|
Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The principal activities of the Company during the year continued to be the manufacture of security, sports, and general fencing; the operation as a merchant for fencing systems; and the marketing of these products through the Trade Sales division.The Company also provides the supply and installation of fencing through its contracting divisions based at Blairgowrie in Perthshire and Petersfield in Hampshire. During the year, the Company made initial steps to establish a High Security Division to expand its offering to include CCTV, access control, and power fence systems in future. This development enhances the Company’s capability to provide complete perimeter security solutions.
The Company experienced a reduction in turnover during the year, primarily due to the conclusion of several major contracts that had contributed to elevated revenue levels in the prior period. Despite this, the underlying performance of the business remained resilient. Both contracting divisions remained active, supported by a steady pipeline of regular orders and new projects. The revised pricing structure implemented within the Trade Sales division continued to improve quotation conversion rates, resulting in sustained demand within the manufacturing facility. The Company continued to strengthen internal processes and procedures, with a focus on staff development and operational efficiency. The formation of the High Security Division represents a significant step in the Company’s strategic growth plan. The Company’s five-year plan forecasts a return to previous turnover levels within two years, supported by increased activity in the security sector and anticipated growth in integrated perimeter security projects.
The Company remains exposed to risks associated with the general economic climate, including volatile commodity prices, evolving UK Government policy and uncertainties in the availability and cost of materials. Recruitment and retention of skilled personnel also continue to present challenges. The Directors continue to monitor these risks closely and remain committed to maintaining a strong balance sheet as a key mitigation strategy. Retention and development of key staff remain priorities to support the Company’s growth objectives, particularly as it expands into enhanced security technologies.
With turnover decreased due to the completion of major contracts, the Company achieved a small operating profit for the year, while maintaining a strong credit rating throughout the period. Including gains to the investment portfolio, the Company delivered a strong profit before tax. The balance sheet remains robust and continues to provide a strong financial platform to support investment in new technologies and future growth opportunities.
The Company benefits from a diverse and loyal customer base and continues to enjoy high levels of repeat business. The Company places significant importance on Health, Safety, Environmental and Quality Management systems, and continues to allocate appropriate resources to support these areas. External audits again produced positive outcomes, reflecting the Company’s commitment to maintaining high operational standards. Staff turnover remains low, indicating a positive working environment.
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company will continue to develop the quality and range of its products and services, expand its workforce, and invest in new plant, machinery, software, and security technologies. The newly created High Security Division positions the Company to secure larger and more complex integrated perimeter security projects. The Directors remain committed to maintaining a strong balance sheet, ensuring the Company is well placed to manage risks and deliver sustainable long-term growth.
This report was approved by the board and signed on its behalf.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
The profit for the year, after taxation, amounted to £1,915,363 (2024 - £2,092,346).
Dividends of NIL (2024: £1,000,000) were payable during the year.
The directors who served during the year were:
The company has chosen in accordance with s414C (11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments.
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board and signed on its behalf.
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY LIMITED
We have audited the financial statements of J.B. Corrie and Company Limited (the 'Company') for the year ended 31 March 2025, which comprise the Income Statement, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities 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 Auditors' Report.
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Wey Court West
Union Road
Surrey
GU9 7PT
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
REGISTERED NUMBER: 00208517
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
REGISTERED NUMBER: 00208517
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 29 form part of these financial statements.
Page 11
|