ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: SC277667

BSB STRUCTURAL LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

BSB STRUCTURAL LTD

COMPANY INFORMATION

Directors	Mr W Bell
	Mr G McKenna
	Mr S J Shields
	Mr A G Gardiner (resigned 31 July 2026)
	Mr S I Logan
	Mr C Reid
	Mr G M McKenna


Company secretary	Mr W Bell


Registered number	SC277667


Registered office	Unit 4 Suite 2a
	Flemington Court
	Flemington Industrial Park
	Motherwell
	Lanarkshire
	ML1 2NT


Independent auditors	Sumer Auditco Limited
	Chartered Accountants
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH

BSB STRUCTURAL LTD

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Statement of income and retained earnings	8
Statement of financial position	9
Notes to the financial statements	10 - 21

BSB STRUCTURAL LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Introduction

The directors present the strategic report for the year ended 31 March 2026.

Business review

We aim to provide a balanced and comprehensive review of our business during the year and the position of the company at the year-end. The main activity carried on by the company is that of structural steel fabrications including installation & design.

Turnover decreased by 19.56% from £20,183,928 in 2025 to £16,235,427 in 2026. Despite unpredictable steel prices, focused pricing and increased factory efficiencies resulted in gross profit margins improving by 2.70% in the year. Although turnover decreased, the improved gross profit margin resulted in a strong pre-tax profit of £2,471,787 - a decrease of 20% in line with the reduction in turnover.

The Directors are extremely pleased overall with the company's performance for the year.

High level of uncertain raw materials and utility costs continued to cause raw material supply issues and price volatility throughout the year under review and this climate is forecast to continue for the foreseeable future.

However, the company has a healthy order book for 2026/27 and is confident of continued strong results in the year ahead, despite the challenges outlined.

Principal risks and uncertainties

The directors consider that in the current economic climate, the principal risk is that of bad debts. This is managed through a combination of credit insurance, tight credit controls and the active pursuit of defaulters through all legal channels.

Performance in the sector is affected by general economic conditions and weather conditions. The directors carry out regular strategic reviews including assessments of competitor activity, market trends, forecasts and customer behaviour.

Financial key performance indicators

The Company has developed a number of KPI reports that are monitored daily by the directors. These reports measure various performances within the business that are directly linked with revenue, gross margins and amounts recoverable under long-term contracts including retentions as at the year-end. The Company’s performance against these KPIs are noted below:

Revenue £16,235,427 (2025 - £20,183,928)
Gross profit margin 30.6% (2025 – 27.9%)
Amounts recoverable under long-term contracts including retentions £3,862,317 (2025 - £2,094,144)

This report was approved by the board on 14 September 2026 and signed on its behalf.

Mr S J Shields

Director

Page 1

BSB STRUCTURAL LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,803,511 (2025 - £2,237,066).

There are no proposed dividends for the year ended 31 March 2026. Amounts paid in the year amounted to £2,057,896 ( 31 March 2025 - £2,817,500).

Directors

The directors who served during the year were:

Mr W Bell

Mr G McKenna

Mr S J Shields

Mr A G Gardiner (resigned 31 July 2026)

Mr S I Logan

Mr C Reid

Mr G M McKenna

Future developments

Core operations remain healthy and the directors consider the business to be in a strong financial position to exploit future opportunities.

Page 2

BSB STRUCTURAL LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 September 2026 and signed on its behalf.

Mr S J Shields

Director

Page 3

BSB STRUCTURAL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSB STRUCTURAL LTD

Opinion

We have audited the financial statements of BSB Structural Ltd (the 'Company') for the year ended 31 March 2026, which comprise the Statement of income and retained earnings, the Statement of financial position 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2026 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 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.

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 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.

Page 4

BSB STRUCTURAL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSB STRUCTURAL LTD (CONTINUED)

Opinion 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 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.

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 Directors' report.

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' responsibilities statement set out on page 2, 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.

Page 5

BSB STRUCTURAL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSB STRUCTURAL LTD (CONTINUED)

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 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. 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 6

BSB STRUCTURAL LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSB STRUCTURAL LTD (CONTINUED)

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 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.

Greg Stapley (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH

14 September 2026

Page 7

BSB STRUCTURAL LTD

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
	£	£


Turnover	4	16,235,427	20,183,928
Cost of sales		(11,267,643)	(14,555,418)
Gross profit		4,967,784	5,628,510
Administrative expenses		(2,530,815)	(2,572,804)
Other operating income	5	-	2,574
Operating profit	6	2,436,969	3,058,280
Interest receivable and similar income	9	-	43
Interest payable and similar expenses	10	(15,182)	(13,188)
Profit before tax		2,421,787	3,045,135
Tax on profit	11	(618,276)	(808,069)
Profit after tax		1,803,511	2,237,066



Retained earnings at the beginning of the year	3,219,782	3,800,216
Profit for the year	1,803,511	2,237,066
Dividends declared and paid	(2,057,896)	(2,817,500)
Retained earnings at the end of the year	2,965,397	3,219,782

The notes on pages 10 to 21 form part of these financial statements.

Page 8

BSB STRUCTURAL LTD

REGISTERED NUMBER: SC277667

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026


		2026		2025
		£		£

Fixed assets
Tangible assets	13		363,051		419,860
			363,051		419,860
Current assets
Stocks	14	32,258		34,957
Debtors: amounts falling due after more than one year	15	430,346		575,602
Debtors: amounts falling due within one year	15	3,773,133		2,591,778
Cash at bank and in hand	16	2,364,327		3,474,932
		6,600,064		6,677,269
Creditors: amounts falling due within one year	17	(3,853,416)		(3,671,356)
Net current assets			2,746,648		3,005,913
Total assets less current liabilities			3,109,699		3,425,773
Creditors: amounts falling due after more than one year	18		(68,297)		(114,028)
Provisions for liabilities
Deferred tax	20	(75,005)		(90,963)
			(75,005)		(90,963)
Net assets			2,966,397		3,220,782

Capital and reserves
Called up share capital	21	1,000	1,000
Profit and loss account	22	2,965,397	3,219,782
		2,966,397	3,220,782

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 September 2026.

Mr S J Shields

Director

The notes on pages 10 to 21 form part of these financial statements.

Page 9

BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

BSB Structural Limited is a private company, limited by shares, incorporated in Scotland with registration number SC277667. The registered office is Unit 4 Suite 2a, Flemington Court, Flemington Industrial Park, Craigneuk Street, Motherwell, ML1 2NT.

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of BSB Bidco Limited as at 31 March 2026 and these financial statements may be obtained from Companies House.

Page 10

BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Finance leases and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 11

BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 12

BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Land and buildings	-	20% reducing balance
Plant and machinery	-	20-25% reducing balance
Motor vehicles	-	20% reducing balance
Fixtures, fittings and equipment	-	20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

Debtors

Short-term debtors, including other debtors shown within amounts due after more than one year, are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13

BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic 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.

2.18

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 shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimation within the company's financial statements relates to work in progress.

The directors review work in progress (included within amounts recoverable on long-term contracts) on a monthly basis to ensure that all work carried out on ongoing contracts is reflected in the company's financial statements.

The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of fixed assets over their predicted useful lives for each specific category of fixed assets.

	Structural engineering and construction services	16,235,427	20,183,928

All turnover arose within the United Kingdom.

Page 14

BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

5.	Other operating income
		2026	2025
		£	£

	Government grants receivable	-	2,574

Fees payable to the company's auditor of the audit of the company's financial statements	15,500	14,500
Depreciation of tangible fixed assets	93,038	116,455
Operating lease rentals	190,504	175,948
Grants receivable	-	(2,574)

Wages and salaries	2,651,261	2,479,081
Social security costs	293,419	224,728
Cost of defined contribution scheme	55,672	124,617
	3,000,352	2,828,426

The average monthly number of employees, including the directors, during the year was as follows:

	2026	2025
	No.	No.

Directors	7	5
Managers	4	6
Technical	10	10
Operatives	48	52

	69	73

Page 15

BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

8.	Directors' remuneration
		2026	2025
		£	£

Directors' emoluments	507,955	245,671
Company contributions to defined contribution pension schemes	2,936	77,434
	510,891	323,105

	During the year retirement benefits were accruing to 7 directors (2025 - 7) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £80,883 (2025 - £53,315).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2,936 (2025 - £24,000).

9.	Interest receivable
		2026	2025
		£	£

Other interest receivable

10.	Interest payable and similar expenses
		2026	2025
		£	£

Bank interest payable	-	5,820
Finance leases and hire purchase contracts	7,522	7,368
Other interest payable	7,660	-
	15,182	13,188

Page 16

BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Corporation tax
Current tax on profits for the year	634,234	816,175
	634,234	816,175

Total current tax	634,234	816,175

Deferred tax
Origination and reversal of timing differences	(15,958)	(8,106)
Total deferred tax	(15,958)	(8,106)


	Tax on profit	618,276	808,069

Profit on ordinary activities before tax

2,421,787

3,045,135

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	605,447	761,284
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	17,258	50,041
Group relief	(4,429)	(3,256)
Total tax charge for the year	618,276	808,069

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2026	2025
		£	£

Dividends

2,057,896

2,817,500

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BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

13.	Tangible fixed assets

	Land and buildings	Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2025	2,200	919,393	167,728	119,645	1,208,966
Additions	-	800	29,996	5,433	36,229
At 31 March 2026	2,200	920,193	197,724	125,078	1,245,195
Depreciation
At 1 April 2025	1,721	657,329	55,942	74,114	789,106
Charge for the year on owned assets	-	51,395	34,846	6,797	93,038
At 31 March 2026	1,721	708,724	90,788	80,911	882,144
Net book value
At 31 March 2026	479	211,469	106,936	44,167	363,051
At 31 March 2025	479	262,064	111,786	45,531	419,860

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2026	2025
	£	£


Plant and machinery	94,834	118,543
Motor vehicles	114,628	109,866
	209,462	228,409

	Raw materials	32,258	34,957

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BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Due after more than one year
Other debtors	430,346	575,602


					2026	2025
					£	£

Due within one year
Trade debtors	74,404	799,886
Amounts owed by group undertakings	-	240,176
Other debtors	684,692	336,046
Prepayments and accrued income	60,278	33,174
Amounts recoverable on long-term contracts	2,953,759	1,182,496
	3,773,133	2,591,778

16.	Cash and cash equivalents
		2026	2025
		£	£

	Cash at bank and in hand	2,364,327	3,474,932

17.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Trade creditors	3,060,588	2,816,316
Other taxation and social security	430,977	637,222
Net obligations under hire purchase creditors	72,312	63,198
Other creditors	35,870	14,790
Accruals and deferred income	253,669	139,830
	3,853,416	3,671,356

Net obligations under hire purchase creditors are secured by the relevant assets.

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BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

18.	Creditors: Amounts falling due after more than one year
		2026	2025
		£	£

	Net obligations under hire purchase creditors	68,297	114,028

Net obligations under hire purchase creditors are secured by the relevant assets.

Within one year	72,312	63,198
Between 1-5 years	68,297	114,028
	140,609	177,226

20.	Deferred taxation

		2026
		£

	At beginning of year	(90,963)
	Charged to profit or loss	15,958
	At end of year	(75,005)

The provision for deferred taxation is made up as follows:
	2026	2025
	£	£

Accelerated capital allowances	(75,840)	(91,390)
Pension surplus	835	427
	(75,005)	(90,963)

21.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

1,000 (2025 - 1,000) Ordinary shares of £1.00 each	1,000	1,000

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BSB STRUCTURAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

22.

Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses

23.	Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amount to £55,672 (2025 - £124,617). Contributions totaling £3,344 (2025 - £1,707) were payable to the fund at the reporting date and are included in creditors.

Not later than 1 year	260,954	241,041
Later than 1 year and not later than 5 years	605,941	730,376
	866,895	971,417

25.	Related party transactions
	The company has taken advantage of the exemption available within FRS 102 from disclosing related party transactions with other companies that are wholly owned by the group headed by BSB Bidco Limited.

26.	Controlling party

The immediate parent company is BSB Structural Topco Limited, a private company registered in Scotland, whose registered office is Unit 4 Suite 2a, Flemington Court, Flemington Industrial Park, Craigneuk Street, Motherwell, Lanarkshire, Scotland, ML1 2NT.

The ultimate controlling party is BSB Bidco Limited, a private company registered in Scotland, whose registered office is Unit 4 Suite 2a, Flemington Court, Flemington Industrial Park, Craigneuk Street, Motherwell, Lanarkshire, Scotland, ML1 2NT. Consolidated accounts for BSB Bidco Limited are available from Companies House.

Page 21