REGISTERED NUMBER: 00587805 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

DUPLUS ARCHITECTURAL SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr R W Freer

Mr P D Gregory

Mr J D Freer

SECRETARY:

Mr R W Freer

REGISTERED OFFICE:

370 Melton Road

Leicester

LE4 7SL

REGISTERED NUMBER:

00587805 (England and Wales)

AUDITORS:

Magma Audit LLP (part of the Dains Group)

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

FIXED ASSETS

Tangible assets

4

72,561

94,697

CURRENT ASSETS

Stocks

347,906

480,987

Debtors

5

3,478,098

3,456,359

3,826,004

3,937,346

CREDITORS

Amounts falling due within one year

6

(2,677,888

)

(2,372,754

)

NET CURRENT ASSETS

1,148,116

1,564,592

TOTAL ASSETS LESS CURRENT LIABILITIES

1,220,677

1,659,289

PROVISIONS FOR LIABILITIES

(14,000

)

(14,000

)

NET ASSETS

1,206,677

1,645,289

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Retained earnings

1,204,677

1,643,289

SHAREHOLDERS' FUNDS

1,206,677

1,645,289

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Mr R W Freer - Director

1.	STATUTORY INFORMATION

Duplus Architectural Systems Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is 370 Melton Road, Leicester, LE4 7SL and the registered number is 00587805.

Duplus Architectural Systems Limited is a wholly owned subsidiary of William Freer Limited and the results of Duplus Architectural Systems Limited will be included in the consolidated financial statements of William Freer Limited which will be available from its registered office, 360 Melton Road, Leicester, LE4 7SL.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Going concern

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

Turnover

Turnover represents amounts receivable for goods supplied and services rendered, net of VAT and trade discounts.

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.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold property

-

20% straight line

Plant & equipment

-

20% straight line and 10% straight line

Fixtures and fittings

-

20% straight line and 10% straight line

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

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

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

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

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2023 - 54 ) .

4.	TANGIBLE FIXED ASSETS

Long

Fixtures

leasehold

Plant &

and

property

equipment

fittings

Totals

£

£

£

£

COST

At 1 January 2024

152,622

726,885

151,306

1,030,813

Additions

-

584

1,738

2,322

Disposals

-

(5,824

)

(41,955

)

(47,779

)

At 31 December 2024

152,622

721,645

111,089

985,356

DEPRECIATION

At 1 January 2024

148,462

636,521

151,133

936,116

Charge for year

4,160

19,788

510

24,458

Eliminated on disposal

-

(5,824

)

(41,955

)

(47,779

)

At 31 December 2024

152,622

650,485

109,688

912,795

NET BOOK VALUE

At 31 December 2024

-

71,160

1,401

72,561

At 31 December 2023

4,160

90,364

173

94,697

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

196,586

108,053

Amounts recoverable on contract

2,987,299

3,081,258

Other debtors

173,497

-

VAT

40,022

55,392

Prepayments

80,694

38,159

3,478,098

3,282,862

2024

2023

£

£

Amounts falling due after more than one year:

Other debtors

-

173,497

Aggregate amounts

3,478,098

3,456,359

At the year end the Company had deposited £173,497 (2023: £173,497) with Evolution Insurance Company Limited as a guarantee against the Company failing to fulfill its obligations under a contract in place. The balance is not available to the Company until the contract is completed.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

563,455

404,835

Trade creditors

923,413

936,897

Amounts owed to group undertakings

929,665

765,304

Corporation tax

-

177

Social security and other taxes

74,967

64,620

Other creditors

42,010

12,432

Accruals and deferred income

144,378

188,489

2,677,888

2,372,754

7.	LEASING AGREEMENTS

Lessee

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

2024

2023

£

£

Non-cancellable operating leases

462,500

647,500

Duplus Architectural Systems Limited has outstanding operating lease commitments to the value of £237,500 (2023 - £332,500) on behalf of its parent company William Freer Limited.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

563,455

404,835

The company has an overdraft facility with Barclays Bank PLC. The overdraft is repayable on demand and is secured with fixed and floating charges over the company's assets.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Luke Turner FCA FCCA (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP (part of the Dains Group)

10.	ULTIMATE CONTROLLING PARTY

The parent company of Duplus Architectural Systems Limited is William Freer Limited and its registered office is 360 Melton Road, Leicester, LE4 7SL.