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Registration number: 04621350

Cladco Profiles Ltd
Annual Report and Financial Statements
for the Year Ended 31 January 2025

Cladco Profiles Ltd

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 6
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 7 to 10
Statement of Comprehensive Income | 11
Statement of Financial Position | 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Notes to the Financial Statements | 15 to 29

Cladco Profiles Ltd

Company Information

Directors | Mr Lawrence Trescher Mr Daniel Trescher

Company secretary | Mrs Joanna Trescher

Registered office | Stanhope House 9-10 Fore Street Holsworthy Devon EX22 6DT

Accountants | Westcotts (SW) LLP Chartered AccountantsStanhope House 9-10 Fore Street Holsworthy Devon EX22 6DT

Auditors | Westcotts (SW) LLP Plym House 3 Longbridge Road Plymouth Marsh Mills Devon PL6 8LT

Cladco Profiles Ltd

Strategic Report for the Year Ended 31 January 2025

The directors present their strategic report for the year ended 31 January 2025.

Fair review of the business

We are pleased to present our report for the 2024-25 financial year.
The 2024-25 financial year has been a good trading year for the company. Sales turnover has increased by £2,994,391 to £44,249,959. This growth was gained through focusing on growing both new and existing customer numbers, strong relationship management and competitive pricing.
The company's focus is to drive forward with continued improvement to the companies processes and procedures allowing for the expected future growth of the company.
Administrative expenses have increased by 17% compared to the prior year. The need to continue investing in both our people and management resources, including the increase in personnel needed is seen as critical to bring into effect the positive and continued charges to drive the sales performance and in turn prepare the company for future challenges. In addition, there has been an increase in targeted marketing and promotional activity, which has contributed to our improved sales performance.
The directors feel that the company through its achievements and results in recent years is well positioned to take on challenges of developing Cladco Profiles further and remain agile enough to respond to the ever-changing marketplace. The cost impacts of this growth will need to remain a key focus, however the investments made to date, with more to come will ensure Cladco Profiles holds on to market share and can despite the challenging times, look for further profitable growth.

Cladco Profiles Ltd

Strategic Report for the Year Ended 31 January 2025 (continued)

Principal risks and uncertainties

The directors have assessed the risks and uncertainties which could have an impact on the company's long-term performance. The company has an extensive risk management structure in place which is designed to highlight business risks at an early stage so that they may be managed within the business cycle.
- Cladco profiles has identified potential supply chain issues regarding the roofing sheets area of the business, as steel is a worldwide commodity and is subject to wide fluctuations in both price and availability.
- The digital world creates a number of risks for Cladco Profiles including technology failures, loss of stored data and damage to brand reputation.
- Health and safety in the workplace is an extremely important consideration for Cladco Profiles. Legislation is complex and failure to ensure that our employees remain safe at work may lead to serious business interruption and potential damage to our reputation.
We would like to take this opportunity to thank the Cladco Profiles team for their continued support and commitment through a period of significant development for the business and recognise their part for again delivering much improved results. Finally, our thanks to our ever-growing customer base for their support during the year. We will strive to improve our service to you throughout the year ahead.

Approved and authorised by the Board on 9 August 2025 and signed on its behalf by:

......................................... Mr Lawrence Trescher Director

Cladco Profiles Ltd

Directors' Report for the Year Ended 31 January 2025

The directors present their report and the financial statements for the year ended 31 January 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr Lawrence Trescher

Mr Daniel Trescher

Dividends

During the year the company declared and paid £11,410,686 (2024: £1,000,000).

Financial instruments

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are mostly conducted in sterling. The company does not enter into any hedging transactions.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors Westcotts (SW) LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Cladco Profiles Ltd

Directors' Report for the Year Ended 31 January 2025 (continued)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Cladco Profiles Ltd

Directors' Report for the Year Ended 31 January 2025 (continued)

Approved and authorised by the Board on 9 August 2025 and signed on its behalf by:

Mr Lawrence Trescher Director

Cladco Profiles Ltd

Independent Auditor's Report to the Members of Cladco Profiles Ltd

Opinion

We have audited the financial statements of Cladco Profiles Ltd (the 'company') for the year ended 31 January 2025, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Cladco Profiles Ltd

Independent Auditor's Report to the Members of Cladco Profiles Ltd (continued)

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

Cladco Profiles Ltd

Independent Auditor's Report to the Members of Cladco Profiles Ltd (continued)

• | We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management, and inspection of the company's correspondence. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit.
• | The company is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspects of companies legislation (environmental, anti-slavery, etc.)
• | Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• | 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 company’s 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.

• | Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

Cladco Profiles Ltd

Independent Auditor's Report to the Members of Cladco Profiles Ltd (continued)

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.

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.

......................................
Adam Croney ACA (Senior Statutory Auditor)
For and on behalf of Westcotts (SW) LLP, Statutory Auditor
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

4 August 2025

Cladco Profiles Ltd

Statement of Comprehensive Income for the Year Ended 31 January 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 44,249,959 | 41,255,568
Cost of sales |  | (25,551,438) | (22,928,433)
Gross profit |  | 18,698,521 | 18,327,135
Distribution costs |  | (1,298,337) | (900,423)
Administrative expenses |  | (14,216,842) | (12,160,441)
Operating profit | 4 | 3,183,342 | 5,266,271
Other interest receivable and similar income | 5 | 13,650 | 12,986
Interest payable and similar expenses | 6 | (209,489) | (208,316)
|  | (195,839) | (195,330)
Profit before tax |  | 2,987,503 | 5,070,941
Tax on profit | 10 | (730,932) | (1,295,608)
Profit for the financial year |  | 2,256,571 | 3,775,333

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Cladco Profiles Ltd

(Registration number: 04621350)
Statement of Financial Position as at 31 January 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 11 | - | -
Tangible assets | 12 | 3,661,144 | 10,682,865
|  | 3,661,144 | 10,682,865
Current assets |  |  |
Stocks | 13 | 9,988,603 | 10,217,529
Debtors | 14 | 2,832,535 | 2,342,333
Cash at bank and in hand |  | 283,636 | 253,278
|  | 13,104,774 | 12,813,140
Creditors: Amounts falling due within one year | 16 | (7,545,358) | (5,308,208)
Net current assets |  | 5,559,416 | 7,504,932
Total assets less current liabilities |  | 9,220,560 | 18,187,797
Creditors: Amounts falling due after more than one year | 16 | (2,630,561) | (2,452,617)
Provisions for liabilities | 18 | (664,578) | (655,644)
Net assets |  | 5,925,421 | 15,079,536
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Profit and loss account | 21 | 5,925,321 | 15,079,436
Shareholders' funds |  | 5,925,421 | 15,079,536

Approved and authorised by the Board on 9 August 2025 and signed on its behalf by:

Mr Lawrence Trescher Director

Cladco Profiles Ltd

Statement of Changes in Equity for the Year Ended 31 January 2025

| Share capital £ | Profit and loss account £ | Total £
At 1 February 2024 | 100 | 15,079,436 | 15,079,536
Profit for the year | - | 2,256,571 | 2,256,571
Dividends | - | (11,410,686) | (11,410,686)
At 31 January 2025 | 100 | 5,925,321 | 5,925,421

| Share capital £ | Profit and loss account £ | Total £
At 1 February 2023 | 100 | 12,304,103 | 12,304,203
Profit for the year | - | 3,775,333 | 3,775,333
Dividends | - | (1,000,000) | (1,000,000)
At 31 January 2024 | 100 | 15,079,436 | 15,079,536

Cladco Profiles Ltd

Statement of Cash Flows for the Year Ended 31 January 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 2,256,571 | 3,775,333
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 4 | 1,097,869 | 823,093
Profit on disposal of tangible assets |  | (8,333) | (5,805)
Finance income | 5 | (13,650) | (12,986)
Finance costs | 6 | 209,489 | 208,316
Income tax expense | 10 | 730,932 | 1,295,608
|  | 4,272,878 | 6,083,559
Working capital adjustments |  |  |
Decrease in stocks | 13 | 228,926 | 889,198
Increase in trade debtors | 14 | (490,202) | (561,180)
(Decrease)/increase in trade creditors | 16 | (116,676) | 79,141
Increase in deferred income, including government grants |  | 629,897 | -
Cash generated from operations |  | 4,524,823 | 6,490,718
Interest paid |  | (209,489) | (208,316)
Interest received |  | 13,650 | 12,986
Income taxes paid |  | (325,368) | (1,419,529)
Net cash flow from operating activities |  | 4,003,616 | 4,875,859
Cash flows from investing activities |  |  |
Acquisitions of tangible assets |  | (1,580,537) | (3,008,343)
Proceeds from sale of tangible assets |  | - | 25,200
Net cash flows from investing activities |  | (1,580,537) | (2,983,143)
Cash flows from financing activities |  |  |
Proceeds from bank borrowing draw downs |  | (119,996) | (113,755)
Payments to finance lease creditors |  | 396,813 | 2,267
Dividends paid |  | (3,897,964) | (1,000,000)
Net cash flows from financing activities |  | (3,621,147) | (1,111,488)
Net (decrease)/increase in cash and cash equivalents |  | (1,198,068) | 781,228
Cash and cash equivalents at 1 February |  | 12,936 | (768,292)
Cash and cash equivalents at 31 January |  | (1,185,132) | 12,936

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Stanhope House
9-10 Fore Street
Holsworthy
Devon
EX22 6DT

The principal place of business is:
Beardown Road
Exeter Road Ind Est
Okehampton
Devon
EX20 1UA

Principal activity

The principal activity of the company is to supply roofing, cladding and decking.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

2 | Accounting policies (continued)

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

2 | Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold property | 20/40 years - straight line
Long leasehold property | 93/40 years - straight line
Plant and machinery | 15% - reducing balance
Fittings fixtures and equipment | 10/15% - reducing balance
Motor vehicles | 25% - reducing balance
Computer equipment | 3 years - straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% - straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

2 | Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

2 | Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3 | Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 44,249,959 | 41,255,568

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 1,097,869 | 823,093
Profit on disposal of property, plant and equipment | (8,333) | (5,805)
Auditors remuneration | 11,875 | 9,000
Bad debts written off | 18,240 | -

5 | Other interest receivable and similar income

| 2025 £ | 2024 £
Other interest receivable & similar income | 13,650 | 12,986

6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 182,553 | 187,883
Interest on obligations under finance leases and hire purchase contracts | 26,936 | 10,313
Interest expense on other finance liabilities | - | 10,120
| 209,489 | 208,316

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 6,051,971 | 5,101,138
Social security costs | 655,441 | 550,226
Pension costs, defined contribution scheme | 114,719 | 95,312
| 6,822,131 | 5,746,676

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administrative staff | 54 | 47
General staff | 85 | 70
Management | 2 | 2
| 141 | 119

8 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 19,572 | 18,581
Contributions paid to money purchase schemes | 169 | 171
| 19,741 | 18,752

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 1 | 1

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

9 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 11,875 | 9,000

10 | Taxation

Tax charged/(credited) in the statement of comprehensive income

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 721,998 | 1,125,312
UK corporation tax adjustment to prior periods | - | 56
| 721,998 | 1,125,368
Deferred taxation |  |
Arising from origination and reversal of timing differences | 8,934 | 170,240
Tax expense in the income statement | 730,932 | 1,295,608

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 24.03%). The corporation tax rate changed from 19% to 25% on 1 April 2023.
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 2,987,503 | 5,070,941
Corporation tax at standard rate | 746,876 | 1,218,547
Effect of expense not deductible in determining taxable profit (tax loss) | (15,944) | 70,456
Deferred tax expense relating to changes in tax rates or laws | - | 6,605
Total tax charge | 730,932 | 1,295,608

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

10 | Taxation (continued)

Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Accelerated capital allowances | 664,578
| 664,578

2024 | Liability £
Accelerated capital allowances | 655,644
| 655,644

11 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 February 2024 | 90,000 | 90,000
At 31 January 2025 | 90,000 | 90,000
Amortisation
At 1 February 2024 | 90,000 | 90,000
At 31 January 2025 | 90,000 | 90,000
Carrying amount
At 31 January 2025 | - | -
At 31 January 2024 | - | -

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

12 | Tangible assets

| Freehold property £ | Long leasehold property £ | Fixtures, fittings and equipment £ | Plant and machinery £ | Computer equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 February 2024 | 6,029,770 | 2,901,779 | 244,913 | 2,794,210 | 312,810 | 2,586,843 | 14,870,325
Additions | - | - | 263 | 706,660 | 64,884 | 808,730 | 1,580,537
Disposals | (6,029,770) | (2,901,779) | - | - | - | - | (8,931,549)
At 31 January 2025 | - | - | 245,176 | 3,500,870 | 377,694 | 3,395,573 | 7,519,313
Depreciation
At 1 February 2024 | 1,058,239 | 68,070 | 126,526 | 1,301,764 | 222,352 | 1,410,509 | 4,187,460
Charge for the year | 266,689 | 34,162 | 16,552 | 287,467 | 51,116 | 441,883 | 1,097,869
Eliminated on disposal | (1,324,928) | (102,232) | - | - | - | - | (1,427,160)
At 31 January 2025 | - | - | 143,078 | 1,589,231 | 273,468 | 1,852,392 | 3,858,169
Carrying amount
At 31 January 2025 | - | - | 102,098 | 1,911,639 | 104,226 | 1,543,181 | 3,661,144
At 31 January 2024 | 4,971,531 | 2,833,709 | 118,387 | 1,492,446 | 90,458 | 1,176,334 | 10,682,865

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

13 | Stocks

| 2025 £ | 2024 £
Finished goods and goods for resale | 9,988,603 | 10,217,529

14 | Debtors

| 2025 £ | 2024 £
Trade debtors | 1,786,959 | 1,505,969
Other debtors | 538,688 | 688,273
Prepayments | 506,888 | 210,295
Accrued income | - | (62,204)
| 2,832,535 | 2,342,333

15 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash on hand | 283,636 | 253,278
Bank overdrafts | (1,468,768) | (240,342)
Cash and cash equivalents in statement of cash flows | (1,185,132) | 12,936

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

16 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Bank loans and overdrafts |  | 1,579,801 | 351,375
Trade creditors |  | 3,533,736 | 3,788,507
Social security and other taxes |  | 1,455,741 | 971,895
Accruals |  | 120,569 | 69,690
Deferred income |  | 629,897 | -
HP and finance lease liabilities |  | 225,614 | 126,741
|  | 7,545,358 | 5,308,208
Due after one year |  |  |
Bank loans and overdrafts |  | 2,222,521 | 2,342,517
HP and finance lease liabilities |  | 408,040 | 110,100
|  | 2,630,561 | 2,452,617

The hire purchase creditors are secured on the assets to which they relate. The bank loans and overdraft are secured on fixed and floating charges over all of the company assets and undertakings. The bank loan repayable in over 5 years is repayable by monthly instalments and is subject to an interest rate that is set to a fixed rate in excess of the Bank of England base rate.

17 | Analysis of changes in net debt

| At 1 February 2024 £ | Cash flows £ | At 31 January 2025 £
Cash at bank and in hand | 253,278 | 30,358 | 283,636
Bank overdrafts | (240,342) | (1,228,426) | (1,468,768)
Debt due within one year | (237,774) | (98,873) | (336,647)
Debt due after one year | (2,452,617) | (177,944) | (2,630,561)
| 2,677,455 | 1,474,885 | 4,152,340

18 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 February 2024 | 655,644 | 655,644
Increase (decrease) in existing provisions | 8,934 | 8,934
At 31 January 2025 | 664,578 | 664,578

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

19 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £114,719 (2024 - £95,312).

20 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 100 | 100 | 100 | 100

21 | Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.

22 | Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 225,614 | 126,741
Later than one year and not later than five years | 408,040 | 110,100
| 633,654 | 236,841

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

23 | Commitments

Capital commitments

As at the year-end, the Company were committed to paying $107,800 for the purchase of a fixed asset. This fixed asset is due for delivery post year-end, and $46,200 had already been paid as at the year-end, which has been included in Prepayments. Using year-end exchange rate this has been deemed as £80,000 commitment.
The total amount contracted for but not provided in the financial statements was £80,000 (2024 - £Nil).

24 | Related party transactions

Transactions with directors

2025 | At 1 February 2024 £ | Advances to director £ | Repayments by director £ | At 31 January 2025 £
Directors | 688,273 | 1,150,415 | (1,300,000) | 538,688

2024 | At 1 February 2023 £ | Advances to director £ | Repayments by director £ | At 31 January 2024 £
Directors | 479,163 | 1,209,110 | (1,000,000) | 688,273

The loans are repayable on demand and interest is charged at HMRC's official rate on overdrawn balances.

Cladco Profiles Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)

25 | Financial instruments

The carrying amount for each category of financial instrument is as follows:

| 2025 £ | 2024 £
Financial assets that are debt instruments measured at amortised cost |  |
Trade debtors | 1,786,959 | 1,505,969
Cash at bank and in hand | 283,636 | 253,278
| 2,070,595 | 1,759,247
Financial liabilities measured at amortised cost |  |
Bank loans and overdrafts | 3,802,322 | 2,693,892
Trade creditors | 3,533,736 | 3,788,507
Other creditors | 316,548 | 290,410
HP and finance lease liabilities | 633,654 | 236,841
| 8,286,260 | 7,009,650

26 | Parent and ultimate parent undertaking

The company's immediate parent is Cladco Holdings Limited, incorporated in United Kingdom. On 1 February 2024 the shareholders undertook a share for share exchange to make Cladco Holdings Limited the immediate parent. The directors have remained as the ultimate controlling party.