| Amounts owed by group

| undertakings | 617,982 |  | 1,419,447 |  |

| Tax | - |  | 85,090 |  |

| VAT | 441,745 |  | 387,277 |  |

| Prepayments and accrued income | 2,397,240 |  | 1,839,873 |  |

7,965,364 |  | 8,883,252 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Hire purchase contracts (see note 15) | 16,123 |  | 39,584 |  |

| Trade creditors | 1,944,174 |  | 1,769,901 |  |

| Amounts owed to group undertakings | 3,445,283 |  | 3,444,962 |  |

| Tax | 163,042 |  | - |  |

| Social security and other taxes | 162,083 |  | 172,516 |  |

| Other creditors | 54,015 |  | 50,000 |  |

| Accruals | 323,140 |  | 268,067 |  |

| Deferred income | 1,460,822 |  | 706,060 |  |

7,568,682 |  | 6,451,090 |  |

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Hire purchase contracts (see note 15) | 54,347 |  | 23,995 |  |

Ideal Building Systems Limited (Registered number: 02772805)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2024 | 2023 |

£ | £ |

| Net obligations repayable:

| Within one year | 16,123 |  | 39,584 |  |

| Between one and five years | 54,347 |  | 23,995 |  |

70,470 |  | 63,579 |  |

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 31,684 |  | 60,683 |  |

| Between one and five years | 48,370 |  | 67,245 |  |

| In more than five years | - |  | 5,223 |  |

80,054 |  | 133,151 |  |

16. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 146,165 |  | 193,338 |  |

| Deferred |

| tax |

£ |

| Balance at 1st January 2024 | 193,338 |  |

| Credit to Statement of Comprehensive Income during year | (47,173 | ) |

| Balance at 31st December 2024 | 146,165 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 10,000 | Ordinary | £1 | 10,000 |  | 10,000 |  |

Ideal Building Systems Limited (Registered number: 02772805)

Notes to the Financial Statements - continued

for the year ended 31st December 2024

18. | RESERVES

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1st January 2024 | 12,754,942 |  | 189,540 |  | 12,944,482 |  |

| Profit for the year | 2,321,577 |  | - |  | 2,321,577 |  |

| Dividends | (1,000,000 | ) | - |  | (1,000,000 | ) |

| At 31st December 2024 | 14,076,519 |  | 189,540 |  | 14,266,059 |  |

| Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

| The revaluation reserve represents the cumulative effect of revaluations of fixed asset investments in respect of a subsidiary company.

19. | PENSION COMMITMENTS

| The company makes payments to a defined contribution pension scheme. The charge for the year amounted to £149,236 (2023 £178,512). The amount outstanding at 31st December 2024 was £66,093 (2023: £17,950).

20. | ULTIMATE PARENT COMPANY

| The ultimate parent company is Ideal Building Systems Holdings Limited. The registered address of this company is the same as the address for this company which can be found on page 1 of the financial statements.

| The largest and smallest group in which the results of the company are consolidated is that headed by Ideal Building Systems Holdings Limited. The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| Included within debtors is an amount due from P R Coates, a director, of £4,334 (2023 £28,670) on which interest was charged of £nil (2023 £448).

22. | RELATED PARTY DISCLOSURES

| 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.

| Entities over which the entity has control, joint control or significant influence

2024 | 2023 |

£ | £ |

| Sales | 7,242 |  | 14,423 |  |

| Purchases | 2,935,889 |  | 2,636,080 |  |

| Amount due from related party | 34,656 |  | 37,516 |  |

| Amount due to related party | 3,445,283 |  | 3,444,962 |  |

23. | ULTIMATE CONTROLLING PARTY

| The company is controlled by P R Coates by virtue of his majority shareholding in Ideal Building Systems Holdings Limited, the ultimate parent company.