Company registration number 07259617 (England and Wales)
VICTORIAN HOUSE WINDOW GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
VICTORIAN HOUSE WINDOW GROUP LTD
COMPANY INFORMATION
DIRECTORS
Mr M A Huxtable
E Davies
N Evans
Alex Jenkins
(Appointed 11 June 2024)
COMPANY NUMBER
07259617
REGISTERED OFFICE
Victorian House
Parc Hendre
Capel Hendre
AMMANFORD
SA18 3FA
AUDITOR
Kilsby & Williams LLP
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
BANKERS
HSBC
5th Floor
5 Callaghan Square
Cardiff
CF10 5BT
SOLICITORS
Capital Law
Capital Building
Tyndall Street
Cardiff
CF10 4AZ
VICTORIAN HOUSE WINDOW GROUP LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 7
Independent auditor's report
8 - 12
Group statement of comprehensive income
13
Group balance sheet
14 - 15
Company balance sheet
16 - 17
Group statement of changes in equity
18 - 19
Company statement of changes in equity
20
Group statement of cash flows
21 - 22
Notes to the financial statements
23 - 45
VICTORIAN HOUSE WINDOW GROUP LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

In accordance with The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the directors set out the following review of the business.

FAIR REVIEW OF THE BUSINESS

Against another year where the market for domestic installations declined the Group performed comparatively well with the number of sliding sash window frames sold declining by only 4% resulting in sales of £30.7 m. This decline was more than offset by operational efficiencies such that Gross Profit increased by £0.5 m to £13.7 m. The Directors continued their focus on overheads but, owing to the desire to professionalise the Group and recruit high calibre individuals, the Group has seen an upward creep of £0.4 m. The net effect is that EBITDA is at £5.2 m which is an 2% improvement on 2023.

These results contain the consolidation of not only our main UK trading operation but also the Irish subsidiary Victorian Sliders Ireland Ltd and our manufacturing facility in Foshan in China. We particularly commend our colleagues in China for their innovation and attention to detail during the year having delivered a number of key improvements. Furthermore the Foshan plant benefitted from investment that resulted in improved welfare and accommodation provision for its employees.

At the end of the financial year the Group had grown its net assets to £9.0 m with much of that growth having come from an increase in the bank balance by £1.6 m on the back of excellent cash conversion of our trading profit. The Directors also focused their attention on stock and the Group has seen a £0.8 m reduction in stock holding during the year.

During the year the business rolled out a number of Employee engagement initiatives the two most notable being the Employee forum, where employee representatives can share their view and concerns on a number of matters, and a employee App called HiBob which provides a central location for news, policies, documents and holidays.

PRINCIPAL RISKS AND UNCERTAINTIES

We are constantly reviewing our exposure to risks and regularly consider and manage our exposure to operational risk, regulatory risk, credit risk, interest-rate risk and strategic risks. In the current economic climate the most significant risks are market risk and liquidity risk. Market risk concerns a downturn in the market and we are mitigating this risk by improving our offering and service to customers. Liquidity risk is managed across many facets but, as well as tight cost control, we ensure we have access to secured, undrawn funds.

VICTORIAN HOUSE WINDOW GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
SECTION 172(1) STATEMENT

In accordance with their duties under section 172(1) of the Companies Act 2006, the Directors confirm that they have acted in good faith to promote the success of the Company for the benefit of its members as a whole, while having regard to the broader matters set out in the Act.

When making decisions, the Directors have considered the likely long-term consequences, the interests of employees, relationships with customers and suppliers, the impact on the environment and community, the need to maintain high standards of business conduct, and the fair treatment of shareholders.

The Board promotes a culture of integrity and transparency across the business and regularly reviews stakeholder interests during Board meetings. Investment decisions are made with a long-term perspective, and efforts are focused on delivering sustainable growth, supporting employee development, maintaining strong supplier and customer relationships, and reducing environmental impact.

On behalf of the board

N Evans
Director
1 September 2025
VICTORIAN HOUSE WINDOW GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

RESULTS AND DIVIDENDS

The results for the year are set out on page 13.

Ordinary dividends were paid amounting to £671,836. The directors do not recommend payment of a further dividend.

DIRECTORS

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M A Huxtable
S P Winslet
(Resigned 15 February 2024)
E Davies
N Evans
M Shather
(Resigned 11 June 2024)
Alex Jenkins
(Appointed 11 June 2024)
FINANCIAL INSTRUMENTS

The group's principal financial instruments comprise, bank accounts, hire purchase, trade debtors, trade creditors and loans. The purpose of these instruments is to raise funds and finance the group's operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments is shown below.

In respect of bank balances the liquidity risk is managed through effective control of working capital.

The group has hire purchase and loan facilities with fixed monthly payments. The company manages the liquidity risk by ensuring there are sufficient funds to meet the repayments.

Trade debtors are managed in respect of credit and cash flow risk by internal policies concerning the credit offered to customers and regular monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet obligations as they fall due.

DISABLED PERSONS

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

VICTORIAN HOUSE WINDOW GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
EMPLOYEE INVOLVEMENT

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

ENERGY AND CARBON REPORT

The figures below show the consumption and associated emissions for this reporting year for our operations.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
10,103,713
9,473,976
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
28.00
-
- Fuel consumed for owned transport
1,249.00
1,030.00
1,277.00
1,030.00
Scope 2 - indirect emissions
- Electricity purchased
979.00
1,058.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
1.00
-
Total gross emissions
2,257.00
2,088.00
Intensity ratio
Tonnes CO2e per £m turnover
74
66
Quantification and reporting methodology
VICTORIAN HOUSE WINDOW GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The Greenhouse Gas (GHG) emissions associated with Victorian Sliders' operations have been quantified in accordance with the GHG Protocol, Corporate Accounting and Reporting Standard, using the operational control approach. Emissions cover the seven greenhouse gases defined by the Kyoto Protocol and required under the GHG Protocol: carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, sulphur hexafluoride, and nitrogen trifluoride. Total emissions are measured in metric tonnes of carbon dioxide equivalent (tCO2e).

This report covers all Victorian Sliders Ltd operations within the UK. The organisational boundary includes five operational sites: the Head Office in Wales, and additional locations in Scotland, Harlow, Warrington, and Weston.

The reporting period aligns with the financial year ending December 31st 2024. Consequently, the 2024 DESNZ (Department for Energy Security and Net Zero) Greenhouse Gas Conversion Factors have been applied, as stipulated by DESNZ for SECR compliance. The SECR regulations mandate the disclosure of a locational footprint, necessitating the use of carbon conversion factors appropriate to the consumption's geographical location.

Energy Consumption and Emissions Data

To ensure comparability across diverse energy consumption categories, the kilowatt-hour (kWh) consumption for all relevant activities has been standardised to Gross Calorific Value (GCV). Where DESNZ conversion factors initially provide data based on Net Calorific Value (NCV), such as for company-owned vehicles (including forklifts), these have been converted to GCV for consistent reporting.

Natural Gas is based on consumption data derived from our supplier invoices.

Electricity consumption data for the Head Office was sourced from half-hourly records. For other sites, figures from internal records and supplier data were used. For the Warrington site, where direct electricity data was unavailable for the full period, an average consumption was calculated based on the previous three years of consumption data for that site.

Transport Emissions

Emissions from transport activities were calculated using mileage data recorded for the period January 1st, 2024, to December 31st, 2024, and applying the relevant DESNZ conversion factors. In one instance where mileage data for a vehicle was unavailable, an estimate was derived using publicly

accessible MOT records.

For company forklift trucks, annual liquefied petroleum gas (LPG) usage is estimated by applying an average fuel consumption rate per mile to internal mileage estimates.

The company car fleet is fully electric and charged on-site; therefore, emissions from these vehicles are included under Scope 2 (purchased electricity) to prevent double counting.

Greyfleet emissions are derived from mileage data sourced from employee mileage claims.

Inclusions and Restatements

Natural Gas consumption was not reported in previous SECR disclosures and has been included in the 2024 report to ensure comprehensive coverage of all relevant emission sources.

For greyfleet emissions, historical mileage claim data for periods prior to 2024 was unavailable, and therefore the reported figures for 2023 and earlier do not include greyfleet emissions.

The 2023 figures for transport emissions and consequently the total footprint have been restated. This rectifies a significant overestimation caused by the use of incorrect emission factors in the original calculation.

An error identified in the calculation of intensity metrics for earlier years has been corrected. The 2023 intensity metric has also been updated to reflect the restated total footprint for that year.

VICTORIAN HOUSE WINDOW GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Intensity measurement

An intensity ratio has been selected to provide a normalised measure of our emissions relative to business activity. We have chosen annual revenue as the denominator for this metric, presenting our performance as tonnes of CO2e per million pounds (£m) of revenue. This allows for comparison of our emissions efficiency over time, independent of changes in company size.

Information not included

The group has taken advantage of the option to exclude energy and carbon information from the group report which relates to companies that are not obliged to report in its own right under SECR. The information presented above is for Victorian House (Sales) Limited only.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

VICTORIAN HOUSE WINDOW GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
SECTION 172 STATEMENT

The directors of the group act in a way that considers and promotes the success of the group in line with the requirements of s172 of the Companies Act 2006.

When making decisions, the directors consider all stakeholders and the wider impacts of such decisions,including the impact of the group's operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term. The size of the group enables the directors to regularly consult with other senior managers in the group, aiding in the decision-making process. The group is subject to external audits carried out by third parties. Staff are trained to the latest standards in all aspects of their work and such training is monitored to ensure it is both relevant and current.

A number of the management team hold academic and professional qualifications specifically related to the business which the group operates and the directors and a number of the senior management team hold internationally recognised professional qualifications.

The directors recognise the importance of staff engagement in the group, and participates in the decision making processes designed to increase and maintain staff engagement in the group, ultimately improving all aspects interaction within the group.

The group continues to hold direct meetings with employees from all areas of the group. Employees have direct access to the senior management team on a day to day basis.

Good working relationships with suppliers are important to the success of the group. The group at all times acts responsibly and ethically in its dealings with suppliers.

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 we set out in the company's strategic report information required by schedule 7 of the Large and Medium sized companies and Groups (Accounts and report) Regulations 2008.

On behalf of the board
N Evans
Director
1 September 2025
VICTORIAN HOUSE WINDOW GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VICTORIAN HOUSE WINDOW GROUP LTD
- 8 -
Opinion

We have audited the financial statements of Victorian House Window Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

VICTORIAN HOUSE WINDOW GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VICTORIAN HOUSE WINDOW GROUP LTD
- 9 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

VICTORIAN HOUSE WINDOW GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VICTORIAN HOUSE WINDOW GROUP LTD
- 10 -
Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
VICTORIAN HOUSE WINDOW GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VICTORIAN HOUSE WINDOW GROUP LTD
- 11 -
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
•
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

VICTORIAN HOUSE WINDOW GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VICTORIAN HOUSE WINDOW GROUP LTD
- 12 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Tee
Senior Statutory Auditor
For and on behalf of
Chartered accountants & statutory auditor
Cedar House
Hazell Drive
Newport
South Wales
NP10 8FY
2 September 2025
VICTORIAN HOUSE WINDOW GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
as restated
Notes
£
£
TURNOVER
3
30,736,093
31,373,473
Cost of sales
(17,001,021)
(18,150,107)
GROSS PROFIT
13,735,072
13,223,366
Administrative expenses
(10,725,225)
(10,291,205)
Other operating income
120,976
27,060
OPERATING PROFIT
4
3,130,823
2,959,221
Interest receivable and similar income
8
63,414
13,133
Interest payable and similar expenses
9
(633,376)
(469,575)
PROFIT BEFORE TAXATION
2,560,861
2,502,779
Tax on profit
11
(73,780)
428,509
PROFIT FOR THE FINANCIAL YEAR
27
2,487,081
2,931,288
OTHER COMPREHENSIVE INCOME
Currency translation loss taken to retained earnings
(67,737)
(34,955)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
2,419,344
2,896,333
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
VICTORIAN HOUSE WINDOW GROUP LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
as restated
Notes
£
£
FIXED ASSETS
Intangible assets
17,300
20,575
Tangible assets
13
13,399,364
14,424,523
13,416,664
14,445,098
CURRENT ASSETS
Stocks
17
3,164,577
4,181,235
Debtors
16
4,269,849
2,542,333
Cash at bank and in hand
6,119,041
4,488,342
13,553,467
11,211,910
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
18
(9,539,825)
(7,943,505)
NET CURRENT ASSETS
4,013,642
3,268,405
TOTAL ASSETS LESS CURRENT LIABILITIES
17,430,306
17,713,503
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
19
(7,487,360)
(9,364,166)
PROVISIONS FOR LIABILITIES
Deferred tax liability
22
(865,249)
(968,835)
NET ASSETS
9,077,697
7,380,502
CAPITAL AND RESERVES
Called up share capital
24
91
94
Share premium account
27
303,757
303,757
Revaluation reserve
27
1,357,821
1,396,669
Capital redemption reserve
27
52
49
Profit and loss reserves
27
7,415,976
5,679,933
TOTAL EQUITY
9,077,697
7,380,502
VICTORIAN HOUSE WINDOW GROUP LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 15 -
The financial statements were approved by the board of directors and authorised for issue on 1 September 2025 and are signed on its behalf by:
01 September 2025
N Evans
Director
Company registration number 07259617 (England and Wales)
VICTORIAN HOUSE WINDOW GROUP LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 16 -
2024
2023
as restated
Notes
£
£
FIXED ASSETS
Investments
14
2,162,126
2,162,129
2,162,126
2,162,129
CURRENT ASSETS
Debtors
16
9,209,015
9,410,213
Cash at bank and in hand
6,926
12,000
9,215,941
9,422,213
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
18
(4,145,536)
(2,312,820)
NET CURRENT ASSETS
5,070,405
7,109,393
TOTAL ASSETS LESS CURRENT LIABILITIES
7,232,531
9,271,522
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
19
(6,893,523)
(8,945,366)
NET ASSETS
339,008
326,156
CAPITAL AND RESERVES
Called up share capital
24
91
94
Share premium account
27
303,757
303,757
Capital redemption reserve
27
52
49
Profit and loss reserves
27
35,108
22,256
TOTAL EQUITY
339,008
326,156

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £735,001 (2023 - £9,151,242 profit).

VICTORIAN HOUSE WINDOW GROUP LTD
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 17 -
The financial statements were approved by the board of directors and authorised for issue on 1 September 2025 and are signed on its behalf by:
01 September 2025
N Evans
Director
Company registration number 07259617 (England and Wales)
VICTORIAN HOUSE WINDOW GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
AS RESTATED FOR THE PERIOD ENDED 31 DECEMBER 2023:
BALANCE AT 1 JANUARY 2023
126
-
1,417,631
10
12,254,439
13,672,206
Prior period adjustment (note 32)
-
-
-
-
(238,284)
(238,284)
AS RESTATED
126
-
0
1,417,631
10
12,016,155
13,433,922
YEAR ENDED 31 DECEMBER 2023:
Profit for the year
-
-
-
-
2,931,288
2,931,288
Other comprehensive income:
Currency translation differences
-
-
-
-
(34,955)
(34,955)
Total comprehensive income
-
-
-
-
2,896,333
2,896,333
Issue of share capital
24
7
303,757
-
-
-
303,764
Dividends
10
-
-
-
-
(670,000)
(670,000)
Redemption of shares
24
(39)
-
-
39
(8,583,517)
(8,583,517)
Transfers
-
-
(20,962)
-
20,962
-
BALANCE AT 31 DECEMBER 2023
94
303,757
1,396,669
49
5,679,933
7,380,502
VICTORIAN HOUSE WINDOW GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
- 19 -
YEAR ENDED 31 DECEMBER 2024:
Profit for the year
-
-
-
-
2,487,081
2,487,081
Other comprehensive income:
Currency translation differences
-
-
-
-
(67,737)
(67,737)
Total comprehensive income
-
-
-
-
2,419,344
2,419,344
Dividends
10
-
-
-
-
(671,836)
(671,836)
Redemption of shares
24
(3)
-
-
3
(100,002)
(100,002)
Transfers
-
-
(38,848)
-
38,848
-
Other movements
-
-
-
-
49,689
49,689
BALANCE AT 31 DECEMBER 2024
91
303,757
1,357,821
52
7,415,976
9,077,697
VICTORIAN HOUSE WINDOW GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
AS RESTATED FOR THE PERIOD ENDED 31 DECEMBER 2023:
BALANCE AT 1 JANUARY 2023
126
-
0
10
124,532
124,668
YEAR ENDED 31 DECEMBER 2023:
Profit and total comprehensive income for the year
-
-
-
9,151,241
9,151,241
Issue of share capital
24
7
303,757
-
-
303,764
Dividends
10
-
-
-
(670,000)
(670,000)
Redemption of shares
24
(39)
-
39
(8,583,517)
(8,583,517)
BALANCE AT 31 DECEMBER 2023
94
303,757
49
22,256
326,156
YEAR ENDED 31 DECEMBER 2024:
Profit and total comprehensive income
-
-
-
735,001
735,001
Dividends
10
-
-
-
(671,836)
(671,836)
Redemption of shares
24
(3)
-
3
(100,002)
(100,002)
Other movements
-
-
-
49,689
49,689
BALANCE AT 31 DECEMBER 2024
91
303,757
52
35,108
339,008
VICTORIAN HOUSE WINDOW GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
2024
2023
as restated
Notes
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
for the year after tax
2,487,081
2,931,288
Adjustments for:
Taxation charged/(credited)
73,780
(428,509)
Finance costs
633,376
469,575
Investment income
(63,414)
(13,133)
(Gain)/loss on disposal of tangible fixed assets
(30,883)
118,735
Amortisation and impairment of intangible assets
3,275
3,271
Depreciation and impairment of tangible fixed assets
2,095,475
1,991,162
Movements in working capital:
Decrease in stocks
1,016,658
32,870
(Increase)/decrease in debtors
(1,361,380)
13,530,985
Decrease in creditors
(281,212)
(1,048,789)
Cash generated from operations
4,572,756
17,587,455
Interest received
63,414
13,133
Interest paid
(633,376)
(822,575)
Income taxes paid
(543,502)
(397,668)
Net cash inflow from operating activities
3,459,292
16,380,345
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(686,459)
(1,540,544)
Proceeds from disposal of tangible fixed assets
81,340
713,497
Net cash generated from investing activities
(605,119)
(827,047)
FINANCING ACTIVITIES
Proceeds from issue of shares
-
303,764
Redemption of shares
(100,002)
(4,583,517)
Repayment of borrowings
-
(2,500,000)
Repayment of bank loans
(106,412)
(162,965)
Payment of finance leases obligations
(393,600)
(365,140)
Dividends paid to equity shareholders
(671,836)
(670,000)
Net cash generated from financing activities
(1,271,850)
(7,977,858)
VICTORIAN HOUSE WINDOW GROUP LTD
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
as restated
Notes
£
£
- 22 -
NET INCREASE IN CASH AND CASH EQUIVALENTS
1,582,323
7,575,440
Cash and cash equivalents at beginning of year
4,488,342
10,585,108
Other movement in P&L reserves
49,689
-
Effect of foreign exchange rates
(1,313)
-
0
CASH AND CASH EQUIVALENTS AT END OF YEAR
6,119,041
18,160,548
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
1
ACCOUNTING POLICIES
Company information

Victorian House Window Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Victorian House, Parc Hendre, Capel Hendre, AMMANFORD, SA18 3FA.

The group consists of Victorian House Window Group Ltd and all of its trading subsidiaries.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 24 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Victorian House Window Group Ltd together with all entities controlled by the parent company (its trading subsidiaries).

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 25 -
1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Development costs
5% straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Freehold land and buildings
2% straight line on buildings. Freehold land is not depreciated.
Leasehold improvements
Over the term of the lease
Plant and equipment
Straight line and reducing balance over 5 to 10 years with residual
Fixtures and fittings
20% straight line
Motor vehicles
Straight line over 7 years

Freehold land and assets in the course of construction are not depreciated.

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 recognised in the profit and loss account.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.

VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 26 -
1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.11
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.

1.12
Financial instruments

The group has elected to apply 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 in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 27 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Taxation

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

VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 28 -
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 group’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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
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.

1.16
Retirement benefits

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

1.17
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.

VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
ACCOUNTING POLICIES
(Continued)
- 29 -

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 lease d asset are consumed.

2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group’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.

KEY SOURCES OF ESTIMATION UNCERTAINTY

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock Provision

The stock provision is calculated with reference to slow moving items. This requires management to estimate the point in time where stock becomes unrecoverable. The carrying value of the stock provision at the balance sheet date is £159,667 (2023 - £353,554).

3
TURNOVER AND OTHER REVENUE
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
30,736,093
31,373,473
2024
2023
£
£
Turnover analysed by geographical market
United Kingdon
29,186,140
29,574,691
European Union
1,549,953
1,798,782
30,736,093
31,373,473
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
TURNOVER AND OTHER REVENUE
(Continued)
- 30 -
2024
2023
£
£
Other revenue
Interest income
63,414
13,133
4
OPERATING PROFIT
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
2,095,475
1,991,162
(Profit)/loss on disposal of tangible fixed assets
(30,883)
118,735
Amortisation of intangible assets
3,275
3,271
Operating lease charges
218,602
203,829
5
AUDITOR'S REMUNERATION
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,350
47,772
Audit of the financial statements of the company's subsidiaries
28,184
-
48,534
47,772
For other services
Taxation compliance services
8,963
-
All other non-audit services
25,896
41,779
34,859
41,779
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
6
EMPLOYEES

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production staff
198
235
-
-
Administrative staff
89
77
-
-
Management staff
7
11
-
-
Total
294
323
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,464,473
9,379,026
-
0
-
0
Social security costs
877,009
871,036
-
-
Pension costs
160,212
145,145
-
0
-
0
10,501,694
10,395,207
-
0
-
0
7
DIRECTORS' REMUNERATION
2024
2023
£
£
Remuneration for qualifying services
634,239
449,586
Company pension contributions to defined contribution schemes
3,192
1,101
637,431
450,687
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
DIRECTORS' REMUNERATION
(Continued)
- 32 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
249,352
198,162

The number of directors who accrued benefits under company pension plans was 3 (2023 - 4).

8
INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
Interest income
Interest on bank deposits
58,695
13,133
Other interest income
4,719
-
Total income
63,414
13,133
9
INTEREST PAYABLE AND SIMILAR EXPENSES
2024
2023
£
£
Interest on bank overdrafts and loans
210,217
258,878
Other interest on financial liabilities
386,715
210,697
Interest on finance leases and hire purchase contracts
36,444
-
Total finance costs
633,376
469,575
10
DIVIDENDS
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
671,836
670,000
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
11
TAXATION
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
365,075
56,175
Adjustments in respect of prior periods
(189,657)
(336,045)
Total current tax
175,418
(279,870)
Deferred tax
Origination and reversal of timing differences
(101,638)
(148,639)
Total tax charge/(credit)
73,780
(428,509)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,560,861
2,502,779
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
640,215
588,153
Tax effect of expenses that are not deductible in determining taxable profit
49,564
39,227
Tax effect of utilisation of tax losses not previously recognised
(25,677)
(185,799)
Adjustments in respect of prior years
(189,657)
(336,045)
Effect of change in corporation tax rate
-
2,269
Depreciation on assets not qualifying for tax allowances
-
0
13,533
Research and development tax credit
(444,267)
(453,000)
Effect of overseas tax rates
43,602
(1,130)
Effect of different UK tax rates
-
0
(91,419)
Capital allowances super deduction
-
0
(4,298)
Taxation charge/(credit)
73,780
(428,509)
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
12
INTANGIBLE FIXED ASSETS
Group
Development costs
£
Cost
At 1 January 2024 and 31 December 2024
67,399
Amortisation and impairment
At 1 January 2024
46,824
Amortisation charged for the year
3,275
At 31 December 2024
50,099
Carrying amount
At 31 December 2024
17,300
At 31 December 2023
20,575
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
13
TANGIBLE FIXED ASSETS
Group
Freehold land and buildings
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
8,271,803
502,930
234,187
12,119,422
380,388
1,930,661
23,439,391
Additions
118,061
5,447
261,692
743,084
48,413
10,500
1,187,197
Disposals
-
0
-
0
-
0
(363,100)
-
0
(16,042)
(379,142)
Transfers
1,900
-
0
(224,450)
222,550
-
0
-
0
-
0
Exchange adjustments
-
0
(6,825)
-
0
(82,243)
6,864
(7,165)
(89,369)
At 31 December 2024
8,391,764
501,552
271,429
12,639,713
435,665
1,917,954
24,158,077
Depreciation and impairment
At 1 January 2024
155,438
142,169
-
0
7,563,742
245,843
907,676
9,014,868
Depreciation charged in the year
176,835
115,314
-
0
1,486,368
63,377
253,581
2,095,475
Eliminated in respect of disposals
-
0
-
0
-
0
(319,662)
-
0
(9,023)
(328,685)
Exchange adjustments
-
0
(759)
-
0
(20,269)
723
(2,640)
(22,945)
At 31 December 2024
332,273
256,724
-
0
8,710,179
309,943
1,149,594
10,758,713
Carrying amount
At 31 December 2024
8,059,491
244,828
271,429
3,929,534
125,722
768,360
13,399,364
At 31 December 2023
8,116,365
360,761
234,187
4,555,680
134,545
1,022,985
14,424,523
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
620,688
425,509
-
0
-
0
Motor vehicles
359,866
601,070
-
0
-
0
980,554
1,026,579
-
-

Freehold land and buildings with a carrying amount of £8,059,491 (2023 - £8,116,365) have been pledged to secure borrowings of the group.

The group's primary trading premises (freehold property) was independently valued by external valuers in April 202 5. In the opinion of the Directors, the fair value of the premises is not materially different to the carrying value in the accounts a t 31 December 202 4, and no valuation adjustment has been made in 202 4.

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
7,239,958
7,119,996
Accumulated depreciation
(766,530)
(628,543)
Carrying value
6,473,428
6,491,453
14
FIXED ASSET INVESTMENTS
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
2,162,126
2,162,129
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
FIXED ASSET INVESTMENTS
(Continued)
- 37 -
MOVEMENTS IN FIXED ASSET INVESTMENTS
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
2,162,129
Disposals
(3)
At 31 December 2024
2,162,126
Carrying amount
At 31 December 2024
2,162,126
At 31 December 2023
2,162,129
15
SUBSIDIARIES

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Victorian House (Sales) Limited
United Kingdom
Ordinary
100.00
-
Windowcrem Plastics Recycling Limited
United Kingdom
Ordinary
100.00
-
Sash Hardware Limited
United Kingdom
Ordinary
100.00
-
PVC Extrusions Limited
United Kingdom
Ordinary
100.00
-
Victorian Sliders (Ireland) Limited
Ireland
Ordinary
100.00
-
Sash Hardware (Foshan) Limited
China
Ordinary
100.00
-
Foshan Sash Trading Limited
China
Ordinary
0
100.00

All subsidiaries except Victorian Sliders (Ireland) Limited and Sash Hardware (Foshan) Limited are registered in England and Wales. The registered office of these companies is Victorian House, Parc Hendre, Capel Hendre, Ammanford, SA18 3FA.

VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
16
DEBTORS
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,710,172
1,312,458
-
0
-
0
Corporation tax recoverable
668,224
307,552
-
0
97,441
Amounts owed by group undertakings
-
-
1,559,811
2,367,406
Other debtors
915,697
(70,261)
729,431
-
0
Prepayments and accrued income
975,756
992,584
26,250
-
0
4,269,849
2,542,333
2,315,492
2,464,847
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
6,893,523
6,945,366
Total debtors
4,269,849
2,542,333
9,209,015
9,410,213
17
STOCKS
Group
Company
2024
2023
2024
2023
£
£
£
£
Stock
3,164,577
4,181,235
-
-
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 39 -
18
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
133,536
188,105
133,536
188,105
Obligations under finance leases
21
288,606
356,505
-
0
-
0
Other borrowings
20
4,000,000
2,000,000
4,000,000
2,000,000
Trade creditors
1,276,556
2,234,179
-
0
-
0
Other taxation and social security
790,208
635,934
-
1,260
Deferred income
778,464
-
0
-
0
-
0
Other creditors
117,090
119,537
-
0
36,438
Accruals and deferred income
2,155,365
2,409,245
12,000
87,017
9,539,825
7,943,505
4,145,536
2,312,820

Hire purchase agreements are secured over the assets to which they relate.

19
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
2,393,523
2,445,366
2,393,523
2,445,366
Obligations under finance leases
21
593,837
418,800
-
0
-
0
Other borrowings
20
4,500,000
6,500,000
4,500,000
6,500,000
7,487,360
9,364,166
6,893,523
8,945,366

Hire purchase agreements are secured over the assets to which they relate.

Amounts included above which fall due after five years are as follows:
Payable by instalments
1,000,000
2,000,000
1,000,000
2,000,000
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 40 -
20
LOANS AND OVERDRAFTS
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,527,059
2,633,471
2,527,059
2,633,471
Other loans
8,500,000
8,500,000
8,500,000
8,500,000
11,027,059
11,133,471
11,027,059
11,133,471
Payable within one year
4,133,536
2,188,105
4,133,536
2,188,105
Payable after one year
6,893,523
8,945,366
6,893,523
8,945,366

The bank loans are secured by a fixed and floating charge over all property and assets.

The loan is repayable over the period to 2028 at an interest rate of 1.75% above the Bank of England base rate.

Further details on the other loans are included in the related party note.

21
FINANCE LEASE OBLIGATIONS
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
342,700
398,800
-
0
-
0
In two to five years
656,254
466,666
-
0
-
0
998,954
865,466
-
-
Less: future finance charges
(116,511)
(90,161)
-
0
-
0
882,443
775,305
-
0
-
0

VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 41 -
22
DEFERRED TAXATION

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
694,532
820,445
Tax losses
(13,343)
-
Revaluations
228,243
228,243
Unrealised intra-group profits
(44,183)
(79,853)
865,249
968,835
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
968,835
-
Credit to profit or loss
(101,638)
-
Other
(1,948)
-
Liability at 31 December 2024
865,249
-
23
RETIREMENT BENEFIT SCHEMES
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
160,212
145,145

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 42 -
24
SHARE CAPITAL
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 0.001p each
7,082,589
7,082,589
71
71
Ordinary B of 0.001p each
821,500
821,500
8
8
Ordinary C of 0.001p each
608,469
891,168
6
9
Ordinary D of 0.001p each
249,550
249,550
3
3
Ordinary E of 0.001p each
310,910
310,910
3
3
9,073,018
9,355,717
91
94

A & E Ordinary shares have rights to vote, receive dividends, and participate in a distribution.

B Ordinary shares have no right to vote, but have a right to receive dividends, and participate in a distribution.

C & D Ordinary shares have no right to vote or receive dividends but have a right to participate in a distribution.

3,820,930 of the A Ordinary shares with a nominal value of £38 are held in treasury.

95,523 of the E Ordinary shares with a nominal value of £1 are held in treasury.

During the year, the Company purchased 95,523 of its own £0.00001 E Ordinary Shares for a total consideration of £99,999, these shares were retained and held in treasury. The company also purchased 282,699 of its own £0.00001 C Ordinary Shares for par, all of these shares were cancelled.

27
RESERVES
Share premium

The share premium account records the amount received that is above the subscription price of a share.

Revaluation reserve

This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 43 -
28
OPERATING LEASE COMMITMENTS
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
694,104
419,787
-
-
Between two and five years
1,675,526
607,447
-
-
In over five years
332,823
-
-
-
2,702,453
1,027,234
-
-
29
RELATED PARTY TRANSACTIONS
Transactions with related parties

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

Services received
2024
2023
£
£
Group
Directors fees
-
75,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Shareholder loan notes
8,500,000
8,500,000

Interest of between 4% and 5% is charged on the shareholder loan notes. The interest expense in the year was £386,715 (2023 - £210,697).

The company has taken advantage of the exemption available under Section 33 of Financial Reporting Standard 102 not to disclose related party transactions with wholly owned subsidiaries of the group.

VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 44 -
30
CONTROLLING PARTY

The directors consider there is no ultimate controlling party.

31
ANALYSIS OF CHANGES IN NET DEBT - GROUP
1 January 2024
Cash flows
New finance leases
Exchange rate movements
31 December 2024
£
£
£
£
£
Cash at bank and in hand
4,488,342
1,632,012
-
(1,313)
6,119,041
Borrowings excluding overdrafts
(11,133,471)
106,412
-
-
(11,027,059)
Obligations under finance leases
(775,305)
393,600
(500,738)
-
(882,443)
(7,420,434)
2,132,024
(500,738)
(1,313)
(5,790,461)
32
PRIOR PERIOD ADJUSTMENT

The comparative figures have been adjusted to release unrecoverable costs previously recognised as an asset on the balance sheet. The effect of these adjustments is shown below:

RECONCILIATION OF CHANGES IN EQUITY - GROUP
1 January
31 December
2023
2023
£
£
ADJUSTMENTS TO PRIOR YEAR
Expense unrecoverable costs in overseas subsidiaries
(238,284)
(233,476)
Equity as previously reported
13,672,206
7,613,978
Equity as adjusted
13,433,922
7,380,502
ANALYSIS OF THE EFFECT UPON EQUITY
Profit and loss reserves
(238,284)
(233,476)
VICTORIAN HOUSE WINDOW GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
32
PRIOR PERIOD ADJUSTMENT
(Continued)
- 45 -
RECONCILIATION OF CHANGES IN PROFIT FOR THE PREVIOUS FINANCIAL PERIOD
2023
£
ADJUSTMENTS TO PRIOR YEAR
Expense unrecoverable costs in overseas subsidiaries
4,808
Profit as previously reported
2,926,480
Profit as adjusted
2,931,288
RECONCILIATION OF CHANGES IN EQUITY - COMPANY
The prior period adjustments do not give rise to any effect upon equity.
RECONCILIATION OF CHANGES IN PROFIT FOR THE PREVIOUS FINANCIAL PERIOD
2023
£
ADJUSTMENTS TO PRIOR YEAR
Total adjustments
-
Profit as previously reported
9,151,241
Profit as adjusted
9,151,241
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