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Registered number: 00489736 BINNS FENCING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
BINNS FENCING LIMITED
COMPANY INFORMATION
Directors | A Binns
| M Earls
| C Hackett
| A Henman
Registered number | 00489736
Registered office | Harvest House
| Cranborne Road
| Potters Bar
| Hertfordshire
| EN6 3JF
Independent auditors | Sopher + Co LLP
| Chartered Accountants & Statutory Auditors
| 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
BINNS FENCING LIMITED
CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 22
BINNS FENCING LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The directors present their strategic report of the company for the year ended 31 December 2024.
Business Review: A Strong Year of Performance
2024 was a strong year with good growth in turnover thanks to the award of several large scale long term projects and continued success in current markets. Overview of Performance and Outlook This year, we delivered a robust performance marked by a solid order book and encouraging forward projections. These results not only underscore the resilience of our existing operations but also strengthen confidence in our strategic trajectory. Leading Projects and Client Partnerships We have successfully cemented our competitive standing by securing pivotal long-term engagements with key clients. These partnerships reflect our unwavering commitment to delivering sustained value and reinforce our reputation for reliability and excellence. Strategic Expansion and Market Diversification Building on our existing success, we have proactively expanded our market footprint by targeting associated and complementary sectors. Through leveraging our core expertise, we are now offering bespoke solutions to a wider client base—laying the groundwork for continued growth and enhanced resilience. Financial Health and Strategic Investment Our financial position remains strong, granting the board the flexibility to focus on strategic, long-term development. This financial strength supports deliberate reinvestment in business-critical areas and bolsters our capacity to respond to evolving market dynamics. Investment in Our People, Technology, and Infrastructure We remain deeply committed to reinvesting in our most valuable assets—our people. Parallel investments in advanced technology and scalable infrastructure further empower us to continually enhance capabilities, adapt swiftly to change, and pursue emerging opportunities with confidence. Sustainability of Growth This comprehensive strategy—anchored in performance, diversification, financial prudence, and capability development—positions the company favourably for sustained growth. By embedding strategic foresight across all levels, we are well prepared to maintain leadership and drive long-term success.
Principal risks and uncertainties
The risks facing the company are assessed on an ongoing basis. The directors evaluate the likelihood and potential impact of each risk and ensure appropriate action is taken to mitigate where possible. A number of key risks such as credit management, health & safety and regulatory compliance come under the direct control of the directors. The company enjoys a good spread of markets and customers with exciting opportunities presenting themselves. Page 1
BINNS FENCING LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial key performance indicators
We consider that our key performance indicators are those that communicate the financial performance and strength of the company, these being turnover and operating profit. Both of these metrics increased during 2024, demonstrating the strong performance. Turnover has increased to over £16m from £12.87m in 2023. Gross Profit Margin also remains at a consistent level with operating profit also consistent with recent performance. The company is focussed on further developing existing and associated markets and making the most of the specialist knowledge, skills and reputation of the business in these markets. This report was approved by the board and signed on its behalf.
A Binns Director
Date: 12 September 2025
Page 2
BINNS FENCING LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Results and dividends
The profit for the year, after taxation, amounted to £598,117 (2023 - £890,900). Dividends amounting to £300,000 (2023 : £2,026,781) were paid during the year.
Directors
The directors who served during the year were:
A Binns
M Earls
C Hackett
A Henman
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 3
BINNS FENCING LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
A Binns Director
Date: 12 September 2025
Page 4
BINNS FENCING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BINNS FENCING LIMITED
Opinion
We have audited the financial statements of Binns Fencing Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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 United Kingdom, including the Financial Reporting Council'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. Page 5
BINNS FENCING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BINNS FENCING LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 3, 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 is 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. Page 6
BINNS FENCING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BINNS FENCING LIMITED (CONTINUED)
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 an Auditors' Report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 as follows: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the construction sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, service organisations and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙considering the internal controls in place to mitigate risks of fraud and non¬compliance with laws and regulations; ∙and understanding the design of the group’s remuneration policies. Page 7
BINNS FENCING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BINNS FENCING LIMITED (CONTINUED) ∙ 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; 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; ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC, relevant regulators and the group’s legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware 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. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 Auditors' Report.
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 an Auditors' Report 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. Hazel Young (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants Statutory Auditors 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 12 September 2025 Page 8
BINNS FENCING LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 16,658,379 | 12,865,257
Cost of sales |  | (12,070,146) | (9,329,139)
Gross profit |  | 4,588,233 | 3,536,118
Administrative expenses |  | (3,969,970) | (2,514,220)
Other operating income | 5 | 106,526 | 106,400
Operating profit |  | 724,789 | 1,128,298
Interest receivable and similar income | 9 | 119,251 | 41,291
Interest payable and similar expenses | 10 | (7,061) | (203)
Profit before tax |  | 836,979 | 1,169,386
Tax on profit | 11 | (238,862) | (278,486)
Profit for the financial year |  | 598,117 | 890,900
Other comprehensive income for the year |  |  |
Unrealised surplus on revaluation of tangible fixed assets |  | - | 1,092,765
Movement of deferred tax relating to revaluation of tangible fixed assets |  | - | (286,492)
Other comprehensive income for the year |  | - | 806,273
Total comprehensive income for the year |  | 598,117 | 1,697,173
The notes on pages 12 to 22 form part of these financial statements.
Page 9
BINNS FENCING LIMITED REGISTERED NUMBER:00489736
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 4,071,954 |  | 4,027,495
Investments | 13 |  | 560,000 |  | -
|  |  | 4,631,954 |  | 4,027,495
Current assets |  |  |  |  |
Stocks | 14 | 526,251 |  | 530,288 |
Debtors: amounts falling due within one year | 15 | 3,711,543 |  | 3,268,893 |
Cash at bank and in hand |  | 3,691,562 |  | 3,296,948 |
|  | 7,929,356 |  | 7,096,129 |
Creditors: amounts falling due within one year | 16 | (6,112,207) |  | (4,997,404) |
Net current assets |  |  | 1,817,149 |  | 2,098,725
Total assets less current liabilities |  |  | 6,449,103 |  | 6,126,220
Provisions for liabilities |  |  |  |  |
Deferred tax | 17 |  | (412,329) |  | (387,563)
Net assets |  |  | 6,036,774 |  | 5,738,657
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 100,000 |  | 100,000
Revaluation reserve | 19 |  | 2,412,780 |  | 2,412,780
Profit and loss account | 19 |  | 3,523,994 |  | 3,225,877
|  |  | 6,036,774 |  | 5,738,657
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
A Binns
Director
Date: 12 September 2025
The notes on pages 12 to 22 form part of these financial statements. Page 10
BINNS FENCING LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 100,000 | 2,412,780 | 3,225,877 | 5,738,657
Profit for the year | - | - | 598,117 | 598,117
Dividends: Equity capital | - | - | (300,000) | (300,000)
At 31 December 2024 | 100,000 | 2,412,780 | 3,523,994 | 6,036,774
| The notes on pages 12 to 22 form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 100,000 | 1,606,507 | 4,361,758 | 6,068,265
Profit for the year | - | - | 890,900 | 890,900
Surplus on revaluation of freehold property | - | 1,092,765 | - | 1,092,765
Movement of deferred tax relating to revaluation of freehold property | - | (286,492) | - | (286,492)
Dividends: Equity capital | - | - | (2,026,781) | (2,026,781)
At 31 December 2023 | 100,000 | 2,412,780 | 3,225,877 | 5,738,657
| The notes on pages 12 to 22 form part of these financial statements.
Page 11
BINNS FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Binns Fencing Limited is a private limited company incorporated in England and Wales, with its business address and registered office at Harvest House, Cranborne Road, Potters Bar, Hertfordshire, EN6 3JF. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | 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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of Hopwoods Holdings Limited as at 31 December 2024 and these financial statements may be obtained from the registered office C/O Binns Fencing Limited Harvest House, Cranborne Road, Potters Bar, Hertfordshire, EN6 3JF..
| 2.3 | Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business, net of Value Added Tax. In the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be ascertained with reasonable certainty. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. Stage of completion is assessed by reference to the actual costs incurred to date compared with total expected costs.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Interest income is recognised in the Statement of Comprehensive Income using the effective interest method. Page 12
BINNS FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Pensions
Defined contribution pension plan The Company contributes to defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further payments obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plans are held separately from the Company in independently administered funds.
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 13
BINNS FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | Straight line
|  |  |  | Plant and machinery | - | 20% | Straight line
|  |  |  | Motor vehicles | - | 25% | Reducing balance
|  |  |  | Fixtures and fittings | - | 10% | Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Professional valuations are undertaken on a periodic basis with the last being in 2023. In the interim at each financial year end the directors consider whether there has been any material change in value since the last reporting date. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.10 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Page 14
BINNS FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price.
| 2.15 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
| 2.16 | Dividends
Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 15
BINNS FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements requires the use of certain accounting estimates. It also requires the directors to exercise judgement in applying the company's accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below: Long-term contract work in progress In respect of long term contracts, profit is only recognised when the contracts outcome can be ascertained with reasonable certainty. Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as the contract progresses. The stage of completion of the contract is assessed by comparing the cost of the work completed at the financial year end to the total anticipated cost of the contract. Depreciation of tangible fixed assets Depreciation is calculated based on an estimate of the useful economic life of each category of fixed assets together with an estimate of the assets' residual values. The estimates of each asset category's useful economic life have been stated below. Stock and bad debt provisions At each reporting date, stocks and trade debtors are assessed for impairment. If stock or debtors are impaired, the carrying amount is reduced to its selling price less costs to sell or recoverable amount. The impairment loss is recognised immediately in the Statement of Comprehensive Income. Land and buildings held at valuation Professional valuations are undertaken periodically. In the interim the directors assess the fair value of the land and buildings to consider whether there has been any material change.
4. | Turnover
The turnover and profit before taxation are attributable to the one principal activity of the company. Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 16,391,352 | 12,786,641
| Rest of the world | 267,027 | 78,616
|  | 16,658,379 | 12,865,257
5. | Other operating income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Rents received | 106,526 | 106,400
Page 16
BINNS FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Auditors' remuneration
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Administration | 21 | 14
|  | Operations | 32 | 33
|  |  | 53 | 47
8. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 417,342 | 336,819
| Company contributions to defined contribution pension schemes | 110,225 | 28,100
|  | 527,567 | 364,919
| During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £199,399 (2023 - £142,997).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £41,475 (2023 - £9,350).
9. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest receivable | 119,251 | 41,291
Page 17
BINNS FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 281 | 203
| Other interest payable | 6,780 | -
|  | 7,061 | 203
11. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 214,096 | 288,414
| Deferred tax |  |
| Origination and reversal of timing differences | 24,766 | (9,928)
| Tax on profit | 238,862 | 278,486
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 836,979 | 1,169,386
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 209,245 | 275,040
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 26,398 | 12,931
| Capital allowances for year in excess of depreciation | (21,547) | 6,379
| Utilisation of tax losses | - | (1,161)
| Other differences leading to an increase (decrease) in the tax charge | - | (4,775)
| Deferred tax provision movement | 24,766 | (9,928)
| Total tax charge for the year | 238,862 | 278,486
Page 18
BINNS FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11.Taxation (continued)
| Factors that may affect future tax charges
There are no factors affecting future tax charges.
12. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 3,709,265 | 100,210 | 806,179 | 290,867 | 4,906,521
| Additions | - | 13,960 | 307,397 | - | 321,357
| Disposals | - | - | (216,360) | - | (216,360)
| At 31 December 2024 | 3,709,265 | 114,170 | 897,216 | 290,867 | 5,011,518
| Depreciation |  |  |  |  |
| At 1 January 2024 | 233,718 | 87,145 | 309,030 | 249,133 | 879,026
| Charge for the year on owned assets | 38,461 | 5,655 | 135,765 | 7,940 | 187,821
| Disposals | - | - | (127,283) | - | (127,283)
| At 31 December 2024 | 272,179 | 92,800 | 317,512 | 257,073 | 939,564
| Net book value |  |  |  |  |
| At 31 December 2024 | 3,437,086 | 21,370 | 579,704 | 33,794 | 4,071,954
| At 31 December 2023 | 3,475,547 | 13,065 | 497,149 | 41,734 | 4,027,495
| Included in valuation of land and building is freehold land of £1,331,556 which is not depreciated.
Cost or valuation at 31 December 2024 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At cost | 1,299,884
|  | At valuation: |
|  | Valuation at 2024 | 2,409,381
|  |  | 3,709,265
Page 19
BINNS FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12.Tangible fixed assets (continued)
| Land and buildings were valued on an open market basis during year ended 31 December 2023 by the bank. The Directors decided to adopt this valuation in the financial statements as at 31 December 2024.
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cost | 1,299,884 | 1,299,884
| Accumulated depreciation | (430,708) | (414,043)
| Net book value | 869,176 | 885,841
13. | Fixed asset investments
|  | Investments in associates
|  | £
| Cost |
| Additions | 560,000
| At 31 December 2024 | 560,000
14. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Work in progress | 526,251 | 530,288
Page 20
BINNS FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 2,557,753 | 2,420,396
| Amounts owed by group undertakings | 255,634 | -
| Amounts owed by related undertakings | 488,683 | 431,157
| Other debtors | 279,225 | 294,065
| Prepayments and accrued income | 130,248 | 123,275
|  | 3,711,543 | 3,268,893
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 765,256 | 1,019,376
| Amounts owed to group undertakings | 62,721 | 174,053
| Other taxation and social security | 488,306 | 505,005
| Other creditors | 2,020 | 18,125
| Accruals and deferred income | 4,793,904 | 3,280,845
|  | 6,112,207 | 4,997,404
| Santander UK plc holds a fixed and floating charge over company’s assets in respect of a loan obtained by the ultimate parent company Hopwoods Holdings Limited.
17. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (387,563)
| Charged to profit or loss | (24,766)
| At end of year | (412,329)
Page 21
BINNS FENCING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (125,917) | (101,495)
| Other timing differences | 80 | 424
| Capital gains | (286,492) | (286,492)
|  | (412,329) | (387,563)
18. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 Ordinary shares of £1 each | 100,000 | 100,000
19. | Reserves
Revaluation reserve The revaluation reserve represents non-distributable reserves which reflect unrealised gains and losses on land and buildings carried at fair value. Profit and loss account Retained earnings includes all current and previous period retained profits and losses.
20. | Pension commitments
The Company operates a defined contribution scheme for its employees. The assets of the scheme are administered in a fund independent from those of the Company. The total contributions paid in the year amounted to £192,415 (2023: £98,022). There is a pension creditor at the year end of £2,021 (2023: £1,697).
21. | Controlling party
The ultimate parent company is Hopwoods Holdings Limited, a company registered in England and Wales. The ultimate controlling party is A D H Binns.
Page 22