REGISTERED NUMBER: 06166871 (England and Wales)

Ideal Building Systems Holdings Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

P R Coates

M R Laverack

Mrs P E Benmasaud

SECRETARY:

Mrs P E Benmasaud

REGISTERED OFFICE:

Lancaster Road

Carnaby Industrial Estate

Bridlington

East Yorkshire

YO15 3QY

REGISTERED NUMBER:

06166871 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

The directors present their strategic report of the company and the group for the year ended 31st December 2024.

REVIEW OF BUSINESS

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

The Directors are pleased with the excellent performance of the group 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 group remains debt free and has robust cash reserves.

The group 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 group 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.

The group 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, during 2023, these have begun to stabilise, assisted by our continued ability (due to cash reserves) to buy in bulk and stock significant amounts of materials. Our cash reserves have also enabled us to benefit from discounts due to improving supplier payment terms.

Staff

Due to a national shortage, attracting and retaining quality staff remains a priority to the Group 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 Group are considered to relate to competition for contracts from both National and independent businesses. The Group 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

25,828,309

33,243,183

Revenue growth

-22.30%

20.91%

Operating profit

3,502,535

4,214,392

ON BEHALF OF THE BOARD:

Mrs P E Benmasaud - Secretary

4th August 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the manufacture of prefabricated buildings and the construction of steel buildings.

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2024 will be £1,035,000 (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 R Coates

M R Laverack

Mrs P E Benmasaud

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 Group 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), 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mrs P E Benmasaud - Secretary

4th August 2025

Opinion

We have audited the financial statements of Ideal Building Systems Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 group's and the parent 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 group or the parent 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.

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

TURNOVER

25,828,309

33,243,183

Cost of sales

16,442,198

23,629,380

GROSS PROFIT

9,386,111

9,613,803

Administrative expenses

5,905,254

5,418,637

3,480,857

4,195,166

Other operating income

21,678

19,226

OPERATING PROFIT

4

3,502,535

4,214,392

Interest receivable and similar income

5

426,667

254,119

3,929,202

4,468,511

Gain/loss on revaluation of investments

71,738

16,778

4,000,940

4,485,289

Interest payable and similar expenses

6

(573

)

(768

)

PROFIT BEFORE TAXATION

4,001,513

4,486,057

Tax on profit

7

1,026,337

1,111,915

PROFIT FOR THE FINANCIAL YEAR

2,975,176

3,374,142

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,975,176

3,374,142

Profit attributable to:

Owners of the parent

2,947,402

3,328,224

Non-controlling interests

27,774

45,918

2,975,176

3,374,142

Total comprehensive income attributable to:

Owners of the parent

2,947,402

3,328,224

Non-controlling interests

27,774

45,918

2,975,176

3,374,142

FIXED ASSETS

Intangible assets

10

867,557

1,134,185

Tangible assets

11

1,976,867

1,982,491

Investments

12

960,255

900,485

3,804,679

4,017,161

CURRENT ASSETS

Stocks

13

1,142,847

1,461,391

Debtors

14

7,319,926

7,480,278

Cash at bank and in hand

11,073,728

7,589,200

19,536,501

16,530,869

CREDITORS

Amounts falling due within one year

15

5,892,169

5,018,389

NET CURRENT ASSETS

13,644,332

11,512,480

TOTAL ASSETS LESS CURRENT LIABILITIES

17,449,011

15,529,641

CREDITORS

Amounts falling due after more than one year

16

(54,347

)

(23,995

)

PROVISIONS FOR LIABILITIES

18

(189,175

)

(240,333

)

NET ASSETS

17,205,489

15,265,313

CAPITAL AND RESERVES

Called up share capital

19

96,953

96,953

Share premium

20

50,000

50,000

Capital redemption reserve

20

3,047

3,047

Retained earnings

20

16,361,664

14,449,262

SHAREHOLDERS' FUNDS

16,511,664

14,599,262

NON-CONTROLLING INTERESTS

21

693,825

666,051

TOTAL EQUITY

17,205,489

15,265,313

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

Mrs P E Benmasaud - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

837,982

856,546

Investments

12

9,474,121

9,474,121

10,312,103

10,330,667

CURRENT ASSETS

Debtors

14

4,214

3,975

Cash at bank

5,831

3,874

10,045

7,849

CREDITORS

Amounts falling due within one year

15

2,065,663

2,828,386

NET CURRENT LIABILITIES

(2,055,618

)

(2,820,537

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,256,485

7,510,130

CAPITAL AND RESERVES

Called up share capital

19

96,953

96,953

Share premium

20

50,000

50,000

Capital redemption reserve

20

3,047

3,047

Retained earnings

20

8,106,485

7,360,130

SHAREHOLDERS' FUNDS

8,256,485

7,510,130

Company's profit for the financial year

1,746,355

1,769,889

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

Mrs P E Benmasaud - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1st January 2023

96,953

12,141,038

50,000

Changes in equity

Dividends

-

(1,020,000

)

-

Total comprehensive income

-

3,328,224

-

Balance at 31st December 2023

96,953

14,449,262

50,000

Changes in equity

Dividends

-

(1,035,000

)

-

Total comprehensive income

-

2,947,402

-

Balance at 31st December 2024

96,953

16,361,664

50,000

Capital

redemption

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1st January 2023

3,047

12,291,038

620,133

12,911,171

Changes in equity

Dividends

-

(1,020,000

)

-

(1,020,000

)

Total comprehensive income

-

3,328,224

45,918

3,374,142

Balance at 31st December 2023

3,047

14,599,262

666,051

15,265,313

Changes in equity

Dividends

-

(1,035,000

)

-

(1,035,000

)

Total comprehensive income

-

2,947,402

27,774

2,975,176

Balance at 31st December 2024

3,047

16,511,664

693,825

17,205,489

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1st January 2023

96,953

6,590,241

50,000

3,047

6,740,241

Changes in equity

Dividends

-

(1,000,000

)

-

-

(1,000,000

)

Total comprehensive income

-

1,769,889

-

-

1,769,889

Balance at 31st December 2023

96,953

7,360,130

50,000

3,047

7,510,130

Changes in equity

Dividends

-

(1,000,000

)

-

-

(1,000,000

)

Total comprehensive income

-

1,746,355

-

-

1,746,355

Balance at 31st December 2024

96,953

8,106,485

50,000

3,047

8,256,485

Cash flows from operating activities

Cash generated from operations

1

5,380,419

3,577,613

Interest paid

4,000

4,000

Interest element of hire purchase payments paid

(3,427

)

(3,232

)

Tax paid

(857,754

)

(1,397,564

)

Net cash from operating activities

4,523,238

2,180,817

Cash flows from investing activities

Purchase of tangible fixed assets

(528,324

)

(593,384

)

Purchase of fixed asset investments

(386,119

)

(249,722

)

Sale of tangible fixed assets

225,898

4,000

Sale of fixed asset investments

398,087

235,048

Interest received

426,667

254,119

Net cash from investing activities

136,209

(349,939

)

Cash flows from financing activities

Capital repayments in year

(139,919

)

(31,664

)

Equity dividends paid

(1,035,000

)

(1,020,000

)

Net cash from financing activities

(1,174,919

)

(1,051,664

)

Increase in cash and cash equivalents

3,484,528

779,214

Cash and cash equivalents at beginning of year

2

7,589,200

6,809,986

Cash and cash equivalents at end of year

2

11,073,728

7,589,200

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

2024

2023

£

£

Profit before taxation

4,001,513

4,486,057

Depreciation charges

681,905

623,309

Loss/(profit) on disposal of fixed assets

39,583

(2,717

)

Gain on revaluation of fixed assets

(71,738

)

(16,778

)

Finance costs

(573

)

(768

)

Finance income

(426,667

)

(254,119

)

4,224,023

4,834,984

Decrease in stocks

318,544

111,167

Decrease/(increase) in trade and other debtors

160,352

(27,484

)

Increase/(decrease) in trade and other creditors

677,500

(1,341,054

)

Cash generated from operations

5,380,419

3,577,613

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

11,073,728

7,589,200

Year ended 31st December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

7,589,200

6,809,986

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1/1/24

Cash flow

changes

At 31/12/24

£

£

£

£

Net cash

Cash at bank

and in hand

7,589,200

3,484,528

11,073,728

7,589,200

3,484,528

11,073,728

Debt

Finance leases

(63,579

)

139,919

(273,252

)

(70,470

)

(63,579

)

139,919

(273,252

)

(70,470

)

Total

7,525,621

3,624,447

(273,252

)

11,003,258