Company registration number 00653930 (England and Wales)
Reynolds and Litchfield Limited
Annual report and financial statements
For the year ended 30 September 2025
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Company Information
Directors
Mr S Lightfoot
Mr G Bath
Mr P T Shore
Secretary
Mr G Bath
Company number
00653930
Registered office
Unit B1 Cinderhill Industrial Estate
Weston Coyney Road
Longton
Stoke on Trent
Staffordshire
ST3 5LB
Auditor
DJH Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
Reynolds and Litchfield Limited
Strategic report
For the year ended 30 September 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Review of the business

This report aims to provide a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.

The principal activity of the company continued to be the design, fabrication and erection of structural steel frame buildings.

The directors consider turnover and gross margin to be the most appropriate key performance indicators for assessing the company’s performance.

Turnover has increased to £21.976M from £17.284M in the previous year. However, the gross profit percentage has decreased to 13.8% from 20.7% in the previous year, a decrease in gross profit of £553K to £3.025M (2024: £3.578M).

During the early part of the financial year the company experienced tighter margins, reflecting a change in the type of projects undertaken. The business saw a shift away from traditional warehouse developments towards schools and projects delivered for Tier One contractors, which generally require increased levels of coordination, compliance and project management. These contracts typically involve greater resource requirements, which placed pressure on margins during the early part of the year.

As the year progressed, the company saw improvements in project delivery and operational efficiencies, together with a more balanced mix of work, which helped stabilise margins and performance in the latter part of the financial year.

Steel prices remained relatively stable throughout the year, following the volatility experienced in previous periods. While overall market conditions remained competitive and some larger schemes proved more challenging to secure, the company continued to maintain strong activity levels.

During the year the company also undertook certain projects outside its traditional construction sector, where margins are typically lower than those achieved on core structural steel projects.

The company benefits from long-standing relationships across its supply chain, which help support reliable procurement and enable the business to meet customer expectations even in challenging market conditions.

The company has also begun transitioning its vehicle fleet to electric and hybrid vehicles as part of its wider commitment to reducing its carbon footprint and improving environmental sustainability.

The financial position of the company remained strong at the year end, with net current assets increasing by £42K to £2.387M (2024: £2.345M).

Cash balances reduced by £774K to £1.256M (2024: £2.030M), largely reflecting working capital movements during the year. Nevertheless, the business continues to maintain a healthy cash position and careful management of costs.

At the balance sheet date, net assets have increased by £86K to £2.307M (2024: £2.221M).

The directors are pleased with this year’s results and the financial position at the year end. A comprehensive review of costs, margins and expenses is carried out on a constant basis throughout the year.

Reynolds and Litchfield Limited
Strategic report (continued)
For the year ended 30 September 2025
- 2 -
Principal risks and uncertainties

The business continues to operate in a competitive construction market, and performance is influenced by wider economic conditions, procurement practices and the financial stability of customers.

As the company undertakes larger and more complex contracts, there is potential exposure to increased credit risk and cash flow fluctuations, particularly where credit insurance coverage is limited. These risks are mitigated through close monitoring of customers, maintaining strong cash reserves, and where possible negotiating improved payment terms and upfront payments.

Financial instrument risk

Credit Risk

There remains an increased risk of customer default within certain areas of the construction industry.

The company’s credit risk is primarily limited to circumstances where customers become insolvent or enter bankruptcy and are unable to settle outstanding balances. This risk is further mitigated by monitoring customers’ financial position and available credit information. Amounts reported in the balance sheet are shown net of allowances for doubtful debts. The company’s customer base is diversified across a range of clients and sectors, helping to reduce concentration of insolvency-related credit risk.

Liquidity risk

The company continues to operate with minimal external finance and maintains sufficient cash reserves to meet its obligations as they fall due. As a result, liquidity risk is considered to be low.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control.

Development and performance

The directors remain positive about the company’s future outlook, supported by a strong pipeline of opportunities and continued demand for structural steel solutions.

Despite the decrease in gross profit, the business has continued to exercise strong cost control and operational discipline. Reynolds and Litchfield also continue to invest in new software systems and innovative methods of working, enabling the company to improve efficiency and deliver projects in ways that differentiate it from competitors in the market.

The company also entered the new financial year with a healthy order book, providing good visibility of workload in the months ahead. While market conditions across parts of the construction industry remain competitive, the directors remain confident that the company’s reputation, long-standing client relationships and ability to deliver complex projects will continue to support future activity levels.

The business will continue to invest in technology, systems and its workforce in order to enhance efficiency, improve project delivery and maintain its competitive position within the market.

The company remains committed to maintaining high standards of quality, safety and sustainability, while continuing to reduce the environmental impact of its operations and strengthen its social responsibility.

Reynolds and Litchfield Limited
Strategic report (continued)
For the year ended 30 September 2025
- 3 -
Key performance indicators

Turnover has increased to £21.976M from £17.284M in the previous year.

Gross margin percentage has decreased this year to 13.8% from 20.7% in the previous year, resulting in a decrease in gross profit of £553K to £3.025M (2024: £3.578M).

Administrative expenses were £1.852M as compared to £1.369M the previous year, an increase of £483K (35.2%).

Operating profit for the year was £1.174M (2024: £2.210M).

Net Current Assets were £2.387M as at 30th September 2025, an increase over the previous year (2024: £2.345M).

On behalf of the board

Mr S Lightfoot
Director
25 June 2026
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Directors' Report
For the year ended 30 September 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company continued to be that of the design, fabrication and erection of structural steel.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £761,000 (2024 - £1,304,800). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S Lightfoot
Mr G Bath
Mr P T Shore
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

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; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Directors' Report (continued)
For the year ended 30 September 2025
- 5 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S Lightfoot
Director
25 June 2026
Reynolds and Litchfield Limited
Independent auditor's report
To the members of Reynolds and Litchfield Limited
- 6 -
Opinion

We have audited the financial statements of Reynolds and Litchfield Limited (the 'company') for the year ended 30 September 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Reynolds and Litchfield Limited
Independent auditor's report (continued)
To the members of Reynolds and Litchfield Limited
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- 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 directors and other management;

- 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 legislation such as the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations through making enquiries of management and reviewing legal and professional fee invoices.

Reynolds and Litchfield Limited
Independent auditor's report (continued)
To the members of Reynolds and Litchfield Limited
- 8 -

We assessed the susceptibility of the 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 posted during the year and at the year end to identify unusual transactions;

- investigated the rationale behind significant or unusual transactions;

- performed walkthrough tests on major transaction cycles; and

- performed detailed testing on the significant accounting estimates used by management in evaluating long term contract progress and profitability.

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;

- reviewing correspondence with HMRC; and

- reviewing legal and professional fees incurred during the year to identify any potential indications of non-compliance with laws and regulations.

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Nicola Johnson (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
Accountants
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
25 June 2026
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Statement of Comprehensive Income
For the year ended 30 September 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
21,975,787
17,283,789
Cost of sales
(18,950,619)
(13,705,421)
Gross profit
3,025,168
3,578,368
Administrative expenses
(1,851,775)
(1,369,290)
Other operating income
500
1,500
Operating profit
4
1,173,893
2,210,578
Interest receivable and similar income
7
19,088
22,495
Interest payable and similar expenses
8
(11,821)
(20,785)
Profit before taxation
1,181,160
2,212,288
Tax on profit
9
(315,811)
(589,650)
Profit for the financial year
865,349
1,622,638
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Statement Of Financial Position
As at 30 September 2025
30 September 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
403,501
352,860
Current assets
Stocks
12
83,347
86,154
Debtors falling due after more than one year
13
314,951
279,603
Debtors falling due within one year
13
6,007,685
4,092,262
Cash at bank and in hand
1,256,263
2,030,280
7,662,246
6,488,299
Creditors: amounts falling due within one year
14
(5,275,154)
(4,143,220)
Net current assets
2,387,092
2,345,079
Total assets less current liabilities
2,790,593
2,697,939
Creditors: amounts falling due after more than one year
15
-
0
(7,501)
Provisions for liabilities
Provisions
17
383,000
390,100
Deferred tax liability
18
101,000
79,600
(484,000)
(469,700)
Net assets
2,306,593
2,220,738
Capital and reserves
Called up share capital
20
200
200
Share premium account
21
12,500
12,500
Capital redemption reserve
22
19,900
19,900
Profit and loss reserves
23
2,273,993
2,188,138
Total equity
2,306,593
2,220,738
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Statement Of Financial Position (continued)
As at 30 September 2025
30 September 2025
- 11 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 June 2026 and are signed on its behalf by:
Mr S Lightfoot
Director
Company registration number 00653930 (England and Wales)
Reynolds and Litchfield Limited
Statement of Changes in Equity
For the year ended 30 September 2025
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2023
200
12,500
19,900
1,870,300
1,902,900
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
1,622,638
1,622,638
Dividends
10
-
-
-
(1,304,800)
(1,304,800)
Balance at 30 September 2024
200
12,500
19,900
2,188,138
2,220,738
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
-
865,349
865,349
Dividends
10
-
-
-
(761,000)
(761,000)
Other movements
-
-
-
(18,494)
(18,494)
Balance at 30 September 2025
200
12,500
19,900
2,273,993
2,306,593
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements
For the year ended 30 September 2025
- 13 -
1
Accounting policies
Company information

Reynolds and Litchfield Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B1 Cinderhill Industrial Estate, Weston Coyney Road, Longton, Stoke on Trent, Staffordshire, ST3 5LB.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements cover the company as an individual entity and are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’;

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

The financial statements of the company are consolidated in the financial statements of MRL Group Limited. These consolidated financial statements are available from its registered office, Unit B1 Cinderhill Trading Estate, Weston Coyney Road, Longton, Stoke-On-Trent, Staffordshire, ST3 5LB.

1.2
Going concern

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

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies
(Continued)
- 14 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated on a survey basis by quantity surveyors. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Other income

Amounts recoverable on construction contracts are included in debtors and are valued, inclusive of profit, at work executed at contract prices plus variations. Any work invoiced in advance of the work being completed is recorded in creditors. Contracts are valued based on managements judgement for each individual contract.

Turnover and costs on contracts are recognised as activity progresses once the outcome can be assessed with reasonable certainty. Full provision is made for anticipated future losses. Where contract payments received exceed amounts recoverable, these amounts are included in creditors.

1.4
Tangible fixed assets

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

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

Electrical installation
20% on reducing balance
Short leasehold improvements
10% on reducing balance
Plant and equipment
10% on reducing balance/10% straight line
Fixtures and fittings
10% on reducing balance/10% straight line
Office equipment
10% on reducing balance/10% straight line
Motor vehicles
25% on reducing balance

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

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies
(Continued)
- 15 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cost is calculated using the first in first out method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

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

1.8
Financial instruments

The company has elected to apply the provisions of Section 1 2 ‘Other Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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, loans due to fellow group companies 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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets 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.

Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies
(Continued)
- 16 -
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 and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

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

Current tax

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

Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies
(Continued)
- 17 -
Deferred tax

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

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Included within the year is a contract cost provision of £383,000. The provision is in relation to rectification works in relation to contract liabilities. The directors deem this provision to be a best estimate.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

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

1.14
Leases
As lessee

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

1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

In the directors' opinion there are no critical judgements, apart from those involving estimations (dealt with separately below), that they have made in applying the company's accounting policies and that had had a significant effect on the amounts recognised in the financial statements.

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.

Valuation of contracts

Management review each construction contract ongoing at the year end in order to obtain an accurate valuation of the work completed to date and therefore any profits or losses on contract to recognise. Management recognise profits on contracts once the outcome can be measured with reasonable certainty. Management will review the level of work completed and the costs incurred on each individual contract at the year end and then estimate the likelihood of recoverability of the applied for balances in excess of the certified amounts (confirmed directly by the customer) with reference to post year end certifications. The contract valuation will be adjusted based on this, with any balances that are unlikely to be recovered being provided against.

Any anticipated future losses are provided for in full. Uncertainties in the valuation of individual contracts relate to the actual values recoverable on each contract.

Ageing of retentions

Management have estimated that 50% of the retentions balance on ongoing contracts will not be due within the next 12 months on the basis that half of the retention is released on completion of a contract, whilst the remaining half is released 12 to 24 months after this date.

Uncertainties in the ageing of this retention balance relate to the actual timing of the contract completion dates.

Contract cost provision

A contract cost provision has been included, which management has calculated based on actual rectification works after date, along with an estimation of additional costs that they expect to be incurred in the next 12 months.

Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 19 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Construction
21,640,949
16,063,736
Supply only
334,838
1,220,053
21,975,787
17,283,789
2025
2024
£
£
Other revenue
Interest income
19,088
22,495
Grants received
500
1,500
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(500)
(1,500)
Fees payable to the company's auditor for the audit of the company's financial statements
18,500
18,500
Depreciation of tangible fixed assets
57,722
54,599
(Profit)/loss on disposal of tangible fixed assets
(98)
1,777
Operating lease charges
103,269
102,492
5
Employees

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

2025
2024
Number
Number
Directors
3
2
Administration staff
12
12
Direct staff
24
24
Total
39
38
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,498,160
1,395,609
Social security costs
161,813
146,713
Pension costs
101,096
163,093
1,761,069
1,705,415
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
192,705
189,908
Company pension contributions to defined contribution schemes
65,465
133,524
258,170
323,432

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
16,625
20,594
Other interest income
2,463
1,901
Total income
19,088
22,495
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
311
573
Other interest
11,510
20,212
11,821
20,785
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 21 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
294,411
530,492
Adjustments in respect of prior periods
-
0
59,058
Total current tax
294,411
589,550
Deferred tax
Origination and reversal of timing differences
21,400
100
Total tax charge
315,811
589,650

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,181,160
2,212,288
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
295,290
553,072
Effects of:
Expenses that are not deductible in determining taxable profit
20,034
5,628
Group relief
-
0
(27,531)
Depreciation on assets not qualifying for tax allowances
44
41
Tax under/(over) provided in prior years
-
0
59,058
Deferred tax adjustments in respect of prior years
(20)
(618)
Deferred tax overprovided in the current year
463
-
0
Taxation charge in the financial statements
315,811
589,650
10
Dividends
2025
2024
£
£
Interim paid
761,000
1,304,800

During the year, dividends on 90 Ordinary B shares owned by MRL Group Limited were waived of £549,000.

Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 22 -
11
Tangible fixed assets
Electrical installation
Short leasehold improvements
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 October 2024
1,101
79,491
291,818
40,566
130,229
348,718
891,923
Additions
-
0
4,623
30,153
-
0
4,049
80,055
118,880
Disposals
-
0
-
0
-
0
-
0
-
0
(107,806)
(107,806)
At 30 September 2025
1,101
84,114
321,971
40,566
134,278
320,967
902,997
Depreciation and impairment
At 1 October 2024
1,101
43,139
222,067
19,846
67,665
185,245
539,063
Depreciation charged in the year
-
0
3,636
7,092
2,093
6,661
38,240
57,722
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(97,289)
(97,289)
At 30 September 2025
1,101
46,775
229,159
21,939
74,326
126,196
499,496
Carrying amount
At 30 September 2025
-
0
37,339
92,812
18,627
59,952
194,771
403,501
At 30 September 2024
-
0
36,352
69,751
20,720
62,564
163,473
352,860
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 23 -
12
Stocks
2025
2024
£
£
Raw materials and consumables
83,347
86,154
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,357,822
3,334,537
Gross amounts owed by contract customers
893,727
300,166
Amounts owed by group undertakings
8,448
-
0
Other debtors
670,892
403,960
Prepayments and accrued income
76,796
53,599
6,007,685
4,092,262
2025
2024
Amounts falling due after more than one year:
£
£
Trade debtors
314,951
279,603
Total debtors
6,322,636
4,371,865

Trade debtors are stated after provisions for impairment of £587,882 (2023 - £195,766).

14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
16
-
0
10,000
Payments received on account
149,035
15,700
Trade creditors
4,917,430
2,842,370
Amounts owed to group undertakings
8,333
701,897
Corporation tax
32,411
350,704
Other taxation and social security
47,527
49,751
Other creditors
3,876
44,771
Accruals and deferred income
116,542
128,027
5,275,154
4,143,220

Included within creditors are amounts owed to group undertakings of £8,333 (2024 - £585,933). This is secured by a fixed and floating charge over the assets of the company.

Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 24 -
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
-
0
7,501
16
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
17,501
Payable within one year
-
0
10,000
Payable after one year
-
0
7,501

The bank loans were secured by a fixed and floating charge over the assets of the company.

17
Provisions for liabilities
2025
2024
£
£
Contract cost provision
383,000
390,100
Movements on provisions:
Contract cost provision
£
At 1 October 2024
390,100
Additional provisions in the year
(7,100)
At 30 September 2025
383,000

The contract cost provision is made up of amounts provided for in relation to estimated future costs to be incurred on the completion of contracts, based on the expected profitability of each contract.

Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 25 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
101,000
87,859
Retirement benefit obligations
-
(8,259)
101,000
79,600
2025
Movements in the year:
£
Liability at 1 October 2024
79,600
Charge to profit or loss
21,400
Liability at 30 September 2025
101,000

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
101,096
163,093

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year-end contributions totalling £373 (2024 - £36,612) were payable to the fund and are included in creditors.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
100
100
100
100
200
200
200
200
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
20
Share capital
(Continued)
- 26 -

Each Ordinary A share carries voting rights, dividend rights and the right to participate in distributions on winding up.

Each Ordinary B share carries voting rights, dividend rights and the right to participate in distributions on winding up.

21
Share premium account

Share premium is made up of receipts in excess of the par value of new share capital issued.

22
Capital redemption reserve

Capital redemption reserve is made up of the share capital that has been repurchased by the company.

23
Profit and loss reserves

Profit and loss reserves are made up of accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.

24
Contingent liabilities

The company has a fixed and floating charge over all property or undertaking of the company with a negative pledge is registered, as security for the borrowings of fellow group undertakings. At 30 September 2025 these borrowings were repaid and amounted to £nil (2024 - £362,170).

25
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
56,396
56,868
Years 2-5
42,998
84,997
99,394
141,865
Reynolds And Litchfield Limited
Reynolds and Litchfield Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
- 27 -
26
Related party transactions

Group transactions and balances

During the year the company made sales to a fellow subsidiary of the group of £6,348 (2024: £19,522). The company also purchased materials from this fellow subsidiary amounting to £19,932 (2024: £42,662).

Dividends have been paid to the parent company in the year of £700,000 (2024: £1,240,000). There were also dividends waived in the year to the parent company on 90 Ordinary B shares of £549,000.

Management charges have been paid to MRL Group Limited in the year of £8,000 (2024: £Nil).

The company also paid expenses on behalf of the parent company amounting to £nil (2024 - £774).

Amounts owed to group companies at the year end totalled £8,333 (2024: £701,897).

Amounts owed by group companies at the year end totalled £5,278 (2024: £nil).

Other related party transactions and balances

During the year the company made sales to a company under common control of £523 (2024: £835). The company also purchased goods from a company under common control amounting to £nil (2024: £1,374).

Dividends paid to directors in the year totalled £61,000 (2024: £64,800).

A company van was sold to the director, Mr Peter Shore during the year for proceeds of £4,015 net of VAT (2024: £16,667). The amount owed to the company at the year end was £4,818 (2024 - £Nil).

27
Ultimate controlling party

The immediate and ultimate parent company at the balance sheet date was MRL Group Limited as a result of its 95% shareholding in the company. Consolidated financial statements as at 30 September 2025 may be obtained from Unit B1 Cinderhill Trading Estate, Weston Coyney Road, Longton, Stoke On Trent, Staffordshire, United Kingdom, ST3 5LB.

The ultimate controlling party is Mr S Lightfoot, as a result of his 100% shareholding of the parent company.

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