REGISTERED NUMBER: 02821638 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

MARTINDALES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

Directors:

P Martindale

A Martindale

P T Vernon

Secretary:

A Martindale

Registered office:

National Client Centre

Martindale House

Union Road

Bolton

Lancashire

BL2 2HF

Registered number:

02821638 (England and Wales)

Auditors:

S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Bankers:

HSBC Bank Plc

4 Hardman Square

Spinningfields

Manchester

M3 3EB

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

Principal activity

The principal activity of the company in the year under review is that of repair and replacement services for windows, doors, locks, conservatories and patio and garage doors to the insurance industry.

Review of business

The directors are satisfied with the results for the year, despite a decrease in revenue of 6%.

Our aims are to achieve incremental growth by being the supplier of choice for glazing commodities in the UK insurance market, by continually reviewing the markets needs and by building on our three core values: capability, control and innovation.

The main non-financial KPI's utilised by the management in monitoring the business is client and customer experience.

Principal risks and uncertainties

As the company grows, the board envisage changes to the company's risk profile. The board shall ensure that any changes are identified, measured and will be met by adopting policies to address and minimise such risks. We consider ongoing regular communication with our commercial partners to be paramount in the success of our business by ensuring that we can exceed their expectations wherever possible.

The company recognises and accepts that it has responsibility as an employer under the Health and Safety Act 1974, including all relevant regulations and approved codes of practice additional to the Act.

The company will perform all our operational activities in a manner that balances cost effectiveness, quality, and environmental considerations in compliance with the Environmental Protection Act 1990, including all relevant regulations and approved codes of practice, additional to the Act.

Financial and commercial risks continue to be ever present in today's business world. These risks are managed effectively by continuing to expand the company's customer base and providing excellent customer service.

Key performance indicators

The company's key financial during the year were as follows:

Unit

2024

2023

Turnover

£

15,519,050

16,547,869

Gross profit margin

%

53.5

53.7

Profit before tax

£

788,386

1,601,575

On behalf of the board:

P Martindale - Director

30 September 2025

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

Principal activity

The principal activity of the company in the year under review was that of repair and replacement services for windows, doors, locks, conservatories and patio and garage doors to the insurance industry.

Dividends

The total distribution of dividends for the year ended 31 December 2024 will be £620,000.

Future developments

As for many businesses of our size, the environment in which the company operates continues to be challenging. The industry is subject to constraints on spending partly brought about by uncertainty in the British economy and partly by other factors. With these risks and uncertainties in mind the directors are aware that any plans for future development of the company may be subject to unforeseen future events outside of their control. Nevertheless the directors consider that the company is well placed to sustain the current level of activity in the foreseeable future.

Directors

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

P Martindale

A Martindale

P T Vernon

Financial instruments

Objective and policies

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations.

Price risk, credit risk, liquidity risk and cash flow risk

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise loans from financial institutions. The interest rates and monthly repayments are fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

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:

P Martindale - Director

30 September 2025

Opinion

We have audited the financial statements of Martindales Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 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 other information comprises the information included in the Strategic Report and the Report of the Directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Strategic Report and Report of the Directors. 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.

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.

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:

We obtained a general understanding of the company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation and claims. We also drew on our existing understanding of the company's industry and regulation. We understand the the company complies with the framework through:

- Outsourcing tax compliance to external experts; and

- Obtaining legal advice on disputes as necessary.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central the company's ability to conduct its business and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company:

- The companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

- Incorrect revenue recognition of revenue, particularly in relation to the completeness of revenue;

- Manipulation of the financial statements by way of management override of controls via the posting of fraudulent journal entries; and

- Valuation of freehold property as this is a key estimate.

The procedures we carried out to gain evidence in the above areas included:

- Testing of a sample of manual journal entries, selected through applying specific risk assessments based on the company's processes and controls surrounding manual journal entries;

- Challenging management on the assumptions used in the estimates identified above and comparison to market data; and

- Testing a sample of sales contracts in the year, ensuring they have led to sales in the 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 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.

Angela Chorlton FCA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

30 September 2025

Turnover

15,519,050

16,547,869

Cost of sales

(7,212,877

)

(7,667,432

)

Gross profit

8,306,173

8,880,437

Administrative expenses

(7,625,490

)

(7,618,669

)

680,683

1,261,768

Other operating income

4

188,587

248,587

Operating profit

6

869,270

1,510,355

Interest receivable and similar income

-

96,185

869,270

1,606,540

Interest payable and similar expenses

7

(884

)

(4,965

)

Profit before taxation

868,386

1,601,575

Tax on profit

8

(225,101

)

(380,132

)

Profit for the financial year

643,285

1,221,443

Other comprehensive income

-

1,127,500

Income tax relating to other comprehensive income

-

(310,525

)

Other comprehensive income for the year, net of income tax

-

816,975

Total comprehensive income for the year

643,285

2,038,418

Fixed assets

Tangible assets

10

4,263,097

4,377,626

Current assets

Stocks

11

386,373

358,608

Debtors

12

4,448,495

4,453,731

Cash at bank and in hand

617,179

401,185

5,452,047

5,213,524

Creditors

Amounts falling due within one year

13

2,565,554

2,583,035

Net current assets

2,886,493

2,630,489

Total assets less current liabilities

7,149,590

7,008,115

Creditors

Amounts falling due after more than one year

14

(146,890

)

(14,200

)

Provisions for liabilities

18

(738,500

)

(753,000

)

Net assets

6,264,200

6,240,915

Capital and reserves

Called up share capital

19

200

200

Revaluation reserve

20

2,155,447

2,176,300

Retained earnings

20

4,108,553

4,064,415

Shareholders' funds

6,264,200

6,240,915

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

P Martindale - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

200

3,550,544

1,386,765

4,937,509

Changes in equity

Dividends

-

(735,012

)

-

(735,012

)

Total comprehensive income

-

1,248,883

789,535

2,038,418

Balance at 31 December 2023

200

4,064,415

2,176,300

6,240,915

Changes in equity

Dividends

-

(620,000

)

-

(620,000

)

Total comprehensive income

-

664,138

(20,853

)

643,285

Balance at 31 December 2024

200

4,108,553

2,155,447

6,264,200

Cash flows from operating activities

Cash generated from operations

1

1,506,943

1,583,761

Interest paid

(884

)

(4,498

)

Interest element of hire purchase payments paid

-

(467

)

Tax paid

(443,632

)

(224,355

)

Net cash from operating activities

1,062,427

1,354,441

Cash flows from investing activities

Purchase of tangible fixed assets

(103,343

)

(811,789

)

Sale of tangible fixed assets

48,776

177,144

Interest received

-

96,185

Net cash from investing activities

(54,567

)

(538,460

)

Cash flows from financing activities

Loan repayments in year

(24,220

)

(57,182

)

Capital repayments in year

(24,341

)

(13,817

)

Amount introduced by directors

26,847

-

Amount withdrawn by directors

(12,084

)

(319,873

)

Equity dividends paid

(620,000

)

(735,012

)

Net cash from financing activities

(653,798

)

(1,125,884

)

Increase/(decrease) in cash and cash equivalents

354,062

(309,903

)

Cash and cash equivalents at beginning of year

2

(266,771

)

43,132

Cash and cash equivalents at end of year

2

87,291

(266,771

)

1.	Reconciliation of profit before taxation to cash generated from operations

2024

2023

£

£

Profit before taxation

868,386

1,601,575

Depreciation charges

371,472

374,820

Profit on disposal of fixed assets

(15,981

)

(64,536

)

Finance costs

884

4,965

Finance income

-

(96,185

)

1,224,761

1,820,639

(Increase)/decrease in stocks

(27,765

)

99,981

Decrease/(increase) in trade and other debtors

136,046

(126,522

)

Increase/(decrease) in trade and other creditors

173,901

(210,337

)

Cash generated from operations

1,506,943

1,583,761

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

617,179

401,185

Bank overdrafts

(529,888

)

(667,956

)

87,291

(266,771

)

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

401,185

403,116

Bank overdrafts

(667,956

)

(359,984

)

(266,771

)

43,132

3.	Analysis of changes in net debt

Other

non-cash

At 1/1/24

Cash flow

changes

At 31/12/24

£

£

£

£

Net cash

Cash at bank

and in hand

401,185

215,994

617,179

Bank overdrafts

(667,956

)

138,068

(529,888

)

(266,771

)

354,062

87,291

Debt

Finance leases

(31,290

)

24,341

-

(193,344

)

Debts falling due

within 1 year

(24,220

)

24,220

-

-

(55,510

)

48,561

-

(193,344

)

Total

(322,281

)

402,623

-

(106,053

)

1.	Statutory information

Martindales 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.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. There are no estimates or assumptions which give a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year.

The following estimate is not considered to give rise to significant risk of causing a material adjustment however it is considered to be a key accounting estimate :

(i) Property valuations

The valuation of properties requires management's best estimate of the open market value of the relevant assets. They are assisted in preparing these estimates by periodic professional valuations.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on completion of the obligations relating to the work.

Tangible fixed assets

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

Freehold property

-

2.5% straight line on valuation

Plant and machinery

-

20% on reducing balance and 10% straight line

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. Freehold property is subject to revaluation and any gains or losses are charged to Other Comprehensive Income.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Other operating income

Other income relates to management charges receivable and grants receivable. They are recognised on the accruals basis.

4.	Other operating income

2024

2023

£

£

Management charges receivable

188,587

248,587

5.	Employees and directors

2024

2023

£

£

Wages and salaries

4,906,517

4,882,105

Social security costs

490,212

474,553

Other pension costs

107,755

104,614

5,504,484

5,461,272

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

2024

2023

Administration and support

45

46

Production

104

106

Other departments

13

11

162

163

2024

2023

£

£

Directors' remuneration

378,678

355,001

Directors' pension contributions to money purchase schemes

6,479

6,479

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

154,145

151,326

6.	Operating profit

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

2024

2023

£

£

Other operating leases

117,145

176,549

Depreciation - owned assets

371,472

374,820

Profit on disposal of fixed assets

(15,981

)

(64,536

)

Auditors' remuneration

18,250

17,776

7.

Interest payable and similar expenses

2024

2023

£

£

Bank interest

884

4,498

Hire purchase

-

467

884

4,965