REGISTERED NUMBER: 03850152 (England and Wales)

Idacom Steel Buildings Limited

Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P R Coates

M R Laverack

K L Brown

SECRETARY:

Mrs P E Benmasaud

REGISTERED OFFICE:

Lancaster Road

Carnaby Industrial Estate

Bridlington

East Yorkshire

YO15 3QY

REGISTERED NUMBER:

03850152 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

FIXED ASSETS

Tangible assets

4

182,027

198,216

CURRENT ASSETS

Stocks

5

197,840

292,370

Debtors

6

3,553,753

3,543,737

Cash at bank

39,748

32,529

3,791,341

3,868,636

CREDITORS

Amounts falling due within one year

7

461,229

689,600

NET CURRENT ASSETS

3,330,112

3,179,036

TOTAL ASSETS LESS CURRENT LIABILITIES

3,512,139

3,377,252

PROVISIONS FOR LIABILITIES

43,010

46,995

NET ASSETS

3,469,129

3,330,257

CAPITAL AND RESERVES

Called up share capital

9

100

100

Share premium

44,980

44,980

Capital redemption reserve

51

51

Retained earnings

3,423,998

3,285,126

SHAREHOLDERS' FUNDS

3,469,129

3,330,257

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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

K L Brown - Director

1.	STATUTORY INFORMATION

Idacom Steel Buildings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

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 steel structures 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.

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 - 25% on cost

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.

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.

Employee 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.

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.

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.

Government grants

Government grants receivable have been accounted for under the accrual model. The Coronavirus Job Retention Scheme (CJRS) grant has been recognised as income on a systematic basis over the periods in which the entity has recognised the related costs for which the grant is intended to compensate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2024

584,223

Additions

77,920

At 31st December 2024

662,143

DEPRECIATION

At 1st January 2024

386,007

Charge for year

94,109

At 31st December 2024

480,116

NET BOOK VALUE

At 31st December 2024

182,027

At 31st December 2023

198,216

5.

STOCKS

2024

2023

£

£

Stocks

146,375

244,604

Work-in-progress

51,465

47,766

197,840

292,370

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

77,894

72,769

Amounts owed by group undertakings

3,445,283

3,444,962

Other debtors

30,576

26,006

3,553,753

3,543,737

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

287,338

489,336

Amounts owed to group undertakings

36,074

38,702

Taxation and social security

102,522

133,595

Other creditors

35,295

27,967

461,229

689,600

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

16,851

59,439

Between one and five years

176

14,035

17,027

73,474

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

11.	RELATED PARTY DISCLOSURES

12.	CONTROL RELATIONSHIPS

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

Ultimate parent company

The company's parent company is Ideal Building Systems Limited. The registered office of this company is the same as the address for this company which can be found on page 1 of these financial statements.

The company's ultimate parent company is Ideal Building Systems Holdings Limited. The registered office of this company is the same as can be found on page 1 of these 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.