Company registration number 04659768 (England and Wales)
REEDS CONSTRUCTION & ENGINEERING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
REEDS CONSTRUCTION & ENGINEERING LIMITED
COMPANY INFORMATION
Directors
Mr T Reed
Mr A Reed
Mrs S Young
Mr A Thompson
Mr R Bolton
Mr M Davis
Secretary
Mr T Reed
Company number
04659768
Registered office
The Old Brickworks
Broadway
Market Lavington
DEVIZES
Wiltshire
SN10 5RH
Auditor
Old Mill Audit Limited
Unit 2
Greenways Business Park
Bellinger Close
CHIPPENHAM
Wiltshire
SN15 1BN
Bankers
Barclays Bank
Leicester Servicing Centre
LEICESTER
LE87 2BB
Solicitors
Parker Bullen LLP
45 Castle Street
SALISBURY
Wiltshire
SP1 3SS
REEDS CONSTRUCTION & ENGINEERING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 26
REEDS CONSTRUCTION & ENGINEERING 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 directors consider the result for the year to continue to be positive.

Turnover in the year decreased by 2.7% to £19.5m, and gross profit margin decreased by 0.2% to 27.7%. This performance represents a good result given the nature of the market in which we operate.

Principal risks and uncertainties

The main risks are as follows:

1. A crash in the construction industry would reduce machinery hire and sales rapidly.

2. We are always reliant on market needs for machinery hire, however an increasing amount of our contracts are more long term in nature, reducing our exposure to this risk.​

Key performance indicators

The company's key financial and other performance indicators during the year were as follows:

Unit 2025 2024

Turnover £'000 19,952 20,514

Gross Profit £'000 5,534 5,724

Gross Profit Margin % 27.7 27.9

Administrative expenses £'000 2,097 1,944

Profit/(Loss) before tax £'000 3,399 3,645

Net Assets £'000 11,240 8,925

By order of the board

Mr T Reed
Secretary
7 October 2025
REEDS CONSTRUCTION & ENGINEERING 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 continued to be that of the provision of services, including sales, repairs and hire, relating to a wide range of construction and agricultural services.

Results and dividends

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

Ordinary dividends were paid amounting to £228,084. 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:

Mr T Reed
Mr A Reed
Mrs S Young
Mr A Thompson
Mr R Bolton
Mr M Davis
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The company negotiates purchases with suppliers prior to contracts being drawn in order to finance the purchase of stock and machinery at competitive prices.

Objectives and policies

The ability to buy products competitively from reliable sources is the key to a successful business which is the constant objective of the company.

Auditor

In accordance with the company's articles, a resolution proposing that Old Mill Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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.

REEDS CONSTRUCTION & ENGINEERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- 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.

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.

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
Mr T Reed
Secretary
7 October 2025
REEDS CONSTRUCTION & ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REEDS CONSTRUCTION & ENGINEERING LIMITED
- 4 -
Opinion

We have audited the financial statements of Reeds Construction & Engineering Limited (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and 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.

REEDS CONSTRUCTION & ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REEDS CONSTRUCTION & ENGINEERING LIMITED (CONTINUED)
- 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.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. 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 or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. In particular, compliance was reviewed for the company's compliance with Health and Safety regulations and various accreditations (including CHAS, SSIP, Constructionline, ISO and Avetta) as these are essential & beneficial to the trade. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. 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. We did not identify any key audit matters relating to irregularities, including fraud. As in all 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 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.

REEDS CONSTRUCTION & ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REEDS CONSTRUCTION & ENGINEERING LIMITED (CONTINUED)
- 6 -

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.

Matthew Jeffery BSc ACA (Senior Statutory Auditor)
For and on behalf of Old Mill Audit Limited, Statutory Auditor
Unit 2
Greenways Business Park
Bellinger Close
CHIPPENHAM
Wiltshire
SN15 1BN
22 October 2025
REEDS CONSTRUCTION & ENGINEERING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
19,952,335
20,514,340
Cost of sales
(14,418,155)
(14,789,946)
Gross profit
5,534,180
5,724,394
Administrative expenses
(2,097,320)
(1,944,273)
Other operating income
2,435
5,308
Operating profit
4
3,439,295
3,785,429
Interest receivable and similar income
8
72,544
39,077
Interest payable and similar expenses
9
(112,957)
(179,847)
Profit before taxation
3,398,882
3,644,659
Tax on profit
10
(855,839)
(911,032)
Profit for the financial year
2,543,043
2,733,627

The profit and loss account has been prepared on the basis that all operations are continuing operations.

REEDS CONSTRUCTION & ENGINEERING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
£
£
Profit for the year
2,543,043
2,733,627
Other comprehensive income
-
-
Total comprehensive income for the year
2,543,043
2,733,627
REEDS CONSTRUCTION & ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
12,257,875
10,283,004
Current assets
Stocks
13
1,444,919
1,316,663
Debtors
14
3,241,699
3,677,468
Cash at bank and in hand
2,287,970
1,680,453
6,974,588
6,674,584
Creditors: amounts falling due within one year
15
(3,352,449)
(3,379,841)
Net current assets
3,622,139
3,294,743
Total assets less current liabilities
15,880,014
13,577,747
Creditors: amounts falling due after more than one year
16
(1,580,217)
(2,097,777)
Provisions for liabilities
Deferred tax liability
19
3,060,153
2,555,285
(3,060,153)
(2,555,285)
Net assets
11,239,644
8,924,685
Capital and reserves
Called up share capital
21
200
200
Profit and loss reserves
11,239,444
8,924,485
Total equity
11,239,644
8,924,685
The financial statements were approved by the board of directors and authorised for issue on 7 October 2025 and are signed on its behalf by:
Mr T Reed
Director
Company registration number 04659768 (England and Wales)
REEDS CONSTRUCTION & ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
200
6,564,106
6,564,306
Year ended 31 March 2024:
Profit and total comprehensive income
-
2,733,627
2,733,627
Dividends
11
-
(373,248)
(373,248)
Balance at 31 March 2024
200
8,924,485
8,924,685
Year ended 31 March 2025:
Profit and total comprehensive income
-
2,543,043
2,543,043
Dividends
11
-
(228,084)
(228,084)
Balance at 31 March 2025
200
11,239,444
11,239,644
REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information

Reeds Construction & Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Brickworks, Broadway, Market Lavington, DEVIZES, Wiltshire, SN10 5RH.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 each category of financial instrument; 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;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of RRH Property Limited. These consolidated financial statements are available from its registered office, The Old Brickworks, Broadway, Market Lavington, Devizes, Wiltshire, SN10 5RH.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Turnover is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, turnover is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -

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 receipt of cash), 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 professional 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 are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Plant and machinery is depreciated at 15% reducing balance with the exception of hire fleet assets with a net book value in excess of £20,000. Depreciation on hire fleet assets is charged at 10% reducing balance. Once hire fleet assets net book value drops below £20,000 these assets are transferred to plant and machinery and subsequently depreciated at 15% reducing balance.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold
10% straight line
Plant and machinery
15% reducing balance
Hire fleet >£20,000
10% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks 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 stocks to their present location and condition. Net realisable value is based on selling price less costs to completion and selling costs.

Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

1.7
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.

1.8
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 balance sheet 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.

Fair value measurement of financial instruments

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.

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.

REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.9
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.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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 stock 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.

REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.12
Retirement benefits

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

1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Doubtful debts

The directors have reviewed all significant debts on a case by case basis and have made a provision for doubtful debts based upon their knowledge of both the specific customer and the current economic conditions within the industry.

REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
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.

Depreciation

The directors use their knowledge of the business and the industry to estimate the useful life and residual value of property, plant and equipment in order to arrive at applicable depreciation rates. In accordance with section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change.

Assets classified as hire fleet with a value in excess of £20,000 are depreciated at a rate of 10% on a reducing balance basis and adjusted as appropriate to reflect the asset's net realisable value at the year end.

There is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of depreciation. The carrying value of property, plant and equipment at the year end is set out in the notes to these financial statements.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Repairs and maintenance sales
1,452,347
1,364,600
Machinery sales
4,511,113
4,880,023
Machinery hire
13,988,875
14,269,717
19,952,335
20,514,340
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
19,952,335
20,502,132
Europe
-
12,208
19,952,335
20,514,340
2025
2024
£
£
Other revenue
Interest income
72,544
39,077
REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
586,626
376,560
Depreciation of tangible fixed assets held under finance leases
783,709
799,077
Profit on disposal of tangible fixed assets
(60,739)
(71,179)
Operating lease charges
72,000
72,000
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,504
12,504
6
Employees

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

2025
2024
Number
Number
Administrative staff
27
28
Drivers
43
39
Total
70
67

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,515,165
3,286,774
Social security costs
395,240
361,673
Pension costs
295,908
268,694
4,206,313
3,917,141
REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
355,853
305,455
Company pension contributions to defined contribution schemes
149,602
73,404
505,455
378,859

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 6).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
117,105
98,220
Company pension contributions to defined contribution schemes
29,887
2,493
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
72,544
39,077
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
8,753
12,245
Interest on finance leases and hire purchase contracts
102,874
167,207
Other interest
1,330
395
112,957
179,847
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
350,971
68,570
REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
2025
2024
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
504,868
842,462
Total tax charge
855,839
911,032

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
3,398,882
3,644,659
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
849,721
911,165
Tax effect of expenses that are not deductible in determining taxable profit
5,911
4,160
Uplift relating to enhanced allowances
207
207
Other tax adjustments, reliefs and transfers
-
0
(4,500)
Taxation charge for the year
855,839
911,032
11
Dividends
2025
2024
£
£
Interim paid
228,084
373,248
REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
12
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Hire fleet >£20,000
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
113,495
926,426
11,778,988
75,660
1,487,660
14,382,229
Additions
-
0
228,337
2,844,801
12,820
499,084
3,585,042
Disposals
-
0
(29,725)
(164,829)
-
0
(505,064)
(699,618)
Transfers
-
0
284,607
(284,607)
-
0
-
0
-
0
At 31 March 2025
113,495
1,409,645
14,174,353
88,480
1,481,680
17,267,653
Depreciation and impairment
At 1 April 2024
48,446
544,475
2,782,106
51,545
672,653
4,099,225
Depreciation charged in the year
8,257
99,380
1,030,322
8,232
224,144
1,370,335
Eliminated in respect of disposals
-
0
(18,025)
(79,668)
-
0
(362,089)
(459,782)
Transfers
-
0
135,509
(135,509)
-
0
-
0
-
0
At 31 March 2025
56,703
761,339
3,597,251
59,777
534,708
5,009,778
Carrying amount
At 31 March 2025
56,792
648,306
10,577,102
28,703
946,972
12,257,875
At 31 March 2024
65,049
381,951
8,996,882
24,115
815,007
10,283,004

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Hire fleet >£20,000
6,560,355
6,567,395
Motor vehicles
80,420
262,978
6,640,775
6,830,373
13
Stocks
2025
2024
£
£
Raw materials and consumables
755,485
741,972
Finished goods and goods for resale
689,434
574,691
1,444,919
1,316,663
REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,643,870
2,758,369
Amounts owed by group undertakings
1,364,874
495,968
Other debtors
104,309
142,708
Prepayments and accrued income
128,646
280,423
3,241,699
3,677,468
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
50,000
50,000
Obligations under finance leases
18
1,529,418
1,300,115
Trade creditors
1,142,702
1,661,706
Corporation tax
350,971
68,570
Other taxation and social security
92,348
91,891
Other creditors
121
39
Accruals and deferred income
186,889
207,520
3,352,449
3,379,841

The obligations under finance leases are secured against the assets to which they relate.

16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
41,667
91,667
Obligations under finance leases
18
1,538,550
2,006,110
1,580,217
2,097,777

At the year end the loan and overdraft balances in Reeds Construction & Engineering Limited are secured by a cross guarantee across the group and by a legal charge over the freehold land and property in RRH Property Limited. The Department for Energy Security and Net Zero has provided a limited guarantee for £200,000.

The obligations under finance leases are secured against the assets to which they relate.

REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
17
Loans and overdrafts
2025
2024
£
£
Bank loans
91,667
141,667
Payable within one year
50,000
50,000
Payable after one year
41,667
91,667

Loan terms agreed on the bank loan in August 2020 state floating rate of interest and is repayable in equal monthly instalments over 60 months commencing after the end of a capital repayment holiday of 12 months from the date of drawdown. No restrictions are imposed on the entity.

18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
1,529,418
1,300,115
In two to five years
1,538,550
2,006,110
3,067,968
3,306,225

Finance lease payments represent rentals payable by the company for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. A commercial rate of interest is charged on each hire purchase agreement.

Assets held on hire purchase agreements are secured on the asset to which they relate.

19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
ACAs
3,063,535
2,569,542
Revaluations
(3,382)
(14,257)
3,060,153
2,555,285
REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
19
Deferred taxation
(Continued)
- 24 -
2025
Movements in the year:
£
Liability at 1 April 2024
2,555,285
Charge to profit or loss
504,868
Liability at 31 March 2025
3,060,153
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
295,908
268,694

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.

Contributions totalling £23,219 (2024 - £65,216) were payable to the scheme at the end of the year and are included in creditors due within one year.

REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
102
102
102
102
Ordinary B of £1 each
50
50
50
50
Ordinary C of £1 each
46
46
46
46
Ordinary D of £1 each
2
2
2
2
200
200
200
200

Ordinary 'A', 'B', 'C' and 'D' shares rank Pari Passu and have full voting rights, rights to dividends and rights to proceeds on winding up of the company.

22
Operating lease commitments
As lessee

The below commitments include operating leases on rental property used by the company. The agreements contain fixed charges payable by the company.

The lease payments recognised during the year totalled £113,152.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
131,073
113,152
Years 2-5
327,941
343,259
459,014
456,411
REEDS CONSTRUCTION & ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
23
Related party transactions
Transactions with related parties
Purchases
2025
2024
£
£
Entities with control, joint control or significant influence over the company
72,000
72,000

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
1,364,874
495,968

Sales of goods to related parties were made at the company's usual list price. Purchases were made at market price discounted to reflect the quantity of goods purchased and the relationships between the parties.

The amounts outstanding are unsecured and will be settled in cash.

No guarantees have been given or received.

24
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

The following amounts were outstanding at the reporting end date:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr A Reed - Directors loan account
-
(36)
7,409
(7,400)
(27)
Mr T Reed - Directors loan account
-
(3)
3,009
(3,100)
(94)
(39)
10,418
(10,500)
(121)

The balance of the loan account is unsecured, there are no fixed repayment terms and no interest is charged.

25
Ultimate controlling party

The company is controlled by RRH Property Limited and the interests of the group are disclosed in the financial statements of the parent company. Their registered office is The Old Brickworks, Broadway, Market Lavington, Devizes, Wiltshire, SN10 5RH.

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