REGISTERED NUMBER: 02309348 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LANCASHIRE DOUBLE GLAZING GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mr T W Forsyth

Mr N Ogden

Mr M L Plummer

Miss C A Forsyth

SECRETARY:

Mrs M A Forsyth

REGISTERED OFFICE:

213-217 Havelock Street

Preston

Lancashire

PR1 7NL

REGISTERED NUMBER:

02309348 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Statutory Auditor

17 St Peters Place

Fleetwood

Lancashire

FY7 6EB

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company Lancashire Double Glazing's principle activity continues to be the supply and installation of Double Glazed UPVC Windows, Aluminium Windows, Doors, Conservatories and various other related products. The company continues to be one of the largest home improvement companies based in the North West and has traded for over 35 years.

The company aims to provide market leading products and excellent customer service in order to continue to be a market leader in the home improvement sector. With over 93% of UK homes already featuring double glazing, the market is mature but still presents significant opportunities in retrofitting, upgrading to triple glazing, and integrating smart technologies. Our strategic focus includes sustainability, digital transformation, and workforce development to meet the growing demand for skilled installers and eco-conscious solutions

It's subsidiary Raymond Wood (Commercial) Ltd's activities 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.

Together the groups key performance indicators are shown below. These indicate that the group has seen increased turnover but that there has been a decrease in the GP margin. The group has felt an increase in wages as well as in the price of materials and other direct costs.The directors are pleased with the growth in turnover for the group overall.

2024

2023

£

£

Turnover

21,290

19,071

Gross profit

3,854

4,612

Gross profit %

18.1%

24.2%

The Directors feel that the group is in a strong financial position with ample cash reserves, a net assets position shown on the balance sheet and a good history of profitability. This puts the group in a strong work capital position in order to continue to trade going into the future.

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 next to no liquidity or finance risk as the group has no borrowings, loans or assets on finance. This means that the group has a strong working capital base from which it can continue to trade from.

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 and the group for the year ended 31 December 2024.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 will be £640,000.

FUTURE DEVELOPMENTS

The group is looking to expand in the future and to become the market leader in the double glazing industry in the North West.

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 N Ogden

Mr M L Plummer

Miss C A Forsyth

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group'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 Lancashire Double Glazing Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 four, 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 group's and the parent 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 group or the parent 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

21,290,372

19,070,773

Cost of sales

17,436,312

14,458,916

GROSS PROFIT

3,854,060

4,611,857

Administrative expenses

2,984,823

2,961,360

869,237

1,650,497

Other operating income

250,000

-

OPERATING PROFIT

5

1,119,237

1,650,497

Interest receivable and similar income

33,988

16,323

1,153,225

1,666,820

Gain/loss on revaluation of assets

13,491

6,511

1,166,716

1,673,331

Interest payable and similar expenses

6

-

860

PROFIT BEFORE TAXATION

1,166,716

1,672,471

Tax on profit

7

324,288

377,042

PROFIT FOR THE FINANCIAL YEAR

842,428

1,295,429

Profit attributable to:

Owners of the parent

842,428

1,295,429

PROFIT FOR THE YEAR

842,428

1,295,429

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

842,428

1,295,429

Total comprehensive income attributable to:

Owners of the parent

842,428

1,295,429

FIXED ASSETS

Tangible assets

10

874,249

702,876

Investments

11

105,731

92,240

979,980

795,116

CURRENT ASSETS

Stocks

12

1,188,644

1,289,851

Debtors

13

5,534,785

5,094,581

Cash at bank and in hand

1,597,847

1,143,867

8,321,276

7,528,299

CREDITORS

Amounts falling due within one year

14

(6,140,259

)

(5,438,382

)

NET CURRENT ASSETS

2,181,017

2,089,917

TOTAL ASSETS LESS CURRENT LIABILITIES

3,160,997

2,885,033

PROVISIONS FOR LIABILITIES

16

(187,110

)

(113,574

)

NET ASSETS

2,973,887

2,771,459

CAPITAL AND RESERVES

Called up share capital

17

95

95

Share premium

18

79,995

79,995

Capital redemption reserve

18

10

10

Retained earnings

18

2,893,787

2,691,359

SHAREHOLDERS' FUNDS

2,973,887

2,771,459

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

FIXED ASSETS

Tangible assets

10

821,904

638,706

Investments

11

394,872

381,381

1,216,776

1,020,087

CURRENT ASSETS

Stocks

12

329,041

359,298

Debtors

13

4,218,827

3,810,377

Cash at bank and in hand

429,387

445,003

4,977,255

4,614,678

CREDITORS

Amounts falling due within one year

14

(4,353,812

)

(3,964,706

)

NET CURRENT ASSETS

623,443

649,972

TOTAL ASSETS LESS CURRENT LIABILITIES

1,840,219

1,670,059

PROVISIONS FOR LIABILITIES

16

(184,515

)

(113,748

)

NET ASSETS

1,655,704

1,556,311

CAPITAL AND RESERVES

Called up share capital

17

95

95

Share premium

18

79,995

79,995

Capital redemption reserve

18

10

10

Retained earnings

18

1,575,604

1,476,211

SHAREHOLDERS' FUNDS

1,655,704

1,556,311

Company's profit for the financial year

739,393

1,144,159

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

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

95

2,051,930

79,995

10

2,132,030

Changes in equity

Dividends

-

(656,000

)

-

-

(656,000

)

Total comprehensive income

-

1,295,429

-

-

1,295,429

Balance at 31 December 2023

95

2,691,359

79,995

10

2,771,459

Changes in equity

Dividends

-

(640,000

)

-

-

(640,000

)

Total comprehensive income

-

842,428

-

-

842,428

Balance at 31 December 2024

95

2,893,787

79,995

10

2,973,887

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

95

988,052

79,995

10

1,068,152

Changes in equity

Dividends

-

(656,000

)

-

-

(656,000

)

Total comprehensive income

-

1,144,159

-

-

1,144,159

Balance at 31 December 2023

95

1,476,211

79,995

10

1,556,311

Changes in equity

Dividends

-

(640,000

)

-

-

(640,000

)

Total comprehensive income

-

739,393

-

-

739,393

Balance at 31 December 2024

95

1,575,604

79,995

10

1,655,704

Cash flows from operating activities

Cash generated from operations

1

1,789,935

1,034,171

Interest paid

-

(860

)

Tax paid

(317,652

)

(42,399

)

Net cash from operating activities

1,472,283

990,912

Cash flows from investing activities

Purchase of tangible fixed assets

(458,382

)

(391,402

)

Sale of tangible fixed assets

51,552

16,166

Interest received

33,988

16,323

Net cash from investing activities

(372,842

)

(358,913

)

Cash flows from financing activities

Amount introduced by directors

312

720,293

Amount withdrawn by directors

(645,773

)

(706,013

)

Equity dividends paid

-

(656,000

)

Net cash from financing activities

(645,461

)

(641,720

)

Increase/(decrease) in cash and cash equivalents

453,980

(9,721

)

Cash and cash equivalents at beginning of year

2

1,143,867

1,153,588

Cash and cash equivalents at end of year

2

1,597,847

1,143,867

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

1,166,716

1,672,471

Depreciation charges

256,218

205,111

Profit on disposal of fixed assets

(20,760

)

(1,880

)

Gain on revaluation of fixed assets

(13,491

)

(6,511

)

Finance costs

-

860

Finance income

(33,988

)

(16,323

)

1,354,695

1,853,728

Decrease/(increase) in stocks

101,207

(50,057

)

Increase in trade and other debtors

(460,341

)

(1,520,820

)

Increase in trade and other creditors

794,374

751,320

Cash generated from operations

1,789,935

1,034,171

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

1,597,847

1,143,867

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

1,143,867

1,153,588

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

1,143,867

453,980

1,597,847

1,143,867

453,980

1,597,847

Total

1,143,867

453,980

1,597,847

1.	STATUTORY INFORMATION

Lancashire Double Glazing Group 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 General 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 as modified by the revaluation of certain assets.

Basis of consolidation

The group accounts consolidate the results of the parent and subsidiary undertaking. The consolidation has been prepared on the acquisition basis.

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.

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 cost and 25% on reducing balance

Fixtures and fittings

-

25% on cost and 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 Consolidated 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.

Pension costs and other post-retirement benefits

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

Investments

Listed investments are stated at market value.