REGISTERED NUMBER: 03081395 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

B.S. Specialist Products Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

D N Belton

Ms D N Frost

T S Spalding

SECRETARY:

Ms D N Frost

REGISTERED OFFICE:

Industrial Estate South

Park Road

Calverton

Nottinghamshire

NG14 6BP

REGISTERED NUMBER:

03081395 (England and Wales)

AUDITORS:

Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

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

REVIEW OF BUSINESS

The year has been challenging for the Group. Companies within the Group performed with variable results resulting in an overall loss being made in the period..

Principal risks and uncertainties

The main risks and uncertainties that the Group have faced are labour shortages, price increases from suppliers and delays in the supply chain.

Measures have been put in place to reduce the impact of the above on the Group including cost reduction and restructuring.

Demand for fencing products increased during the year, whereas manufactured products had a slight decrease

in sales.

Development and performance

The Group are looking to capitalise on the opportunities that arise due to the market conditions in the year. The board of directors will focus on core activities within the construction industry for the next year.

Prospects for the year ahead look favourable providing economic and geopolitical influences do not impact

the business. The Directors anticipate some modest capital expenditure in the year ahead to replace some of

the assets held.

The Directors judge that the Group is in a strong position which will enable some growth in the following year. The Group are excited about the opportunities that will arise in the future.

Key performance indicators

The Group's key performance indicators are as follows:

1 Turnover has decreased this year to £7,478,771 (2023: £8,205,457)

2 Gross Profit % has improved to 37.6% (2023: 36.6% )

3 Operating Profit(Loss) has decreased to (£80,104) (2023: £235,117)

4 Net Assets have decreased to £3,204,225 (2023: £3,501,950)

ON BEHALF OF THE BOARD:

Ms D N Frost - Director

23 September 2025

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

PRINCIPAL ACTIVITY

The principal activities of the group continued to be that of the manufacture, supply and installation of

specialist construction materials.

DIVIDENDS

Ordinary dividends were paid amounting to £200,000 (2023: £213,075). The directors do not recommend

payment of a further dividend.

DIRECTORS

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

D N Belton

Ms D N Frost

T S Spalding

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). 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, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms D N Frost - Director

23 September 2025

Opinion

We have audited the financial statements of B.S. Specialist Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 31 December 2024 and of the group's loss 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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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.

Douglas Perry FCA (Senior Statutory Auditor)

for and on behalf of Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

29 September 2025

TURNOVER

3

7,478,771

8,205,457

Cost of sales

4,665,912

5,200,368

GROSS PROFIT

2,812,859

3,005,089

Distribution costs

147,006

123,201

Administrative expenses

2,745,957

2,646,771

2,892,963

2,769,972

(80,104

)

235,117

Other operating income

-

9,309

OPERATING (LOSS)/PROFIT

5

(80,104

)

244,426

Interest receivable and similar income

30,788

12,993

(49,316

)

257,419

Interest payable and similar expenses

6

37,348

23,293

(LOSS)/PROFIT BEFORE TAXATION

(86,664

)

234,126

Tax on (loss)/profit

7

11,061

60,976

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(97,725

)

173,150

(Loss)/profit attributable to:

Owners of the parent

(97,725

)

173,150

(LOSS)/PROFIT FOR THE YEAR

(97,725

)

173,150

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(97,725

)

173,150

Total comprehensive income attributable to:

Owners of the parent

(97,725

)

173,150

FIXED ASSETS

Intangible assets

10

64,707

75,412

Tangible assets

11

2,267,676

2,349,425

Investments

12

-

-

2,332,383

2,424,837

CURRENT ASSETS

Stocks

13

679,352

797,132

Debtors

14

1,575,676

1,206,892

Cash at bank and in hand

821,509

1,069,879

3,076,537

3,073,903

CREDITORS

Amounts falling due within one year

15

1,373,596

1,093,178

NET CURRENT ASSETS

1,702,941

1,980,725

TOTAL ASSETS LESS CURRENT LIABILITIES

4,035,324

4,405,562

CREDITORS

Amounts falling due after more than one year

16

(748,938

)

(813,404

)

PROVISIONS FOR LIABILITIES

20

(82,161

)

(90,208

)

NET ASSETS

3,204,225

3,501,950

CAPITAL AND RESERVES

Called up share capital

21

900

900

Revaluation reserve

22

505,869

508,748

Capital redemption reserve

22

100

100

Retained earnings

22

2,697,356

2,992,202

SHAREHOLDERS' FUNDS

3,204,225

3,501,950

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Ms D N Frost - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

1,554,974

1,605,200

Investments

12

1,175,012

1,565,012

2,729,986

3,170,212

CURRENT ASSETS

Stocks

13

155,875

119,877

Debtors

14

1,246,603

467,557

Cash at bank and in hand

651,278

698,471

2,053,756

1,285,905

CREDITORS

Amounts falling due within one year

15

2,824,880

1,714,468

NET CURRENT LIABILITIES

(771,124

)

(428,563

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,958,862

2,741,649

CREDITORS

Amounts falling due after more than one year

16

748,938

790,493

NET ASSETS

1,209,924

1,951,156

CAPITAL AND RESERVES

Called up share capital

21

900

900

Revaluation reserve

302,107

302,107

Capital redemption reserve

100

100

Retained earnings

906,817

1,648,049

SHAREHOLDERS' FUNDS

1,209,924

1,951,156

Company's loss for the financial year

(541,232

)

(82,117

)

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Ms D N Frost - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

900

3,029,248

511,627

100

3,541,875

Changes in equity

Dividends

-

(213,075

)

-

-

(213,075

)

Total comprehensive income

-

176,029

(2,879

)

-

173,150

Balance at 31 December 2023

900

2,992,202

508,748

100

3,501,950

Changes in equity

Dividends

-

(200,000

)

-

-

(200,000

)

Total comprehensive income

-

(94,846

)

(2,879

)

-

(97,725

)

Balance at 31 December 2024

900

2,697,356

505,869

100

3,204,225

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

900

1,943,241

302,107

100

2,246,348

Changes in equity

Dividends

-

(213,075

)

-

-

(213,075

)

Total comprehensive income

-

(82,117

)

-

-

(82,117

)

Balance at 31 December 2023

900

1,648,049

302,107

100

1,951,156

Changes in equity

Dividends

-

(200,000

)

-

-

(200,000

)

Total comprehensive income

-

(541,232

)

-

-

(541,232

)

Balance at 31 December 2024

900

906,817

302,107

100

1,209,924

Cash flows from operating activities

Cash generated from operations

1

282,267

480,039

Interest paid

(32,483

)

(21,728

)

Interest element of hire purchase payments paid

(4,865

)

(1,565

)

Tax paid

(60,135

)

(66,350

)

Net cash from operating activities

184,784

390,396

Cash flows from investing activities

Purchase of tangible fixed assets

(89,145

)

(212,917

)

Sale of tangible fixed assets

27,626

48,298

Interest received

30,788

12,993

Repayment of loans

-

3,907

Net cash from investing activities

(30,731

)

(147,719

)

Cash flows from financing activities

Loan repayments in year

(41,555

)

(77,070

)

Capital repayments in year

(18,913

)

(17,052

)

Amount withdrawn by directors

(141,955

)

-

Equity dividends paid

(200,000

)

(213,075

)

Net cash from financing activities

(402,423

)

(307,197

)

Decrease in cash and cash equivalents

(248,370

)

(64,520

)

Cash and cash equivalents at beginning of year

2

1,069,879

1,134,399

Cash and cash equivalents at end of year

2

821,509

1,069,879

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/12/24

31/12/23

£

£

(Loss)/profit before taxation

(86,664

)

234,126

Depreciation charges

156,549

167,450

Profit on disposal of fixed assets

(2,576

)

(28,820

)

Other gains and losses

-

(9,309

)

Finance costs

37,348

23,293

Finance income

(30,788

)

(12,993

)

73,869

373,747

Decrease in stocks

117,780

83,018

(Increase)/decrease in trade and other debtors

(233,095

)

352,687

Increase/(decrease) in trade and other creditors

323,713

(329,413

)

Cash generated from operations

282,267

480,039

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

821,509

1,069,879

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

1,069,879

1,134,399

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

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

1,069,879

(248,370

)

821,509

1,069,879

(248,370

)

821,509

Debt

Finance leases

(41,064

)

18,913

(22,151

)

Debts falling due within 1 year

(44,000

)

-

(44,000

)

Debts falling due after 1 year

(790,493

)

41,555

(748,938

)

(875,557

)

60,468

(815,089

)

Total

194,322

(187,902

)

6,420

1.	STATUTORY INFORMATION

B.S. Specialist Products 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The group consists of B.S. Specialist Products Limited and all of its subsidiaries.

The financial statements are prepared in sterling, which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest £.

Basis of consolidation

The consolidated financial statements incorporate those of B.S. Specialist Products Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Corden Hardware Limited, Corden Manufacturing Limited, D.G. Scott Limited and Midway Fencing Contractors Limited have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of the group companies since the date of acquisition. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.