In accordance with The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the directors set out the following 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 £30.7m. This decline was more than offset by operational efficiencies such that Gross Profit increased by £0.5m to £13.7m. 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 £0.4m. The net effect is that EBITDA is at £5.2m 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 £9.0m with much of that growth having come from an increase in the bank balance by £1.6m 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 £0.8m 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.

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.

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

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

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.

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

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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:

• The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

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 identified material misstatements in the strategic report or the directors' report.

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

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

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

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

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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.

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.

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

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.

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, 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;

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

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

The consolidated 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 group.

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

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

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.

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.

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.

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:

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 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.

Equity investments 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.

In 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.

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.

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.

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, 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.

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.

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.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Equity instruments 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.

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

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.

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

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 leased asset are consumed.

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.

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.

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).

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

Their aggregate remuneration comprised:

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

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:

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

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 2025. In the opinion of the Directors, the fair value of the premises is not materially different to the carrying value in the accounts at 31 December 2024, and no valuation adjustment has been made in 2024.

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

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

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.

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

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

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.

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

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.

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.

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

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

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

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:

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

The following amounts were outstanding at the reporting end date:

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.

The directors consider there is no ultimate controlling party.

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: