Maple Sunscreening Holdings Ltd Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 09503531

Maple Sunscreening Holdings Ltd

Financial Statements

31 December 2024

Maple Sunscreening Holdings Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Consolidated income statement	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of changes in equity	13

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

Maple Sunscreening Holdings Ltd

Officers and Professional Advisers

The board of directors	Mr E McGrath
	Mr J McGrath
	Mr S McGrath

Registered office	Bramhall Technology Park
	Units 11a-11d Pepper Road
	Hazel Grove
	Stockport
	SK7 5SA

Auditor	Riverside Accountancy Lancaster Limited
	Chartered accountants & statutory auditor
	Suite 2, 2 Mannin Way
	Lancaster Business Park
	Caton Road
	Lancaster
	LA1 3SU

Maple Sunscreening Holdings Ltd

Strategic Report

Year ended 31 December 2024

The directors present their strategic report for the year ended 31st December 2024. Principal activity The principal activity of the company continues to be that of the design, manufacture and installation of solar shading, weather protection and screening for building exteriors and interiors.

Review of business 2024 has been a good year showing an improvement in trading. Turnover has decreased in 2024 from £24.7m to £21.4m mainly due to timing of contracts. A number of contracts were delayed on site in the early part of the year. The gross profit percentage improved in the year as material costs stabilised and we were able to build this into tendered margins. We also didn't have any legacy contracts form the covid era so there were minimal write downs in the year. Gross profit value increased from £5m to £5.9m,resulting in a profit before tax of £3m (2023: £2.47m). Our overheads have increased as we have invested for future growth. We see this continuing but at a slower pace. We continue to monitor our overhead costs, ensuring we have sufficient resources to deliver our turnover effectively. We have delivered for our customers in 2024 and we expect to increase GP% in the coming year due to building in cost increases to our tenders and the efficiencies we have gained through implementing our quality system. The directors and management team are constantly monitoring our three-year business plan which is planned for growth. We have strengthened and invested in our team to achieve our growth forecasts and continue to do so. We continued to deliver our service safely and effectively and maintained our relationship with our key customers and suppliers. We work well with our customers and aim to be their subcontractor of choice by offering them innovative solutions. We have organised more customer events in 2024 to explore what our customers want and to educate them on the latest products in the market. We feel this has come about due to a combination of hard work and expertise in our field; we understand our products and processes. We are also focused on great customer service, product innovation and quality. This has enabled us to deliver our customers with products and services that go above and beyond the norm.We constantly ask our customers for feedback which is mostly positive. Where feedback can lead to improvements, we work with our clients to ensure we improve at the next opportunity. We continue to invest in our facilities, equipment, technology and colleagues. We aim to pay our suppliers within agreed credit terms. The working capital cycle was uneventful with changes in stock/debtors/creditors reflecting the growth in turnover. We have continued to invest in the business with investment in technology and increased investment in our people. and the. The company did not borrow during the year so we expect to steadily increase our cash reserves. we acquired the d Maple has continued to provide more products and services to new and existing clients and build on our continuing success. During the year the company undertook some research and development activities as it continues to advance and grow its knowledge in the sector and increased our R & D concerning Data centres.

Principal risks and uncertainties The key business risks and uncertainties affecting the company are considered to relate to: - Supply chain disruption - Market conditions in the United Kingdom. The company aims to differentiate its service by consistently delivering high-quality products coupled with a strategy of continuous innovation of both products and manufacturing processes. The directors monitor the state of the market segments that affect the business and evolves the business strategy as required.

Key performance indicators The company utilises a range of measures to assess its performance on the most appropriate time basis. These range from financial measures across the company to operational measures within individual departments. Development and performance The company continues to invest in manufacturing capacity and innovative products to ensure its future success. This will give it the capability to deal with both opportunities and problems as they arise. As the business is moving into new markets, this is allowing the business to continue to invest in its people, processes and technology. The business is on a journey towards becoming more automated in its processes and allowing the business to scale in the coming years. Part of this development is continuing to bring new products to the market and perfecting our pre-construction support for our customers.

This report was approved by the board of directors on 30 September 2025 and signed on behalf of the board by:

Mr S McGrath

Director

Registered office:

Bramhall Technology Park

Units 11a-11d Pepper Road

Hazel Grove

Stockport

SK7 5SA

Maple Sunscreening Holdings Ltd

Directors' Report

Year ended 31 December 2024

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

Directors

The directors who served the company during the year were as follows:

Mr J McGrath
Mr S McGrath

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 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 group and the company and 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 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 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 30 September 2025 and signed on behalf of the board by:

Mr S McGrath

Director

Registered office:

Bramhall Technology Park

Units 11a-11d Pepper Road

Hazel Grove

Stockport

SK7 5SA

Maple Sunscreening Holdings Ltd

Independent Auditor's Report to the Members of Maple Sunscreening Holdings Ltd

Year ended 31 December 2024

Opinion

We have audited the financial statements of Maple Sunscreening Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated income statement, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 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's 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; - 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 auditor's 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 or 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.

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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.

Auditor's 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 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. 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: - Review of directors minutes and review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that company must follow in the year and to the date of signing the financial statements - The assessment of fraud was consider as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the company to its parent. A review of journal entries and consideration of their appropriateness was carried out through the audit - During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair. - Challenging assumptions made by management in making their significant accounting estimates. - Reviewing financial statement disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations - Review work in progress and estimates around % completion, ensure margins are reasonable and expected due to post balance sheet movements. - Ensure investments are materially stated, and no impairment is due. - Review and challenge health and safety requirements, onsite and in the factory to ensure compliance with the HSE. Review external audit reports and investigate if any breaches have been incurred or reportable instances are due. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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.

Penelope Bowden ACA

(Senior Statutory Auditor)

For and on behalf of

Riverside Accountancy Lancaster Limited

Chartered accountants & statutory auditor

Suite 2, 2 Mannin Way

Lancaster Business Park

Caton Road

Lancaster

LA1 3SU

30 September 2025

Maple Sunscreening Holdings Ltd

Consolidated Income Statement

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	21,472,805	24,755,481

Cost of sales	15,480,434	19,711,511
	-------------	-------------
Gross profit	5,992,371	5,043,970

Administrative expenses		2,875,194	2,215,225
		------------	------------
Operating profit	5	3,117,177	2,828,745

Income from shares in group undertakings	9	121,992	–
Other interest receivable and similar income	10	131,011	80,064
Interest payable and similar expenses	11	148,672	111,197
		------------	------------
Profit before taxation		3,221,508	2,797,612

Tax on profit	12	586,526	346,733
		------------	------------
Profit for the financial year		2,634,982	2,450,879
		------------	------------

Profit for the financial year attributable to:

The owners of the parent company	2,513,437	2,450,879
Non-controlling interests	121,545	–
	------------	------------
	2,634,982	2,450,879
	------------	------------

All the activities of the group are from continuing operations.

The group has no other recognised items of income and expenses other than the results for the year as set out above.

Maple Sunscreening Holdings Ltd

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	14	677,165	591,589
Tangible assets	15	2,408,864	1,515,815
Investments	16	10,004	10,004
		------------	------------
		3,096,033	2,117,408

Current assets

Stocks	17	256,451	1,003,676
Debtors	18	9,834,442	7,628,683
Cash at bank and in hand		3,537,440	3,940,408
		-------------	-------------
		13,628,333	12,572,767

Creditors: amounts falling due within one year	20	5,875,773	4,461,321
		-------------	-------------
Net current assets		7,752,560	8,111,446
		-------------	-------------
Total assets less current liabilities		10,848,593	10,228,854

Creditors: amounts falling due after more than one year	21	1,497,024	1,286,485

Provisions	23	525,680	313,126
		-------------	-------------
Net assets		8,825,889	8,629,243
		-------------	-------------

Capital and reserves

Called up share capital	26	212	212
Share premium account	27	299,982	299,982
Profit and loss account	27	8,353,731	8,329,049
		------------	------------
Equity attributable to the owners of the parent company		8,653,925	8,629,243

Non-controlling interests	171,964	–
	------------	------------
	8,825,889	8,629,243
	------------	------------

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr S McGrath

Director

Company registration number: 09503531

Maple Sunscreening Holdings Ltd

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	15	1,254,284	1,278,245
Investments	16	223,311	202
		------------	------------
		1,477,595	1,278,447

Current assets

Debtors	18	2,488,383	2,768,747
Cash at bank and in hand		–	4
		------------	------------
		2,488,383	2,768,751

Creditors: amounts falling due within one year	20	2,712,086	2,619,116
		------------	------------
Net current (liabilities)/assets		( 223,703)	149,635
		------------	------------
Total assets less current liabilities		1,253,892	1,428,082

Creditors: amounts falling due after more than one year	21	1,227,941	1,286,485
		------------	------------
Net assets		25,951	141,597
		------------	------------

Capital and reserves

Called up share capital	26	212	212
Profit and loss account	27	25,739	141,385
		--------	---------
Shareholders funds		25,951	141,597
		--------	---------

The profit for the financial year of the parent company was £ 2,226,710 (2023: £ 622,208 ).

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr S McGrath

Director

Company registration number: 09503531

Maple Sunscreening Holdings Ltd

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Share premium account	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
		£	£	£	£	£	£
At 1 January 2023		212	299,982	6,520,162	6,820,356	–	6,820,356

Profit for the year				2,450,879	2,450,879	–	2,450,879
		----	---------	------------	------------	----	------------
Total comprehensive income for the year		–	–	2,450,879	2,450,879	–	2,450,879

Dividends paid and payable	13	–	–	( 641,992)	( 641,992)	–	( 641,992)
		----	---------	------------	------------	----	------------
Total investments by and distributions to owners		–	–	( 641,992)	( 641,992)	–	( 641,992)

At 31 December 2023		212	299,982	8,329,048	8,629,242	50,419	8,679,661

Profit for the year				2,513,437	2,513,437	121,545	2,634,982
		----	---------	------------	------------	---------	------------
Total comprehensive income for the year		–	–	2,513,437	2,513,437	121,545	2,634,982

Dividends paid and payable	13	–	–	( 2,488,754)	( 2,488,754)	–	( 2,488,754)
		----	----	------------	------------	----	------------
Total investments by and distributions to owners		–	–	( 2,488,754)	( 2,488,754)	–	( 2,488,754)

		----	---------	------------	------------	---------	------------
At 31 December 2024		212	299,982	8,353,731	8,653,925	171,964	8,825,889
		----	---------	------------	------------	---------	------------

Maple Sunscreening Holdings Ltd

Company Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Profit and loss account	Total
		£	£	£
At 1 January 2023		212	161,169	161,381

Profit for the year			622,208	622,208
		----	---------	---------
Total comprehensive income for the year		–	622,208	622,208

Dividends paid and payable	13	–	( 641,992)	( 641,992)
		----	---------	---------
Total investments by and distributions to owners		–	( 641,992)	( 641,992)

At 31 December 2023		212	141,385	141,597

Profit for the year			2,226,710	2,226,710
		----	------------	------------
Total comprehensive income for the year		–	2,226,710	2,226,710

Dividends paid and payable	13	–	( 2,342,356)	( 2,342,356)
		----	------------	------------
Total investments by and distributions to owners		–	( 2,342,356)	( 2,342,356)

		----	------------	------------
At 31 December 2024		212	25,739	25,951
		----	------------	------------

Maple Sunscreening Holdings Ltd

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
Note	£	£

Cash flows from operating activities

Profit for the financial year	2,634,982	2,450,879

Adjustments for:
Depreciation of tangible assets	126,736	88,930
Amortisation of intangible assets	148,547	135,229
Income from shares in group undertakings	( 121,992)	–
Other interest receivable and similar income	( 131,011)	( 80,064)
Interest payable and similar expenses	148,672	111,197
Loss on disposal of tangible assets	12,324	–
Gains on disposal of intangible assets	( 19,567)	( 316)
Tax on profit	586,526	346,733
Accrued expenses	617,047	5,108

Changes in:
Stocks	747,225	( 231,174)
Trade and other debtors	( 3,070,951)	961,054
Trade and other creditors	228,190	( 27,796)
Provisions and employee benefits	91,000	( 475)
	------------	------------
Cash generated from operations	1,997,728	3,759,305

Interest paid	( 148,672)	( 111,197)
Interest received	131,011	80,064
Tax paid	( 243,328)	( 101,722)
	------------	------------
Net cash from operating activities	1,736,739	3,626,450
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 28,947)	( 67,033)
Proceeds from sale of tangible assets	40,892	–
Purchase of intangible assets	( 243,537)	( 40,983)
Proceeds from sale of intangible assets	28,982	1,379
Dividends received	121,992	–
	------------	------------
Net cash used in investing activities	( 80,618)	( 106,637)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	290,552	–
Repayments of borrowings	–	( 59,817)
Payments of finance lease liabilities	27,210	( 13,803)
Dividends paid	( 2,488,754)	( 641,992)
	------------	------------
Net cash used in financing activities	( 2,170,992)	( 715,612)
	------------	------------

Net (decrease)/increase in cash and cash equivalents		( 514,871)	2,804,201
Cash and cash equivalents at beginning of year		3,940,408	1,136,207
		------------	------------
Cash and cash equivalents at end of year	19	3,425,537	3,940,408
		------------	------------

Maple Sunscreening Holdings Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bramhall Technology Park, Units 11a-11d Pepper Road, Hazel Grove, Stockport, SK7 5SA.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis as modified by the revaluation of certain assets and liabilities and investment properties measured at fair value through profit and loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Maple Sunscreening Holdings Ltd and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

Judgements and key sources of estimation uncertainty

The following judgements and estimations have been made in the process of applying the company's accounting polices that have had the most significant effect on amounts recognised in the financial statements. 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 where it affects only that period or in both current and future periods. Useful economic lives of tangible fixed assets The annual deprecation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. These are assessed by the directors on an annual basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. In respect of long-term contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

During the year the cost to the company on operating leases was £ 228,091 (2023 - 151,232.)

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	Over its estimated life 10- 20 years
Patents, trademarks and licences	-	Over their estimated life of 4 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant and machinery	-	25% reducing balance and 10% of costs
Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	21,472,805	24,755,481
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	148,547	135,229
Depreciation of tangible assets	98,469	88,930
Loss on disposal of tangible assets	12,324	–
Gains on disposal of intangible assets	( 19,567)	( 316)
Impairment of trade debtors	415,206	82,105
Operating lease rentals	233,176	151,232
Foreign exchange differences	( 43,408)	( 3,115)
	---------	---------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	11,975	12,475
	--------	--------

7. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	49	41
Administrative staff	32	19
Management staff	5	5
Sales and marketing staff	14	14
	----	----
	100	79
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	3,173,917	3,203,852
Social security costs	377,671	359,263
Other pension costs	101,481	98,541
	------------	------------
	3,653,069	3,661,656
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	88,740	30,258
	--------	--------

9. Income from shares in group undertakings

	2024	2023
	£	£
Dividends from group undertakings	121,992	–
	---------	----

10. Other interest receivable and similar income

	2024	2023
	£	£
Interest on bank deposits	130,967	80,064
Interest receivable	44	–
	---------	--------
	131,011	80,064
	---------	--------

11. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	116,458	110,759
Interest on obligations under finance leases and hire purchase contracts	3,126	3,369
Interest payable	3,219	( 423)
Other interest payable and similar charges	25,869	( 2,508)
	---------	---------
	148,672	111,197
	---------	---------

12. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	550,772	360,693
Adjustments in respect of prior periods	33,492	( 10,561)
	---------	---------
Total current tax	584,264	350,132
	---------	---------

Deferred tax:

Origination and reversal of timing differences	2,262	( 3,399)
	---------	---------
Tax on profit	586,526	346,733
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	3,221,508	2,797,612
	------------	------------
Profit on ordinary activities by rate of tax	1,208,683	757,084
Adjustment to tax charge in respect of prior periods	33,494	( 10,561)
Effect of expenses not deductible for tax purposes	80,357	28,352
Effect of capital allowances and depreciation	95,970	35,585
Effect of different UK tax rates on some earnings	(484,460)	(98,800)
Deferred Tax	( 22,874)	( 3,399)
R&D Credits	(77,797)	(110,488)
Patent box claim	(246,847)	(251,040)
	------------	------------
Tax on profit	586,526	346,733
	------------	------------

13. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	2,366,762	641,992
	------------	---------

14. Intangible assets

Group	Goodwill	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 January 2024	709,000	561,176	1,270,176
Additions	147,471	96,066	243,537
Disposals	–	( 109,579)	( 109,579)
	---------	---------	------------
At 31 December 2024	856,471	547,663	1,404,134
	---------	---------	------------
Amortisation
At 1 January 2024	489,613	188,973	678,586
Charge for the year	34,958	113,589	148,547
Disposals	–	( 100,164)	( 100,164)
	---------	---------	------------
At 31 December 2024	524,571	202,398	726,969
	---------	---------	------------
Carrying amount
At 31 December 2024	331,900	345,265	677,165
	---------	---------	------------
At 31 December 2023	219,387	372,203	591,590
	---------	---------	------------

The company has no intangible assets.

15. Tangible assets

Group	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	2,298,050	1,212,073	171,831	3,681,954
Additions	–	2,089	26,858	28,947
Disposals	–	( 364,653)	( 92,367)	( 457,020)
	------------	------------	---------	------------
At 31 December 2024	2,298,050	849,509	106,322	3,253,881
	------------	------------	---------	------------
Depreciation
At 1 January 2024	119,805	927,093	84,341	1,131,239
Charge for the year	23,961	74,104	28,671	126,736
Disposals	–	( 340,832)	( 62,972)	( 403,804)
Transfers	–	–	(9,154)	(9,154)
	------------	------------	---------	------------
At 31 December 2024	143,766	660,365	40,886	845,017
	------------	------------	---------	------------
Carrying amount
At 31 December 2024	2,154,284	189,144	65,436	2,408,864
	------------	------------	---------	------------
At 31 December 2023	2,178,245	284,980	87,490	2,550,715
	------------	------------	---------	------------

Company	Freehold property
	£
Cost
At 1 January 2024 and 31 December 2024	1,398,050
	------------
Depreciation
At 1 January 2024	119,805
Charge for the year	23,961
	------------
At 31 December 2024	143,766
	------------
Carrying amount
At 31 December 2024	1,254,284
	------------
At 31 December 2023	1,278,245
	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Plant and machinery
	£
At 31 December 2024	27,210
	--------
At 31 December 2023	–
	--------

The company has no tangible assets held under finance lease or hire purchase agreements.

16. Investments

Group	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	10,004
	--------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------

Carrying amount
At 1 January 2024 and 31 December 2024	10,004
	--------
At 31 December 2023	10,004
	--------

Company	Shares in group undertakings
	£
Cost
At 1 January 2024	202
Additions	223,109
	---------
At 31 December 2024	223,311
	---------
Impairment
At 1 January 2024 and 31 December 2024	–
	---------

Carrying amount
At 31 December 2024	223,311
	---------
At 31 December 2023	202
	---------

Subsidiaries, associates and other investments

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Maple Sunscreening Limited	Ordinary	100
Alpine Group (1974) Limited	Ordinary	60
Levolux AT Limited - Dormant	Ordinay	100

17. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Raw materials and consumables	5,891	–	–	–
Work in progress	250,560	1,003,676	–	–
	---------	------------	----	----
	256,451	1,003,676	–	–
	---------	------------	----	----

18. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	6,770,595	4,326,068	–	–
Amounts owed by group undertakings	2,338,383	2,768,747	2,338,383	2,768,747
Amounts owed by undertakings in which the company has a participating interest	88,133	–	–	–
Prepayments and accrued income	203,971	198,808	150,000	–
Other debtors	433,360	335,060	–	–
	------------	------------	------------	------------
	9,834,442	7,628,683	2,488,383	2,768,747
	------------	------------	------------	------------

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Other debtors - desc in a/cs	170,000	–	–	–
	---------	----	----	----

19. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2024	2023
	£	£
Cash at bank and in hand	3,537,440	3,940,408
Bank overdrafts	( 111,903)	–
	------------	------------
	3,425,537	3,940,408
	------------	------------

20. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	341,925	133,014	133,033	133,014
Trade creditors	2,122,913	2,652,085	–	–
Amounts owed to group undertakings	–	–	2,561,439	2,481,122
Accruals and deferred income	2,155,934	624,474	4,000	4,000
Corporation tax	690,676	349,740	13,614	980
Social security and other taxes	243,027	124,304	–	–
Obligations under finance leases and hire purchase contracts	10,215	–	–	–
Other creditors	311,083	577,704	–	–
	------------	------------	------------	------------
	5,875,773	4,461,321	2,712,086	2,619,116
	------------	------------	------------	------------

21. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	1,480,029	1,286,485	1,227,941	1,286,485
Obligations under finance leases and hire purchase contracts	16,995	–	–	–
	------------	------------	------------	------------
	1,497,024	1,286,485	1,227,941	1,286,485
	------------	------------	------------	------------

22. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	10,215	–	–	–
Later than 1 year and not later than 5 years	16,995	–	–	–
	--------	----	----	----
	27,210	–	–	–
	--------	----	----	----

23. Provisions

Group	Warranties	Deferred tax (note 24)	Total
	£	£	£
At 1 January 2024	266,100	47,026	313,126
Additions	135,000	134,122	269,122
Charge against provision	( 44,000)	( 12,568)	( 56,568)
	---------	---------	---------
At 31 December 2024	357,100	168,580	525,680
	---------	---------	---------

The company does not have any provisions.

24. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 23)	168,580	47,026	–	–
	---------	--------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	168,580	47,026	–	–
	---------	--------	----	----

25. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 101,481 (2023: £ 98,541 ).

26. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary A shares of £ 1 each	102	102	102	102
Ordinary B shares of £ 1 each	44	44	44	44
Ordinary C shares of £ 1 each	56	56	56	56
Ordinary T shares of £ 1 each	10	10	10	10
	----	----	----	----
	212	212	212	212
	----	----	----	----

27. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

28. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	3,940,408	(402,968)	3,537,440
Bank overdrafts	–	(111,903)	(111,903)
Debt due within one year	(133,014)	(107,223)	(240,237)
Debt due after one year	(1,286,485)	(210,539)	(1,497,024)
	------------	---------	------------
	2,520,909	( 832,633)	1,688,276
	------------	---------	------------

Maple Sunscreening Holdings Ltd

Notes to the Financial Statements (continued)

Year ended 31 December 2024

29. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	116,007	77,819	–	–
Later than 1 year and not later than 5 years	214,614	131,778	–	–
	---------	---------	----	----
	330,621	209,597	–	–
	---------	---------	----	----

30. Charges on assets

There is a charge over the company's freehold property from the Barclays dated December 2018 still outstanding at the year end.

31. Related party transactions

Company

Maple Sunscreening Limited Included within debtors are amounts owed from connected parties of £2,561,438 (2023 £2,481,123). Included within creditors are amounts owed to connected parties of £nil, (2023 - £45,610). During the year the directors are key management personnel and had salaries as outlined in the notes above, there were also P11d benefits in kind for directors and connected parties totalling £15,402 (2023 - £10,200). Maple Sunscreening Holdings Limited During the year the company rented a property to a connected party at a peppercorn rate .

32. Controlling party

The controlling party of the company is the directors, via their shareholding in MFH Limited , the ultimate parent company.