REGISTERED NUMBER: NI029649 (Northern Ireland)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

B H C LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

10

Income Statement

13

Other Comprehensive Income

14

Balance Sheet

15

Statement of Changes in Equity

16

Notes to the Financial Statements

17

DIRECTORS:

Mr Brian Hewitt

Mrs Marjorie Hewitt

Mr Bryan Cathcart

SECRETARY:

Mrs Marjorie Hewitt

REGISTERED OFFICE:

6 East Bridge Street

Enniskillen

Co. Fermanagh

BT74 7BT

REGISTERED NUMBER:

NI029649 (Northern Ireland)

SENIOR STATUTORY AUDITOR:

Thomas Samuel Patton

AUDITORS:

Patton Rainey Stenson Limited

Chartered Accountants and Statutory Auditors

6 East Bridge Street

Enniskillen

Co. Fermanagh

BT74 7BT

BANKERS:

Royal Bank of Scotland

88 High Street

Lanark

ML11 7ET

SOLICITORS:

Dales Solicitors LLP

18 Wallace Street

Galston

Ayrshire

KA4 8HP

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review was that of the design, fabrication and erection of structural steelwork.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

The directors consider the results for the year and the position of the company at the year end to be satisfactory and in line with expectations.

The turnover during the year ended 31 March 2025 was £96,036,270 compared to £139,203,113 in the previous year. The Net Profit for the year before taxation has decreased from £22,088,212 in 2024 to £19,290,198 in 2025.

Net Assets have increased to £74,191,903 (2024 £64,616,643).

The company has a strong liquidity position which is demonstrated by cash at bank of £44,662,526 (2024 £32,099,461) with no bank loans, overdrafts or hire purchase liabilities.

The company's key performance indicators are as follows:-

2025

2024

£

£

Turnover

98,036

139,203

Gross Profit Margin

30.76%

23.52%

Operating Profit Margin

18.59%

15.32%

Cash at Bank

44,663

32,099

Shareholders' Equity

74,192

64,617

The company's order book for the remainder of 2025 and beyond remains strong and the directors view the outlook for the company with confidence. The company's capital investment programme continues to modernise the premises, plant and machinery assets.

SECTION 172(1) STATEMENT

The directors recognise their responsibility under Section 172(1) of the Companies Act 2006 to promote the success of the company for the benefit of the members as a whole and in doing so have regard to:

a.

The likely consequence of any decisions in the long term;

b.

The interest of the Company's employees;

c.

The need to foster the Company's business relationships with suppliers, customers and others;

d.

The impact of the Company's operations on the community and the environment;

e.

The desirability of the Company maintaining a reputation for high standards of business conduct;

f.

The need to act fairly between members of the Company.

The key points relating to these factors are considered below in the decision making process.

(a) The likely consequence of any decision in the long term

The directors are focused on a strategic plan which promotes the long-term viability of the company. This

strategy considers the various risks facing the business and concentrates on the long term sustainability of the

company.

(b) The interest of the Company's Employees

The company regards that a skilled and experienced workforce is one of its most important resources. The

health, safety and wellbeing of the company's employees remains a priority. The company is committed to

achieving the highest possible standards in health and safety management and strives to make all production

facilities, sites and offices safe environments for employees and customers alike. Retention of key staff is critical

and there is relatively low turnover of personnel. Their knowledge and experience are vital in the company's

ability to serve customer requirements and to meet contractual obligations.

(c) The need to foster the Company's business relationship with suppliers, customers and others

The directors regularly review how the company maintains positive relationships with all of its stakeholders

including suppliers, customers and others. Our continued successes have been founded on building strong

relationships with customers, working collaboratively with them, anticipating issues they face, providing

problem-solving solutions and using our expert capabilities to deliver satisfactory solutions. The company has an

extensive and valued supply chain who supply our business with the highest quality of product. Suppliers are

treated in a fair and consistent manner which includes prompt payment.

(d) The impact of the Company's operations on the community and the environment

The company recognises its corporate responsibility to carry out its operations whilst minimising environmental

impacts. The directors continually aim to comply with all applicable environmental legislation, prevent pollution

and reduce waste where possible. As part of the Company's ongoing environmental commitment, it has invested

in a wind turbine, a biomass plant and plans to invest in an Anaerobic Digestion Plant. The aim of the company

is to continue to reduce its carbon footprint and help make a contributions to the government's carbon reduction

targets.

(e) The desirability of the Company maintaining a reputation for high standards of business conduct

The directors continue to take the responsibility of ensuring the company remains a good corporate citizen

seriously and consider that maintaining its strong reputation for the highest standards of business conduct to be

an important priority. Operating in well invested factories and having skilled employees are key to maintaining

the highest standards of product development.

(f) The need to act fairly between members of the Company

The directors meet regularly with the shareholders to provide updates on the progress of the company. It is a

family owned business with a goal to ensure the continued success of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

Strong and effective risk management is a central strategy in the manner which the directors run the business.

The ongoing principal risks and uncertainties faced by the company which are in the areas of health and safety,people, environmentally sustainable contract management, resourcing, finance and regulations. The steel fabrication sector as a whole is affected by the general economic conditions, steel prices and design developments.

The directors of the company manage these risks by a process of regular strategic reviews to assess competitor activity, market share allocation and design developments.

Internally the directors further manage these risks by close attention to health and safety, customer service levels, supplier contractual arrangements and steel sector standards.

In the directors opinion the risks and uncertainties facing the company are adequately addressed and managed.

Health and Safety

The directors continue to focus on the health and safety and the wellbeing of employees ensuring Health and Safety is at the core of everything undertaken by the company. Failure to manage risks in this area could cause serious harm to employees, subcontractors or other stakeholders. The directors remain fully committed to managing and mitigating risk to ensure a safe working environment and this is reflected throughout the culture of the Company. The directors maintain an increasing emphasis on wellbeing and have continued to promote the wider health of employees. This has included supporting mental health initiatives and encouraging a healthier lifestyle.

People

The directors recognise that future performance could be impacted through a lack of skilled resources and note that the continued success of the business has been achieved by the people working in it. There are many long serving members of staff, and a relatively low turnover of personnel reflects the general policy of providing good terms and conditions of employment while dealing with staff as well as other stakeholders in the business, in a fair and consistent manner. Employees continued loyalty and hard work are much appreciated. The directors seek to continue their focus on recruitment, training and retention of a highly skilled and professional workforce.

Environmental Sustainability

The directors are mindful that we all live in a world of finite resources and where many operate there is a risk of doing damage to the environment. They are focused on sustainability and seek to exceed all environmental responsibilities. They continue to develop renewable initiatives utilising energy saving procedures during the construction phases and beyond. The directors approach to the environment ensures that the companies construction operations have a minimal impact and where possible enhances the long-term environmental conditions for all stakeholders. Further information is detailed in the Streamlined Energy and Carbon Reporting section.

Financial risk management

The company's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk, price risk, currency risk and risks specific to the steel sector. Given the size of the company the financial risk management is not delegated and is controlled by the directors.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The company reassesses credit risk on an ongoing basis during the course of the project.

Liquidity risk

The company has significant cash resources and uses a policy of advance payments on major contracts from customers to finance working capital commitments. Liquidity risk is adequately addressed and managed sufficiently.

Price risk

The company is exposed to commodity price risk as a result of its operations. The company manages this risk by a policy of forward buying to match commitments.

Currency risk

The company is not significantly exposed to currency risk and thus considers this risk a secondary issue.

Steel Sector

Future steel prices and demand levels are inherently difficult to forecast. Construction forecasts are generally positive. Steel mill production costs are being impacted as raw material prices remain volatile, energy and production costs have significantly increased, global supply chains remain disrupted, and skill shortages exist. There are also government intervention measures being put in place, and EU and UK quotas and tariffs continue across various products.

Considering the above, the company continues to focus on its purchasing strategy, stock levels and maintaining a robust balance sheet. The company aims to be able to withstand any downturn and to take opportunities as they arise.

The company remains committed to strong financial controls, cash management and prudent accounting policies.

GOING CONCERN

The company's activities, together with factors likely to affect its future development, performance and position are continuously reviewed by the directors. Review of cash flow, liquidity position and borrowing facilities leads the directors to believe that the company is well place to manage its business risks successfully despite any current economic uncertainties.

The company meets its day to day working capital requirements through its current cash levels. The directors are confident that the company has adequate resources to meet its normal business requirements for the foreseeable future for at least 12 months from the date of signing of the financial statements and therefore have continued to adopt the going concern basis when preparing the financial statements.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the year end.

ON BEHALF OF THE BOARD:

Mr Brian Hewitt - Director

23 June 2025

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

DIVIDENDS

A Dividend of £5,000,000 was paid during the year (2024 £10,000,000).

FUTURE DEVELOPMENTS

The directors anticipate that any future developments would relate to it's principal activities.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year are given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr Brian Hewitt

Mrs Marjorie Hewitt

Mr Bryan Cathcart

DONATIONS

During the year the company made charitable donations amounting to £4,923 (2024 £21,181).

No donations were made during the year for political purposes (2024 £Nil).

ENGAGEMENT WITH EMPLOYEES

Employees are regularly informed of matters concerning the performance and future developments of the Company. The Board takes account of employees' interests when making decisions and suggestions from employees aimed at improving the Company's performance are welcomed.

The Company has continued with its established policy of employing disabled persons where practicable and endeavours to ensure that they benefit from training and career opportunities in common with all employees. In the event that employees become disabled every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged.

It is the policy of the company that training, career development and promotion opportunities should be available to all employees.

The company operates an apprenticeship scheme which has been well received by new employees. The directors are very satisfied with its uptake and implementation.

RESEARCH AND DEVELOPMENT

The Company's expenditure in research and development supports the development of construction techniques to deliver quality, certainty efficiencies and ultimately value to customers

STREAMLINED ENERGY AND CARBON REPORTING

The company has prepared the following report in accordance with the requirements of the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) and ISO 14064-1:2018 Specification with Guidance at the Organization Level for Quantification and Reporting of Greenhouse Gas Emissions and Removals.

The streamlined energy and carbon reporting disclosure proposals the company's carbon footprint inside the UK across Scope 1 and Scope 2. It also includes an appropriate intensity metric the total energy use of electric and gas as well as a summary of actions taken during the financial year.

GHG Emissions and Energy Use Data

31.03.25

31.03.24

Emissions from combustion of gas, oil and biomass (tCO2e)

32.8

36.7

Emissions from combustion of fuel for transport processes (tCO2e)

1138.09

1684.78

Emissions from purchased electricity (tCO2e)

487.3

494.3

Total gross CO2e based on above (tCO2e)

1658.19

2209.78

Intensity ratio (tCO2e per employee)

4.08

5.12

Methodology

The company's emissions are collated from internal business data and calculated using Government emissions conversion factors for company greenhouse gas reporting, by converting energy usage to carbon dioxide equivalent emissions (CO2s). The company has followed methodology as noted in the GHG Reporting Protocol - Corporate Standard, using an operational control approach. This assessment takes into accounts all the emission sources required under the Companies Act 2006 and the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The emissions data reported relates to all production sites with the control of the company during the reported period. The intensification chosen metric is based on the average number of full time employees during the reporting period.

Energy Efficiency Actions

BHC Limited is committed to operating in a low emissions and energy-efficient environment and considers the management of GHG emissions to be a principal component of its environmental and sustainability objectives. It is the directors aim to exploit all opportunities for energy savings throughout the business in order to establish the company as an environmentally responsible organisation as well as a contributor to national carbon reduction targets. To date, BHC Limited has taken the following steps in order to reduce energy use and reduce environmental impacts:

- Installed 13 on-site biomass units ranging between 198kW to 990kW that produce 100% of our heat requirements and save 1,238 tonnes of CO2e per annum.

- Procured a 500kW wind turbine that supplies approximately 30% of on-site electricity requirements annually.

- Signed a contract with an energy supplier that supplies 100% renewable electricity backed by REGO certificates.

- Received ISO 14001: 2015 certificate and joined the Science Based Target initiative (SBTi).

- Procured several electric and hybrid vehicles and installed EV charging points.

- Became one of the founding members of SteelZero, a global initiative run by the Climate Group and Responsible Steel, with the aim to drive the market demand for net-zero emissions steel and ultimately decarbonise the steel sector.

- Started building an Anaerobic Digestor, which will produce more than 100% of the electricity requirements and would make the company completely self-sufficient.

- Implemented a number of energy efficiency measures from our ESOS Phase 2 Audit, including the purchase of machinery with newer invented technology, upgraded lighting systems and installed telematic systems in vehicles.

- Continually raising awareness among stakeholders.

- Created software that calculates the embodied carbon of steel products.

- Conducted several trials of vehicles that run on alternative fuels, including HGVs fuelled by renewable CNG, HVO fuel and batteries.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

The 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Patton Rainey Stenson Limited, have indicated their willingness to continue in office and a resolution will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report was approved by the Board of Directors on 23 June 2025.

ON BEHALF OF THE BOARD:

Mr Brian Hewitt - Director

23 June 2025

Opinion

We have audited the financial statements of B H C Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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 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 Statement of Directors' Responsibilities set out on page nine, 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 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.

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:

Based on our understanding of the company and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to UK tax regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting for estimates including estimates relating to revenue recognition. Audit procedures performed by the engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Evaluation of the effectiveness of management's controls designed to prevent and detect irregularities;

- Identification and testing of significant manual journal entries; and

- Testing of assumptions and judgements made by management in making significant accounting estimates.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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

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.

Thomas Samuel Patton (Senior Statutory Auditor)

for and on behalf of Patton Rainey Stenson Limited

Chartered Accountants and Statutory Auditors

6 East Bridge Street

Enniskillen

Co. Fermanagh

BT74 7BT

23 June 2025

TURNOVER

3

96,036,270

139,203,113

Cost of sales

66,496,980

106,461,624

GROSS PROFIT

29,539,290

32,741,489

Administrative expenses

12,353,125

12,148,074

17,186,165

20,593,415

Other operating income

675,436

739,355

OPERATING PROFIT

5

17,861,601

21,332,770

Interest receivable and similar income

6

1,678,137

876,492

19,539,738

22,209,262

Interest payable and similar expenses

7

249,540

121,050

PROFIT BEFORE TAXATION

19,290,198

22,088,212

Tax on profit

8

4,714,938

4,213,196

PROFIT FOR THE FINANCIAL YEAR

14,575,260

17,875,016

PROFIT FOR THE YEAR

14,575,260

17,875,016

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

14,575,260

17,875,016

FIXED ASSETS

Tangible assets

10

11,556,403

13,193,322

CURRENT ASSETS

Stocks

11

8,876,839

7,559,375

Debtors

12

27,740,956

31,631,823

Cash at bank and in hand

44,662,526

32,099,461

81,280,321

71,290,659

CREDITORS

Amounts falling due within one year

13

16,112,569

17,015,369

NET CURRENT ASSETS

65,167,752

54,275,290

TOTAL ASSETS LESS CURRENT LIABILITIES

76,724,155

67,468,612

PROVISIONS FOR LIABILITIES

15

2,532,252

2,851,969

NET ASSETS

74,191,903

64,616,643

CAPITAL AND RESERVES

Called up share capital

16

220,002

220,002

Retained earnings

17

73,971,901

64,396,641

SHAREHOLDERS' FUNDS

74,191,903

64,616,643

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:

Mr Brian Hewitt - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

220,002

56,521,625

56,741,627

Changes in equity

Dividend

-

(10,000,000

)

(10,000,000

)

Total comprehensive income

-

17,875,016

17,875,016

Balance at 31 March 2024

220,002

64,396,641

64,616,643

Changes in equity

Dividend

-

(5,000,000

)

(5,000,000

)

Total comprehensive income

-

14,575,260

14,575,260

Balance at 31 March 2025

220,002

73,971,901

74,191,903

1.	STATUTORY INFORMATION

B H C Limited is a private company, limited by shares, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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 on a going concern basis under the historical cost convention in accordance with the Companies Act 2006 and applicable accounting standards.

The principal accounting policies, which have been applied consistently throughout the year, are set out below:

Going Concern

The company's activities, together with factors likely to affect its future development, performance and position are continuously reviewed by the directors. Review of cash flow, liquidity position and borrowing facilities leads the directors to to believe that the company is well placed to manage its business risks successfully despite any current economic uncertainties.

The company meets its day to day working capital requirements through its current cash levels. The directors are confident that the company has adequate resources to meet its normal business requirements for the foreseeable future, for at least 12 months from the date of signing the financial statements, and therefore they continue to adopt the going concern basis when preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption 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.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the group and value added taxes.

Sale of goods

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

Rendering of services

Revenue from erection of structural steelwork is recognised by reference to the stage of completion. Stage of completion is measured by reference to the tonnage erected to date as a percentage of total tonnage to be erected for each individual contract. When the contract outcome cannot be measured reliably, revenue is only recognised to the extent of the expenses recognised that are recoverable.

Full provision is made for losses on all contracts in the year in which the loss is first foreseen, or when a contract becomes the subject of a dispute with the customer and the outcome of the contract is uncertain.

Tangible fixed assets

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

(i) Depreciation and residual values

Depreciation is calculated, using the stated method, to allocate the depreciable amount to their residual values over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows:

Plant and Machinery

- 15% on reducing balance

Motor Vehicles

- 25% on reducing balance

Computer and equipment

- 20% on reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

(ii) Subsequent additions and major components

Subsequent costs, including major inspections are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Repairs, maintenance and minor inspection costs are expensed as incurred.

(iii) Derecognition

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement and included in cost of sales.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is determined in the first in first out method (FIFO). Cost includes all direct expenditure and an appropriate proportion of production overheads based on a normal level of activity.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development

Expenditure on research and development is written off to the income statement in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised as fixed assets in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Financial instruments

The company has chosen to adopt Sections I I and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances and are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and, amounts payable to group undertakings, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to further periods. This is measured at the discounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Cash and cash equivalents

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the directors.

Government grants

Government grants are recognised when it is reasonable to expect that grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Government grants in respect of capital expenditure are credited to a deferred income account and are released to the income statement over the expected useful lives of the relevant assets by equal annual installments. Grants of a revenue nature are credited to income so as to match then with expenditure to which they relate.

Foreign currencies

Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transactions. All assets and liabilities denominated in foreign currencies are translated at the rate ruling at the balance sheet date or the exchange rate of a related foreign exchange contract where appropriate. The resulting gain or loss is dealt with in the income statement.

Share Capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Contingent Liabilities

Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefit is probable.

Related party transactions

The company discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the group financial statements.

Judgements in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the company that have the most significant effect on the financial statements.

Recoverability of debtors

The company estimates the allowance for doubtful trade debtors and contract balances based on assessment of specific accounts where the company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to financial information available on the customer from both the customer and publicly available sources.

Amounts recoverable on contracts, contract revenue and contract costs

Contract revenue and costs are recognised when the outcome of a contract can be reliably estimated. The percentage of completion method is used to value revenue and costs at the year end, and these are included in the Income Statement. At the year end, the company reviews the recoverability of amounts already recognised as contact revenue. If a debtor is not considered to be recoverable, the unrecoverable amount will be expensed in the year. When, on review of job costing schedules, it is deemed probable that the total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately with a corresponding provision for an onerous contract.

Useful lives of depreciable assets.

The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined , and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.

Provision for liabilities

Provisions are recognised when the company has a present legal or constructive obligation as result of past events; it is probable that an outflow of resources will be required to settle the obligation: and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

3.

TURNOVER

The directors have not disclosed information relating to the geographical split of turnover on the grounds that this would be seriously prejudiced to the interests of the company.

4.	EMPLOYEES AND DIRECTORS

31.03.25

31.03.24

£

£

Wages and Salaries

18,584,400

18,420,824

Social security costs

2,056,314

1,969,062

Other pension costs

883,272

520,081

21,523,986

20,909,967

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

31.03.25

31.03.24

Administrative & Technical

115

99

Production

278

320

Management

13

13

406

432

31.3.25

31.3.24

£

£

Directors' remuneration

232,497

231,203

Directors' pension

169,446

170,966

The amount set out below include remuneration in respect of the highest paid Director as follows:-

31.3.25

31.03.24

£

£

Aggregate Emoluments

111,628

114,833

Company pension contributions to a defined contributions scheme

52,164

50,966

Key Management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the company. All key management are directors and their remuneration for the year has been disclosed above.

5.	OPERATING PROFIT

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

31.3.25

31.3.24

£

£

Other operating leases

1,042,223

942,825

Depreciation - owned assets

2,221,418

1,700,057

Profit on disposal of fixed assets

(41,028

)

(32,553

)

Auditors' remuneration - for Audit

26,000

23,000

Auditors Renumeration - other services - tax

13,000

4,500