Company No:
Contents
| DIRECTORS | Arthur Reed |
| Thomas Reed | |
| Sarah Young |
| REGISTERED OFFICE | The Old Brickworks Broadway |
| Market Lavington | |
| Devizes | |
| SN10 5RH | |
| United Kingdom |
| COMPANY NUMBER | 08287128 (England and Wales) |
| AUDITOR | Old Mill Audit Limited |
| Statutory Auditor | |
| Unit 2 | |
| Greenways Business Park | |
| Bellinger Close | |
| Chippenham | |
| Wiltshire | |
| SN15 1BN |
| BANKERS | Barclays Bank |
| Leicester Servicing Centre | |
| LEICESTER | |
| LE87 2BB |
| SOLICITORS | Parker Bullen LLP |
| 45 Castle Street | |
| Salisbury | |
| Wiltshire | |
| SP1 3SS |
The directors present their Strategic Report for the financial year ended 31 March 2026.
REVIEW OF THE BUSINESS
Turnover decreased by £1.8m (9.0%) to £18.2m (2025: £20.0m). Gross profit decreased to £3.3 (2025: £5.5m), and the gross profit margin fell to 18.4% (2025: 27.7%). Profit before tax was £1.1m (2025: £3.4m). The company remained profitable and net assets increased to £13.1m (2025: £12.5m).
The principal reason for the reduction was the timing of work in the hire and contracting divisions. A number of customer projects were delayed or stalled during the year, reducing activity in these divisions, which have historically generated stronger gross margins. The directors consider that prevailing construction market conditions, together with uncertainty around government policy and the timing of project approvals and investment decisions, contributed to customers deferring the start of work.
Sales of new machinery increased during the year and partly offset the reduction in hire and contracting turnover. Turnover from repairs and maintenance and from parts sales remained strong. New machinery sales, however, carry a lower gross margin than the hire and contracting work that was deferred. The change in the mix of revenue therefore had a greater effect on gross profit and gross margin than on turnover alone.
The directors expect a proportion of the delayed hire and contracting projects to proceed during 2026 and 2027. Their timing remains dependent on customers confirming programmes, funding and site readiness. The company will continue to manage resources and pricing carefully while pursuing both equipment sales and higher margin hire and contracting work. The company continues to explore new markets and is introducing new dust suppression machinery to meet strong demand for this equipment.
KEY PERFORMANCE INDICATORS ('KPIS')
| 2026 | 2025 | ||
| £ | £ | ||
| Turnover (£'000) | 18,152 | 19,952 | |
| Gross Profit (£'000) | 3,338 | 5,534 | |
| Gross Profit Margin % | 18 | 28 | |
| Administrative expenses (£'000) | 2,329 | 2,150 | |
| Profit/(Loss) before tax (£'000) | 1,085 | 3,389 | |
| Net Assets (£'000) | 13,125 | 12,524 |
| 2026 | 2025 | ||
| £ | £ | ||
| Turnover (£'000) | 0 | 0 | |
| Administrative expenses (£'000) | 88 | 125 | |
| Other operating income (£'000) | 196 | 181 | |
| Profit/(Loss) before tax (£'000) | 240 | 218 | |
| Net Assets (£'000) | 1,303 | 1,284 |
PRINCIPAL RISKS AND UNCERTAINTIES
Demand for plant hire, contracting services and equipment sales depends on customers progressing construction and infrastructure projects. Changes in market confidence, government policy, funding, planning and programme dates may defer work and reduce utilisation. The company seeks to limit these risks through its diversified activities, active review of its project pipeline, and management of costs and resources in line with demand.
Approved by the Board of Directors and signed on its behalf by:
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Thomas Reed
Director |
The directors present their annual report on the affairs of the Company and the Group, together with the financial statements and auditors’ report, for the financial year ended 31 March 2026.
PRINCIPAL ACTIVITIES
DIVIDENDS
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £166,200 (2025: £239,584). The directors do not recommend payment of a further dividend.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the Group's policies approved by the board of directors, which provide written principles on the use of financial derivatives to manage these risks. The Group does not use derivative financial instruments for speculative purposes.
Cash flow risk
The Group's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The Group's principal financial assets are bank balances and cash, trade debtors and other receivables, and investments.
The Group's credit risk is primarily attributable to its trade debtors. The amounts presented in the Balance Sheet are net of allowances for doubtful trade debtors. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is 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 auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Old Mill Audit Limited have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
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Thomas Reed
Director |
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), including FRS 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 Group and of the profit or loss of the Group for that financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company and Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and Group and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of RRH Property Limited (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the financial year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the accounting policies, and the related notes 1 to 24, 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 of RRH Property Limited (the ‘Company’):
* Give a true and fair view of the state of the Company and Group's affairs as at 31 March 2026 and of the Group's profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
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 Group 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 Group and Parent 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
* The Parent Company 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, 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 Group and Parent 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 Group and Parent Company or to cease operations, or have no realistic alternative but to do so.
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:
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 focussed 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 FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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 considered the nature of the Company’s industry and its control environment, and reviewed the Company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities..
We obtained an understanding of the legal and regulatory framework(s) that the Company operates in, and identified the key laws and regulations that:
* had a direct effect on the determination of material amounts and disclosures in the financial statements.
* do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
* reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
* performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
* enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations
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.
For and on behalf of
Statutory Auditor
Greenways Business Park
Bellinger Close
Chippenham
Wiltshire
SN15 1BN
| Note | 2026 | 2025 | ||
| £ | £ | |||
| Turnover | 3 |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Other operating income |
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| Operating profit |
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| Interest receivable and similar income | 4 |
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| Interest payable and similar expenses | 4 | (
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| Profit before taxation | 5 |
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| Tax on profit | 9 | (
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| Profit for the financial year |
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| Note | 2026 | 2025 | ||
| £ | £ | |||
| Profit for the financial year |
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| Gain arising on fair value movement of tangible fixed assets excluding investment properties | 11 |
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| Tax relating to components of other comprehensive income |
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| Other comprehensive income | 11,342 | 455,777 | ||
| Total comprehensive income |
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| Note | 2026 | 2025 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 11 |
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| Investment property | 12 |
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| 16,075,568 | 15,730,408 | |||
| Current assets | ||||
| Stocks | 14 |
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| Debtors | 15 |
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| Cash at bank and in hand |
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| 5,671,810 | 5,702,229 | |||
| Creditors: amounts falling due within one year | 16 | (
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| Net current assets | 1,878,433 | 2,288,319 | ||
| Total assets less current liabilities | 17,954,001 | 18,018,727 | ||
| Creditors: amounts falling due after more than one year | 17 | (
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| Provision for liabilities | 18 | (
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| Net assets | 13,125,130 | 12,523,577 | ||
| Capital and reserves | 20 | |||
| Called-up share capital |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholders' funds | 13,125,130 | 12,523,577 |
The financial statements of RRH Property Limited (registered number:
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Thomas Reed
Director |
Arthur Reed
Director |
| Note | 2026 | 2025 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 11 |
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| Investment property | 12 |
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| Investments | 13 |
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| 3,475,091 | 3,472,733 | |||
| Current assets | ||||
| Debtors | 15 |
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| Cash at bank and in hand |
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| 20,751 | 92,515 | |||
| Creditors: amounts falling due within one year | 16 | (
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| Net current liabilities | (1,349,670) | (1,333,820) | ||
| Total assets less current liabilities | 2,125,421 | 2,138,913 | ||
| Creditors: amounts falling due after more than one year | 17 | (
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| Provision for liabilities | 18 | (
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| Net assets | 1,303,264 | 1,284,133 | ||
| Capital and reserves | 20 | |||
| Called-up share capital |
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| Revaluation reserve |
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| Profit and loss account |
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| Total shareholders' funds | 1,303,264 | 1,284,133 |
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit of the parent company was £214,570 (2025: profit of £217,063).
The financial statements of RRH Property Limited (registered number:
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Thomas Reed
Director |
Arthur Reed
Director |
| Called-up share capital | Revaluation reserve | Capital redemption reserve | Profit and loss account | Total | |||||
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| Dividends paid on equity shares (note 10) |
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| Called-up share capital | Revaluation reserve | Capital redemption reserve | Profit and loss account | Total | |||||
| £ | £ | £ | £ | £ | |||||
| At 01 April 2024 |
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| Gain arising on fair value movement of tangible fixed assets excluding investment properties |
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| 2026 | 2025 | ||
| £ | £ | ||
| Operating profit |
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| Adjustment for: | |||
| Depreciation and amortisation |
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| Profit on sale of plant and equipment | (
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| Operating cash flows before movement in working capital |
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| Income taxes paid | (
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| Net cash flows from operating activities |
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| Cash flows from investing activities | |||
| Proceeds from sale of plant and machinery |
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| Purchase of plant and machinery | (
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| Repayments of borrowings | (
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| Payments of finance lease obligations | (2,405,346) | (238,257) | |
| Payment of dividends | (206,781) | (239,584) | |
| Net cash flows from financing activities | (
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| Net (decrease)/increase in cash and cash equivalents | (
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| Cash and cash equivalents at beginning of year |
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| Cash and cash equivalents at end of year |
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| Reconciliation to cash at bank and in hand: | |||
| Cash at bank and in hand at end of year |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
RRH Property Limited (the Group) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Group's registered office is The Old Brickworks Broadway, Market Lavington, Devizes, SN10 5RH, United Kingdom. These financial statements comprise the consolidated financial statements of the Company and its subsidiary undertakings (together referred to as "the Group").
The principal activities are set out in the Strategic Report.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Group and rounded to the nearest £.
The company has taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
* Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
*Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
*Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
*Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
At the time of approving the financial statements, the directors have a reasonable expectation that the group had adequate resources to continue in operational existence for the foreseeable future. On a group level the net assets at 31 March 2026 were £13,125,130, with net current assets of £1,878,433. On a company only basis, the net assets were £1,303,264 with a net current liability position of £1,349,670. The directors continue to adopt the going concern basis of accounting preparing the financial statements.
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated financial statements incorporate those of RRH Property Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for:
* exchange differences on transactions entered into to hedge certain foreign currency risks (see above); and
* exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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 receipt of cash), 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.
Revenue from contracts for the provision of 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 by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. 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.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.
Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Group's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Group is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Group intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Group has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Group and the Group intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Freehold land and buildings are revalued every 3 years, in addition to 50 year straight line depreciation.
Plant and machinery is depreciated at 15% reducing balance with the exception of other property, plant and equipment (hire fleet assets) with a net book value in excess of £20,000. Depreciation on hire fleet assets is charged at 10% reducing balance. Once hire fleet assets net book value drops below £20,000, these assets are transferred to plant and machinery and subsequently depreciated at 15% reducing balance.
| Land and buildings |
|
| Plant and machinery |
|
| Vehicles |
|
| Fixtures and fittings |
|
| Computer equipment |
|
| Other property, plant and equipment |
|
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.
The Group as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The Group as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
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.
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.
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 Group after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either 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 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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. Amounts 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.
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Group are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
In the application of the Group’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 financial year in which the estimate is revised if the revision affects only that period, or in the financial year
of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Group’s accounting policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
The directors make an assessment at the end of each financial year of whether there is objective evidence that a debtor is impaired. When assessing impairment of debtors and other amounts receivable, the directors consider factors including the nature of the debtor, the age profile of outstanding amounts receivable, recent correspondence and historical experience in cash collected from debtors.
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Determination of appropriate useful economic lives is a key judgement and the useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Assets classified as hire fleet with a value in excess of £20,000 are depreciated at a rate of 10% on a reducing balance basis and adjusted as appropriate to reflect the asset's net realisable value at year end.
There is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of depreciation. The carrying value of property, plant and equipment at the year end is set out in the notes to these financial statements.
Determining whether intangible assets are impaired requires an estimation of their value in use to the Group. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the intangible asset and a suitable discount rate in order to calculate present value.
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Breakdown by business class
An analysis of the Group's turnover by class of business is set out below.
| 2026 | 2025 | ||
| £ | £ | ||
| Repairs and maintenance sales | 1,408,919 | 1,452,347 | |
| Machinery sales | 4,871,827 | 4,511,113 | |
| Machinery hire | 11,871,688 | 13,988,875 | |
| 18,152,434 | 19,952,335 |
Turnover is wholly attributable to the principal activity of the Group and arises solely within the United Kingdom.
| 2026 | 2025 | ||
| £ | £ | ||
| Interest receivable and similar income |
|
|
|
| Interest payable and similar expenses | (
|
(
|
|
| (49,710) | (106,728) |
The above interest receivable relates to interest on financial assets not measured at fair value through profit or loss.
Interest payable and similar expenses
| 2026 | 2025 | ||
| £ | £ | ||
| Bank loans and overdrafts | (
|
(
|
|
| Finance leases and hire purchase contracts | (
|
(
|
|
| Other interest payable and similar expense | (
|
(
|
|
| (
|
(
|
Profit before taxation is stated after charging/(crediting):
| 2026 | 2025 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 11) |
|
|
|
| Operating lease rentals |
|
|
|
| Gain on disposal of fixed assets | (
|
(
|
|
| Depreciation of tangible assets held under finance leases |
|
|
|
| Impairment of tangible assets held under finance leases |
|
|
An analysis of the auditor's remuneration is as follows:
| 2026 | 2025 | ||
| £ | £ | ||
| Fees payable to the Group’s auditor and its associates for the audit of the Group's annual financial statements: | 6,260 | 6,000 | |
| Fees payable to the Group’s auditor and its associates for other services: | |||
| Audit of the accounts of subsidiaries | 16,630 | 15,504 | |
| Accounts compliance services | 13,470 | 12,951 | |
| Tax compliance services | 5,992 | 5,880 | |
| Total audit fees |
|
|
|
| Group | Group | ||
| 2026 | 2025 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Administrative staff |
|
|
|
| Drivers |
|
|
|
|
|
|
Their aggregate remuneration comprised:
| Group | Group | ||
| 2026 | 2025 | ||
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other retirement benefit costs |
|
|
|
| 4,179,566 | 4,206,313 |
The Company had no employees other than directors who received no compensation during the year (2025: £nil).
| 2026 | 2025 | ||
| £ | £ | ||
| Directors' emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
| 443,867 | 505,455 |
| 2026 | 2025 | ||
| Number | Number | ||
| Members of a money purchase pension scheme |
|
|
Remuneration of the highest paid director
| 2026 | 2025 | ||
| £ | £ | ||
| Director's emoluments | 102,757 | 117,105 | |
| Company contributions to money purchase schemes | 10,877 | 29,887 | |
| 113,634 | 146,992 |
| 2026 | 2025 | ||
| £ | £ | ||
| Current tax on profit | |||
| UK corporation tax |
|
|
|
| Total current tax |
|
|
|
| Deferred tax | |||
| Origination and reversal of timing differences |
|
|
|
| Total deferred tax |
|
|
|
| Total tax on profit |
|
|
The tax assessed for the year is higher than (2025: higher than) the standard rate of corporation tax in the UK:
| 2026 | 2025 | ||
| £ | £ | ||
| Profit before taxation | 1,084,716 | 3,388,532 | |
| Tax on profit at standard UK corporation tax rate of 25% (2025: 25%) |
|
|
|
| Effects of: | |||
| Expenses not deductible for tax purposes |
|
|
|
| Income not taxable in determining taxable profit |
|
|
|
| Uplift relating to enhanced allowances | 208 | 207 | |
| Depreciation on assets not qualifying for tax allowances | 7,849 | 2,504 | |
| Other non-reversing timing differences | 0 | 61,821 | |
| Chargeable gains/(losses) | (11,342) | 195,508 | |
| Deferred tax arising on revaluation of property (charged)/credited directly to STRGL | 11,342 | (257,248) | |
| Marginal relief | (824) | 0 | |
| Total tax charge for year | 287,724 | 856,510 |
| 2026 | 2025 | ||
| £ | £ | ||
| Amounts recognised as distributions to equity holders in the financial year: | |||
| Interim dividend for the financial year ended 31 March 2026 | 219,181 | 239,584 | |
Group
| Land and buildings |
Plant and machinery | Vehicles | Fixtures and fittings | Computer equipment | Other property, plant and equipment |
Total | |||||||
| £ | £ | £ | £ | £ | £ | £ | |||||||
| Cost | |||||||||||||
| At 01 April 2025 |
|
|
|
|
|
|
|
||||||
| Additions |
|
|
|
|
|
|
|
||||||
| Disposals |
|
(
|
(
|
|
(
|
(
|
(
|
||||||
| Transfers |
|
|
|
|
|
(
|
|
||||||
| Refurbishments |
|
|
|
|
|
|
|
||||||
| At 31 March 2026 |
|
|
|
|
|
|
|
||||||
| Accumulated depreciation | |||||||||||||
| At 01 April 2025 |
|
|
|
|
|
|
|
||||||
| Charge for the financial year |
|
|
|
|
|
|
|
||||||
| Impairment losses |
|
|
|
|
|
|
|
||||||
| Disposals |
|
(
|
(
|
|
(
|
(
|
(
|
||||||
| Transfers |
|
|
|
|
|
(
|
|
||||||
| At 31 March 2026 |
|
|
|
|
|
|
|
||||||
| Net book value | |||||||||||||
| At 31 March 2026 | 2,118,668 | 646,298 | 900,461 | 39,758 | 24,696 | 10,980,687 | 14,710,568 | ||||||
| At 31 March 2025 | 2,164,325 | 648,306 | 946,972 | 0 | 28,703 | 10,577,102 | 14,365,408 | ||||||
| Leased assets included above: | |||||||||||||
| Net book value | |||||||||||||
| At 31 March 2026 | 0 | 0 | 53,360 | 0 | 0 | 7,649,025 | 7,702,385 | ||||||
| At 31 March 2025 | 0 | 0 | 80,420 | 0 | 0 | 6,560,355 | 6,640,775 |
Company
| Land and buildings |
Fixtures and fittings | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 April 2025 |
|
|
|
||
| Additions |
|
|
|
||
| At 31 March 2026 |
|
|
|
||
| Accumulated depreciation | |||||
| At 01 April 2025 |
|
|
|
||
| Charge for the financial year |
|
|
|
||
| At 31 March 2026 |
|
|
|
||
| Net book value | |||||
| At 31 March 2026 | 2,070,133 | 39,758 | 2,109,891 | ||
| At 31 March 2025 | 2,107,533 | 0 | 2,107,533 |
Split between freehold and leasehold
The net book value of land and buildings may be further analysed as follows:
| Group | Group | Company | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| £ | £ | £ | £ | ||||
| Freehold | 2,070,133 | 2,107,533 | 2,070,133 | 2,107,533 | |||
| Long leasehold | 48,535 | 56,792 | 0 | 0 | |||
| 2,118,668 | 2,164,325 | 2,070,133 | 2,107,533 |
Revaluation of tangible assets
Freehold land and buildings were independently valued by Alder King Chartered Valuation Surveyors, an independent valuer, to fair value at 22 November 2024.
The valuation as at 22 November 2024 was deemed by the directors to still be reflective at 31 March 2026.
| Group | Group | Company | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| £ | £ | £ | £ | ||||
| Carrying value |
|
|
|
|
Group
| Investment property | |
| £ | |
| Valuation | |
| As at 01 April 2025 |
|
| As at 31 March 2026 |
|
Company
| Investment property | |
| £ | |
| Valuation | |
| As at 01 April 2025 |
|
| As at 31 March 2026 |
|
Valuation
The investment property was independently valued at 22 November 2024 by Alder King Chartered Valuation Surveyors, who are independent of the company and have experience of valuing similar properties. The valuation as at 22 November 2024 was deemed by the directors to still be reflective as at 31 March 2026.
Company
| Investments in subsidiaries | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 April 2025 |
|
|
|
| At 31 March 2026 |
|
|
|
| Carrying value at 31 March 2026 |
|
|
|
| Carrying value at 31 March 2025 |
|
|
Investments in subsidiaries
The Company had the following subsidiary undertaking:
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.03.2026 |
Ownership 31.03.2025 |
Held |
|
|
The Old Brickworks Broadway, Market Lavington, Devizes, SN10 5RH, United Kingdom | The provision of services, including sales, repairs and hire, relating to a wide range of construction and agricultural services. |
|
|
|
Direct |
The amount of dividends received from the subsidiaries totalled £166,200 (2025: £228,084).
| Group | Group | ||
| 2026 | 2025 | ||
| £ | £ | ||
| Raw materials |
|
|
|
| Finished goods |
|
|
|
|
|
|
| Group | Group | Company | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| £ | £ | £ | £ | ||||
| Trade debtors |
|
|
|
|
|||
| Other debtors |
|
|
|
|
|||
| Prepayments |
|
|
|
|
|||
|
|
|
|
|
| Group | Group | Company | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| £ | £ | £ | £ | ||||
| Bank loans |
|
|
|
|
|||
| Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
|
|||
| Trade creditors |
|
|
|
|
|||
| Amounts owed to own subsidiaries (note 23) |
|
|
|
|
|||
| Taxation and social security |
|
|
|
|
|||
| VAT |
|
|
|
|
|||
| Accruals |
|
|
|
|
|||
| Liability for share-based payments |
|
|
|
|
|||
| Other creditors |
|
|
|
|
|||
|
|
|
|
|
The obligations under finance leases are secured against the assets to which they related.
| Group | Group | Company | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| £ | £ | £ | £ | ||||
| Bank loans (secured) |
|
|
|
|
|||
| Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
|
|||
|
|
|
|
|
The obligations under finance leases are secured against the assets to which they relate.
| Bank loans | |||||||
| Group | Group | Company | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| £ | £ | £ | £ | ||||
| Between one and two years |
|
|
|
|
|||
| Between two and five years |
|
|
|
|
|||
| After five years |
|
|
|
|
|||
|
|
|
|
|
||||
| On demand or within one year |
|
|
|
|
|||
| 465,434 | 584,456 | 465,434 | 492,789 |
| Finance leases | |||||||
| Group | Group | Company | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| £ | £ | £ | £ | ||||
| Between one and two years |
|
|
|
|
|||
| Between two and five years |
|
|
|
|
|||
| After five years |
|
|
|
|
|||
|
|
|
|
|
||||
| On demand or within one year |
|
|
|
|
|||
| 2,365,668 | 3,067,968 | 0 | 0 |
| Total borrowings including finance leases | |||||||
| Group | Group | Company | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| £ | £ | £ | £ | ||||
| Between one and two years |
|
|
|
|
|||
| Between two and five years |
|
|
|
|
|||
| After five years |
|
|
|
|
|||
|
|
|
|
|
||||
| On demand or within one year |
|
|
|
|
|||
| 2,831,102 | 3,652,424 | 465,434 | 492,789 |
Group
| Deferred taxation | Total | ||
| £ | £ | ||
| At 01 April 2025 |
|
3,450,634 | |
| Charged to the Profit and Loss Account |
|
95,218 | |
| Credited to the Statement of Comprehensive Income | (
|
( 11,342) | |
| At 31 March 2026 |
|
3,534,510 | |
Deferred tax
| 2026 | 2025 | ||
| £ | £ | ||
| Accelerated capital allowances |
|
|
|
| Other timing differences | (
|
|
|
| Provision for deferred tax |
|
|
Company
| Deferred taxation | Total | ||
| £ | £ | ||
| At 01 April 2025 |
|
390,481 | |
| Charged to the Profit and Loss Account |
|
8,890 | |
| Credited to the Statement of Comprehensive Income | (
|
( 11,342) | |
| At 31 March 2026 |
|
388,029 | |
Deferred tax
| 2026 | 2025 | ||
| £ | £ | ||
| Accelerated capital allowances |
|
|
|
| Other timing differences | (
|
|
|
| Provision for deferred tax |
|
|
| Group | Group | Company | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| £ | £ | £ | £ | ||||
| At the beginning of financial year | (
|
(
|
(
|
(
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| Charged to the Profit and Loss Account | (
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| Credited/(charged) to the Statement of Comprehensive Income |
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| At the end of financial year | (
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(
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The deferred taxation balance is made up as follows:
| Group | Group | Company | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| £ | £ | £ | £ | ||||
| Accelerated capital allowances | (
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| Revaluation of tangible assets |
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| Other timing differences |
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| 2026 | 2025 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 200 | 200 | ||
| Presented as follows: | |||
| Called-up share capital presented as equity | 200 | 200 |
All shares in the company are classed as equity shares.
The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.
The revaluation reserve represents the cumulative effect of revaluations of freehold land and buildings which are revalued to fair value at each reporting date.
The capital redemption reserve represents amounts arising from the purchase of own share capital.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| Group | Group | ||
| 2026 | 2025 | ||
| £ | £ | ||
| Within one year |
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| Between one and five years |
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| Total future minimum lease payments under non-cancellable operating leases |
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The above commitments include operating leases on rental property used by the group. The agreements contain fixed charges payable by the company.
The lease payments during the year outside of the group totalled £59,073 with a further £72,000 being charged by the parent to the subsidiary Reeds Construction & Engineering Limited.
Pensions
The Group operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.
| Group | Group | Company | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||||
| £ | £ | £ | £ | ||||
| Unpaid contributions due to the fund (inc. in accurals) |
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The following amount was charged to the profit and loss in respect of money purchase pension schemes: £245,153 (2025: £295,908).
| Balance at 01 April 2025 | Cash flows | Balance at 31 March 2026 | |||
| £ | £ | £ | |||
| Cash at bank and in hand | 2,365,250 | ( 608,320) | 1,756,930 | ||
| 2,365,250 | ( 608,320) | 1,756,930 | |||
| Bank loans | ( 584,456) | 119,022 | ( 465,434) | ||
| Finance leases | ( 3,067,968) | 702,300 | ( 2,365,668) | ||
| ( 3,652,424) | 821,322 | ( 2,831,102) | |||
| Net debt | (
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213,002 | (
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The Group has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Group is a wholly owned member.
The directors of the Group are deemed to be the key personnel of the Group as defined in Section 33 of FRS 102. Directors' remuneration paid during the current financial year was £443,867 (2025: £452,607).
Transactions with group companies
Amounts owed to own subsidiaries
| 2026 | 2025 | ||
| £ | £ | ||
| Reeds construction & Engineering Ltd | 1,292,026 | 1,364,874 |
Transactions with the entity’s directors (or members of its governing body)
Advances
At the balance sheet date, the Director owed the company £8,538 (2025: the company owed the Director £27). The loan is repayable on demand.
During the year, a Director maintained a Director's Loan Account with the company. Advances of £3,838 (2025: £3,009) and repayments of £nil (2025: £3,100) were made on this loan. Interest is charged on the loan, when overdrawn, at the HMRC effective rate of interest, if exceeding a balance of £10,000. The interest charged during the year was £nil (2025: £nil).
At the balance sheet date, the Director owed the company £3,744 (2025: company owed the Director £94). The loan is repayable on demand.
The total liability incurred under advances is £12,282, the total amount repaid are £nil, the total amounts written-off are £nil and the total amounts waived are £nil.
RRH Property Limited is the Parent company of the RRH Property Limited Group.
The ultimate controlling party is Mr T Reed by virtue of his controlling shareholding in RRH Property Limited.