IRIS Accounts Production v25.2.0.378 05476358 Board of Directors 1.9.23 31.8.24 31.8.24 Medium entities the provision of door sets and door kits. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 05476358 (England and Wales)

COTSWOLD DOORS LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST AUGUST 2024

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2024

| Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |  | to |  | 6

| Statement of Income and Retained Earnings | 7 |

| Statement of Financial Position | 8 |

| Statement of Cash Flows | 9 |

| Notes to the Statement of Cash Flows | 10 |

| Notes to the Financial Statements | 11 |  | to |  | 19

| COTSWOLD DOORS LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST AUGUST 2024

| DIRECTORS: | Mr S P D Campbell

| Mr D N Campbell

| Mrs N McDermott

| SECRETARY: | Mr S P D Campbell

| REGISTERED OFFICE: | Unit 1 Whelford Industrial Estate

| Whelford Road

| FAIRFORD

| Gloucestershire

| GL7 4DT

| REGISTERED NUMBER: | 05476358 (England and Wales)

| AUDITORS: | Morris Owen

| Statutory Auditors

| 43-45 Devizes Road

| SWINDON

| Wiltshire

| SN1 4BG

| BANKERS: | Lloyds Bank Plc

| Bailey Drive

| Gillingham Business Park

| Gillingham

| Kent

| ME8 0LS

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31ST AUGUST 2024

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

The principle activity of the company is the manufacture and retails of door sets along with the sale of Ironmongery.

REVIEW OF BUSINESS

Over the past 12 months Cotswold Doors Ltd has seen a dramatic rise in bespoke door orders against standard product which has started to increase margins and revenue towards the end of the financial year.

However significant market challenges due to customer liquidation has had an impact on this financial year.

PRINCIPAL RISKS AND UNCERTAINTIES

The business benefits from a favourable sub-sector within the construction industry, however fluctuations with external construction activity can result in low orders volume.

Inflation has been controlled during the year and expect further improvements in the margin throughout the year. The directors have continued to work with the supply chain to achieve cost-effective pricing through strong relationship agreements.

Customer liquidity is continually monitored as a precaution against bad debts with more proforma accounts and credit insurance.

KEY PERFORMANCE INDICATORS

The directors use the following key performance indicators (KPI's) in reviewing business performance:

Monthly average turnover: 2024 - £0.71m (2023 - £0.85m)

Gross Profit: 2024 - £3.0m (2023 - £3.9m)

Gross profit margin: 2024 - 34.8% (2023 - 38.6%)

Operating Profit/(Loss): 2024 - (£1.0m) (2023 - £70k)

Debtor days: 2024 - 69 days (2023 - 97 days)

Working capital cycle - net current assets: 2024 - £0.65m (2023 - £1.82m)

FUTURE DEVELOPMENTS

The company has started the year with an increasing order book and trading performance has continued to improve. The directors are confident that steps taken during the year will positively impact the financial activities for the next financial year.

ON BEHALF OF THE BOARD:

Mr S P D Campbell - Director

8th October 2025

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST AUGUST 2024

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

DIVIDENDS

No dividends will be distributed for the year ended 31st August 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st September 2023 to the date of this report.

Mr S P D Campbell

Mr D N Campbell

Mrs N McDermott

Other changes in directors holding office are as follows:

Mr J A Wilkinson ceased to be a director after 31st August 2024 but prior to the date of this report.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr S P D Campbell - Director

8th October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

COTSWOLD DOORS LTD

Opinion

We have audited the financial statements of Cotswold Doors Ltd (the 'company') for the year ended 31st August 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31st August 2024 and of its loss 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.

Emphasis of matter

We draw attention to note two in the financial statements, which describes factors that have been taken into account regarding going concern. Our opinion is not modified in respect of this matter.

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

COTSWOLD DOORS LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations through the audit planning process;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act, taxation legislation, general data protection regulations (GDPR), employment, and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

COTSWOLD DOORS LTD

We assessed this susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

As a result of a small management and finance team we identified a risk of fraud through management bias and ability to override of controls, including lack of segregation of duties, which could lead to a misappropriation of cash and other assets. To address this we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transaction; and

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HM Revenue & Customs (HMRC) and any legal correspondence.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Mr Robert Andrew Beale (Senior Statutory Auditor)

for and on behalf of Morris Owen

Statutory Auditors

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

9th October 2025

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

FOR THE YEAR ENDED 31ST AUGUST 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 8,482,041 |  | 10,163,468 |  |

Cost of sales | 5,528,740 |  | 6,241,128 |  |

GROSS PROFIT | 2,953,301 |  | 3,922,340 |  |

Administrative expenses | 3,923,267 |  | 3,852,043 |  |

OPERATING (LOSS)/PROFIT | 5 | (969,966 | ) | 70,297 |  |

Interest receivable and similar income | 1 |  | 781 |  |

(969,965 | ) | 71,078 |  |

Interest payable and similar expenses | 7 | 68,712 |  | 27,015 |  |

(LOSS)/PROFIT BEFORE TAXATION | (1,038,677 | ) | 44,063 |  |

Tax on (loss)/profit | 8 | (34,107 | ) | 31,427 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (1,004,570 | ) | 12,636 |  |

Retained earnings at beginning of year | 1,920,276 |  | 1,907,640 |  |

RETAINED EARNINGS AT END OF YEAR | 915,706 |  | 1,920,276 |  |

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

STATEMENT OF FINANCIAL POSITION

31ST AUGUST 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 637,849 |  | 679,439 |  |

CURRENT ASSETS

Stocks | 10 | 834,742 |  | 1,396,186 |  |

Debtors | 11 | 2,912,666 |  | 3,746,803 |  |

Cash at bank and in hand | 260,784 |  | 397,602 |  |

4,008,192 |  | 5,540,591 |  |

CREDITORS

Amounts falling due within one year | 12 | 3,361,216 |  | 3,715,962 |  |

NET CURRENT ASSETS | 646,976 |  | 1,824,629 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,284,825 |  | 2,504,068 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (247,481 | ) | (428,047 | ) |

PROVISIONS FOR LIABILITIES | 17 | (120,638 | ) | (154,745 | ) |

NET ASSETS | 916,706 |  | 1,921,276 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 1,000 |  | 1,000 |  |

Retained earnings | 19 | 915,706 |  | 1,920,276 |  |

SHAREHOLDERS' FUNDS | 916,706 |  | 1,921,276 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 8th October 2025 and were signed on its behalf by:

Mr S P D Campbell - Director

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST AUGUST 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 246,442 |  | 432,411 |  |

Interest paid | (56,255 | ) | (10,045 | ) |

Interest element of hire purchase payments paid | (12,457 | ) | (16,970 | ) |

Taxation refund | - |  | 33,094 |  |

Net cash from operating activities | 177,730 |  | 438,490 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (112,737 | ) | (27,602 | ) |

Interest received | 1 |  | 781 |  |

Net cash from investing activities | (112,736 | ) | (26,821 | ) |

Cash flows from financing activities

Loan repayments in year | (95,455 | ) | (95,455 | ) |

Capital repayments in year | (104,758 | ) | (154,104 | ) |

Amount withdrawn by directors | (1,599 | ) | - |  |

Net cash from financing activities | (201,812 | ) | (249,559 | ) |

(Decrease)/increase in cash and cash equivalents | (136,818 | ) | 162,110 |  |

Cash and cash equivalents at beginning of year | 2 | 397,602 |  | 235,492 |  |

Cash and cash equivalents at end of year | 2 | 260,784 |  | 397,602 |  |

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST AUGUST 2024

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

| 2024 |  | 2023

£ | £ |

| (Loss)/profit before taxation | (1,038,677 | ) | 44,063 |  |

| Depreciation charges | 149,978 |  | 157,498 |  |

| Loss on disposal of fixed assets | 4,349 |  | - |  |

| Finance costs | 68,712 |  | 27,015 |  |

| Finance income | (1 | ) | (781 | ) |

(815,639 | ) | 227,795 |  |

| Decrease in stocks | 561,444 |  | 473,358 |  |

| Decrease/(increase) in trade and other debtors | 834,138 |  | (515,941 | ) |

| (Decrease)/increase in trade and other creditors | (333,501 | ) | 247,199 |  |

| Cash generated from operations | 246,442 |  | 432,411 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31st August 2024

| 31.8.24 |  | 1.9.23

£ | £ |

| Cash and cash equivalents | 260,784 |  | 397,602 |  |

| Year ended 31st August 2023

| 31.8.23 |  | 1.9.22

£ | £ |

| Cash and cash equivalents | 397,602 |  | 235,492 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.9.23 | Cash flow | At 31.8.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 397,602 |  | (136,818 | ) | 260,784 |  |

397,602 |  | (136,818 | ) | 260,784 |  |

| Debt

| Finance leases | (316,053 | ) | 104,758 |  | (211,295 | ) |

| Debts falling due within 1 year | (95,454 | ) | (1 | ) | (95,455 | ) |

| Debts falling due after 1 year | (217,046 | ) | 95,455 |  | (121,591 | ) |

(628,553 | ) | 200,212 |  | (428,341 | ) |

| Total | (230,951 | ) | 63,394 |  | (167,557 | ) |

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2024

1. | COMPANY INFORMATION

| The company is a private company limited by shares and incorporated in England and Wales.

| The registered office address is Unit 1 Whelford Industrial Estate, Whelford Road, Fairford, Gloucestershire, GL7 4DT and the registered number is 05476358.

| These financial statements are presented in British Pounds (GBP), which is the company's functional and presentational currency.

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

| During the financial year, a customer of the company went into liquidation. This customer represented 4% of the total turnover. After careful review of projections and contract enquiries, the directors are confident that the impact of this customers liquidation will not adversely affect the company in the long run. The directors have projected increased business from other existing and new clients that will account for the loss of this customer. The directors are also confident that the stock held for this customer will be used by the company who will take over the development project in the future.

| Significant judgements and estimates

| In preparing these financial statements the directors have made the following judgements:

| - Determined whether the leases entered into by the company as lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

| - Determined the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.

| - Determined an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

| - Determined an appropriate provision for obsolete and slow moving stocks by assessing the net realisable value of all stock lines on a line by line basis.

| - Determined an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease.

| - Determined an appropriate provision for credit notes expected from suppliers in relation to costs already incurred.

| Turnover

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

| The company recognises turnover when the amount of turnover can be reliably measured and the company has fulfilled its responsibilities under the contract, as amended for retaining stock for customers.

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST AUGUST 2024

2. | ACCOUNTING POLICIES - continued

| 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.

| Leasehold improvements | - | Straight line over 15 years

| Plant and machinery | - | 15 & 20% reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after make due allowance for obsolete and slow moving items. The cost of inventories is measured using the first-in first-out basis.

| Financial instruments

| Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| 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 statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST AUGUST 2024

2. | ACCOUNTING POLICIES - continued

| 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.

3. | TURNOVER

| The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| 2024 |  | 2023

£ | £ |

| Sale of goods | 8,482,041 |  | 10,163,468 |  |

8,482,041 |  | 10,163,468 |  |

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 2,143,670 |  | 2,028,072 |  |

| Social security costs | 212,449 |  | 196,045 |  |

| Other pension costs | 36,323 |  | 31,021 |  |

2,392,442 |  | 2,255,138 |  |

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

| 2024 |  | 2023

| Sales and distribution | 43 |  | 47 |  |

| Administration | 27 |  | 25 |  |

70 |  | 72 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 335,981 |  | 304,746 |  |

| Directors' pension contributions to money purchase schemes | 2,642 |  | 2,237 |  |

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

| Money purchase schemes | 2 |  | 1 |  |

| Information regarding the highest paid director is as follows:

| 2024 |  | 2023

£ | £ |

| Emoluments etc | 106,000 |  | 97,916 |  |

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST AUGUST 2024

5. | OPERATING (LOSS)/PROFIT

| The operating loss (2023 - operating profit) is stated after charging:

| 2024 |  | 2023

£ | £ |

| Hire of plant and machinery | 26,254 |  | 14,996 |  |

| Depreciation - owned assets | 84,443 |  | 31,769 |  |

| Depreciation - assets on hire purchase contracts | 65,535 |  | 125,729 |  |

| Loss on disposal of fixed assets | 4,349 |  | - |  |

| Foreign exchange differences | 91 |  | - |  |

6. | AUDITORS' REMUNERATION

| 2024 |  | 2023

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 20,970 |  | 12,209 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank interest | - |  | 1,975 |  |

| Bank loan interest | 20,113 |  | 7,585 |  |

| PAYE interest paid | 2,852 |  | 485 |  |

| VAT interest | 33,290 |  | - |  |

| Hire purchase | 12,457 |  | 16,970 |  |

68,712 |  | 27,015 |  |

8. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Deferred tax | (34,107 | ) | 31,427 |  |

| Tax on (loss)/profit | (34,107 | ) | 31,427 |  |

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST AUGUST 2024

8. | TAXATION - continued

| Reconciliation of total tax (credit)/charge included in profit and loss

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

| 2024 |  | 2023

£ | £ |

| (Loss)/profit before tax | (1,038,677 | ) | 44,063 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | (259,669 | ) | 11,016 |  |

| Effects of:

| Expenses not deductible for tax purposes | 9,641 |  | 1,508 |  |

| Capital allowances in excess of depreciation | - |  | (10,091 | ) |

| Depreciation in excess of capital allowances | 144 |  | - |  |

| Unrecognised tax losses | 215,777 |  | - |  |

| Other | - |  | 5,371 |  |

| Effect of change in tax rate on deferred tax | - |  | 23,623 |  |

| Total tax (credit)/charge | (34,107 | ) | 31,427 |  |

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Leasehold |  | Plant and |  | and |

| improvements |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| COST

| At 1st September 2023 | 32,359 |  | 1,537,565 |  | 64,298 |  | 1,634,222 |  |

| Additions | - |  | 112,737 |  | - |  | 112,737 |  |

| Disposals | - |  | (17,134 | ) | - |  | (17,134 | ) |

| At 31st August 2024 | 32,359 |  | 1,633,168 |  | 64,298 |  | 1,729,825 |  |

| DEPRECIATION

| At 1st September 2023 | 14,403 |  | 896,731 |  | 43,649 |  | 954,783 |  |

| Charge for year | 2,158 |  | 144,723 |  | 3,097 |  | 149,978 |  |

| Eliminated on disposal | - |  | (12,785 | ) | - |  | (12,785 | ) |

| At 31st August 2024 | 16,561 |  | 1,028,669 |  | 46,746 |  | 1,091,976 |  |

| NET BOOK VALUE

| At 31st August 2024 | 15,798 |  | 604,499 |  | 17,552 |  | 637,849 |  |

| At 31st August 2023 | 17,956 |  | 640,834 |  | 20,649 |  | 679,439 |  |

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST AUGUST 2024

9. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

£ |

| COST

| At 1st September 2023 | 1,137,920 |  |

| Transfer to ownership | (658,934 | ) |

| At 31st August 2024 | 478,986 |  |

| DEPRECIATION

| At 1st September 2023 | 617,989 |  |

| Charge for year | 65,535 |  |

| Transfer to ownership | (477,203 | ) |

| At 31st August 2024 | 206,321 |  |

| NET BOOK VALUE

| At 31st August 2024 | 272,665 |  |

| At 31st August 2023 | 519,931 |  |

10. | STOCKS

2024 | 2023 |

£ | £ |

| Stocks | 834,742 |  | 1,396,186 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 1,595,930 |  | 2,701,787 |  |

| Other debtors | 553,242 |  | 536,252 |  |

| Prepayments and accrued income | 763,494 |  | 508,764 |  |

2,912,666 |  | 3,746,803 |  |

| Trade debtors of £640,871 (2023: £697,765) have been pledged as collateral for the company's other borrowings.

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts (see note 14) | 95,455 |  | 95,454 |  |

| Hire purchase contracts (see note 15) | 85,405 |  | 105,052 |  |

| Trade creditors | 1,472,254 |  | 1,638,638 |  |

| Social security and other taxes | 199,521 |  | 48,796 |  |

| VAT | 434,060 |  | 360,900 |  |

| Other creditors | 864,720 |  | 1,262,356 |  |

| Directors' current accounts | 134,877 |  | 136,476 |  |

| Accruals and deferred income | 74,924 |  | 68,290 |  |

3,361,216 |  | 3,715,962 |  |

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST AUGUST 2024

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans (see note 14) | 121,591 |  | 217,046 |  |

| Hire purchase contracts (see note 15) | 125,890 |  | 211,001 |  |

247,481 |  | 428,047 |  |

14. | LOANS

| An analysis of the maturity of loans is given below:

2024 | 2023 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 95,455 |  | 95,454 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 121,591 |  | 217,046 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2024 | 2023 |

£ | £ |

| Net obligations repayable:

| Within one year | 85,405 |  | 105,052 |  |

| Between one and five years | 125,890 |  | 211,001 |  |

211,295 |  | 316,053 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Finance lease liabilities | 211,295 |  | 316,053 |  |

| Other borrowings | 640,871 |  | 697,765 |  |

852,166 |  | 1,013,818 |  |

| Hire purchase and finance lease liabilities are secured against the assets to which they relate.

| Other borrowings including £640,871 (2023: £697,765) in relation to the invoice factoring facility. These balances are secured against certain trade debtors, along with fixed and floating charges covering all property or undertakings of the company.

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST AUGUST 2024

17. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 135,823 |  | 141,214 |  |

| Deferred tax losses | (71,500 | ) | (42,784 | ) |

64,323 |  | 98,430 |  |

| Other provisions | 56,315 |  | 56,315 |  |

| Aggregate amounts | 120,638 |  | 154,745 |  |

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1st September 2023 | 98,430 |  | 56,315 |  |

| Provided during year | (34,107 | ) | - |  |

| Balance at 31st August 2024 | 64,323 |  | 56,315 |  |

| Other provisions relate to the directors' best estimate of a dilapidation provision in relation to the company's leased premises, Unit 4 Farthing Road, Ipswich, IP1 5AP.

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

| Ordinary shares have full voting rights.

19. | RESERVES

| Retained

| earnings

£ |

| At 1st September 2023 | 1,920,276 |  |

| Deficit for the year | (1,004,570 | ) |

| At 31st August 2024 | 915,706 |  |

20. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The pension cost for the year represents contributions payable by the company to the scheme and amounted to £36,552 (2023: £31,021).

| Contributions totalling £8,573 (2023: £6,607) were payable to the scheme at the end of the year and are included in creditors.

21. | RELATED PARTY DISCLOSURES

| Key management personnel compensation is considered to be directors' remuneration only.

| COTSWOLD DOORS LTD (REGISTERED NUMBER: 05476358) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST AUGUST 2024

22. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is Mr D N Campbell.