Southern Structures Holdings Limited

	Page
Strategic Report	1—2
Director's Report	3—4
Independent Auditor's Report	5—6
Consolidated Profit and Loss Account	7
Consolidated Balance Sheet	8
Company Balance Sheet	9
Consolidated Statement of Changes in Equity	10
Company Statement of Changes in Equity	11
Consolidated Cash Flow Statement	12
Notes to the Consolidated Cash Flow Statement	13
Company Cash Flow Statement	14
Notes to the Company Cash Flow Statement	15
Notes to the Financial Statements	16—25

The director presents his strategic report for the year ended 31 December 2024.

Principal Activity

The group's principal activity continues to be that of groundworks and construction services.

Review of the Business

Southern Structures Holdings Limited is a well-established group of construction & in house plant hire companies delivering high-quality residential and commercial projects across the UK. With a focus on basements, groundworks and RC frames, we work mainly as a subcontractor with a variety of the UK’s most respected main contractors and housebuilders working within the private & public sector.

The company is known for its reliability, quality delivery, and commitment to health and safety.

Key Performance Indicators (KPI's)

	31 December 2024	2023
	£	£
Turnover	14,195,691	16,629,798
Gross Profit	2,843,458	2,671,979
Gross Profit Margin	20.03%	16.07%
Operating Profit	722,504	779,419
Operating Profit Margin	5.08%	4.69%

The company delivered strong results in FY2024, although turnover was slightly down on 2023, margin improvement was supported by better procurement practices and strict project cost controls.

Principal Risks and Uncertainties

The construction industry continues to face several risks that could impact the company's operations and financial performance. Key risks include:

Material Cost Inflation

Significant increases in the cost of key materials such as concrete, steel, and timber have put pressure on margins. While the company secures fixed-price contracts where possible, global supply chain volatility remains a concern.

Credit & Liquidity risk

Bad debts always remain a potential threat within the business. This risk is managed within the group with credit checks being completed regularly for all clients.

Labour Availability

A shortage of skilled construction workers continues to challenge the industry. This affects project scheduling and increases subcontractor costs. The company is investing in training initiatives to help mitigate this and fully supports our apprentices who are integrated within the site and office teams.

Economic and Market Conditions

Economic uncertainty remains a risk within the construction sector which we manage through robust systems and procedures. Higher interest rates and inflation affect housing affordability and commercial development funding. Market softening could reduce demand for new projects in both sectors.

Planning and Regulatory Challenges

Delays in obtaining planning permissions and compliance with updated building regulations can delay project starts and increase costs.

Environmental Expectations

Clients, investors, and regulators are increasingly focused on sustainability. The company must continue to adapt its methods and materials to meet evolving environmental requirements.

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Southern Structures Holdings Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

Future Developments

The strategic focus over the next 12–24 months includes:

Growth in Commercial Construction

We aim to grow our commercial project portfolio, we have demonstrated strong delivery capability whilst working for some of the most respected main contractors which is already generating repeat business.

Technology Integration

Investments are being made in project management software, digital scheduling tools, and mobile site technology to improve real-time decision-making and reduce waste.

Workforce Development

We are continually assessing the requirements of the business by looking to expand our training and apprenticeship program aimed at attracting and retaining skilled workers.

Accreditations

The group continue to maintain and have achieved the following accreditations:

CHAS – (The Contractors Health and Safety Assessment Scheme)

SMAS – (Safety Management Advisor Services)

CSCS – (Construction Skills Certification Scheme)

Constructionline Gold

Builders Profile

Conclusion

FY2024 was a year of strategic progress. With a strong pipeline of residential and commercial projects, an increased focus on digital tools, and a commitment to sustainability and workforce development, Southern Structures Holdings Limited is well-positioned for long-term success.

On behalf of the board

Mr L J Blanchard

Director

29 September 2025

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Southern Structures Holdings Limited

Company No. 13163563

Director's Report For The Year Ended 31 December 2024

Director's Report

The director presents his report and the financial statements for the year ended 31 December 2024.

Dividends

The value of dividends paid amounted to £116,000 .

The director recommended a final dividend of £NIL .

Directors

The director who held office during the year were as follows:

Mr L J Blanchard

Ms C S Gordon was appointed as a Director after 31 December 2024 but prior to the date of this report.

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the director consider them to be of strategic importance to the business.

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and 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. He is 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.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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Southern Structures Holdings Limited

Director's Report (continued)

For The Year Ended 31 December 2024

Independent Auditors

The auditors, JWR Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr L J Blanchard

Director

29 September 2025

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Independent Auditor's Report

to the Members of

Southern Structures Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Southern Structures Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit/(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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 and parent company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is 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. 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Director's 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 group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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 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 or returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

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Independent Auditor's Report (continued)

to the Members of

Southern Structures Holdings Limited

Responsibilities of Directors

As explained more fully in the Director's Responsibilities Statement set out on page 3—4, the director is 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 director 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 director is responsible for assessing the group and 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.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We designed audit procedures to respond to the risk, recognising that 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, misrepresentations or through collusion.

Procedures performed by the audit team included:

Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;
Evaluation of controls designed to prevent and detect irregularities; and
Assessing journals entries as part of our planned audit approach.

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.

As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 that we are required to state to them in an auditor's 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.

Katie Wood FCA FCCA (Senior Statutory Auditor)

for and on behalf of JWR Audit Limited , Statutory Auditor

30 September 2025

JWR Audit Limited

24 Picton House, Hussar Court

Westside View

Waterlooville

Hampshire

PO7 7SQ

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Southern Structures Holdings Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2024

Consolidated Profit and Loss Account

		2024	2023 as restated
	Notes	£	£
TURNOVER	3	14,195,691	16,629,797
Cost of sales		(11,352,233 )	(13,957,819 )

GROSS PROFIT		2,843,458	2,671,978

Administrative expenses		(2,121,783 )	(1,908,836 )
Other operating income		316	-

OPERATING PROFIT	5	721,991	763,142
(Loss)/profit on disposal of fixed assets		(9,377 )	3,155
Other interest receivable and similar income	10	740	-
Interest payable and similar charges	11	(109,770 )	(80,245 )

PROFIT BEFORE TAXATION		603,584	686,052
Tax on Profit	12	(118,681 )	(181,326 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		484,903	504,726

The notes on pages 13 to 25 form part of these financial statements.

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Southern Structures Holdings Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

Registered number: 13163563

		2024		2023 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	14		3,296,862		2,193,735

			3,296,862		2,193,735
CURRENT ASSETS
Debtors	16	2,021,628		1,459,347
Cash at bank and in hand		1,520,181		2,929,605

		3,541,809		4,388,952
Creditors: Amounts Falling Due Within One Year	17	(3,320,334 )		(4,116,845 )

NET CURRENT ASSETS (LIABILITIES)			221,475		272,107

TOTAL ASSETS LESS CURRENT LIABILITIES			3,518,337		2,465,842

Creditors: Amounts Falling Due After More Than One Year	18		(958,609 )		(387,455 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	21		(586,370 )		(473,932 )

NET ASSETS			1,973,358		1,604,455

CAPITAL AND RESERVES
Called up share capital	23		1		1
Profit and Loss Account			1,973,357		1,604,454

SHAREHOLDERS' FUNDS			1,973,358		1,604,455

On behalf of the board

Mr L J Blanchard

Director

29 September 2025

The notes on pages 13 to 25 form part of these financial statements.

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Southern Structures Holdings Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

Registered number: 13163563

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	14		802,262		-
Investments	15		202		102

			802,464		102
CURRENT ASSETS
Debtors	16	718,159		501,359
Cash at bank and in hand		155,239		35,811

		873,398		537,170
Creditors: Amounts Falling Due Within One Year	17	(588,934 )		(60,400 )

NET CURRENT ASSETS (LIABILITIES)			284,464		476,770

TOTAL ASSETS LESS CURRENT LIABILITIES			1,086,928		476,872

Creditors: Amounts Falling Due After More Than One Year	18		(482,198 )		-

NET ASSETS			604,730		476,872

CAPITAL AND RESERVES
Called up share capital	23		1		1
Profit and Loss Account			604,729		476,871

SHAREHOLDERS' FUNDS			604,730		476,872

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 243,858 (2023: £ 289,486 profit).

On behalf of the board

Mr L J Blanchard

Director

29 September 2025

The notes on pages 13 to 25 form part of these financial statements.

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Southern Structures Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023	1	1,129,728	1,129,729
Profit for the year and total comprehensive income	-	504,726	504,726

Dividends paid	-	(30,000)	(30,000)

As at 31 December 2023	1	1,604,454	1,604,455


As at 1 January 2024 as previously stated	1	1,642,014	1,642,015
Prior year adjustment	-	(37,560 )	(37,560 )

As at 1 January 2024 as restated	1	1,604,454	1,604,455
1,604,454

Profit for the year and total comprehensive income	-	484,903	484,903

Dividends paid	-	(116,000)	(116,000)

As at 31 December 2024	1	1,973,357	1,973,358

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Southern Structures Holdings Limited

Company Statement of Changes in Equity

For The Year Ended 31 December 2024

Company Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023	1	217,385	217,386
Profit for the year and total comprehensive income	-	289,486	289,486

Dividends paid	-	(30,000)	(30,000)

As at 31 December 2023 and 1 January 2024	1	476,871	476,872


Profit for the year and total comprehensive income	-	243,858	243,858

Dividends paid	-	(116,000)	(116,000)

As at 31 December 2024	1	604,729	604,730

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Southern Structures Holdings Limited

Consolidated Cash Flow Statement

For The Year Ended 31 December 2024

Consolidated Cash Flow Statement

		2024	2023 as restated
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	55,718	3,368,861
Interest paid		(109,770 )	(80,245 )

Net cash (used in)/generated from operating activities		(54,052 )	3,288,616

Cash flows from investing activities
Purchase of tangible assets		(1,741,049 )	(938,467 )
Proceeds from disposal of tangible assets		17,598	16,450
Purchase of investment in subsidiary undertaking		-	99
Interest received		740	-

Net cash used in investing activities		(1,722,711 )	(921,918 )

Cash flows from financing activities
Equity dividends paid		(116,000 )	(30,000 )
Proceeds from new bank borrowings		-	193,948
Repayment of bank borrowings		(133,562 )	-
Proceeds from new other loans		497,490	-
Repayment of finance leases		211,517	348,929
Amount withdrawn by directors		(92,106)	(63,767)

Net cash generated from financing activities		367,339	449,110



(Decrease)/increase in cash and cash equivalents		(1,409,424 )	2,815,808
Cash and cash equivalents at beginning of year	2	2,929,605	113,797

Cash and cash equivalents at end of year	2	1,520,181	2,929,605

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Southern Structures Holdings Limited

Notes to the Consolidated Cash Flow Statement

For The Year Ended 31 December 2024

Notes to the Consolidated Cash Flow Statement

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023 as restated
	£	£
Profit for the financial year	484,903	504,726
Adjustments for:
Tax on profit	118,681	181,326
Interest expense	109,770	80,245
Interest income	(740 )	-
Depreciation of tangible assets	610,949	564,040
Loss/(profit) on disposal of tangible assets	9,377	(3,155)
Movements in working capital:
(Increase)/decrease in trade and other debtors	(529,760 )	576,249
(Decrease)/increase in trade and other creditors	(747,462 )	1,465,430

Net cash generated from operations	55,718	3,368,861

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023 as restated
	£	£
Cash at bank and in hand	1,520,181	2,929,605

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	2,929,605	(1,409,424)	1,520,181
Finance leases	(609,789)	(211,517)	(821,306)
Debts falling due within one year	(133,562 )	57,884	(75,678 )
Debts falling due after more than one year	(60,386)	(421,812)	(482,198)

	2,125,868	(1,984,869)	140,999

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Southern Structures Holdings Limited

Company Cash Flow Statement

For The Year Ended 31 December 2024

Company Cash Flow Statement

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	464,930	(80,395 )
Interest paid		(33,264 )	-

Net cash generated from/(used in) operating activities		431,666	(80,395 )

Cash flows from investing activities
Purchase of tangible assets		(802,262 )	-
Purchase of investment in subsidiary undertaking		(100 )	-
Interest received		740	-
Dividends received		200,000	200,000

Net cash (used in)/generated from investing activities		(601,622 )	200,000

Cash flows from financing activities
Equity dividends paid		(116,000 )	(30,000 )
Proceeds from new other loans		497,490	-
Amount withdrawn by directors		(92,106)	(63,767)

Net cash generated from/(used in) financing activities		289,384	(93,767 )



Increase in cash and cash equivalents		119,428	25,838
Cash and cash equivalents at beginning of year	2	35,811	9,973

Cash and cash equivalents at end of year	2	155,239	35,811

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Southern Structures Holdings Limited

Notes to the Company Cash Flow Statement

For The Year Ended 31 December 2024

Notes to the Company Cash Flow Statement

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2024	2023
	£	£
Profit for the financial year	243,858	289,486
Adjustments for:
Interest expense	33,264	-
Interest income	(740 )	-
Income from shares in group undertakings	(200,000)	(200,000)
Movements in working capital:
Increase in trade and other debtors	(184,278 )	(501,359 )
Increase in trade and other creditors	572,826	331,478

Net cash generated from/(used in) operations	464,930	(80,395 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	155,239	35,811

3. Analysis of changes in net funds/(debt)

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	35,811	119,428	155,239
Debts falling due within one year	-	(15,292)	(15,292 )
Debts falling due after more than one year	-	(482,198)	(482,198)

	35,811	(378,062)	(342,251)

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Southern Structures Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Southern Structures Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13163563 . The registered office is 24 Picton House, Hussar Court, Waterlooville, Hampshire, PO7 7SQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The parent company has taken advantage of the following disclosure exemptions 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 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
the requirements of Section 26 Share-based Payment paragraphs 26.18 (b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

2.4. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.

2.5. Significant judgements and estimations

In preparing the financial statements in accordance with FRS 102, management is required to make judgements,bestimates, and assumptions that affect the application of accounting policies and the reported amounts of assets,bliabilities, income, and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

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Southern Structures Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance
Computer Equipment	25% reducing balance

Freehold property held for investment by the Company is held at fair value and not depreciated. Within the Group, freehold property is held at the equivalent fair value assessed by the company.

Freehold improvements are depreciated on a 2% straight line basis.

2.8. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

Page 17

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Southern Structures Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Turnover

Turnover is attributable to the one principal activity of the company.

The directors believe there is only one material income stream from contracting services, 2024: £14,195,691 and 2023: £16,629,798.

4. Other Operating Income

	2024	2023 as restated
	£	£
Other operating income	316	-

	316	-

5. Operating Profit

The operating profit is stated after charging:

	2024	2023 as restated
	£	£
Depreciation of tangible fixed assets	610,949	564,040

6. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2024	2023 as restated
	£	£
Audit Services
Audit of the company's financial statements	17,000	-

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Wages and salaries	1,355,359	1,058,780	9,096	9,096
Social security costs	143,108	109,841	-	130
Other pension costs	60,643	52,359	-	-

	1,559,110	1,220,980	9,096	9,226

8. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 27 (2023: 25)

Company

Average number of employees, including directors, during the year was: 1 (2023: 1)

Page 18

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Southern Structures Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

9. Director's remuneration

	2024	2023 as restated
	£	£
Emoluments	92,429	93,096
Company contributions to money purchase pension schemes	30,996	29,300

	123,425	122,396

10. Interest Receivable and Similar Income

	2024	2023 as restated
	£	£
Other interest receivable type A	740	-

11. Interest Payable and Similar Charges

	2024	2023 as restated
	£	£
Bank loans and overdrafts	15,613	30,966
Interest payable on other loans	33,264	-
Finance charges payable under finance leases and hire purchase contracts	57,691	46,684
Late payment tax charges	3,202	2,595

	109,770	80,245

12. Tax on Profit

	Tax Rate		2024	2023 as restated
The tax charge on the profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	23.5%	6,244	-
Deferred Tax
Deferred taxation			112,437	181,326


Total tax charge for the period			118,681	181,326


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			603,584	686,052

Tax on profit at 25% (UK standard rate)			151,025	161,644
Goodwill/depreciation not allowed for tax			155,082	131,808
Expenses not deductible for tax purposes			8,050	4,964
Tax losses utilised			(83,915 )	(82,050 )
Capital allowances			(223,467 )	(216,366 )

...CONTINUED

Page 19

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Southern Structures Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Short term timing differences	112,438	181,326
Difference in tax rates	(532 )	-

Total tax charge for the period	118,681	181,326

13. Prior Period Adjustment

The comparative figures for the prior year have been restated to correct a misclassification relating to plant and machinery in a subsidiary company, Southern Structures Plant Hire Limited.

The following adjustments have been made to reflect the appropriate accounting treatment:

Profit / Loss	Original 2023 Accounts	Restated 2023 Accounts	Adjustment
Depreciation	403,380	417,861	14,481
Deferred Tax	143,979	142,297	(1,682)
Net effect on profit			12,799 decrease

Balance sheet	Original 2023 Accounts	Restated 2023 Accounts	Adjustment
Tangible Assets	1,878,110	1,899,378	21,268
Creditors (<1 year)	(932,442)	(987,778)	(52,336)
Creditors (>1 year)	(210,270)	(216,762)	(6,492)
Deferred Tax	(402,024)	(400,342)	1,682
Retained Earnings	(340,016)	(316,937)	23,079
Net effect on Balance Sheet			(12,799) decrease

14. Tangible Assets

Group

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	-	2,559,876	551,169	37,004
Additions	820,281	838,903	69,700	-
Disposals	-	-	(27,950 )	-

As at 31 December 2024	820,281	3,398,779	592,919	37,004

Depreciation
As at 1 January 2024	-	838,106	119,586	13,848
Provided during the period	1,802	507,319	91,490	4,631
Disposals	-	-	(2,052 )	-

As at 31 December 2024	1,802	1,345,425	209,024	18,479

Net Book Value
As at 31 December 2024	818,479	2,053,354	383,895	18,525

As at 1 January 2024	-	1,721,770	431,583	23,156

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Southern Structures Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2024	27,139	3,175,188
Additions	12,167	1,741,051
Disposals	(2,044 )	(29,994 )

As at 31 December 2024	37,262	4,886,245

Depreciation
As at 1 January 2024	9,913	981,453
Provided during the period	5,707	610,949
Disposals	(967 )	(3,019 )

As at 31 December 2024	14,653	1,589,383

Net Book Value
As at 31 December 2024	22,609	3,296,862

As at 1 January 2024	17,226	2,193,735

The freehold property is secured by way of a fixed charge with Lloyds Bank PLC.

Company

	Investment Properties
	£
Cost
As at 1 January 2024	-
Additions	802,262

As at 31 December 2024	802,262

Net Book Value
As at 31 December 2024	802,262

As at 1 January 2024	-

15. Investments

Company

	Subsidiaries
	£
Cost
As at 1 January 2024	102
Additions	100

As at 31 December 2024	202

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	202

As at 1 January 2024	102

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Southern Structures Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Subsidiaries

Details of the group's subsidiaries as at 31 December 2024 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Southern Structures Limited	24 Picton House, Hussar Court, Waterlooville, Hampshire, PO7 7SQ	Ordinary	100.00%	-
Southern Structures Plant Hire Limited	24 Picton House, Hussar Court, Waterlooville, Hampshire, PO7 7SQ	Ordinary	100.00%	-
Southern Concrete Structures Limited	24 Picton House, Hussar Court, Waterlooville, Hampshire, PO7 7SQ	Ordinary	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Southern Structures Limited	1,074,465	493,725
Southern Structures Plant Hire Limited	293,256	(91,261 )

The principal activity of Southern Structures Limited is that of groundworks and construction services and the principal activity of Southern Structures Plant Hire Limited is that of plant and machinery hire. Southern Concrete Structures Limited is dormant.

16. Debtors

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Due within one year
Trade debtors	1,094,134	653,308	-	-
Amounts owed by group undertakings	-	-	685,637	501,359
Other debtors	927,494	806,039	32,522	-

	2,021,628	1,459,347	718,159	501,359

17. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	405,713	289,212	-	-
Trade creditors	2,134,365	2,049,129	54	24
Bank loans and overdrafts	60,386	133,562	-	-
Other loans	15,292	-	15,292	-
Amounts owed to group undertakings	-	-	570,117	-
Other creditors	316,009	1,338,785	100	59,584
Corporation tax	6,244	-	-	-
Taxation and social security	202,685	159,257	-	-
Accruals and deferred income	179,640	146,900	3,371	792

	3,320,334	4,116,845	588,934	60,400

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Southern Structures Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

18. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	415,593	320,577	-	-
Bank loans	-	60,386	-	-
Other loans	482,198	-	482,198	-
Other creditors	60,818	6,492	-	-

	958,609	387,455	482,198	-

Of the creditors the following amounts are secured by way of a fixed charge with Lloyds Bank PLC.

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Other loans	497,490	-	-	-
Other Creditors	-	-	497,490	-

19. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	60,386	133,562	-	-
Other loans	15,292	-	15,292	-

	75,678	133,562	15,292	-

	Group		Company
	2024	2023 as restated	2024	2023 as restated
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	-	60,386	-	-
Other loans	482,198	-	482,198	-

	482,198	60,386	482,198	-

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Southern Structures Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

20. Obligations Under Finance Leases and Hire Purchase

	Group
	2024	2023 as restated
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	405,713	289,212
Later than one year and not later than five years	415,593	320,577

	821,306	609,789

	821,306	609,789

21. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023 as restated
	£	£
Accelerated capital allowances	586,370	473,932

22. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2024	473,932	473,932
Deferred taxation	112,437	112,437

Balance at 31 December 2024	586,369	586,369

23. Share Capital

	2024	2023 as restated
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 1.00 each	1	1

24. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £60,643 (2023: £52,359).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

25. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Luke Blanchard	(59,584 )	285,608	195,302	-	32,522

The above loan is unsecured and repayable on demand.

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Page 25

Southern Structures Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

26. Dividends

	2024	2023 as restated
	£	£
On equity shares:
Interim dividend paid	116,000	30,000

27. Related Party Disclosures

The group has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

28. Controlling Parties

The company's ultimate controlling party is Mr L Blanchard by virtue of their interest in the share capital of the company.

Page 25