|
Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 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 PERIOD ENDED 31 DECEMBER 2025
The principal activities of the Company continued to be the manufacture, supply and installation of security, sports and general fencing systems throughout the United Kingdom. The Company operates manufacturing and merchanting activities from Petersfield and provides fencing installation services through its contracting divisions in Hampshire and Perthshire. The Company continued to build out the Manchester based High Security Division to support growth opportunities in integrated perimeter protection solutions, including CCTV, access control and associated security technologies, complementing the Company's traditional fencing activities.
During the period, the Company continued to invest in its people, systems and operational capability. The financial statements cover a nine-month accounting period from 1 April 2025 to 31 December 2025, following a change in the Company's accounting reference date. Comparative figures relate to the twelve-month period ended 31 March 2025 and are therefore not directly comparable.
The Company traded in a challenging economic environment, with continued uncertainty across the construction sector and ongoing pressure on labour and material costs. Despite these conditions, the Company maintained a strong market presence and continued to benefit from a diverse customer base and high levels of repeat business.
Both contracting divisions remained active throughout the period and the manufacturing operation continued to support demand generated by the Company's trade and contracting activities. Improvements to pricing strategy, management information and business processes contributed to operational stability and positioned the business for future growth. The period also saw continued investment in management capability, digital systems, plant and vehicles. These investments are intended to improve efficiency, strengthen governance and support the Company's long-term strategic objectives.
The Company is exposed to a range of risks that could affect future performance, including general economic conditions, inflationary pressures, recruitment and retention of skilled personnel, supply chain disruption, changes in legislation and volatility in financial markets affecting the valuation and performance of the Company's investment portfolio.
The Directors regularly review these risks and implement appropriate mitigation measures. The Company's strong balance sheet, diversified customer base and experienced management team provide resilience and flexibility in responding to changing market conditions.
Page 1
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
Turnover for the nine-month period was £10.68 million compared with £13.27 million for the prior twelve-month period.
Whilst turnover was lower than the prior twelve-month comparative period, the reduction should be viewed in the context of the shorter reporting period. On an annualised basis, trading activity remained broadly in line with Directors' expectations and provides a satisfactory foundation for future growth. The Company generated a gross profit of £2.17 million and reported an operating loss of £797,250. The operating result reflects reduced contract margins due to closing out 2 underperforming contracts, combined with increased investment in management, infrastructure and strategic development activities during the period. Profit before taxation was £8.4 million. This exceptional performance was principally driven by the continued strength of the Company's investment portfolio, including realised gains on disposals, investment income and favourable fair value movements recognised during the period. Net assets increased from £17.67 million to £24.3 million, strengthening the Company's financial position and providing a robust platform from which to fund future investment and strategic growth initiatives. Cash balances decreased from £1.35 million to £1.32 million during the period mainly due to continued investment in tangible fixed assets.
The Company remains committed to maintaining high standards of quality, environmental management and occupational health and safety. Significant resources continue to be allocated to the development and maintenance of these systems, supporting compliance, continual improvement and operational excellence.
The Company employed an average of 113 employees during the period and continues to invest in training, professional development and employee wellbeing. Staff retention remains good and the Directors recognise that the Company's continued success depends upon the contribution and commitment of its employees.
The Directors remain confident in the long-term prospects of the Company and will continue to focus on sustainable and profitable growth. Key priorities include expansion of the High Security Division, continued investment in manufacturing capability and digital systems, growth of contracting activities, investment in people and maintenance of a strong balance sheet and prudent financial management.
Whilst the economic outlook remains uncertain, the Directors believe that the Company's reputation, diversified operations, technical expertise and strong financial position leave it well placed to capitalise on future opportunities and deliver long-term value. On 31/03/2026 4,000 shares were transferred to the John Corrie Discretionary Trust. After the transfer, John Corrie continues to control the entity.
Page 2
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
Page 3
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the period ended 31 December 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 Period, after taxation, amounted to £6,608,438 (2025 - £1,915,363).
Dividends of NIL (2025: Nil) were payable during the year. A dividend of £800 per share was approved in March 2026 and paid in April 2026.
The directors who served during the Period 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 4
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
Page 5
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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 Period ended 31 December 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 6
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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 Period 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 7
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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 8
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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 9
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
INCOME STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2025
Page 10
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
REGISTERED NUMBER: 00208517
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Page 11
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
J.B. CORRIE AND COMPANY LIMITED
REGISTERED NUMBER: 00208517
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 33 form part of these financial statements.
Page 12
|