Registered number: 04180002
Company information
Contents
Strategic report
Year ended 31 December 2024
VELUX Commercial UK&I Limited is a manufacturer of rooflights, kerbs and large area glazing products.
VELUX Commercial UK&I sales cover the UK and Ireland.
Turnover in 2024 is over £1.2M, up on prior year, and an increase of 12%. Gross profit margin has increased in the year and, alongside careful management of costs, this has led to an improvement in operating profit of over 11%.
Cash at the year-end totalled £4.3M, an increase of £1.7M from the prior year.
Future developments
The company is focussed on further positive development in 2025, despite challenging market and economic conditions in the UK and Ireland.
Turnover in 2024 is over £1.2M, up on prior year, and an increase of 12%. Gross profit margin has increased in the year and, alongside careful management of costs, this has led to an improvement in operating profit of over 11%.
Cash at the year-end totalled £4.3M, an increase of £1.7M from the prior year.
Future developments
The company is focussed on further positive development in 2025, despite challenging market and economic conditions in the UK and Ireland.
The business has no reliance on either short term or long term borrowing therefore there is no ongoing risk with regard to interest rates.
Cash flow is continuously monitored to ensure the company can meet its foreseeable debts as and when they fall due.
The company's principal assets are stock and trade debtors. The main credit risk arises from trade debtors but this is mitigated by customer credit insurance.
Cash flow is continuously monitored to ensure the company can meet its foreseeable debts as and when they fall due.
The company's principal assets are stock and trade debtors. The main credit risk arises from trade debtors but this is mitigated by customer credit insurance.
The financial key performance indicators for the business are turnover, gross margin, profit before tax and cash which are all summarised above.
This report was approved by the board on 23 September 2025 and signed on its behalf by:
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Directors' report
Year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £500,716 (2023: £419,245).
The directors do not recommend the payment of a final dividend. Dividends paid during the year totaled £nil (2023: £nil).
Change of name
Since the year end, the company changed its name from VELUX Commercial Xtralite Limited to VELUX Commercial UK&I Limited.
Change of name
Since the year end, the company changed its name from VELUX Commercial Xtralite Limited to VELUX Commercial UK&I Limited.
The directors who served during the year up to the date of signing the financial statements were:
The directors have considered the company’s current and future prospects, and are satisfied that the company can continue to pay its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. For this reason, the directors continue to adopt the going concern basis of preparation for these financial statements.
The company has granted an indemnity to its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors' report.
Future developments and financial risk management, which would otherwise be disclosed in the directors' report, is instead disclosed in the strategic report, as permitted by s414C(11) of the Companies Act 2006.
There have been no significant events affecting the group or company since the year end.
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Directors' report (continued)
Year ended 31 December 2024
Pursuant to section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and UNW LLP will therefore continue in office.
This report was approved by the board on 23 September 2025 and signed on its behalf by:
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Directors' responsibilities statement
Year ended 31 December 2024
The directors are responsible for preparing the strategic report, the directors' 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 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 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 then apply them consistently;
∙make judgments 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 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 to 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.
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Independent auditor's report to the members of VELUX Commercial UK&I Limited (previously VELUX Commercial Xtralite Limited)
We have audited the financial statements' of VELUX Commercial UK&I Limited ('the company') for the year ended 31 December 2024, which comprise the statement of comprehensive income, the balance sheet, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of VELUX Commercial UK&I Limited (previously VELUX Commercial Xtralite Limited) (continued)
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements' are prepared is consistent with the financial statements'; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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Independent auditor's report to the members of VELUX Commercial UK&I Limited (previously VELUX Commercial Xtralite Limited) (continued)
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.
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 auditor's report.
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 auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
We obtain and update our understanding of the company, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the company is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, pension legislation and UK tax legislation. In addition, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines and litigation. We considered the extent to which non-compliance with laws and regulations might have a material effect on the financial statements and we have assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We also evaluated managements’ incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to manipulate financial results, management bias in accounting estimates, as well as improper revenue recognition which includes fraudulent posting of journal entries to revenue.
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. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
We obtain and update our understanding of the company, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the company is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, pension legislation and UK tax legislation. In addition, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines and litigation. We considered the extent to which non-compliance with laws and regulations might have a material effect on the financial statements and we have assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We also evaluated managements’ incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to manipulate financial results, management bias in accounting estimates, as well as improper revenue recognition which includes fraudulent posting of journal entries to revenue.
Audit procedures performed by the engagement team included:
∙Inquiry of management regarding actual and potential litigation or claims as well as whether they have knowledge of any actual, suspected or alleged fraud;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Reviewing meeting minutes to identify reported frauds and any potential non-compliance with laws and regulations;
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Independent auditor's report to the members of VELUX Commercial UK&I Limited (previously VELUX Commercial Xtralite Limited) (continued)
∙Identifying journal entries based on risk criteria and testing the identified entries to supporting documentation, in particular journal entries with unusual account combinations; and
∙Challenging assumptions and judgments made by management in their significant accounting estimates and evaluating whether there was any evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
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.
for and on behalf of UNW LLP, Statutory Auditor
Chartered Accountants
Newcastle upon Tyne
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Statement of comprehensive income
Year ended 31 December 2024
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Balance sheet
At 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 23 September 2025 .
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Statement of changes in equity
Year ended 31 December 2024
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Notes to the financial statements
Year ended 31 December 2024
VELUX Commercial UK&I Limited is engaged in the supply of rooflights, roof domes and skylights to specifiers, installers and users of rooflights.
The company is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is given in the company information page of this annual report.
The company is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of its registered office is given in the company information page of this annual report.
The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.
3.Accounting policies
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 periods presented, unless otherwise stated.
The financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling, which is the functional currency of the company and rounded to the nearest pound.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4.
FRS 102 allows a qualifying entity certain disclosure exemptions. The company meets the definition of a qualifying entity and has taken advantage of the exemptions relating to disclosure of key management personnel remuneration and the preparation of a cash flow statement. The consolidated financial statements of VKR Holdings A/S include the equivalent disclosures on a consolidated basis and a consolidated cash flow statement.
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Notes to the financial statements
Year ended 31 December 2024
3.Accounting policies (continued)
The directors have considered the company’s current and future prospects, and are satisfied that the company can continue to pay its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. For this reason, the directors continue to adopt the going concern basis of preparation for these financial statements.
Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of goods.
Long term contracts
Turnover comprises revenue recognised in respect of services supplied under contract during the year, net of discounts and excluding Value Added Tax.
When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the proportion that contract costs to date bear to the total estimated contract costs.
Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.
When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately.
Leases that do not confer rights and obligations approximating to ownership are classified as operating leases. Rental payments under operating leases are charged to the profit and loss account on a straight-line basis over the lease term, even if payments are not made on such a basis.
Transactions in foreign currencies are translated into sterling using the spot exchange rate at the date of the transaction.
At each period end, foreign currency monetary assets and liabilities are translated using the closing rate. Foreign exchange gains and losses are recognised in the profit and loss account.
At each period end, foreign currency monetary assets and liabilities are translated using the closing rate. Foreign exchange gains and losses are recognised in the profit and loss account.
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Notes to the financial statements
Year ended 31 December 2024
3.Accounting policies (continued)
Short term benefits
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the employee's entitlement to the benefit accrues.
Defined contribution pension plans
The company operates a defined contribution pension plans for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet. The assets of the plans are held separately from the company in independently administered funds.
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the employee's entitlement to the benefit accrues.
Defined contribution pension plans
The company operates a defined contribution pension plans for its employees. Contributions are recognised as an expense when they fall due. Amounts due but not yet paid are included within creditors on the balance sheet. The assets of the plans are held separately from the company in independently administered funds.
Exceptional items are transactions that fall within the ordinary activities of the company but are
presented separately due to their size or incidence.
presented separately due to their size or incidence.
The taxation expense for the year comprises current and deferred tax and is recognised in the profit and loss account.
Current tax is the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences arise from the inclusion of transactions and events in the financial statements in periods different from those in which they are assessed for tax.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.
Current tax is the amount of income tax payable in respect of the taxable profit for the current or past reporting periods. It is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences arise from the inclusion of transactions and events in the financial statements in periods different from those in which they are assessed for tax.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.
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Notes to the financial statements
Year ended 31 December 2024
3.Accounting policies (continued)
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price plus any further costs directly attributable to
bringing the asset to its working condition for its intended use.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less their estimated residual value, over their expected useful lives as follows:
Leasehold improvements - 20% straight line
Plant and machinery - 5% - 10% straight line
Fixtures and fittings - 10% - 33% straight line
Motor vehicles - 33% straight line
Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.
bringing the asset to its working condition for its intended use.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less their estimated residual value, over their expected useful lives as follows:
Leasehold improvements - 20% straight line
Plant and machinery - 5% - 10% straight line
Fixtures and fittings - 10% - 33% straight line
Motor vehicles - 33% straight line
Asset residual values and useful lives are reviewed at the end of each reporting period, and adjusted if appropriate. The effect of any change is accounted for prospectively.
Provision is made as necessary for damaged, obsolete or slow-moving stock.
The company only enters into financial instruments transactions that result in the recognition of basic debt financial assets and liabilities, for example trade and other debtors and creditors, cash and bank balances and loans to or from related parties, including fellow group companies.
Debt instruments which on inception are due within one year are measured initially and subsequently at the transaction price. Debt instruments which on inception are due after more than one year are measured initially at the transaction price and subsequently at amortised cost using the effective interest method.
At the end of each reporting period, debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
Debt instruments which on inception are due within one year are measured initially and subsequently at the transaction price. Debt instruments which on inception are due after more than one year are measured initially at the transaction price and subsequently at amortised cost using the effective interest method.
At the end of each reporting period, debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Notes to the financial statements
Year ended 31 December 2024
The judgments and estimates which have the most significant effect on the amounts recognised in the financial statements relate to the application of construction contract accounting.
The amount of revenue and profit recognised in relation to contracts which are part complete at the balance sheet date is dependent on estimates of the further costs that will be required to complete the contract, and hence the overall profitability of the contract. Estimates of further costs (and potential revenue variations) are continually evaluated and updated, based on management's detailed knowledge of project status and contractual requirements.
Judgment is then required to assess the reliability of the estimates, which is affected by various factors, including the specific requirements of the contract and the stage of completion of the project. The amount of revenue recognised reflects management's judgment of these factors.
Key sources of estimation uncertainty
Estimates included within these financial statements include depreciation charges and asset impairments (for example provisions against stock and debtors). None of the estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, nor to bear significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
The whole of the turnover is attributable to the principal activity of the company.
All turnover arose within the United Kingdom.
All turnover arose within the United Kingdom.
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Notes to the financial statements
Year ended 31 December 2024
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Notes to the financial statements
Year ended 31 December 2024
There are no factors affecting future tax charges.
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Notes to the financial statements
Year ended 31 December 2024
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Notes to the financial statements
Year ended 31 December 2024
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Notes to the financial statements
Year ended 31 December 2024
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Notes to the financial statements
Year ended 31 December 2024
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Notes to the financial statements
Year ended 31 December 2024
Share premium account
Capital redemption reserve
Profit and loss account
The company operates a defined contribution 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 £244,182 (2023: £96,040). An amount of £19,357 (2023: £17,701) representing company and employee contributions was payable to the fund at the balance sheet date and is included in creditors.
Directors' remuneration is disclosed in note 8.
As a wholly-owned subsidiary undertaking, the company is exempt from disclosing transactions with its parent company and other wholly-owned subsidiary undertakings within the same group.
As a wholly-owned subsidiary undertaking, the company is exempt from disclosing transactions with its parent company and other wholly-owned subsidiary undertakings within the same group.
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Notes to the financial statements
Year ended 31 December 2024
The company's ultimate parent undertaking and controlling party is VKR Holdings A/S, a company incorporated in Denmark. VKR Holdings A/S is the parent undertaking of the smallest and largest group to consolidate these financial statements and copies of its consolidated financial statements can be obtained from Erhvervs-og Selskabsstyrelsen (The Danish Commerce and Companies Agency), Kampmannsgade 1, 1780 København V.
Since the year end, the company changed its name from VELUX Commercial Xtralite Limited to VELUX Commercial UK&I Limited.
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