REGISTERED NUMBER: 03335407 (England and Wales)

STRATEGIC REPORT, DIRECTOR'S REPORT AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

LEACH STRUCTURAL STEEL WORK LIMITED

Page

Company Information

1

Strategic Report

2

Director's Report

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTOR:

E J Leach

SECRETARY:

Mrs L M Leach

REGISTERED OFFICE:

Brockholes Way

Garstang Road

Claughton on Brock

Preston

PR3 0PZ

REGISTERED NUMBER:

03335407 (England and Wales)

AUDITORS:

RFM Audit Services LLP, Statutory Auditor

Unit 1, Guest House Farm

Runshaw Lane

Euxton

Chorley

Lancashire

PR7 6HD

The director presents his strategic report for the year ended 31 March 2025.

FAIR REVIEW OF BUSINESS

Established for more than 50 years, Leach Structural Steelwork Limited is a privately-owned company specialising in the engineering, fabrication, surface treatment and onsite erection of structural steelwork and associated external cladding envelopes. The company is dedicated to delivering a reliable, professional service on all projects delivered; which has in turn increased their standing as a preferred structural steelwork sub-contractor to a growing number of UK Tier One principal contracting companies.

The company operates from purpose-built premises in the North West of England completing projects across a wide range of sectors including Commercial, Education, Health, Industrial, Leisure, Pharmaceutical, Residential and Retail.

The director is pleased to report the result for the year with turnover of £24.8m (2024: £29.4m) and profit before taxation of £2.2m (2024: £2.6m). The company’s gross profit margin remains strong at a slightly increased 29.1% (2024: 25.2%).

The continued increasing profitability of the company can be attributed to creating good working relationships with clients, expert knowledge of the industry, commitment to health and safety, and excellent performance on quality measures both during production and on site.

The company at the year-end remains in a strong financial position.

PRINCIPAL RISKS AND UNCERTAINTIES

The risks identified by the director that could materially and adversely affect the company’s future operating results or financial position include:

Competition - The business environment in which we operate in continues to be challenging with a highly competitive market with pressure on price and margins. Competition is expected to remain strong in the short term, but the Director expects profitability and competitiveness to continue due to further capital investment in the facilities and equipment driving efficiency.

Future Potential Volatility of steel prices - The price of steel is outside our control and adversely affected by increased costs, such as import costs, in the steel supply chain.

Client failure - The company regularly reviews controls in place to mitigate risk by assessing the status of all new customers. Recent high profile failures of tier one contractors has highlighted this risk, however Leach Structural Steelwork were not suppliers to any of these and so avoided any potential issues.

Despite these risks and uncertainties, the director considers the company will continue to steadily grow and therefore is looking forward to the future with confidence and is optimistic that with the operational efficiencies, management skills and the ability to change to market requirements, the future, whilst challenging, will be as exciting and rewarding as ever.

Given the size of the company, the director has not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by director are implemented by the company's finance department. The director will revisit the appropriateness of this policy should the company's operations change in size or nature.

FINANCIAL INSTRUMENTS

The company has a low exposure to financial risk since it operates with good working capital management.

The company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material to the assessment of assets, liabilities, financial position and profit or loss of the company.

The above meant that the company’s financial position remained strong throughout the COVID period and no CBILS loan was required.

KEY PERFORMANCE INDICATORS

Financial Key Performance Indicators are outlined in the "Fair review of the business" section above and include profit before taxation and total equity.

The company monitors several other non-financial Key Performance Indicators (KPIs) including:

Client satisfaction

Delivery to budget

Delivery to time

Client referrals

The company is continuously improving performance and service and consistently scores in excess of 90% on all the above.

FUTURE DEVELOPMENTS

The company will continue to look for development opportunities within the sector it operates.

ON BEHALF OF THE BOARD:

E J Leach - Director

10 December 2025

The director presents his report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

Supply and installation of steel in the construction sector.

DIVIDENDS

Ordinary dividends were paid amounting to £2,100,000. The director does not recommend payment of a further dividend.

DIRECTOR

E J Leach held office during the whole of the period from 1 April 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, RFM Audit Services LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

E J Leach - Director

10 December 2025

Opinion

We have audited the financial statements of Leach Structural Steel Work Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Director's Report, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of director

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

In preparing the financial statements, the director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, is detailed below.

- the engagement partner ensured that the engagement team collectively had the appropriate

competence, capabilities and skills to identify or recognise non-compliance with applicable laws and

regulations;

- we identified the laws and regulations applicable to the company through discussions with the directors and other management, and from our commercial knowledge and experience of the steel construction sector;

- we focused on specific laws and regulations which we considered may have a direct material effect

on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, environmental and health and

safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making

enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team

remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their

knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were

indicative of potential bias and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Flynn FCA (Senior Statutory Auditor)

for and on behalf of RFM Audit Services LLP, Statutory Auditor

Unit 1, Guest House Farm

Runshaw Lane

Euxton

Chorley

Lancashire

PR7 6HD

10 December 2025

TURNOVER

3

24,811,972

29,390,321

Cost of sales

17,583,318

21,983,437

GROSS PROFIT

7,228,654

7,406,884

Administrative expenses

5,043,442

5,076,380

2,185,212

2,330,504

Other operating income

-

250,000

OPERATING PROFIT

5

2,185,212

2,580,504

Interest receivable and similar income

2,463

3,375

2,187,675

2,583,879

Interest payable and similar expenses

6

3,511

6,904

PROFIT BEFORE TAXATION

2,184,164

2,576,975

Tax on profit

7

(51,948

)

53,935

PROFIT FOR THE FINANCIAL YEAR

2,236,112

2,523,040

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,236,112

2,523,040

FIXED ASSETS

Tangible assets

9

975,034

1,184,862

CURRENT ASSETS

Stocks

10

64,485

64,485

Debtors

11

8,225,120

7,138,698

Cash at bank

254,246

493,606

8,543,851

7,696,789

CREDITORS

Amounts falling due within one year

12

7,539,548

6,986,478

NET CURRENT ASSETS

1,004,303

710,311

TOTAL ASSETS LESS CURRENT LIABILITIES

1,979,337

1,895,173

PROVISIONS FOR LIABILITIES

13

217,708

269,656

NET ASSETS

1,761,629

1,625,517

CAPITAL AND RESERVES

Called up share capital

14

1,000

1,000

Retained earnings

1,760,629

1,624,517

SHAREHOLDERS' FUNDS

1,761,629

1,625,517

The financial statements were approved by the director and authorised for issue on 10 December 2025 and were signed by:

E J Leach - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1,000

1,501,477

1,502,477

Changes in equity

Dividends

-

(2,400,000

)

(2,400,000

)

Total comprehensive income

-

2,523,040

2,523,040

Balance at 31 March 2024

1,000

1,624,517

1,625,517

Changes in equity

Dividends

-

(2,100,000

)

(2,100,000

)

Total comprehensive income

-

2,236,112

2,236,112

Balance at 31 March 2025

1,000

1,760,629

1,761,629

1.	STATUTORY INFORMATION

Leach Structural Steel Work Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

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.

Leach Structural Steel Work Limited is a wholly owned subsidiary of Leach Holdings Limited and the results of Leach Structural Steel Work Limited are included in the consolidated financial statements of Leach Holdings Limited which are available from Companies House.

RELATED PARTY EXEMPTION

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

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the director is 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.

Impairment of trade debtors

At each balance sheet date, management undertake an assessment of the recoverability of trade debtors based upon their knowledge of the customers, ageing of the balances outstanding and previous write off history. Where necessary, an impairment is recorded as a doubtful debt.

The actual level of debt collected may differ from the estimated level of recovery.

Impairment of fixed assets

At each balance sheet date, management undertake an assessment of the carrying amounts of its tangible fixed assets based upon their knowledge of the assets to determine where there is any indication that the assets have suffered an impairment loss. Where necessary, an impairment is recorded as an impairment loss.

Classification of finance and operating leases

At the inception of each lease, management undertake an assessment of the terms of the lease including the payments to be made over the life of the lease, the fair value of the asset subject to the lease, the length of the lease and whether the terms of the lease transfer substantially all of the risks and rewards of ownership.

Based on this assessment, management with determine whether the lease should be classified as a finance or operating lease.

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.

Recognition of contract revenue and profit

Given the nature of the industry in which the company operates, management are required to use estimation techniques in respect of revenues and profits on the steel work contracts.

The company uses qualified Quantity Surveyors to assess the value of work completed to derive the relevant revenues and profits to recognise on the contracts.

Additional revenues and profits in respect of variations from the original contract are only recognised when the company has confirmed the value of such amounts with the customer.

Retention provision

Outstanding retentions due in respect of contracts are recognised within trade debtors. At each balance sheet date, management review each retention individually based on the knowledge of the project, knowledge of the customer and the ageing of the retention.

Based upon the above information, management will estimate the expected recovery of the retention at the year end.

The actual retention recovery may differ from the estimate of recovery at each balance sheet date.

Useful life and residual value of plant and machinery

Management review the useful life of the plant and machinery and their residual values on a regular basis. If management consider any changes to the useful life or the residual values these are processed from when management consider these changes to have occurred.

TURNOVER

Turnover in respect of steel work contracts represents the amounts receivable on those contracts during the year with reference to certified contract values and variations agreed with customers. Amounts outstanding at the year end in respect of steel work contracts are included within trade debtors.

Turnover in respect of all other invoiced work represents amounts receivable for goods and services net of VAT and trade discounts. Amounts outstanding at the year end in respect of all other invoiced work is included within trade debtors.

TANGIBLE FIXED ASSETS

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment:10% - 20% straight line

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.

STOCKS

Raw materials and consumables 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 them to their present location and condition.

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.

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.

Basic financial assets

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

Other financial assets

All of the company's financial assets fall to be classed as basic financial assets and the company therefore has no other financial assets.

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 payments 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. Amounts 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.

Other financial liabilities

All of the company's financial liabilities fall to be classed as basic financial liabilities and the company therefore has no other financial liabilities.

Derecognition of financial liabilities

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

TAXATION

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

Current or deferred taxation assets and liabilities are not discounted.

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

DEFERRED TAX

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FOREIGN CURRENCIES

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transaction. At each reporting 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 in the period are included in profit and loss.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 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.

GOING CONCERN

Turnover and margins have remained similar to the prior year. The balance sheet remains in a strong position and on-going operations will continue to be financed adequately by current cash and existing bank facilities.

The company continues to hold strong continuous relationships with its main client list and the director believes this will continue.

At the time of approving the financial statements, the director therefore has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

CONSTRUCTION CONTRACTS

As noted in the Turnover policy, turnover in respect of steel work contracts represents the amounts receivable on those contracts during the year with reference to certified contract values and variations agreed with customers. Amounts outstanding at the year end in respect of steel work contracts are included within trade debtors.

The section under critical accounting judgements and key sources of estimation uncertainty provides further details about the company's accounting for such contracts.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts.

Bank overdrafts are shown within borrowings in current liabilities.

3.

TURNOVER

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

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,453,922

5,477,848

Social security costs

464,395

465,599

Other pension costs

116,480

117,182

6,034,797

6,060,629

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

2025

2024

Office and management

26

26

Production and sales

107

110

133

136

2025

2024

£

£

Director's remuneration

-

-

5.	OPERATING PROFIT

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

2025

2024

£

£

Hire of other assets

67,000

65,000

Depreciation - owned assets

251,956

286,896

Profit on disposal of fixed assets

(4,000

)

-

Auditors' remuneration

12,000

8,112

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest payable

3,511

6,904

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

-

543,199

(over)/under provisions in

previous year

-

(457,938

)

Total current tax

-

85,261

Deferred tax:

Origination and reversal of

timing differences

(51,948

)

(31,326

)

Tax on profit

(51,948

)

53,935

RECONCILIATION OF TOTAL TAX (CREDIT)/CHARGE INCLUDED IN PROFIT AND LOSS

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

2025

2024

£

£

Profit before tax

2,184,164

2,576,975

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

546,041

644,244

Effects of:

Expenses not deductible for tax purposes

2,355

-

Capital allowances in excess of depreciation

(3,116

)

-

Depreciation in excess of capital allowances

-

51,865

Adjustments to tax charge in respect of previous periods

-

(457,938

)

Group relief

(597,228

)

(133,813

)

Effect of change in deferred tax rates

-

(31,326

)

Effect of other timing differences

-

(19,097

)

Total tax (credit)/charge

(51,948

)

53,935

8.

DIVIDENDS

Dividends were paid during the year of £2,100,000 (2024: £2,400,000).

9.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2024

4,298,044

Additions

42,128

Disposals

(8,600

)

At 31 March 2025

4,331,572

DEPRECIATION

At 1 April 2024

3,113,182

Charge for year

251,956

Eliminated on disposal

(8,600

)

At 31 March 2025

3,356,538

NET BOOK VALUE

At 31 March 2025

975,034

At 31 March 2024

1,184,862

10.

STOCKS

2025

2024

£

£

Raw materials

64,485

64,485

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

5,058,266

4,715,310

Amounts owed by group undertakings

561,744

660,719

Amounts owed by contract

customers

2,033,028

915,386

Other debtors

56,687

38,452

VAT

448,885

749,301

Prepayments

66,510

59,530

8,225,120

7,138,698

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

3,356,879

3,797,374

Amounts owed to group undertakings

3,929,477

2,602,743

Corporation tax

4,873

153,807

Social security and other taxes

176,820

179,773

Other creditors

28,214

129,367

Accruals and deferred income

43,285

123,414

7,539,548

6,986,478

13.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

223,742

272,335

Retirement benefit obligations

(6,034

)

(2,679

)

217,708

269,656

Deferred

tax

£

Balance at 1 April 2024

269,656

Provided during year

(51,948

)

Balance at 31 March 2025

217,708