REGISTERED NUMBER: 01435273 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RAYMOND WOOD (COMMERCIAL) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

Mr T W Forsyth

Mr P Murray

Mr M Wainwright

SECRETARY:

Mrs M A Forsyth

REGISTERED OFFICE:

213-217 Havelock Street

Preston

Lancashire

PR1 7NL

REGISTERED NUMBER:

01435273 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Statutory Auditor

17 St Peters Place

Fleetwood

Lancashire

FY7 6EB

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The activities of the company during the year continued to be the manufacture and installation of specialist aluminium door, windows, patent glazing and structural glazing. This is predominantly provided to the commercial sector.The company trades as LDG Contracts and has over the past 30 years established a name for itself within the industry.

The UK commercial glazing industry is experiencing modest growth amid economic headwinds, with strong opportunities in energy-efficient retrofits, institutional construction, and smart glass technologies. For contractors in the North West, strategic positioning around sustainability, customisation, and regional partnerships will be key to success.

The Key Performance Indicators below show us that trading conditions continued to be favourable. The company has seen an increase in turnover in the last two years, this has been met with a varying GP Margin. The company feels as though it has managed to turn a good margin on a number of larger contracts during the year and has also benefited from a decrease in the price of materials and other direct costs.

2024

2023

2022

£

£

£

Turnover

13,432,850

11,735,938

8,236,528

Gross Profit

2,589,576

3,195,723

1,506,688

Gross Profit Margin %

19.3%

27.2%

18.3%

The directors believe the company to be in a strong financial position with a strong balance sheet consisting of a good level of cash reserves. The company has a history of profitability and is well positioned for future trade.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider the main risk affecting the company and group to be economic and market based risks. Ongoing inflationary pressures could affect sales as well as impacting on the groups supply lines and costs through increased construction material prices. Some raw materials are imported and there are exchange rate fluctuations and other financial factor's to consider with this.

There is no real credit or liquidity risk to the company as no monies are borrowed, loaned or assets financed. This places the company in a strong working capital position.

The company operates in a competitive market and it is imperative that any risks to it's reputation or Brand damage are managed. This is done by continually meeting customers needs and through the use of continual training and product quality management.

ON BEHALF OF THE BOARD:

Mr T W Forsyth - Director

29 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £6500 per share.

The total distribution of dividends for the year ended 31 December 2024 will be £ 650,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr T W Forsyth

Mr P Murray

Mr M Wainwright

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr T W Forsyth - Director

29 September 2025

Opinion

We have audited the financial statements of Raymond Wood (Commercial) Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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

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

-	the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the entity and the industry in which it operates we identified principal risks of non-compliance with laws and regulations related to Health and Safety, and various regulations which apply to construction sites. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements. We also considered the Companies Act 2006 as this has a direct impact on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to the posting of inappropriate journals and manipulation of accounting estimates in order to impact profitability. Significant accounting estimates which could give rise to management bias including the valuation of work done receivable.

Audit procedures performed in order to mitigate the risks highlighted include the following:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud.

- Evaluation of the operating effectiveness of the management's controls designed to prevent and detect irregularities.

- Reviewing key correspondence with regulatory authorities in relation to compliance with relevant regulations.

- Challenging assumptions and judgements made by the management as well as explanations given.

- Identifying and testing journal entries, in particular those posted with unusual account combinations.

- Testing specific procedures and amounts based around work in progress and contract income receivable.

There are limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Martin Wigley MSc ACA ATII (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Statutory Auditor

17 St Peters Place

Fleetwood

Lancashire

FY7 6EB

29 September 2025

TURNOVER

13,432,850

11,735,938

Cost of sales

10,843,274

8,540,215

GROSS PROFIT

2,589,576

3,195,723

Administrative expenses

1,609,667

1,591,899

OPERATING PROFIT

5

979,909

1,603,824

Interest receivable and similar income

24,142

12,127

1,004,051

1,615,951

Interest payable and similar expenses

6

-

144

PROFIT BEFORE TAXATION

1,004,051

1,615,807

Tax on profit

7

251,017

339,536

PROFIT FOR THE FINANCIAL YEAR

753,034

1,276,271

PROFIT FOR THE YEAR

753,034

1,276,271

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

753,034

1,276,271

FIXED ASSETS

Tangible assets

9

52,345

64,171

CURRENT ASSETS

Stocks

10

859,602

930,553

Debtors

11

4,986,743

4,492,387

Cash at bank

1,168,460

698,864

7,014,805

6,121,804

CREDITORS

Amounts falling due within one year

12

(5,457,231

)

(4,681,685

)

NET CURRENT ASSETS

1,557,574

1,440,119

TOTAL ASSETS LESS CURRENT LIABILITIES

1,609,919

1,504,290

PROVISIONS FOR LIABILITIES

13

(2,595

)

-

NET ASSETS

1,607,324

1,504,290

CAPITAL AND RESERVES

Called up share capital

14

100

100

Retained earnings

15

1,607,224

1,504,190

SHAREHOLDERS' FUNDS

1,607,324

1,504,290

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mr T W Forsyth - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

1,352,919

1,353,019

Changes in equity

Dividends

-

(1,125,000

)

(1,125,000

)

Total comprehensive income

-

1,276,271

1,276,271

Balance at 31 December 2023

100

1,504,190

1,504,290

Changes in equity

Dividends

-

(650,000

)

(650,000

)

Total comprehensive income

-

753,034

753,034

Balance at 31 December 2024

100

1,607,224

1,607,324

1.	STATUTORY INFORMATION

Raymond Wood (Commercial) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors are satisfied at the time of approving the financial statements that the company has adequate resources to continue to operate for the foreseeable future and as such, continues to adopt the going concern basis in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

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

Improvements to property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stock contains an amount for work in progress which is made up of ongoing jobs at the year end date. Management estimates costs to date of the ongoing jobs based on experience and regularly reviewing the progress of the jobs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

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

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies and key source of estimation uncertainty

The following are the key sources of estimation uncertainty that the directors have assessed as being applicable to the entity and that have the most significant effect on the amounts recognised in the financial statements. It is deemed that there are no critical accounting judgements.

Fixed Assets

Accounting for fixed assets involves the use of estimates for (a) the useful live of the assets over which they are to be depreciated , and (b) the existence and any amount of impairment. Details of fixed assets can be found in note 8.

Fixed assets are depreciated over the estimated useful lives. When the company estimates useful lives various factors are considered including expected technology obsolescence and the expected usage of the asset. The company regularly reviews these assets useful lives and future economic utilization and the physical condition of the assets concerned.

The carrying value of the assets is assessed periodically to determine whether there are any indications of any impairment of the value beyond the depreciation charge. If this is the case, an impairment charge is taken against the carrying value of the assets and charged to profit and loss account. The impairment of fixed assets require management judgement in determining the amounts to be impaired, in particular judgement is used when assessing the future cash flows.

Warranty Provision

Creditors contains a provision for warranty claims, this is based upon the directors estimating a remedial provision for work done. The figure is developed by management based on years of experience and knowledge in the industry. The provision covers the previous 5 years of sales and is based upon the estimated repair works determined with reference to previous years work undertaken.

Work in Progress

Stock contains an amount for work in progress which is made up of ongoing jobs at the year end date. Management estimates costs to date of the ongoing jobs based on experience and regularly reviewing the progress of the jobs.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,627,665

2,235,073

Social security costs

247,057

210,278

2,874,722

2,445,351

The average number of employees during the year was as follows:

2024

2023

Installation

54

44

Sales and Administration

18

18

Remedials

4

4

76

66

2024

2023

£

£

Directors' remuneration

147,996

134,387

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Other operating leases

112,400

100,000

Depreciation - owned assets

15,364

20,723

Profit on disposal of fixed assets

(8,256

)

-

Auditors' remuneration

13,450

12,450

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Other interest

-

144

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

248,248

342,656

Deferred tax

2,769

(3,120

)

Tax on profit

251,017

339,536

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

1,004,051

1,615,807

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

251,013

380,054

Effects of:

Capital allowances in excess of depreciation

(703

)

-

Depreciation in excess of capital allowances

-

3,828

Adjustments to tax charge in respect of previous periods

2

-

Deferred tax movement

2,769

(3,117

)

Group relief

-

(41,229

)

Profit on disposal of fixed asset

(2,064

)

-

Total tax charge

251,017

339,536

8.

DIVIDENDS

2024

2023

£

£

Final

650,000

1,125,000

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

2,700

726,460

26,098

Additions

-

-

15,290

Disposals

-

-

-

At 31 December 2024

2,700

726,460

41,388

DEPRECIATION

At 1 January 2024

540

679,206

25,666

Charge for year

54

11,814

923

Eliminated on disposal

-

-

-

At 31 December 2024

594

691,020

26,589

NET BOOK VALUE

At 31 December 2024

2,106

35,440

14,799

At 31 December 2023

2,160

47,254

432

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

45,336

4,449

805,043

Additions

-

-

15,290

Disposals

(45,336

)

-

(45,336

)

At 31 December 2024

-

4,449

774,997

DEPRECIATION

At 1 January 2024

31,011

4,449

740,872

Charge for year

2,573

-

15,364

Eliminated on disposal

(33,584

)

-

(33,584

)

At 31 December 2024

-

4,449

722,652

NET BOOK VALUE

At 31 December 2024

-

-

52,345

At 31 December 2023

14,325

-

64,171

10.

STOCKS

2024

2023

£

£

Raw materials and consumable

stores

296,146

361,544

Work-in-progress

563,456

569,009

859,602

930,553

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

2,420,011

2,654,718

Other debtors

1,961,992

1,669,658

VAT

571,646

143,330

Deferred tax asset

Accelerated capital allowances

-

174

Prepayments

33,094

24,507

4,986,743

4,492,387

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

1,567,851

1,140,334

Amounts owed to group undertakings

3,552,591

3,109,901

Tax

248,246

342,653

Social security and other taxes

70,108

68,496

Accruals and deferred income

18,435

20,301

5,457,231

4,681,685

13.	PROVISIONS FOR LIABILITIES

2024

£

Deferred tax

Accelerated capital allowances

2,595

Deferred

tax

£

Balance at 1 January 2024

(174

)

Charge to Income Statement during year

2,769

Balance at 31 December 2024

2,595

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

15.

RESERVES

Retained

earnings

£

At 1 January 2024

1,504,190

Profit for the year

753,034

Dividends

(650,000

)

At 31 December 2024

1,607,224

16.	ULTIMATE PARENT COMPANY

The ultimate parent undertaking is Lancashire Double Glazing Group Limited, a company registered in England and Wales. The ultimate controlling party of Lancashire Double Glazing Group Limited is director Mr TW Forsyth.