REGISTERED NUMBER: 01009176 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

For The Period

30 April 2024 to 30 April 2025

for

R TINDALL (FABRICATORS) LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Statement of Directors' Responsibilities

6

Report of the Independent Auditors

7

Profit and Loss Account

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

J B Yearn

A Khan

REGISTERED OFFICE:

Unit 1 West Point Industrial Estate

Hargreaves Street

Oldham

Lancashire

0L9 9ND

REGISTERED NUMBER:

01009176 (England and Wales)

SENIOR STATUTORY AUDITOR:

Steven John Collings FCCA

AUDITORS:

Leavitt Walmsley Associates Limited

Chartered Certified Accountants and

Statutory Auditors

8 Eastway

Sale

Cheshire

M33 4DX

The directors present their strategic report for the period 30 April 2024 to 30 April 2025.

The principal activity of the business continues to be a supplier of bespoke pre-fabricated fire sprinkler pipe and mechanical pipework serving the commercial fire and mechanical services industry.

REVIEW OF BUSINESS

The company's revenue has seen an increase of just over 19% to £15.3m (2024: £12.8m). The company continues to monitor costs as closely as possible to ensure that margins are maintained in order to continue meeting day-to-day obligations.

Administrative expenses have increased by just over 48%. This is largely due to a decrease in payroll costs and consultancy fees. Inflationary increases in general administrative fees have also contributed to this increase.

The balance sheet continues to be strong. Overall net assets remained stable at £1.7m (2024: £1.7m). This is largely due to an increase in trade debtors and an increase in loan obligations and an increase in the use of short-term overdraft facilities . Working capital is kept under constant review by the directors to ensure sufficient cash is realised to meet ongoing obligations.

During the year, the company disposed of property as part of a demerger process. This process resulted in the creation of a new parent (R Tindall Group Ltd) from 2 September 2024 and the payment of a dividend in specie amounting to £393,304.

Overall, the directors are pleased with the results for the period ended 30 April 2025.

The business has built on its reputation as one of the market leaders in the industry and will continue this strategy to ensure its customer base receives the highest level of service expected.

The business has continued to invest in plant and machinery to help improve efficiencies which includes enhancing our processes through innovation and technology. Labour capacity has increased as the director continues to drive the business forward and improve our market share.

We continue to invest in developing our people, our carbon performance and engagement with the community. Consequently, our financial, social and environmental goals for the forthcoming financial year are promising.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the business include:

- Increasing costs due to economic and political issues

- Project programme delay

- Challenges in expanding the workforce due to labour shortages

A principal risk faced by the business relates to a highly competitive tendering market, volatile inflation in the supply chain costs and changes in regulations and government planning. The directors manage these risk by ensuring continued investment in the business with the use of innovation and technology in the production process which contributes to increased efficiencies.

While the industry has generally recovered from the impact of the global pandemic, the speed and unprecedented impact of the pandemic demonstrates that it is difficult to plan for all eventualities. The company can, however, reflect positively on the resilience that the company, its staff, partners and contractors demonstrated during the most severe of stress-tests and also the success of the company's underlying strategy to maintain a diverse workload and to trade within its financial and operational capabilities.

KEY PERFORMANCE INDICATORS

The directors have monitored the progress of the company with reference to certain financial key performance indicators as follows:

Revenue

£15m (2024: £13m)

Gross profit

£4.4m (2024: £2.7m)

Operating profit

£1.5m (2024: £730k)

Profit before tax

£1.4m (2024: £701k)

Net current assets

£646k (2024: £649k)

Net assets

£1.7m (2024: £1.7m)

Cash and cash equivalents

£117k (2024: £91k)

Key performance indicators (KPIs) include revenue, gross profit and operating profit. These KPI's are selected as 'key' on the basis that the company is driven by gross margins on the contracts they undertake for customers and the director strives to keep margins as high as possible in order to preserve profitability. Operating profit is also a KPI on the grounds that it is an indicator of business performance, whereas profit before tax may include exceptional items.

Non-financial KPI

The non-financial KPI which the directors monitor is the average number of employees to ensure there is sufficient staff on hand to meet customer demands.

Average number of employees: 73 (2024: 60).

FUTURE DEVELOPMENTS

The company will continue to strive to deliver exceptional service to its customers through continuing to invest in innovative and technological advances to create efficiencies in the manufacturing process. Management is looking to further develop relations with its key customer base during 2025/26 to further strengthen business activity in the sector.

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

The company's principal financial assets are cash balances and trade debtors. The credit risk associated with cash and trade debtors is linked to the recoverability of trade debtors. The directors manage this credit risk through a detailed customer approval and acceptance process.

The directors constantly monitors cash flow and considers that the company is in a strong position in terms of its ability to manage cash flow and liquidity risks.

ON BEHALF OF THE BOARD:

J B Yearn - Director

19 November 2025

The directors present their report with the financial statements of the company for the period 30 April 2024 to 30 April 2025.

DIVIDENDS

Interim dividends were paid during the year totalling £642,933. In addition, a dividend in specie was declared amounting to £393,304 in respect of the disposal of property following a group reconstruction.

The directors do not recommend the payment of a final dividend.

FUTURE DEVELOPMENTS

Future developments are addressed in the strategic report.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 30 April 2024 to the date of this report.

J B Yearn

A Khan

FINANCIAL INSTRUMENTS

The company uses financial instruments. These comprise trade and other debtors, cash balances, bank loans, finance leases and trade and other creditors. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below:

Liquidity risk

The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably.

Interest rate risk

The company finances its operations primarily through retained profits, bank balances, a receivables finance agreement and finance leases. The interest rate exposure of the financial assets and financial liabilities of the company as at 30 April 2025 is shown below. The table includes trade debtors and trade creditors which do not attract interest and therefore are subject to fair value interest rate risk:

Fixed

Floating

Zero

Total

£

£

£

£

Financial assets

Trade debtors

-

-

4,113

4,113

Other debtors

-

-

129

129

Cash

-

117

-

117

Financial liabilities

Trade creditors

-

-

2,521

2,521

Other creditors

-

-

532

532

Accruals

-

-

354

354

Bank loans

65

-

-

65

Receivables finance agreement

-

978

-

978

Finance leases

261

-

-

261

Credit risk

The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is linked to the impact of non-recoverability of trade debtors. The directors manage this risk through a detailed customer approval and acceptance process.

STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, sch 7 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

DISCLOSURE IN THE STRATEGIC REPORT

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

(a) Future developments; and

(b) Financial instruments and risk management.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J B Yearn - Director

19 November 2025

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

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

Opinion

We have audited the financial statements of R Tindall (Fabricators) Ltd (the 'company') for the period ended 30 April 2025 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 30 April 2025 and of its profit for the period 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page six, 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 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.

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 a Report of the Auditors 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 leal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company which were contrary to applicable laws and regulations, including fraud. We designed our audit procedures to respond to the assessed risks, 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 more sophisticated and deliberate concealment, such as through forgery or intentional misrepresentations or via collusion. We recognised the risks arising from fraud could arise from two sources:

- manipulation of weaknesses in the system of internal control; and

- management override of the system of internal control.

Non-compliance with laws and regulations (including tax legislation and accounting standards)

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, Health and Safety and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and reviews of correspondence. We paid particular attention to legal correspondence which may indicate a breach of laws and regulations.

We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures and inspecting correspondence with tax authorities.

The most significant laws and regulations are those in relation to Health and Safety. We performed audit procedures to inquire of management and those charged with governance as to whether the company is compliant with these laws and regulations and reviewing any notices published by the Health and Safety Executive. We also made inquiries with those charged with governance to identify any live and material claims or disputes with sub-contractors or clients.

Management override of internal control

The audit engagement team identified the risk of management override of controls where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included (but were not limited to) testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the ordinary course of business, assessing whether the judgements made in making accounting estimates indicate management bias.

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.

During the course of our audit, 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 (as noted above), including testing journals and evaluating whether there was evidence of bias by the directors which 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 Report of the Auditors.

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 a Report of the Auditors 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.

Steven John Collings FCCA (Senior Statutory Auditor)

for and on behalf of Leavitt Walmsley Associates Limited

Chartered Certified Accountants and

Statutory Auditors

8 Eastway

Sale

Cheshire

M33 4DX

19 November 2025

TURNOVER

3

15,317,364

12,828,999

Cost of sales

10,960,246

10,127,141

GROSS PROFIT

4,357,118

2,701,858

Administrative expenses

2,920,476

1,972,246

1,436,642

729,612

Other operating income

27,520

-

OPERATING PROFIT

5

1,464,162

729,612

Interest payable and similar expenses

6

28,134

28,363

PROFIT BEFORE TAXATION

1,436,028

701,249

Tax on profit

7

399,596

196,855

PROFIT FOR THE FINANCIAL PERIOD

1,036,432

504,394

PROFIT FOR THE PERIOD

1,036,432

504,394

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

1,036,432

504,394

FIXED ASSETS

Tangible assets

9

1,501,360

1,595,133

CURRENT ASSETS

Stocks

10

1,481,084

1,718,560

Debtors

11

4,404,686

3,237,467

Cash at bank

116,774

90,789

6,002,544

5,046,816

CREDITORS

Amounts falling due within one year

12

5,356,852

4,398,198

NET CURRENT ASSETS

645,692

648,618

TOTAL ASSETS LESS CURRENT LIABILITIES

2,147,052

2,243,751

CREDITORS

Amounts falling due after more than one year

13

(93,652

)

(227,816

)

PROVISIONS FOR LIABILITIES

17

(312,516

)

(275,246

)

NET ASSETS

1,740,884

1,740,689

CAPITAL AND RESERVES

Called up share capital

18

126

126

Capital redemption reserve

19

875

875

Retained earnings

19

1,739,883

1,739,688

SHAREHOLDERS' FUNDS

1,740,884

1,740,689

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2025 and were signed on its behalf by:

J B Yearn - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 30 April 2023

126

1,527,294

875

1,528,295

Changes in equity

Dividends

-

(292,000

)

-

(292,000

)

Total comprehensive income

-

504,394

-

504,394

Balance at 29 April 2024

126

1,739,688

875

1,740,689

Changes in equity

Dividends

-

(1,036,237

)

-

(1,036,237

)

Total comprehensive income

-

1,036,432

-

1,036,432

Balance at 30 April 2025

126

1,739,883

875

1,740,884

1.	STATUTORY INFORMATION

R Tindall (Fabricators) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors have considered the working capital requirements of the business for a period of at least 12 months from the date of approval of the financial statements and consider these to be adequate to enable the company to meet its day-to-day obligations.

After reviews of forecasts, cash resources and consideration of other support available, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.

Accordingly, the directors continue to adopt the going concern basis in the preparation of these financial statements.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

The financial statements of the company are consolidated in the financial statements of R Tindall Group Ltd. These consolidated financial statements are available from Companies House.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

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

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

Critical accounting judgements include the following:

Useful lives of tangible fixed assets

Tangible assets are recognised at cost less accumulated depreciation and impairment. Depreciation charges are based on an estimate of the useful lives of such assets until the residual value of the asset is reached.

Trade and other debtors

The directors make an estimate of the recoverable value of trade and other debtors. When assessing for impairment of trade and other debtors, the directors consider factors including the ageing profile of debtors and historical experience.

Stock and work in progress

The directors make an estimate of the provision required for slow moving and obsolete stock at each balance sheet date. When assessing the required provision, management considers factors including the ageing of the stock, the number of units sold or consumed in the previous 12 months and the release of new or updated products which make existing products obsolete.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the amount of revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, VAT and other sales taxes.

Turnover in respect of the sale of goods is recognised on dispatch of the goods, which is the point at which the company transfers the significant risks and rewards of ownership of the goods to the customer. The company retains legal title of the goods until the customer pays, but this does not constitute a retention of the significant risks and rewards of ownership.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management.

Profits and losses on the disposal of fixed assets are included in the calculation of profit for the year.

The directors assess the company's tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the year. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment loss have ceased to apply. Impairment losses are reversed through profit and loss, but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Work in progress is valued using the percentage of completion method at the year end.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Estimated selling price is the price which would be obtained by selling the product in the open market in an arm's length transaction.

Provision is made by way of write down to estimated selling price less costs to complete and sell for obsolete and slow moving items.

Financial instruments

The company has elected to apply (where applicable) the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently measured at amortised cost using the effective interest rate, unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each balance sheet date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to a third party that is able to sell the asset in its entirety to an unrelated party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, finance leases, accruals and amounts owed to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing arrangement, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled or they expire.

Equity instruments

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

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account using the effective interest method under Section 11 of FRS 102 ‘Basic Financial Instruments’. The capital element of the liability is presented in the balance sheet as a liability and split between the portion falling due within one year and the portion falling due after more than one year.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period

30.4.24

to

Year Ended

30.4.25

29.4.24

£

£

Fabrication

15,317,364

12,828,999

15,317,364

12,828,999

4.	EMPLOYEES AND DIRECTORS

Period

30.4.24

to

Year Ended

30.4.25

29.4.24

£

£

Wages and salaries

2,793,220

2,197,295

Social security costs

266,271

203,108

Other pension costs

74,875

61,672

3,134,366

2,462,075

The average number of employees during the period was as follows:

Period

30.4.24

to

Year Ended

30.4.25

29.4.24

Management

2

1

Production

48

43

Administration

23

16

73

60

Period

30.4.24

to

Year Ended

30.4.25

29.4.24

£

£

Directors' remuneration

109,187

113,326

Directors' pension contributions to money purchase schemes

4,255

1,170

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period

30.4.24

to

Year Ended

30.4.25

29.4.24

£

£

Hire of plant and machinery

98,885

59,525

Depreciation - owned assets

177,392

168,509

Depreciation - assets on hire purchase contracts

84,490

67,353

(Profit)/loss on disposal of fixed assets

(2,876

)

61

Auditor's remuneration

12,860

12,720