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REGISTERED NUMBER: 07508604 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2023 |

| FOR |

| VENTILATION DIRECT LIMITED |

VENTILATION DIRECT LIMITED (REGISTERED NUMBER: 07508604) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| VENTILATION DIRECT LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2023

| DIRECTOR: | S L Marshall

| REGISTERED OFFICE: | Unit 1

| Vantage Close

| Sheffield

| South Yorkshire

| S9 1BG

| REGISTERED NUMBER: | 07508604 (England and Wales)

| ACCOUNTANTS: | Jones Thorne Limited

| 400-402 Richmond Road

| Sheffield

| South Yorkshire

| S13 8LZ

VENTILATION DIRECT LIMITED (REGISTERED NUMBER: 07508604) |

BALANCE SHEET

31 MARCH 2023

| 31.3.23 | 31.3.22 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 203,984 |  | 170,092 |  |

Investments | 5 | 300,393 |  | 237,095 |  |

504,377 |  | 407,187 |  |

CURRENT ASSETS

Stocks | 68,000 |  | 58,000 |  |

Debtors | 6 | 1,234,236 |  | 1,175,761 |  |

Cash at bank | 312,873 |  | 533,247 |  |

1,615,109 |  | 1,767,008 |  |

CREDITORS

Amounts falling due within one year | 7 | 626,424 |  | 735,128 |  |

NET CURRENT ASSETS | 988,685 |  | 1,031,880 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,493,062 |  | 1,439,067 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (88,542 | ) | (151,042 | ) |

PROVISIONS FOR LIABILITIES | (42,663 | ) | (39,145 | ) |

NET ASSETS | 1,361,857 |  | 1,248,880 |  |

VENTILATION DIRECT LIMITED (REGISTERED NUMBER: 07508604) |

BALANCE SHEET - continued

31 MARCH 2023

| 31.3.23 | 31.3.22 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 10 |  | 10 |  |

Fair value reserve | 11 | 16,653 |  | 29,107 |  |

Retained earnings | 1,345,194 |  | 1,219,763 |  |

SHAREHOLDERS' FUNDS | 1,361,857 |  | 1,248,880 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 October 2023 and were signed by:

S L Marshall - Director

VENTILATION DIRECT LIMITED (REGISTERED NUMBER: 07508604) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1. | STATUTORY INFORMATION

| Ventilation Direct Limited 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.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| 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.

| Plant and machinery | - | 15% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 15% on reducing balance

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| 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.

VENTILATION DIRECT LIMITED (REGISTERED NUMBER: 07508604) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023

2. | ACCOUNTING POLICIES - continued

| 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 year 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 11 (2022 - 12 ) .

VENTILATION DIRECT LIMITED (REGISTERED NUMBER: 07508604) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |  | Computer |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2022 | 268,237 |  | 13,965 |  | 44,997 |  | 11,469 |  | 338,668 |  |

| Additions | 19,922 |  | 2,885 |  | 39,011 |  | - |  | 61,818 |  |

| At 31 March 2023 | 288,159 |  | 16,850 |  | 84,008 |  | 11,469 |  | 400,486 |  |

| DEPRECIATION

| At 1 April 2022 | 123,375 |  | 3,293 |  | 33,890 |  | 8,018 |  | 168,576 |  |

| Charge for year | 22,735 |  | 1,903 |  | 2,774 |  | 514 |  | 27,926 |  |

| At 31 March 2023 | 146,110 |  | 5,196 |  | 36,664 |  | 8,532 |  | 196,502 |  |

| NET BOOK VALUE

| At 31 March 2023 | 142,049 |  | 11,654 |  | 47,344 |  | 2,937 |  | 203,984 |  |

| At 31 March 2022 | 144,862 |  | 10,672 |  | 11,107 |  | 3,451 |  | 170,092 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 April 2022 | 87,300 |  | - |  | 87,300 |  |

| Additions | - |  | 39,011 |  | 39,011 |  |

| Transfer to ownership | (87,300 | ) | - |  | (87,300 | ) |

| At 31 March 2023 | - |  | 39,011 |  | 39,011 |  |

| DEPRECIATION

| At 1 April 2022 | 35,026 |  | - |  | 35,026 |  |

| Charge for year | 7,841 |  | - |  | 7,841 |  |

| Transfer to ownership | (42,867 | ) | - |  | (42,867 | ) |

| At 31 March 2023 | - |  | - |  | - |  |

| NET BOOK VALUE

| At 31 March 2023 | - |  | 39,011 |  | 39,011 |  |

| At 31 March 2022 | 52,274 |  | - |  | 52,274 |  |

VENTILATION DIRECT LIMITED (REGISTERED NUMBER: 07508604) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023

5. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST OR VALUATION

| At 1 April 2022 | 237,095 |  |

| Additions | 106,917 |  |

| Disposals | (28,243 | ) |

| Revaluations | (15,376 | ) |

| At 31 March 2023 | 300,393 |  |

| NET BOOK VALUE

| At 31 March 2023 | 300,393 |  |

| At 31 March 2022 | 237,095 |  |

| Cost or valuation at 31 March 2023 is represented by:

| Other

| investments

£ |

| Valuation in 2021 | 20,155 |  |

| Valuation in 2022 | 15,780 |  |

| Valuation in 2023 | (15,376 | ) |

| Cost | 279,834 |  |

300,393 |  |

| If fixed asset investments had not been revalued they would have been included at the following historical cost:

| 31.3.23 |  | 31.3.22

£ | £ |

| Cost | 279,834 |  | 201,160 |  |

| Fixed asset investments were valued on an open market basis on 31 March 2023 by St. James's Place Wealth Management .

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.23 |  | 31.3.22

£ | £ |

| Trade debtors | 656,564 |  | 692,895 |  |

| Amounts owed by participating interests | 503,018 |  | 410,018 |  |

| Other debtors | 74,654 |  | 72,848 |  |

1,234,236 |  | 1,175,761 |  |

VENTILATION DIRECT LIMITED (REGISTERED NUMBER: 07508604) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.23 |  | 31.3.22

£ | £ |

| Bank loans and overdrafts | 62,500 |  | 62,500 |  |

| Hire purchase contracts (see note 9) | 4,380 |  | 4,850 |  |

| Trade creditors | 454,907 |  | 498,288 |  |

| Taxation and social security | 89,489 |  | 161,176 |  |

| Other creditors | 15,148 |  | 8,314 |  |

626,424 |  | 735,128 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.3.23 |  | 31.3.22

£ | £ |

| Bank loans | 88,542 |  | 151,042 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase | contracts |

| 31.3.23 |  | 31.3.22 |

£ | £ |

| Net obligations repayable:

| Within one year | 4,380 |  | 4,850 |  |

| Non-cancellable | operating leases |

| 31.3.23 |  | 31.3.22

£ | £ |

| Within one year | 46,579 |  | 48,262 |  |

| Between one and five years | 112,468 |  | 158,180 |  |

159,047 |  | 206,442 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.3.23 |  | 31.3.22

£ | £ |

| Hire purchase contracts | 4,380 |  | 4,850 |  |

VENTILATION DIRECT LIMITED (REGISTERED NUMBER: 07508604) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023

11. | RESERVES

| Fair

| value

| reserve

£ |

| At 1 April 2022 | 29,107 |  |

| Fair value movement | (12,454 | ) |

| At 31 March 2023 | 16,653 |  |

12. | TRANSACTIONS WITH DIRECTORS

| The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

| 31.3.23 |  | 31.3.22

£ | £ |

| S L Marshall

| Balance outstanding at start of year | 52,995 |  | 53,353 |  |

| Amounts advanced | 2,978 |  | - |  |

| Amounts repaid | - |  | (358 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 55,973 |  | 52,995 |  |

13. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is S L Marshall.