REGISTERED NUMBER: SC113186 (Scotland)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

SPS DOORGUARD LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTOR:

S Duffus

REGISTERED OFFICE:

The Octagon

35 Baird Street

Glasgow

G4 0EE

REGISTERED NUMBER:

SC113186 (Scotland)

SENIOR STATUTORY AUDITOR:

Douglas Paton BSc CA

AUDITORS:

Bannerman Johnstone Maclay

Chartered Accountants

and Statutory Auditor

213 St Vincent Street

Glasgow

G2 5QY

BANKERS:

Bank of Scotland

6th Floor

110 St Vincent Street

Glasgow

G2 5ER

The director presents the strategic report of the company and the group for the year ended 30th June 2025.

The principal activity of the group in the year under review was that of the hire of void protection products for the property market along with associated property services.

REVIEW OF BUSINESS

The group has delivered organic growth in turnover with a 16% increase from £12.6m to £14.5m in this year.

-

The profit before tax is stated at £315,000 as against £355,000 (loss) for the prior year but EBITDA, after taking account of interest and depreciation, is stated at £622,000 as against an EBITDA loss for the prior year of £27,000.

-

Shareholders' funds have increased from £1.507m to £1.799m, which is an increase of 19%.

The strategy of the director is to focus on future growth including creating a presence in new national regions whilst continuing to take steps to reduce overheads and to continue to position the company in a profitable position.

The growing pipeline of opportunities gives the director further optimism and confidence in the execution of this strategy, and it is anticipated that with further increases in underlying profitability, an increase in EBITDA will arise.

PRINCIPAL RISKS AND UNCERTAINTIES

During the forthcoming year the director considers the principal risks and uncertainties being the competitive nature of the industry in which the group operates and the associated downward pressure on margins.

Having considered the risks to the company, the director is of the opinion that the group can respond to and mitigate the impact of these risks.

ON BEHALF OF THE BOARD:

S Duffus - Director

30 September 2025

The director presents her report with the financial statements of the company and the group for the year ended 30 June 2025.

DIVIDENDS

No dividends will be distributed for the year ended 30th June 2025.

DIRECTOR

S Duffus held office during the whole of the period from 1 July 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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 director is 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 she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Bannerman Johnstone Maclay, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S Duffus - Director

30 September 2025

Opinion

We have audited the financial statements of SPS Doorguard Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 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 30 June 2025 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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:

-

We obtained an understanding of the legal and regulatory frameworks applicable to the group and the sector in which it operates. We determined that the following laws and regulations were the most significant: the Companies Act 2006 and UK corporate taxation laws.

-

We obtained an understanding of how the group is complying with those legal and regulatory frameworks by making enquires to the management.

-

We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-

identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;

-

understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

-

challenging assumptions and judgements made by management in its significant accounting estimates;

-

identifying and testing journal entries, in particular any journal entries posted with unusual accounting combinations; and

-

assessing the extent of compliance with relevant laws and regulations.

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.

Douglas Paton BSc CA (Senior Statutory Auditor)

for and on behalf of Bannerman Johnstone Maclay

Chartered Accountants

and Statutory Auditor

213 St Vincent Street

Glasgow

G2 5QY

30 September 2025

TURNOVER

14,525,377

12,563,634

Cost of sales

11,697,942

10,182,214

GROSS PROFIT

2,827,435

2,381,420

Administrative expenses

2,453,543

2,718,215

OPERATING PROFIT/(LOSS)

4

373,892

(336,795

)

Interest receivable and similar income

4,592

1,274

378,484

(335,521

)

Interest payable and similar expenses

5

63,160

19,899

PROFIT/(LOSS) BEFORE TAXATION

315,324

(355,420

)

Tax on profit/(loss)

6

22,451

41,454

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

292,873

(396,874

)

Profit/(loss) attributable to:

Owners of the parent

292,873

(396,874

)

PROFIT/(LOSS) FOR THE YEAR

292,873

(396,874

)

OTHER COMPREHENSIVE INCOME

Other reserves

(985

)

2,129

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(985

)

2,129

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

291,888

(394,745

)

Total comprehensive income attributable to:

Owners of the parent

291,888

(394,745

)

FIXED ASSETS

Tangible assets

8

1,121,636

1,157,579

Investments

9

-

-

1,121,636

1,157,579

CURRENT ASSETS

Stocks

10

23,119

108,297

Debtors

11

3,016,252

3,087,851

Cash at bank

737,087

490,613

3,776,458

3,686,761

CREDITORS

Amounts falling due within one year

12

2,994,612

3,200,082

NET CURRENT ASSETS

781,846

486,679

TOTAL ASSETS LESS CURRENT LIABILITIES

1,903,482

1,644,258

CREDITORS

Amounts falling due after more than one year

13

104,264

136,928

NET ASSETS

1,799,218

1,507,330

CAPITAL AND RESERVES

Called up share capital

16

5,000

5,000

Other reserves

17

79,205

80,190

Retained earnings

17

1,715,013

1,422,140

SHAREHOLDERS' FUNDS

1,799,218

1,507,330

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

S Duffus - Director

FIXED ASSETS

Tangible assets

8

837,395

891,287

Investments

9

61,318

61,318

898,713

952,605

CURRENT ASSETS

Stocks

10

14,753

99,034

Debtors

11

2,725,739

2,798,357

Cash at bank

618,229

344,644

3,358,721

3,242,035

CREDITORS

Amounts falling due within one year

12

3,135,026

3,242,192

NET CURRENT ASSETS/(LIABILITIES)

223,695

(157

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,122,408

952,448

CREDITORS

Amounts falling due after more than one year

13

74,656

90,000

NET ASSETS

1,047,752

862,448

CAPITAL AND RESERVES

Called up share capital

16

5,000

5,000

Retained earnings

17

1,042,752

857,448

SHAREHOLDERS' FUNDS

1,047,752

862,448

Company's profit/(loss) for the financial year

185,304

(570,278

)

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

S Duffus - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 July 2023

5,000

1,819,014

78,061

1,902,075

Changes in equity

Total comprehensive income

-

(396,874

)

2,129

(394,745

)

Balance at 30 June 2024

5,000

1,422,140

80,190

1,507,330

Changes in equity

Total comprehensive income

-

292,873

(985

)

291,888

Balance at 30 June 2025

5,000

1,715,013

79,205

1,799,218

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 July 2023

5,000

1,427,726

1,432,726

Changes in equity

Total comprehensive income

-

(570,278

)

(570,278

)

Balance at 30 June 2024

5,000

857,448

862,448

Changes in equity

Total comprehensive income

-

185,304

185,304

Balance at 30 June 2025

5,000

1,042,752

1,047,752

Cash flows from operating activities

Cash generated from operations

1

608,908

519,056

Interest paid

(63,160

)

(19,899

)

Tax paid

(44,934

)

(39,194

)

Net cash from operating activities

500,814

459,963

Cash flows from investing activities

Purchase of tangible fixed assets

(213,425

)

(299,631

)

Sale of tangible fixed assets

896

9,213

Interest received

4,592

1,274

Net cash from investing activities

(207,937

)

(289,144

)

Cash flows from financing activities

Loan repayments in year

(21,091

)

(35,000

)

Capital repayments in year

(25,312

)

(14,316

)

Net cash from financing activities

(46,403

)

(49,316

)

Increase in cash and cash equivalents

246,474

121,503

Cash and cash equivalents at beginning of year

2

490,613

369,110

Cash and cash equivalents at end of year

2

737,087

490,613

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit/(loss) before taxation

315,324

(355,420

)

Depreciation charges

248,471

247,201

Loss on disposal of fixed assets

-

62,347

Finance costs

63,160

19,899

Finance income

(4,592

)

(1,274

)

622,363

(27,247

)

Decrease in stocks

85,178

1,516

Decrease/(increase) in trade and other debtors

84,935

(123,994

)

(Decrease)/increase in trade and other creditors

(183,568

)

668,781

Cash generated from operations

608,908

519,056

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 30 June 2025

30.6.25

1.7.24

£

£

Cash and cash equivalents

737,087

490,613

Year ended 30 June 2024

30.6.24

1.7.23

£

£

Cash and cash equivalents

490,613

369,110

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.24

Cash flow

At 30.6.25

£

£

£

Net cash

Cash at bank

490,613

246,474

737,087

490,613

246,474

737,087

Debt

Finance leases

(65,521

)

25,312

(40,209

)

Debts falling due within 1 year

(50,000

)

5,747

(44,253

)

Debts falling due after 1 year

(90,000

)

15,344

(74,656

)

(205,521

)

46,403

(159,118

)

Total

285,092

292,877

577,969

1.	STATUTORY INFORMATION

SPS Doorguard Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The director is required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. In satisfaction of this responsibility the director has considered the group's ability to meet its liabilities as they fall due.

The group meets its day to day working capital requirements through its cash reserves.

The group's going concern assessment considers its principal risks and is dependent on a number of factors including financial performance.

The current and future financial position of the group, its cash flows and liquidity have been reviewed by the director.

Following this review, the director is confident that the group has sufficient resources to continue to operate for the foreseeable future. Accordingly, the director consider it appropriate to prepare the financial statements on the going concern basis.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June each year. The comparative figures have been restated showing the consolidated position where relevant. The results of subsidiaries acquired or sold are consolidated for the periods from or up to the date on which control passed. Acquisitions are accounted for under the acquisition method.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance sheet date and the amounts reported during the year for revenue and costs. However the nature of estimation means that actual outcomes could differ from those 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.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition.

Impairment of trade and other debtors

The Group regularly reviews the recoverability of trade and other debtors. A provision for impairment is made where the Group believes that it will not be able to collect amounts due according to the original terms of trade. Provisions for impairment are estimates of future events and are therefore uncertain.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Financial instruments

The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,777,745

5,098,866

Social security costs

438,942

353,771

Other pension costs

77,783

64,250

6,294,470

5,516,887

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

2025

2024

Employees

235

216

2025

2024

£

£

Director's remuneration

138,686

139,730

Director's pension contributions to money purchase schemes

1,321

1,321

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

Money purchase schemes

1

1

4.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging:

2025

2024

£

£

Depreciation - owned assets

239,168

231,079

Depreciation - assets on hire purchase contracts

9,304

16,122

Loss on disposal of fixed assets

-

62,347

Auditors' remuneration

7,875

7,875

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

32,464

18,556

Interest on overdue taxation

30,696

1,343

63,160

19,899