REGISTERED NUMBER: 08636627 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

CLD Fencing Systems Limited

Page

Strategic Report

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

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

REVIEW OF BUSINESS

The directors are delighted to report a successful year for the company.

The company has generated £42,237,696 (2023: £28,339,576) of turnover due to excellent products and customer service. The company has generated £8,494,210 (2023: £4,841,503) of profits before tax to give satisfactory results.

At the period end the company had shareholders funds of £14,452,689 (2023: £11,082,689) including distributable profits of £14,452,589 (2023: £11,082,589). The directors therefore believe the company's position to be satisfactory, especially as the company's current assets exceed its current liabilities by £12,952,533 (2023: £9,930,222).

The directors believe that there is a strong foundation to build the business further and improve on the current year's results.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have assessed the main risks facing the company as being increased competition from other national companies, where these companies are able to sell similar products to those offered by the company at competitive prices, which could lead to decreasing margins.

The directors believe that the quality of our products and ongoing contingent arrangements will help mitigate these risks and hope to see satisfactory trading results in the coming year.

ON BEHALF OF THE BOARD:

A J Wells - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of fencing supplies.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 was £3,500,000.

DIRECTORS

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

R C Wells

A J Wells

V B Wells

N B Wells

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

A J Wells - Director

30 September 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through 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 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.

Craig Clinton (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

Statutory Auditor

Unit 5

Gateway Business Park

Beancross Road

Grangemouth

FK3 8WX

30 September 2025

TURNOVER

3

42,237,696

28,339,576

Cost of sales

(26,735,299

)

(17,765,294

)

GROSS PROFIT

15,502,397

10,574,282

Administrative expenses

(7,460,833

)

(5,884,393

)

8,041,564

4,689,889

Other operating income

391,000

100,000

OPERATING PROFIT

5

8,432,564

4,789,889

Interest receivable and similar income

71,155

60,892

8,503,719

4,850,781

Interest payable and similar expenses

6

(9,509

)

(9,278

)

PROFIT BEFORE TAXATION

8,494,210

4,841,503

Tax on profit

7

(1,624,210

)

(950,259

)

PROFIT FOR THE FINANCIAL YEAR

6,870,000

3,891,244

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,870,000

3,891,244

FIXED ASSETS

Tangible assets

9

1,952,421

1,426,836

CURRENT ASSETS

Stocks

10

5,179,790

4,435,591

Debtors

11

12,198,071

6,450,246

Cash at bank

3,041,589

4,690,511

20,419,450

15,576,348

CREDITORS

Amounts falling due within one year

12

(7,466,917

)

(5,646,126

)

NET CURRENT ASSETS

12,952,533

9,930,222

TOTAL ASSETS LESS CURRENT LIABILITIES

14,904,954

11,357,058

CREDITORS

Amounts falling due after more than one year

13

(37,974

)

-

PROVISIONS FOR LIABILITIES

16

(414,291

)

(274,369

)

NET ASSETS

14,452,689

11,082,689

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

14,452,589

11,082,589

SHAREHOLDERS' FUNDS

14,452,689

11,082,689

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

A J Wells - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

8,771,345

8,771,445

Changes in equity

Dividends

-

(1,580,000

)

(1,580,000

)

Total comprehensive income

-

3,891,244

3,891,244

Balance at 31 December 2023

100

11,082,589

11,082,689

Changes in equity

Dividends

-

(3,500,000

)

(3,500,000

)

Total comprehensive income

-

6,870,000

6,870,000

Balance at 31 December 2024

100

14,452,589

14,452,689

1.	STATUTORY INFORMATION

CLD Fencing Systems Limited is a private company, limited by shares, domiciled in England and Wales, registration number 08636627. The registered office is Unit 11, Springvale Business Centre, Millbuck Way, Sandbach, CW11 3HY.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group members.

Turnover

Turnover represents net invoiced sales of goods and services in respect of fencing supplies, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

20% on cost

Hire stock

-

50% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is calculated using an average cost method and includes all direct costs incurred in bringing the stock to its present location and condition. Provision is made for obsolete and slow-moving items where necessary.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement 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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

17,072,142

24,480,671

Europe

20,839,743

549,407

Rest of World

4,325,811

3,309,498

42,237,696

28,339,576

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

4,293,679

3,664,147

Social security costs

451,370

395,728

Other pension costs

193,354

249,684

4,938,403

4,309,559

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

31.12.24

31.12.23

Employees

84

80

31.12.24

31.12.23

£

£

Directors' remuneration

50,280

37,710

Directors' pension contributions to money purchase schemes

60,000

80,000

5.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

1,121,327

591,244

Depreciation - assets on hire purchase contracts

45,268

36,837

Profit on disposal of fixed assets

(328,855

)

(383,543

)

Auditors' remuneration

20,000

15,000

Rent

349,685

354,442

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Hire purchase

9,509

9,278

7.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

1,635,536

898,740

(Over)/under provision

(215,528

)

-

Payment of group relief

64,280

-

Total current tax

1,484,288

898,740

Deferred tax

139,922

51,519

Tax on profit

1,624,210

950,259

Reconciliation of total tax charge included in profit and loss

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

31.12.24

31.12.23

£

£

Profit before tax

8,494,210

4,841,503

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

2,123,553

1,138,770

Effects of:

Expenses not deductible for tax purposes

34,651

7,382

Income not taxable for tax purposes

(82,214

)

(90,211

)

Capital allowances in excess of depreciation

(74,694

)

(6,407

)

Deferred tax movement

139,922

51,520

Group relief received

(64,280

)

(35,948

)

CT over/under provision

(215,528

)

-

Capital gains

-

52,885

Patent box relief

(250,000

)

(167,732

)

R&D enhanced deduction

(51,480

)

-

Payment for group relief

64,280

-

Total tax charge

1,624,210

950,259

8.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary shares of £1 each

Final

3,500,000

1,580,000

9.	TANGIBLE FIXED ASSETS

Short

Hire

Plant and

leasehold

stock

machinery

£

£

£

COST

At 1 January 2024

591,955

938,500

384,117

Additions

77,838

1,783,374

-

Disposals

(233,863

)

(1,481,924

)

-

At 31 December 2024

435,930

1,239,950

384,117

DEPRECIATION

At 1 January 2024

337,798

551,085

113,755

Charge for year

116,275

897,679

48,824

Eliminated on disposal

(233,863

)

(839,323

)

-

At 31 December 2024

220,210

609,441

162,579

NET BOOK VALUE

At 31 December 2024

215,720

630,509

221,538

At 31 December 2023

254,157

387,415

270,362

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

137,343

227,376

250,112

2,529,403

Additions

18,530

119,711

335,328

2,334,781

Disposals

(12,252

)

-

-

(1,728,039

)

At 31 December 2024

143,621

347,087

585,440

3,136,145

DEPRECIATION

At 1 January 2024

58,775

41,154

-

1,102,567

Charge for year

38,453

65,364

-

1,166,595

Eliminated on disposal

(12,252

)

-

-

(1,085,438

)

At 31 December 2024

84,976

106,518

-

1,183,724

NET BOOK VALUE

At 31 December 2024

58,645

240,569

585,440

1,952,421

At 31 December 2023

78,568

186,222

250,112

1,426,836

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

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

171,876

28,994

-

200,870

Additions

-

-

68,991

68,991

Transfer to ownership

(171,876

)

(28,994

)

-

(200,870

)

At 31 December 2024

-

-

68,991

68,991

DEPRECIATION

At 1 January 2024

137,501

15,040

-

152,541

Charge for year

31,510

1,744

12,014

45,268

Transfer to ownership

(169,011

)

(16,784

)

-

(185,795

)

At 31 December 2024

-

-

12,014

12,014

NET BOOK VALUE

At 31 December 2024

-

-

56,977

56,977

At 31 December 2023

34,375

13,954

-

48,329

10.

STOCKS

31.12.24

31.12.23

£

£

Work-in-progress

263,191

208,955

Finished goods

4,916,599

4,226,636

5,179,790

4,435,591

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

6,709,026

6,108,303

Amounts owed by group undertakings

5,063,309

59,612

Amounts owed by related parties

-

19,737

Other debtors

23,832

20,123

Prepayments and accrued income

401,904

242,471

12,198,071

6,450,246

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 14)

11,737

36,588

Trade creditors

2,342,062

1,615,234

Amounts owed to group undertakings

3,683,101

3,410,311

Amounts owed to related parties

-

19,351

Tax

455,830

(120,065

)

Social security and other taxes

144,504

128,696

VAT

14,934

154,889

Accruals and deferred income

814,749

401,122

7,466,917

5,646,126

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 14)

37,974

-

14.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

11,737

36,588

Between one and five years

37,974

-

49,711

36,588

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

250,000

250,000

Between one and five years

1,000,000

1,000,000

In more than five years

104,167

354,167

1,354,167

1,604,167