Rebox Holdings Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 12545111

Rebox Holdings Limited

Financial Statements

31 March 2025

Rebox Holdings Limited

Financial Statements

Year ended 31 March 2025

Contents	Pages

Officers and professional advisers	1

Strategic report	2 to 4

Directors' report	5 to 6

Independent auditor's report to the members	7 to 10

Consolidated statement of income and retained earnings	11

Company statement of income and retained earnings	12

Consolidated statement of financial position	13

Company statement of financial position	14

Consolidated statement of cash flows	15

Notes to the financial statements	16 to 27

Rebox Holdings Limited

Officers and Professional Advisers

The board of directors	C Reynolds
	K Boxwell

Registered office	3B Swalllowfield Courtyard
	Wolverhampton Road
	Oldbury
	West Midlands
	B69 2JG

Auditor	BSN Associates Limited
	Chartered accountants & statutory auditor
	3B Swallowfield Courtyard
	Wolverhampton Road
	Oldbury
	West Midlands
	B69 2JG

Rebox Holdings Limited

Strategic Report

Year ended 31 March 2025

The principal activity of the company during the financial year was that of a specialist construction contractor understanding Partition, Drylining and Suspended Ceiling Packages. Business overview 2024/25 represented another successful year with increased turnover. Turnover has increased steadily in line with the past financial year and an exceptional busy year with a number of large contracts. We would expect this to drop a little but not significantly for the forthcoming financial year. Profit Margin has returned to the targeted levels following a dip last year in the light of ISG going into administration. The group has worked its way through this challenge and the strength of our cash positions and balance sheet thankfully allowed us to continue to trade with little or no impact as can be seen in these accounts. Our construction activities generally progressed smoothly, and we worked on a number of flagship projects during the period for multiple clients. We continue to work with Key tier one contractors across the UK and do our utmost to maintain and grow the good working relationships formed over a number of years. Over the course of the year, we have worked on number schemes across all sectors with variety of client base. Our business operations have been spread between our main Birmingham office working typically within a 70-80- mile radius of Birmingham city centre and our London office mainly within the City. Our London office is now established within its 4th year of trading and continues to grow its operations and build on its existing client base within a different region. We see the above split of Regions, Client and Sector base as key to the resilience of the company as we are not overly invested in one area. KPI Review

	2025	2024
Turnover (£)	35,953,500	30,005,408
Net Profit (£)	2,146,401	1,081,044
Net Profit Margin (%)	6	4
Balance Sheet Strength (Current Ratio)	2	2

Principal risks and uncertainties The principal risks and uncertainties affecting the group include: Credit risk - this continues to be of concern. We continue to monitor credit risk closely and consider that our current policies of credit checks and monitoring payments during contracts assists with mitigating any risks in this area that the group is exposed to. We will ensure we have responsible cash flow and balance sheet to support trading at the level we are accustomed to. Disaster risk - the group has adequate insurance, back up procedures and health and safety policies in place to mitigate the risk of disaster. Price risk - the group continues to be exposed to increasing material costs and supply issues, which are constantly fluctuating albeit seem to have settled from the post covid increases. We continue to manage our exposure by maintaining good relationships with suppliers and manufacturers to manage the risk profile on projects going forward. Quality Risk - delivering a quality product remains a key focus of the business. The building safety act has highlighted the need for industry wide action to ensure the correct quality and performance is being delivered on projects in respect of fire. We have made progressions internally with a dedicated Quality and technical team overseeing all projects to ensure we can offer our clients the best support and advice to ensure robust and tested design and construction solutions are in place on all our schemes. We have made further investments in new Quality Control software and continue to roll out and refine our internal processes and continue to train and educate our workforce. Future At the time of signing off our accounts the group can confirm we have an 89% secured orderbook for 2025/26 and over 30% for 26/27 with key identifiable opportunities across both years to meet our turnover targets. We will continue to invest in our people and processes to develop the group to ensure we are regarded as a leading specialist contractor. We have a strong balance sheet which will be maintained to ensure the group is in strong and stable position going into the next financial year. Employees The group is committed to providing training and development to its employees to ensure that they are working within a safe environment. This includes developing and investing in a training programme for management and trade apprentices. We currently have a number of management trainees doing a variety of courses including HND, Degrees and NVQ level 6. In addition, we are currently within our 6th cohort of trade-based apprentices with 17 active learners being taught within our inhouse drylining academy or progressing to Improvers on site - we will continue to build and invest in our current training programmes and people to build the teams for the future. We are making plans to provide a route to an internal plastering apprenticeship in the coming years Environmental sustainability The group reviews its environmental impact and tries to minimise this where possible by minimising the waste it has to dispose of and being efficient with the types of material and how they use them. We are continuing to develop our recording metrics on waste management over the past 12 months and are in the process of implementing our Science Based Targets. We continue to utilise our offsite facilities where we can to cut and prepare plasterboard for our own projects to minimise waste and strive for greater efficiencies on site.

This report was approved by the board of directors on 25 November 2025 and signed on behalf of the board by:

K Boxwell

Director

Registered office:

3B Swalllowfield Courtyard

Wolverhampton Road

Oldbury

West Midlands

B69 2JG

Rebox Holdings Limited

Directors' Report

Year ended 31 March 2025

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

Directors

The directors who served the company during the year were as follows:

C Reynolds
K Boxwell

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

There are no significant future developments that the Directors consider will effect the entity.

Financial instruments

The Directors consider that the only financial assets held by the Group consist of trade and other debtors which are measured at transaction cost less any impairment losses.

The Directors consider that the only financial liabilities held by the Group consist of trade and other creditors which are measured at transaction cost and then amortised cost where they are due in greater than one year.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

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

This report was approved by the board of directors on 25 November 2025 and signed on behalf of the board by:

K Boxwell

Director

Registered office:

3B Swalllowfield Courtyard

Wolverhampton Road

Oldbury

West Midlands

B69 2JG

Rebox Holdings Limited

Independent Auditor's Report to the Members of Rebox Holdings Limited

Year ended 31 March 2025

Opinion

We have audited the financial statements of Rebox Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records 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' responsibilities statement, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We have reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rational of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of of non compliance with laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Hannah Justice FCA FCCA

(Senior Statutory Auditor)

For and on behalf of

BSN Associates Limited

Chartered accountants & statutory auditor

3B Swallowfield Courtyard

Wolverhampton Road

Oldbury

West Midlands

B69 2JG

25 November 2025

Rebox Holdings Limited

Consolidated Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	35,953,500	30,005,408

Cost of sales	28,949,138	25,395,554
	-------------	-------------
Gross profit	7,004,362	4,609,854

Administrative expenses		4,175,862	3,173,752
Other operating income	5	2,000	2,000
		------------	------------
Operating profit	6	2,830,500	1,438,102

Other interest receivable and similar income	9	103,376	76,453
Interest payable and similar expenses	10	12,706	8,636
		------------	------------
Profit before taxation		2,921,170	1,505,919

Tax on profit	11	774,769	424,875
		------------	------------
Profit for the financial year and total comprehensive income		2,146,401	1,081,044
		------------	------------

Dividends paid and payable	12	( 150,000)	( 150,000)

Retained earnings at the start of the year	4,717,305	3,786,261
	------------	------------
Retained earnings at the end of the year	6,713,706	4,717,305
	------------	------------

All the activities of the group are from continuing operations.

Rebox Holdings Limited

Company Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
Note		£	£
Profit for the financial year and total comprehensive income		1,645,206	2,101,557
Dividends paid and payable	12	( 150,000)	( 150,000)

Retained earnings at the start of the year	2,914,589	963,032
	------------	------------
Retained earnings at the end of the year	4,409,795	2,914,589
	------------	------------

Rebox Holdings Limited

Consolidated Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	14	577,938	536,715

Current assets

Stocks	16	4,419,102	3,347,274
Debtors	17	5,070,197	5,950,333
Cash at bank and in hand		7,033,966	2,352,345
		-------------	-------------
		16,523,265	11,649,952

Creditors: amounts falling due within one year	18	8,790,166	5,738,978
		-------------	-------------
Net current assets		7,733,099	5,910,974
		------------	------------
Total assets less current liabilities		8,311,037	6,447,689

Creditors: amounts falling due after more than one year	19	174,776	321,659

Provisions	21	130,195	116,365
		------------	------------
Net assets		8,006,066	6,009,665
		------------	------------

Capital and reserves

Called up share capital	25	100	100
Other reserves	26	1,292,260	1,292,260
Profit and loss account	26	6,713,706	4,717,305
		------------	------------
Shareholders funds		8,006,066	6,009,665
		------------	------------

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

These financial statements were approved by the board of directors and authorised for issue on 25 November 2025 , and are signed on behalf of the board by:

K Boxwell

Director

Company registration number: 12545111

Rebox Holdings Limited

Company Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Investments	15	1,405,188	1,405,088

Current assets

Stocks	16	4,415,082	1,832,594
Debtors	17	52	52
		------------	------------
		4,415,134	1,832,646

Creditors: amounts falling due within one year	18	1,353,958	144,000
		------------	------------
Net current assets		3,061,176	1,688,646
		------------	------------
Total assets less current liabilities		4,466,364	3,093,734

Creditors: amounts falling due after more than one year	19	56,469	179,045
		------------	------------
Net assets		4,409,895	2,914,689
		------------	------------

Capital and reserves

Called up share capital	25	100	100
Profit and loss account	26	4,409,795	2,914,589
		------------	------------
Shareholders funds		4,409,895	2,914,689
		------------	------------

The profit for the financial year of the parent company was £ 1,645,206 (2024: £ 2,101,557 ).

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

These financial statements were approved by the board of directors and authorised for issue on 25 November 2025 , and are signed on behalf of the board by:

K Boxwell

Director

Company registration number: 12545111

Rebox Holdings Limited

Consolidated Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	2,146,401	1,081,044

Adjustments for:
Depreciation of tangible assets	172,173	112,858
Other interest receivable and similar income	( 103,376)	( 76,453)
Interest payable and similar expenses	12,706	8,636
Gains on disposal of tangible assets	( 11,275)	–
Tax on profit	774,769	424,875
Accrued expenses	203,274	236,360

Changes in:
Stocks	( 1,071,828)	( 841,087)
Trade and other debtors	880,136	( 650,115)
Trade and other creditors	2,280,739	218,925
	------------	------------
Cash generated from operations	5,283,719	515,043

Interest paid	( 12,706)	( 8,636)
Interest received	103,376	76,453
Tax paid	( 351,163)	( 252,592)
	------------	---------
Net cash from operating activities	5,023,226	330,268
	------------	---------

Cash flows from investing activities

Purchase of tangible assets	( 219,886)	( 464,996)
Proceeds from sale of tangible assets	17,765	–
	------------	---------
Net cash used in investing activities	( 202,121)	( 464,996)
	------------	---------

Cash flows from financing activities

Proceeds from borrowings	27,403	( 132,951)
Payments of finance lease liabilities	( 16,887)	192,436
Dividends paid	( 150,000)	( 150,000)
	------------	---------
Net cash used in financing activities	( 139,484)	( 90,515)
	------------	---------

Net increase/(decrease) in cash and cash equivalents	4,681,621	( 225,243)
Cash and cash equivalents at beginning of year	2,352,345	2,577,588
	------------	------------
Cash and cash equivalents at end of year	7,033,966	2,352,345
	------------	------------

Rebox Holdings Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3B Swalllowfield Courtyard, Wolverhampton Road, Oldbury, West Midlands, B69 2JG.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £.

Consolidation

The financial statements consolidate the financial statements of Rebox Holdings Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. The policies that have been applied in preparing these accounts are detailed below.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	(See below)

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Amortisation of negative goodwill

Negative goodwill is included in the balance sheet and is credited to the profit and loss account in the period in which the acquired non-monetary assets in excess of the fair values are recovered through depreciation or sale. Negative goodwill in excess of the fair values of the non-monetary assets acquired is credited to the profit and loss account in the period expected to benefit.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Fixtures and fittings	-	10% straight line
Motor vehicles	-	20% straight line
Equipment	-	33.3% - 50% Straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Work in progress and amounts recoverable on contracts

Contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract. Where it is considered the outcome of a long term contract can be assessed with reasonable certainty before its conclusion attributable profit is recognised in the statement of income and retained earnings. The amount by which recorded turnover is in excess of payments on account is classified as 'amounts recoverable on contracts' and included under debtors. Any contract costs outstanding not received at the year end are accrued. Costs incurred on contracts which have not started or are still at very initial stages at the period end are are recognised in work in progress at cost.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Construction contracts	33,639,199	29,445,408
Property Development	2,314,301	560,000
	-------------	-------------
	35,953,500	30,005,408
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Other operating income	2,000	2,000
	-------	-------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	172,173	112,858
Gains on disposal of tangible assets	( 11,275)	–
Impairment of trade debtors	7,000	–
Operating lease rentals	103,148	67,059
Other pension costs	425,172	291,251
	---------	---------

7. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	36	30
Administrative staff	32	28
	----	----
	68	58
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	3,640,306	2,799,083
Social security costs	423,270	308,042
Other pension costs	425,172	281,704
	------------	------------
	4,488,748	3,388,829
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	421,110	280,677
Company contributions to defined contribution pension plans	32,751	20,883
	---------	---------
	453,861	301,560
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	2	2
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	220,060	207,866
Company contributions to defined contribution pension plans	2,750	18,133
	---------	---------
	222,810	225,999
	---------	---------

9. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	97,245	73,819
Other interest receivable and similar income	6,131	2,634
	---------	--------
	103,376	76,453
	---------	--------

10. Interest payable and similar expenses

	2025	2024
	£	£
Interest on obligations under finance leases and hire purchase contracts	8,514	6,501
Other interest payable and similar charges	4,192	2,135
	--------	-------
	12,706	8,636
	--------	-------

11. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	760,940	335,072

Deferred tax:

Origination and reversal of timing differences	13,829	89,803
	---------	---------
Tax on profit	774,769	424,875
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	2,921,170	1,505,919
	------------	------------
Profit on ordinary activities by rate of tax	730,293	376,480
Effect of expenses not deductible for tax purposes	44,476	40,007
Effect of capital allowances and depreciation	–	8,388
	------------	------------
Tax on profit	774,769	424,875
	------------	------------

12. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	150,000	150,000
	---------	---------

13. Intangible assets

Group	Goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	( 1,439,254)
	------------
Amortisation
At 1 April 2024 and 31 March 2025	( 1,439,254)
	------------
Carrying amount
At 1 April 2024 and 31 March 2025	–
	------------
At 31 March 2024	–
	------------

The company has no intangible assets.

14. Tangible assets

Group	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	247,325	49,676	495,775	149,605	942,381
Additions	93,459	5,360	90,988	30,079	219,886
Disposals	–	–	( 27,815)	–	( 27,815)
	---------	--------	---------	---------	------------
At 31 March 2025	340,784	55,036	558,948	179,684	1,134,452
	---------	--------	---------	---------	------------
Depreciation
At 1 April 2024	96,171	28,357	157,802	123,336	405,666
Charge for the year	56,670	4,050	91,551	19,902	172,173
Disposals	–	–	( 21,325)	–	( 21,325)
	---------	--------	---------	---------	------------
At 31 March 2025	152,841	32,407	228,028	143,238	556,514
	---------	--------	---------	---------	------------
Carrying amount
At 31 March 2025	187,943	22,629	330,920	36,446	577,938
	---------	--------	---------	---------	------------
At 31 March 2024	151,154	21,319	337,973	26,269	536,715
	---------	--------	---------	---------	------------

The company has no tangible assets.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Motor vehicles
	£
At 31 March 2025	189,254
	---------
At 31 March 2024	265,284
	---------

15. Investments

Group	Other investments other than loans
	£
Cost
At 1 April 2024	27,277
Disposals	( 27,277)
	--------
At 31 March 2025	–
	--------
Impairment
At 1 April 2024	27,277
Disposals	( 27,277)
	--------
At 31 March 2025	–
	--------

Carrying amount
At 31 March 2025	–
	--------
At 31 March 2024	–
	--------

Company	Shares in group undertakings
	£
Cost
At 1 April 2024	1,405,088
Additions	100
	------------
At 31 March 2025	1,405,188
	------------
Impairment
At 1 April 2024 and 31 March 2025	–
	------------

Carrying amount
At 31 March 2025	1,405,188
	------------
At 31 March 2024	1,405,088
	------------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
C. G. Reynolds Limited, Units 9&10, Bickford Trading Estate, Bickford Road Aston, Birmingham, West Midlands, B6 7EE	Ordinary	100
Rebox Homes Limited, Units 9&10, Bickford Trading Estate, Bickford Road Aston, Birmingham, West Midlands, B6 7EE	Ordinary	100

16. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Work in progress	4,419,102	3,347,274	4,415,082	1,832,594
	------------	------------	------------	------------

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Called up share capital not paid	52	52	52	52
Prepayments and accrued income	514,606	675,915	–	–
Amounts recoverable on contracts	2,381,098	3,176,013	–	–
Other debtors	2,174,441	2,098,353	–	–
	------------	------------	----	----
	5,070,197	5,950,333	52	52
	------------	------------	----	----

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other debtors	146,291	–	–	–
	---------	----	----	----

18. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	3,633,401	1,674,186	–	–
Amounts owed to group undertakings	–	–	1,187,548	–
Accruals and deferred income	1,533,915	1,330,641	–	–
Corporation tax	616,443	206,666	24,210	–
Social security and other taxes	217,312	177,793	–	–
Obligations under finance leases and hire purchase contracts	74,702	67,282	–	–
Director loan accounts	275,465	125,486	125,000	125,000
Other creditors	2,438,928	2,156,924	17,200	19,000
	------------	------------	------------	---------
	8,790,166	5,738,978	1,353,958	144,000
	------------	------------	------------	---------

19. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Obligations under finance leases and hire purchase contracts	118,307	142,614	–	–
Director loan accounts	56,469	179,045	56,469	179,045
	---------	---------	--------	---------
	174,776	321,659	56,469	179,045
	---------	---------	--------	---------

20. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	74,702	67,282	–	–
Later than 1 year and not later than 5 years	118,307	142,614	–	–
	---------	---------	----	----
	193,009	209,896	–	–
	---------	---------	----	----

21. Provisions

Group	Deferred tax (note 22)
	£
At 1 April 2024	116,365
Additions	13,830
	---------
At 31 March 2025	130,195
	---------

The company does not have any provisions.

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 21)	130,195	116,365	–	–
	---------	---------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	138,768	123,656	–	–
Provisions	( 8,573)	( 7,291)	–	–
	---------	---------	----	----
	130,195	116,365	–	–
	---------	---------	----	----

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 392,421 (2024: £ 260,821 ).

24. Financial instruments

Financial assets measured at undiscounted amounts receivable compromise cash at bank, trade and other debtors and amounted to £11,589,505 (2024 - £7,626,711). Financial liabilities measured at undiscounted amounts payable compromise trade creditors, other creditors and accruals and amounted to £8,348,499 (2024 - £5,853,971).

25. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

26. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Other reserves - This reserve relates to the fair value adjustment on consolidation .

27. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	2,352,345	4,681,621	7,033,966
Debt due within one year	(192,768)	(157,399)	(350,167)
Debt due after one year	(321,659)	146,883	(174,776)
	------------	------------	------------
	1,837,918	4,671,105	6,509,023
	------------	------------	------------

28. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	80,195	44,561	–	–
Later than 1 year and not later than 5 years	154,460	28,571	–	–
	---------	--------	----	----
	234,655	73,132	–	–
	---------	--------	----	----

29. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C Reynolds	( 304,531)	147,167	( 24,570)	( 181,934)
K Boxwell	–	( 150,000)	–	( 150,000)
	---------	---------	--------	---------
	( 304,531)	( 2,833)	( 24,570)	( 331,934)
	---------	---------	--------	---------

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C Reynolds	( 437,996)	169,184	( 35,719)	( 304,531)
K Boxwell	–	–	–	–
	---------	---------	--------	---------
	( 437,996)	169,184	( 35,719)	( 304,531)
	---------	---------	--------	---------

During the year the company incurred rental costs of £60,000 (2024: £60,000) on business premises which are owned by Mr C G Reynolds or his pension fund.

30. Controlling party

The ultimate controlling party of the group is Mr K Boxwell .