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REGISTERED NUMBER: 01923313 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Joedan Manufacturing (UK) Limited

Joedan Manufacturing (UK) Limited (Registered number: 01923313)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Joedan Manufacturing (UK) Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mrs N J Purcaro
Mr J D A Purcaro
Mr J A Purcaro





SECRETARY: Mr J D A Purcaro





REGISTERED OFFICE: Unit 3 Joedan Park
Northway Gate
Ashchurch
Tewkesbury
Gloucestershire
GL20 8JP





REGISTERED NUMBER: 01923313 (England and Wales)





AUDITORS: Griffiths Marshall
Floor 4
Llanthony Warehouse
The Docks
Gloucester
Gloucestershire
GL1 2EH

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
We are pleased to present the report and accounts of Joedan Manufacturing (UK) Limited for the year ended 31 December 2023.

Looking forward to 2024 we are continuing to be selective with our choice of customers and expect to continue to recover and grow from the effects of the pandemic.

As ever, we are grateful for the continued support of our employees, clients, suppliers and business partners.

PRINCIPAL RISKS AND UNCERTAINTIES
The company had no financial instruments at the balance sheet date other than cash and financial instruments such as debtors and creditors that arise from its operations.

The company is exposed to a variety of financial risks which result from its operating activities. The board is responsible for coordinating the company's risk management and focuses on securing the company's short to medium term cash flows.

The company does not actively engage in the trading of financial assets and has no financial derivatives.

The company seeks to manage risks to ensure sufficient liquidity is available to meet its foreseeable needs. Regular contact is maintained with the company's bankers to ensure that sufficient funding is available for the company's needs if required.

KEY PERFORMANCE INDICATORS
Joedan Manufacturing (UK) Limited measures its performance on a number of key performance indicators, including revenue, gross profit as well as net cash from operations. Individual job profitability is very closely monitored by the directors as this is key to the operation of the company.

The Company's key financial and other performance indicators during the current period and prior period are:

2024 2023
Other operating income - 43,749
Operating profit 657,671 569,344
Gross profit margin 38% 40%
Net profit margin 4% 3%
Profit before tax 656,512 566,042

ON BEHALF OF THE BOARD:





Mr J A Purcaro - Director


3 July 2025

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the design, manufacture and sale of double glazed doors, windows and conservatories.

DIVIDENDS
An interim dividend of 57.03 per share was paid on 31 December 2024.

The total distribution of dividends for the year ended 31 December 2024 was £576,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mrs N J Purcaro
Mr J D A Purcaro
Mr J A Purcaro

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Report of the Directors
for the Year Ended 31 December 2024


AUDITORS
The auditor, Griffiths Marshall, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr J A Purcaro - Director


3 July 2025

Report of the Independent Auditors to the Members of
Joedan Manufacturing (UK) Limited

Opinion
We have audited the financial statements of Joedan Manufacturing (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 and the Report of the Directors, 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.

Report of the Independent Auditors to the Members of
Joedan Manufacturing (UK) Limited


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 three, 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.

We gained an understanding of the legal and regulatory framework applicable to Joedan Manufacturing (UK) Limited and the industry in which it operates and, considered the risk of acts by Management and directors of Joedan Manufacturing (UK) Limited which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006 and Employment Law. We made enquiries of the Directors to obtain further understanding of risks of non-compliance.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of management regarding known or suspected instances of non-compliance with laws and regulations;
- review of minutes of the Board meetings throughout the year; and
- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

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.

Report of the Independent Auditors to the Members of
Joedan Manufacturing (UK) Limited


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.




Greg Lewis (Senior Statutory Auditor)
for and on behalf of Griffiths Marshall
Floor 4
Llanthony Warehouse
The Docks
Gloucester
Gloucestershire
GL1 2EH

11 July 2025

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Statement of Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 3 14,005,031 12,570,137

Cost of sales 8,668,271 7,534,925
GROSS PROFIT 5,336,760 5,035,212

Administrative expenses 4,679,089 4,509,617
657,671 525,595

Other operating income 4 - 43,749
OPERATING PROFIT 6 657,671 569,344


Interest payable and similar expenses 7 1,159 3,302
PROFIT BEFORE TAXATION 656,512 566,042

Tax on profit 8 80,324 145,794
PROFIT FOR THE FINANCIAL YEAR 576,188 420,248

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

576,188

420,248

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 961,507 972,847
961,507 972,847

CURRENT ASSETS
Stocks 13 977,269 894,378
Debtors 14 1,404,803 1,353,649
Cash at bank and in hand 1,047,715 688,944
3,429,787 2,936,971
CREDITORS
Amounts falling due within one year 15 2,916,490 2,445,975
NET CURRENT ASSETS 513,297 490,996
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,474,804

1,463,843

CREDITORS
Amounts falling due after more than one
year

16

-

(13,557

)

PROVISIONS FOR LIABILITIES 18 (151,145 ) (126,815 )
NET ASSETS 1,323,659 1,323,471

CAPITAL AND RESERVES
Called up share capital 19 10,100 10,100
Share premium 246 246
Retained earnings 1,313,313 1,313,125
SHAREHOLDERS' FUNDS 1,323,659 1,323,471

The financial statements were approved by the Board of Directors and authorised for issue on 3 July 2025 and were signed on its behalf by:





Mr J A Purcaro - Director


Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2023 10,100 1,092,877 246 1,103,223

Changes in equity
Dividends - (200,000 ) - (200,000 )
Total comprehensive income - 420,248 - 420,248
Balance at 31 December 2023 10,100 1,313,125 246 1,323,471

Changes in equity
Dividends - (576,000 ) - (576,000 )
Total comprehensive income - 576,188 - 576,188
Balance at 31 December 2024 10,100 1,313,313 246 1,323,659

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Cash Flow Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,300,152 239,352
Interest paid (1,159 ) (3,302 )
Tax paid (171,088 ) (171,139 )
Net cash from operating activities 1,127,905 64,911

Cash flows from investing activities
Purchase of tangible fixed assets (213,032 ) (31,000 )
Sale of tangible fixed assets 52,208 1,800
Net cash from investing activities (160,824 ) (29,200 )

Cash flows from financing activities
Payment of finance lease obligations (32,310 ) (38,180 )
Equity dividends paid (576,000 ) (200,000 )
Net cash from financing activities (608,310 ) (238,180 )

Increase/(decrease) in cash and cash equivalents 358,771 (202,469 )
Cash and cash equivalents at
beginning of year

2

688,944

891,413

Cash and cash equivalents at end of
year

2

1,047,715

688,944

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 656,512 566,042
Depreciation charges 195,070 200,541
Profit on disposal of fixed assets (22,906 ) (680 )
Finance costs 1,159 3,302
829,835 769,205
Increase in stocks (82,891 ) (65,908 )
Increase in trade and other debtors (172,198 ) (254,395 )
Increase/(decrease) in trade and other creditors 725,406 (209,550 )
Cash generated from operations 1,300,152 239,352

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 1,047,715 688,944
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 688,944 891,413


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 688,944 358,771 1,047,715
688,944 358,771 1,047,715
Debt
Finance leases (45,867 ) 32,310 (13,557 )
(45,867 ) 32,310 (13,557 )
Total 643,077 391,081 1,034,158

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Joedan Manufacturing (UK) 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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The main areas of accounting estimates are:
- Revenue and margin recognition on long term contracts
- Stock provision
- Recoverability of trade debtors

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date represent based on total expected costs of that contract.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer which occurs when the installation of the product is completed at the customer's location, 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.

Intangible assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software 33.33% straight line
Development costs 25% straight line

Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:


Showrooms 15% and 25% straight line
Office refurbishment 5% straight line
Plant and machinery 15% reducing balance, 5% - 25% straight line
Office equipment & computers33.33% straight line
Motor vehicles 25% reducing balance


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.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

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.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end 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 another party that is able to sell the asset in its entirety to an unrelated third 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 of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, 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.

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Equity instruments
Equity instruments issued by the company are recorded at 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.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. 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).

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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:

31.12.24 31.12.23
£    £   
Windows and doors 14,005,031 12,570,137
14,005,031 12,570,137

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. OTHER OPERATING INCOME
31.12.24 31.12.23
£    £   
Rents received - 43,749

31.12.2431.12.23
£   £   
Other significant revenue
Interest income--
Rental income-19,067
Grants received--

5. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 3,036,485 2,780,967
Social security costs 386,691 387,880
Other pension costs 221,964 258,353
3,645,140 3,427,200

The average number of employees during the year was as follows:
31.12.24 31.12.23

Directors 3 3
Administration 59 54
Production/Distribution 64 121
126 178

31.12.24 31.12.23
£    £   
Directors' remuneration 490,999 489,204
Directors' pension contributions to money purchase schemes 142,400 182,400

Information regarding the highest paid director is as follows:
31.12.24 31.12.23
£    £   
Emoluments etc 120,000 30,000

6. OPERATING PROFIT

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

31.12.24 31.12.23
£    £   
Hire of plant and machinery 49,988 64,192
Other operating leases 772,908 656,252
Depreciation - owned assets 195,070 199,347
Profit on disposal of fixed assets (22,906 ) (680 )
Computer software amortisation - 1,035
Auditors' remuneration 8,000 8,540
Foreign exchange differences 25,688 28,826

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Other interest on financial
liabilities 1,159 3,302
1,159 3,302

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 149,070 171,138
Taxation prior year (93,076 ) -
Total current tax 55,994 171,138

Deferred tax 24,330 (25,344 )
Tax on profit 80,324 145,794

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 656,512 566,042
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

164,128

141,511

Effects of:
Expenses not deductible for tax purposes 37,793 (10,725 )
Capital allowances in excess of depreciation (28,521 ) -
Depreciation in excess of capital allowances - 25,514
Taxation prior year (93,076 ) -
Amortisation on assets not qualifying for tax allowances - 259
credit

respect of prior years
CT hybrid rate adjustment - (10,765 )
Total tax charge 80,324 145,794

9. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary shares of £1 each
Interim 576,000 200,000

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. RETIREMENT BENEFIT SCHEMES

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The charge to the profit or loss in respect of defined contribution schemes was £221,964 (2023: £258,353).

11. INTANGIBLE FIXED ASSETS
Development Computer
Goodwill costs software Totals
£    £    £    £   
COST
At 1 January 2024
and 31 December 2024 10,500 456,091 85,183 551,774
AMORTISATION
At 1 January 2024
and 31 December 2024 10,500 456,091 85,183 551,774
NET BOOK VALUE
At 31 December 2024 - - - -
At 31 December 2023 - - - -

12. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2024 608,871 203,388 1,663,383
Additions 4,476 - -
Disposals - - -
At 31 December 2024 613,347 203,388 1,663,383
DEPRECIATION
At 1 January 2024 607,837 203,388 1,085,057
Charge for year 1,407 - 38,614
Eliminated on disposal - - -
At 31 December 2024 609,244 203,388 1,123,671
NET BOOK VALUE
At 31 December 2024 4,103 - 539,712
At 31 December 2023 1,034 - 578,326

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 1,038,817 691,730 4,206,189
Additions 208,556 - 213,032
Disposals (199,208 ) - (199,208 )
At 31 December 2024 1,048,165 691,730 4,220,013
DEPRECIATION
At 1 January 2024 673,055 664,005 3,233,342
Charge for year 140,564 14,485 195,070
Eliminated on disposal (169,906 ) - (169,906 )
At 31 December 2024 643,713 678,490 3,258,506
NET BOOK VALUE
At 31 December 2024 404,452 13,240 961,507
At 31 December 2023 365,762 27,725 972,847

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts:

31.12.2431.12.23
£   £   

Plant and machinery00
Motor vehicles51,53668,714
TOTAL156,658619,881


13. STOCKS
31.12.24 31.12.23
£    £   
Stocks 778,879 612,154
Work-in-progress 198,390 282,224
977,269 894,378

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,283,759 1,210,591
Other debtors - 11,833
Prepayments 121,044 131,225
1,404,803 1,353,649

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts (see note 17) 13,557 32,310
Payments on account 397,713 491,640
Trade creditors 1,223,893 1,279,683
Amounts owed to participating interests 651,000 75,000
Tax 149,120 264,214
Social security and other taxes 140,963 132,361
VAT 158,316 81,282
Other creditors 123,333 28,647
Accrued expenses 58,595 60,838
2,916,490 2,445,975

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts (see note 17) - 13,557

17. LEASING AGREEMENTS

31.12.24 31.12.23
Future minimum lease payments due under finance leases: £    £   

Within one year 13,686 32,310
In two to five years - 14,844
13,685 47,154
Less: future finance charges (129 ) (1,288 )
13,557 45,866

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 47 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 149,716 230,840
Between one and five years 27,582 165,401
177,298 396,241

Joedan Manufacturing (UK) Limited (Registered number: 01923313)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

18. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax
Accelerated capital allowances 151,145 126,815

Deferred
tax
£   
Balance at 1 January 2024 126,815
Provided during year 24,330
Balance at 31 December 2024 151,145

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
10,100 Ordinary £1 10,100 10,100

20. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

An inter-company guarantee exists between Joedan Manufacturing (UK) Limited and Joedan Holdings Limited.

21. RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties:

The company has taken advantage of the exemption in FRS 102 section 33 from the requirement to disclose transactions with wholly owned group companies.

During the year the company paid £180,000 (2023: £180,000) to Groomberry Limited a related party by virtue John Purcaro being a director and shareholder in both companies. At the year end the company was owed from Groomberry Limited £nil (2023: £nil). The amounts paid are in relation to rent payable to Groomberry Limited.

Key management personnel does not include directors remuneration.

22. ULTIMATE CONTROLLING PARTY

The smallest and largest group into which these financial statements are consolidated is that of the parent company, Joedan Holdings Limited, a company incorporated in england and Wales with registered office Unit 3 Joedan Park Northway Gate, Ashchurch, Tewkesbury, Gloucestershire, England, GL20 8JP. The consolidated group accounts are publicly available from Companies House.

The ultimate controlling party is John Purcaro.