Company registration number SC052604 (Scotland)
SIBCAS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SIBCAS LIMITED
COMPANY INFORMATION
Directors
W Storrie
J Storrie
R A Storrie
M A Smith
J J Storrie
E D K Macleod
(Appointed 11 April 2024)
Secretary
W Storrie
Company number
SC052604
Registered office
Easton Road
Bathgate
West Lothian
United Kingdom
EH48 2SF
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
SIBCAS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
SIBCAS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The results for the year show a pre-tax profit of £423,780 (2024: £420,828) on turnover of £27,959,494 (2024: £26,102,116). The company had net assets of £6,179,389 (2024: £5,782,719).

The company is at present in a period of transition, predominantly due to capacity constraints at its Easton Road, Bathgate premises. These premises have previously been marketed for sale, however the selling process has been delayed by economic conditions in the property market. The marketing process had restarted in 2019 but was paused during the Covid-19 pandemic. It is, though, still the intention to proceed with the sale when economic conditions allow.

In the meantime, the company is operating from two sites in Bathgate, with the replacement site at West Mains having been acquired in 2003. It was planned that work would commence on this site once the sale of Easton Road had been concluded. However, in light of planning delays and capacity constraints, it was decided to proceed with phase 1 of the development of West Mains in October 2006, encompassing a steel fabrication shed and concrete yard surfacing. This phase was completed and became operational in July 2007. Phase 2, encompassing the main manufacturing facility, should follow once the situation regarding the sale of Easton Road becomes clearer, although development of West Mains has been continuing with the recent construction of a paint spraying facility.

The financial year to March 2025 again proved to be a profitable trading period for the company, with profit before taxation being 1% ahead of the previous year. Turnover increased by 7% as compared to the previous year.

Principal risks and uncertainties

The company has adopted a risk-based approach to internal control by evaluating the likelihood and impact of risk and putting in place appropriate levels of control to mitigate each risk. Procedures include an ongoing process of identifying, evaluating and managing key risks and, where appropriate, enhancing the systems which manage these risks. Regular review s of the risks are undertaken by the Board of Directors.

The principal risks and uncertainties facing the business are the potential future impact of increasing labour and material costs. To mitigate against the effects of the se risks the company has ensured that key management and internal controls remain in place as does the company’s long-term strategy of targeting a varied customer base, across a wide geographical and market spread. The company has also ensured that alternative sources of supply have been identified and that no reliance is placed upon any one individual supplier.

To finance the company’s fluctuating cash flow requirements the group has a revolving credit facility in place and cash flow is actively managed with projections being prepared on a weekly basis. There remains significant headroom within the company’s existing banking facilities.

The company is confident that it has the management structure and sufficient reserves to deal with these risks and uncertainties.

Dividends and transfers to reserves

No dividends will be distributed for the year ended 31 March 202 5. The retained profit transferred to reserves will be £396,670 (2024: £420,828).

By order of the board

W Storrie
Secretary
24 September 2025
SIBCAS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company in the year was that of the manufacture and hire of temporary re-locatable accommodation units.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A R Storrie
(Deceased 22 April 2025)
W Storrie
J Storrie
R A Storrie
M A Smith
J J Storrie
E D K Macleod
(Appointed 11 April 2024)

The directors report with regret the death of Mr Alisdair Storrie on 22 April 2025.

Alisdair Storrie was a director of the company from 1973 until the date of his death and continued to work up to that date despite poor health. We take this opportunity to recognise his significant contribution to the growth and success of the Sibcas group.

The directors are also directors of the holding company, Sibcas (Holdings) Limited.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under Section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management and exposure to risks and uncertainties.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

By order of the board
W Storrie
Secretary
24 September 2025
SIBCAS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors are responsible for preparing the annual report 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.

SIBCAS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SIBCAS LIMITED
- 4 -
Opinion

We have audited the financial statements of Sibcas Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and the notes to the financial statements, including 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 March 2025 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

SIBCAS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SIBCAS LIMITED
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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, 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 directors' r esponsibilities s tatement, 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 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 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.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SIBCAS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SIBCAS LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- e nquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- r eviewing minutes of meetings of those charged with governance;

- a ssessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

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

- p erforming audit work over the risk of management bias and 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 indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 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.

James McBride
Senior Statutory Auditor
For and on behalf of Azets Audit Services
24 September 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
SIBCAS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
27,959,494
26,102,116
Cost of sales
(25,933,472)
(24,150,216)
Gross profit
2,026,022
1,951,900
Administrative expenses
(1,602,242)
(1,531,072)
Profit before taxation
423,780
420,828
Tax on profit
6
(27,110)
-
0
Profit for the financial year and total comprehensive income
396,670
420,828

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

SIBCAS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Current assets
Inventories
7
2,158,325
1,622,207
Debtors
8
7,591,006
7,934,463
Cash and cash equivalents
2,324,044
1,846,289
12,073,375
11,402,959
Creditors: amounts falling due within one year
9
(5,893,986)
(5,620,240)
Net assets
6,179,389
5,782,719
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
12
6,179,289
5,782,619
Total equity
6,179,389
5,782,719
The financial statements were approved by the board of directors and authorised for issue on 24 September 2025 and are signed on its behalf by:
J Storrie
E D K Macleod
Director
Director
Company Registration No. SC052604
SIBCAS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
100
5,361,791
5,361,891
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
420,828
420,828
Balance at 31 March 2024
100
5,782,619
5,782,719
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
396,670
396,670
Balance at 31 March 2025
100
6,179,289
6,179,389
SIBCAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Company information

The continuing activities of Sibcas Limited ('the company') are that of the manufacture and hire of temporary re-locatable accommodation units.

Sibcas Limited is a private company limited by shares incorporated in the United Kingdom and registered in Scotland. Details of the registered office can be found on the company information page of these financial statements. The company's registration number is SC052604.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income.

The financial statements of the company are consolidated in the financial statements of Sibcas (Holdings) Limited. These consolidated financial statements are available from its registered office, Easton Road, Bathgate, West Lothian, EH48 2SF.

1.2
Going concern

The company has considerable financial resources together with a solid base of existing customers, and acknowledged expertise in its field of operations. As a consequence the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.true

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

SIBCAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Inventories

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

SIBCAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SIBCAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventory or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Inventories

Inventories and work in progress are valued at the lower of cost and estimated selling price less costs to complete. This includes, where necessary, provisions for slow moving stocks. Calculations of these provisions requires judgements to be made, including the competitive and economic environment and market trends.

The directors are satisfied that the accounting policies are appropriate and applied consistently. Key sources of estimation have been applied to the standard costing values used to cost the inventories. The standard costing values have been deemed accurate to reflect the cost of manufacturing inventories.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Hire revenue
10,102,411
9,072,895
Sales, contracting, etc.
17,857,083
17,029,221
27,959,494
26,102,116
SIBCAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,000
12,900
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Operators and fitters
165
150

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
7,014,235
6,378,749
Social security costs
715,178
666,652
Pension costs
125,346
116,915
7,854,759
7,162,316

The directors were not in receipt of emoluments from the company in respect of the year ended 31 March 202 5 (20 24: £nil).

Key management personnel consist of the directors of the company.

6
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
27,110
-
0
SIBCAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Taxation
(Continued)
- 15 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
423,780
420,828
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
105,945
105,207
Group relief
(78,600)
(105,207)
Tax at marginal rate
(235)
-
0
Taxation charge for the year
27,110
-
7
Inventories
2025
2024
£
£
Raw materials and consumables
1,009,004
1,029,121
Work in progress
1,149,321
593,086
2,158,325
1,622,207
8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,931,620
2,924,802
Amounts owed by group undertakings
5,659,386
5,009,661
7,591,006
7,934,463

Trade debtors is shown net of the bad debt provision of £54,748 (2024: £55,689). M ovements in the bad debt provision are included within administrative expenses.

SIBCAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
9
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
933,218
1,166,206
Corporation tax
27,110
-
0
Advanced income
4,047,979
3,447,744
Accruals
885,679
1,006,290
5,893,986
5,620,240
10
Secured debts

Bank facilities are secured by a bond and floating charge over the assets of the company, together with unlimited inter-company guarantees between all group companies.

There is also a standard security over the land and buildings at Bathgate and a legal charge over properties at Sedgefield, Studley and Atherton which are owned by the holding company.

11
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

Ordinary shares are non-redeemable and one vote can be cast per share. Dividends may be declared in general meetings.

12
Reserves

Profit and loss reserve

The profit and loss reserve includes all current and prior period retained profits and losses.

13
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,346
116,915

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

SIBCAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
14
Related party transactions

Exemption has been taken from disclosing transactions with other group companies on the basis that all subsidiaries are wholly-owned.

A R Storrie and his wife were the partners of Cal-Gen. During the year Sibcas Limited invoiced Cal-Gen £13,785 (2024: £132,749) for various expenses paid on behalf of Cal-Gen, including interest. At the year end Cal-Gen owed the company £nil (2024: £nil), as the indebtedness has been transferred to the holding company.

R A Storrie and his wife are the partners of MYSPACE2. During the year Sibcas Limited invoiced MYSPACE2 £471 (2024: £15,151) for various expenses paid on behalf of MYSPACE2, including interest. At the year end MYSPACE2 owed the company £nil (2024: £nil), as the indebtedness has been transferred to the holding company.

15
Ultimate controlling party

The ultimate parent company is Sibcas (Holdings) Limited, which is incorporated in Scotland.

Sibcas Limited is included in the consolidated financial statements of Sibcas (Holdings) Limited. The consolidated financial statements can be obtained from Sibcas (Holdings) Limited’s registered office at Easton Road, Bathgate, West Lothian, EH48 2SF.

2025-03-31 2024-04-01 false false false CCH Software CCH Accounts Production 2025.300 A R Storrie J Storrie R A Storrie M A Smith J J Storrie E D K Macleod E D K Macleod W Storrie SC052604 2024-04-01 2025-03-31 SC052604 bus:CompanySecretaryDirector1 2024-04-01 2025-03-31 SC052604 bus:Director2 2024-04-01 2025-03-31 SC052604 bus:Director3 2024-04-01 2025-03-31 SC052604 bus:Director4 2024-04-01 2025-03-31 SC052604 bus:Director5 2024-04-01 2025-03-31 SC052604 bus:Director6 2024-04-01 2025-03-31 SC052604 bus:Director1 2024-04-01 2025-03-31 SC052604 bus:Director7 2024-04-01 2025-03-31 SC052604 bus:CompanySecretary1 2024-04-01 2025-03-31 SC052604 bus:RegisteredOffice 2024-04-01 2025-03-31 SC052604 2025-03-31 SC052604 2023-04-01 2024-03-31 SC052604 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 SC052604 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 SC052604 2024-03-31 SC052604 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 SC052604 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC052604 core:CurrentFinancialInstruments 2025-03-31 SC052604 core:CurrentFinancialInstruments 2024-03-31 SC052604 core:ShareCapital 2025-03-31 SC052604 core:ShareCapital 2024-03-31 SC052604 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC052604 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC052604 core:ShareCapital 2023-03-31 SC052604 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC052604 core:ShareCapitalOrdinaryShareClass1 2025-03-31 SC052604 core:ShareCapitalOrdinaryShareClass1 2024-03-31 SC052604 core:UKTax 2024-04-01 2025-03-31 SC052604 core:UKTax 2023-04-01 2024-03-31 SC052604 1 2024-04-01 2025-03-31 SC052604 1 2023-04-01 2024-03-31 SC052604 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 SC052604 bus:OrdinaryShareClass1 2025-03-31 SC052604 bus:OrdinaryShareClass1 2024-03-31 SC052604 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 SC052604 bus:FRS102 2024-04-01 2025-03-31 SC052604 bus:Audited 2024-04-01 2025-03-31 SC052604 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP