ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 02032782

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

COMPANY INFORMATION

Directors	K A Whiting
	G Felix (resigned 24 June 2024)
	D Tiller (appointed 2 July 2024)


Company secretary	C Davies


Registered number	02032782


Registered office	Eurolink Industrial Centre
	Castle Road
	Sittingbourne
	Kent
	ME10 3LY


Independent auditors	MHA
	Statutory Auditor
	Victoria Court
	17-21 Ashford Road
	Maidstone
	United Kingdom
	ME14 5DA


Bankers	Lloyds Bank PLC
	Sighthill North
	2 Bankhead Crossway North
	Edinburgh
	EH11 4DT

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Director's Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Financial Statements	13 - 26

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The principal activity of the Company continues to be sales of solutions to the door and window market.

Business review

The construction market, and therefore closely followed by the window and door market continued to operate in some challenging market conditions. Despite these challenging conditions, the business outlook remains very positive and the solid foundations MACO is built on continue to provide an excellent platform to continue to drive the business forward.
Volumes in the window and door market continued in a largely subdued condition, restricting homeowner confidence and below demand new build starts, alongside a slightly more stable but still volatile raw material market, the ongoing global crisis’s still prevail and restrict market growth. Slight easing in borrowing began to grow interest from the homeowner, however a reluctance in the decision to start still created volume challenges.
The continuing impact of increased raw material prices was met by the directors maintaining the pragmatic and transparent approach to recovering costs in a fair way, and with open communication being applied consistently with partners and customers the effects were balanced in a controlled way. Alongside the raw material challenge, through professional and controlled purchasing strategies, the business continues to navigate the difficult cost changes by suitably managing cost levels aligned to sales.
Despite the challenging market conditions, the emphasis on product development and investment in products for the future was well maintained. The existing product portfolio performed well alongside new developments to support the overall window and door solution enabled a broad but controlled product portfolio to be maintained. This high performance in maintaining and further developing the portfolio continues to provide a solid, dependable and sustainable business model that continues to position the business well for future opportunities in the market.
MACO’s clear vision on innovation and futureproofed product roadmaps, planned developments and investments in new programs continued throughout the year. This approach enabled the business to continue to investigate and enter new sectors and broaden its position with previously untapped markets. New market development strengthens the position of the business still further and provides a broad business model with strong future growth potential.
Despite the continuing unpredictable economic factors affecting the industry in which the Company operates, there is a solid foundation to exploit all possible opportunities in the marketplace.
The Company’s commitment to innovation is a priority in all aspects of the business, with strong and consistent investment in personal development and training of employees, developing products and added value services.
Therefore, with ongoing commitment to the market with customer oriented programs, and by bringing the latest MACO Hautau innovations directly to the market, these constant innovations, continued investment in the UK facility and warehousing specialities, investment in staff wellbeing and training, and developing industry solutions, along with a positive cash flow business model with no requirement for bank and loan facilities, allow a confident outlook by the directors for the future.
It is very likely that the ongoing reduced market volumes, combined with global crisis’s will continue to have an effect on the industry for some time to come. We have strived to identify the risks that the company faces and that we are, and will continue, to mitigate these risks by ensuring we act in a responsible manner for all concerned, thus being well positioned to extract the maximum opportunities from recovering market conditions as they happen.

Page 1

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties

Credit risk
The Company’s credit risk is attributable to trade debtors. The policy is to reduce the risk of losses arising from the failure of its customers, alongside close control to reduce exposure to bad debts.
Currency risk
With purchases being made from the Eurozone, the Company is exposed to currency risk. This is managed by the Company and its parent undertaking to ensure that it remains competitive in the UK market.
Liquidity risk
The Company operates profitably and has sufficient cash balances to manage liquidity risk and places no reliance on the parent company or any banking institutions to support cash flow facilities.

Financial key performance indicators and other performance indicators

With continued difficult trading conditions around key raw materials, the company’s supply chain and internal European manufacturing continued to perform well. Through careful management and planning, along with some key measures on less profitable product lines and routes to market, including changes to underperforming supply routes, MACO can continue to grow in a stable and sustainable way for the future. The directors believe that alongside the continued profitability and risk management, the company is well placed for the future needs.
Gross profit margin for the year was 26.71% (2023 - 23.32%). Operating profit margin for the year was 1.87% (2023 - 1.35%).
EBIT for the year was £220,616 (2023 - £173,711).

This report was approved by the board and signed on its behalf.

K A Whiting

Director

Date: 1 September 2025

Page 2

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

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

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £145,520 (2023 - £145,238).

During the year dividends of £1,300,000 (2023 - £500,000) were paid.

Directors

The directors who served during the year were:

K A Whiting

G Felix (appointed on 1 June 2023) (resigned 24 June 2024)

D Tiller (appointed 2 July 2024)

Future developments

There are no planned changes to the nature of the Company's operations.

Page 3

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

There have been no significant events affecting the Company since the year end.

Auditors

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioned to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

K A Whiting

Director

Date: 1 September 2025

Page 4

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MACO DOOR & WINDOW HARDWARE (UK) LIMITED

Opinion

We have audited the financial statements of Maco Door & Window Hardware (UK) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 financial statements are authorised for issue.

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

Page 5

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MACO DOOR & WINDOW HARDWARE (UK) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Director's 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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, 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 director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Page 6

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MACO DOOR & WINDOW HARDWARE (UK) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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:

∙Enquiry of management around actual and potential litigation and claims;

∙Enquiry of management to identify instances of non-compliance with laws and regulations;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and

∙Reviewing minutes of meetings of those charged with governance.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 7

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MACO DOOR & WINDOW HARDWARE (UK) LIMITED (CONTINUED)

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 Auditors' 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.

Duncan Cochrane-Dyet Bsc BFP FCA (Senior Statutory Auditor)

for and on behalf of

MHA

Statutory Auditor

Maidstone

2 September 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

Page 8

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	11,808,766	12,838,897
Cost of sales		(8,654,500)	(9,767,546)
Gross profit		3,154,266	3,071,351
Distribution costs		(478,468)	(567,389)
Administrative expenses		(2,454,136)	(2,330,251)
Operating profit		221,662	173,711
Interest receivable and similar income	9	22,145	16,226
Interest payable and similar expenses	10	(895)	(730)
Profit before tax		242,912	189,207
Tax on profit	11	(97,392)	(43,969)
Profit for the financial year		145,520	145,238

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 26 form part of these financial statements.

Page 9

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

REGISTERED NUMBER: 02032782

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	12		2,226,723		2,239,501
			2,226,723		2,239,501
Current assets
Stocks	13	1,805,944		1,441,315
Debtors: amounts falling due within one year	14	1,891,616		1,802,777
Cash at bank and in hand	15	702,483		2,147,255
		4,400,043		5,391,347
Creditors: amounts falling due within one year	16	(734,289)		(582,997)
Net current assets			3,665,754		4,808,350
Total assets less current liabilities			5,892,477		7,047,851
Provisions for liabilities
Deferred tax	18	(44,931)		(45,825)
			(44,931)		(45,825)
Net assets			5,847,546		7,002,026

Capital and reserves
Called up share capital	19	700,000	700,000
Profit and loss account	20	5,147,546	6,302,026
		5,847,546	7,002,026

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

K A Whiting

Director

Date: 1 September 2025

The notes on pages 13 to 26 form part of these financial statements.

Page 10

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	700,000	6,656,788	7,356,788
Comprehensive income for the year
Profit for the year	-	145,238	145,238
Total comprehensive income for the year	-	145,238	145,238
Contributions by and distributions to owners
Dividends	-	(500,000)	(500,000)
Total transactions with owners	-	(500,000)	(500,000)

At 1 January 2024	700,000	6,302,026	7,002,026
Comprehensive income for the year
Profit for the year	-	145,520	145,520
Total comprehensive income for the year	-	145,520	145,520
Contributions by and distributions to owners
Dividends	-	(1,300,000)	(1,300,000)
Total transactions with owners	-	(1,300,000)	(1,300,000)
At 31 December 2024	700,000	5,147,546	5,847,546

The notes on pages 13 to 26 form part of these financial statements.

Page 11

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	145,520	145,238
Adjustments for:
Depreciation of tangible assets	100,711	102,541
Interest paid	895	730
Interest received	(22,145)	(16,226)
Taxation charge	97,392	43,969
(Increase)/decrease in stocks	(364,629)	977,448
(Increase)/decrease in debtors	(159,441)	407,947
Decrease/(increase) in amounts owed by groups	70,602	(201,612)
Increase/(decrease) in creditors	104,346	(56,073)
Increase/(decrease)) in amounts owed to groups	-	(308,032)
Corporation tax (paid)	(51,340)	(71,325)
Net cash generated from operating activities	(78,089)	1,024,605

Cash flows from investing activities
Purchase of tangible fixed assets	(87,933)	(12,259)
Interest received	22,145	16,226
Net cash from investing activities	(65,788)	3,967
Cash flows from financing activities
Dividends paid	(1,300,000)	(500,000)
Interest paid	(895)	(730)
Net cash used in financing activities	(1,300,895)	(500,730)
Net (decrease)/increase in cash and cash equivalents	(1,444,772)	527,842
Cash and cash equivalents at beginning of year	2,147,255	1,619,413
Cash and cash equivalents at the end of year	702,483	2,147,255

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	702,483	2,147,255
	702,483	2,147,255

The notes on pages 13 to 26 form part of these financial statements.

Page 12

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Maco Door & Window Hardware (UK) Limited is a private company, company registration number 02032782, limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information page of these financial statements. The nature of the company's operations and principal activities are the selling of door locks and windows parts and related accessories to the wholesale market.
The financial statements are presented in pound sterling (£), the functional currency of the Company, and rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared on a going concern basis, and under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Operating leases: the Company as lessee

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

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 14

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	50 years
Land	-	Not depreciated
Plant and machinery	-	10-20 years
Fixtures and fittings	-	10 years
Office equipment	-	5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price. The impairment loss is recognised immediately in profit or loss.

2.10

Warranty

No provision is made for faulty goods returned to the company as the costs for these are fully reimbursed to the company by the parent company.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 16

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:
Depreciation
The rates of depreciation, i.e. the useful expected lives of the assets concerned.
Warranty provision
Provision is made for the cost of faulty goods that are returned to the company where they are covered by a warranty period. Management applies judgment in assessing the value based on levels of returns in previous years and the costs associated with making good this commitment.
Obsolence of stocks
Management reviews stock to assess if any provision for slow moving or obsolete stock is appropriate based on their knowledge and experience of the business and future customer orders.

Page 17

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Sale of goods attributable to principal activity	11,808,766	12,838,897
	11,808,766	12,838,897

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	11,509,098	12,638,242
Rest of Europe	247,220	163,562
Rest of the World	52,448	37,093
	11,808,766	12,838,897

Fees payable to the Company's auditors for the audit of the Company's financial statements

24,000

23,500

Page 18

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Wages and salaries	1,310,255	1,208,464
Social security costs	149,621	139,387
Pension costs	136,704	134,195
	1,596,580	1,482,046

The average monthly number of employees, including the director, during the year was as follows:

	2024	2023
	No.	No.

Office and management	19	18
Production and sales	13	15

	32	33

7.	Director's remuneration
		2024	2023
		£	£

Director's emoluments	91,315	90,718
Company contributions to defined contribution pension schemes	9,626	9,120
	100,941	99,838

During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

8.	Key management personnel

The key management personnel of the company comprise of the directors and the senior management team. The total amount of employee benefits received by key management personnel for their services to the company was £423,750 (2023 - £420,438).

Page 19

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Interest receivable
		2024	2023
		£	£

	Bank interest receivable	22,145	16,226
		22,145	16,226

10.	Interest payable and similar expenses
		2024	2023
		£	£

	Other interest payable	895	730
		895	730

Corporation tax
Current tax on profits for the year	85,063	48,800
Adjustments in respect of previous periods	13,223	10,449
	98,286	59,249

Total current tax	98,286	59,249

Deferred tax
Origination and reversal of timing differences	(894)	(15,280)
Total deferred tax	(894)	(15,280)


		97,392	43,969

Page 20

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

242,912

189,207

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	60,728	44,501
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,142	5,316
Capital allowances for year in arrears of depreciation	14,547	13,604
Adjustments to tax charge in respect of prior periods	13,222	10,499
Other timing differences leading to an increase (decrease) in taxation	2,421	(14,453)
Other differences leading to an increase (decrease) in the tax charge	3,332	(15,498)
Total tax charge for the year	97,392	43,969

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Tangible fixed assets

	Freehold property	Plant and machinery	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	3,596,737	1,218,029	80,092	184,417	5,079,275
Additions	14,901	-	-	73,032	87,933
At 31 December 2024	3,611,638	1,218,029	80,092	257,449	5,167,208
Depreciation
At 1 January 2024	1,493,212	1,114,455	77,305	154,802	2,839,774
Charge for the year on owned assets	71,727	13,022	1,096	14,866	100,711
At 31 December 2024	1,564,939	1,127,477	78,401	169,668	2,940,485
Net book value
At 31 December 2024	2,046,699	90,552	1,691	87,781	2,226,723
At 31 December 2023	2,103,525	103,574	2,787	29,615	2,239,501

Page 22

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Stocks
		2024	2023
		£	£

Goods for resale	1,805,944	1,441,315
	1,805,944	1,441,315

14.

Debtors

					2024	2023
					£	£


Trade debtors	1,635,358	1,491,374
Amounts owed by group undertakings	136,935	207,537
Prepayments and accrued income	119,323	103,866
	1,891,616	1,802,777

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

15.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	702,483	2,147,255
	702,483	2,147,255

16.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	146,484	54,898
Corporation tax	73,313	26,367
Other taxation and social security	342,019	324,220
Accruals and deferred income	172,473	177,512
	734,289	582,997

Page 23

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Financial instruments
		2024	2023
		£	£

	Financial assets
	Financial assets that are debt instruments measured at amortised cost	2,594,099	3,779,583

	Financial liabilities
	Financial liabilities measured at amortised cost	318,957	230,355

Financial assets measured at amortised cost comprise trade debtors, other debtors, group balances and cash at bank.
Financial liabilities measured at amortised cost comprise trade creditors, accruals, group balances and other creditors.

18.	Deferred taxation

		2024
		£

	1 January 2023	(45,825)
	Charged to profit or loss	894
	31 December 2023	(44,931)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	44,931	45,825
		44,931	45,825

Page 24

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

700,000 (2023 - 700,000) Ordinary shares of £1.00 each	700,000	700,000

20.

Reserves

Profit and loss account

This reserve records retained earnings and accumulated profits.

	Contracted for but not provided in these financial statements	107,120	-
		107,120	-

22.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £136,704 (2023 - £134,195).

Not later than 1 year	46,489	42,260
Later than 1 year and not later than 5 years	-	1,427
	46,489	43,687

Page 25

MACO DOOR & WINDOW HARDWARE (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.	Ultimate parent Company and Controlling party

All of the Company's issued share capital is held by Mayer & Co Holding GmbH, a Company incorporated in Austria, which is controlled by E Mayer and his family interests. The Company has taken advantage of the exemption contained in FRS102 from disclosing transactions with entities which are part of the group. The group controls 100% of the voting rights of the Company.
The ultimate parent Company is Mayer & Co Holding GmbH by virtue of it's 100% holding in Mayer & Co. Beschlage GmbH. Their address is Alpenstraße 173, 5020 Salzburg, Austria.

Page 26