REGISTERED NUMBER: 07763995 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 December 2024

for

Bellview Products Limited

Page

Company information

1

Strategic report

2

to

3

Report of the director

4

Report of the independent auditors

5

to

8

Statement of comprehensive income

9

Statement of financial position

10

Statement of changes in equity

11

Statement of cash flows

12

Notes to the statement of cash flows

13

to

14

Notes to the financial statements

15

to

21

Director:

R J Morley

Registered office:

Unit 3, Station Bridge

Broadway, Yaxley

Peterborough

Cambridgeshire

PE7 3EL

Registered number:

07763995 (England and Wales)

Auditors:

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

The director presents his strategic report for the year ended 31 December 2024.

Review of business

Bellview Products Limited is a leading trade manufacturer and supplier of Aluminium and UPVC Window and Door Systems throughout the UK. Bellview delivered a steady performance in a year marked by shifting dynamics within the UK window and door manufacturing sector. While turnover was slightly lower than the previous year, this reflected broader market adjustments rather than any fundamental weakness in the business. Profit remained modest, but operations were stable and customer relationships strong. Our core trade customer base continued to be well served, and we made encouraging progress by securing larger commercial contracts - a positive step toward diversifying our portfolio and enhancing long-term resilience.

Turnover in the period was £13.4m (2023: £15.9m). Operating profit before tax decreased to £255k (2023: £779k).

Principal risks and uncertainties

The business continues to navigate several sector-wide risks:

Market Volatility: Fluctuations in construction activity and housing development directly impact demand.

Cost Pressures: Rising staff, material and energy costs challenge profitability.

Regulatory Compliance and Gateway 2 Delays: Increasingly stringent building regulations, especially around energy efficiency and safety, require ongoing investment in product innovation. The introduction of Gateway 2 under the Building Safety Act has created new approval bottlenecks for commercial projects. Originally designed as a 12-week process, approvals are now averaging over 22-36 weeks, with many applications delayed or rejected due to documentation gaps. This has introduced uncertainty in project timelines and delivery, requiring more rigorous planning and submission standards.

Competition: The market remains highly competitive, with growing interest in aluminium and composite solutions driving product differentiation.

Development and performance

While overall performance was subdued, Bellview made strategic progress:

Commercial Expansion: Entry into larger commercial contracts broadened our client base and revenue streams.

Product Relevance: We continued to supply high-demand products aligning with industry trends toward energy efficiency and security.

Operational Resilience: Despite sector challenges, we maintained service levels and upheld our reputation for quality among trade customers.

Capacity Growth: We invested in expanding our factory space and increasing production capacity, enabling us to take on larger orders and improve lead times. This positions us well to meet growing demand from both trade and commercial clients.

2024 was a transitional year, and Bellview remained resilient. Our modest profit reflects prudent management in a shifting environment. With a growing presence in commercial markets and a commitment to evolving product standards, we are well-positioned to adapt and thrive as the industry continues to shift toward sustainability, innovation, and performance.

On behalf of the board:

R J Morley - Director

7 October 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

Principal activity

The principal activity of the company in the year under review was that of UPVC and aluminium window and door manufacturing.

Dividends

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

Director

R J Morley held office during the whole of the period from 1 January 2024 to the date of this report.

Statement of director's responsibilities

The director is responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

R J Morley - Director

7 October 2025

Qualified Opinion

We have audited the financial statements of Bellview Products Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of comprehensive income, Statement of financial position, Statement of changes in equity, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

• give a true and fair view of the state of the company’s affairs as at 31 December 2024 and of the company’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 qualified 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. We were appointed as auditor of the company after 31 December 2022 and thus did not observe the counting of physical inventories at the end of that year or before. We were unable to satisfy ourselves by alternative means concerning the stock and work in progress quantities and valuations of £817,292 held at 31 December 2022 by using other audit procedures.

Consequently we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 31 December 2023. Our audit opinion on the financial statements for the year ended 31 December 2022 was modified accordingly. Our opinion on the current year's financial statements is also modified because of the possible effect of this matter on the comparability of the current period's figure and the corresponding figures.

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 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 qualified 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 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.

Key audit matters

Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Other information

The director is responsible for the other information. The other information comprises the information in the 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 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 Strategic report and the Report of the director have been prepared in accordance with applicable legal requirements.

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 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 director.

Except for the matter described in the basis for qualified opinion section of our report, 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 directors’ report.

Arising solely from the limitation on the scope of our work relating to inventory, as referred to previously in the basis of qualified opinion, we were not appointed as auditors of the company until after 31 December 2022 and as such we were unable to obtain all the information and explanations that we considered necessary for the purpose of satisfying the associated audit assertions and as such we were unable retrospectively to determine whether adequate accounting records have been kept.

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:

-	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 director's remuneration specified by law are not made.

Responsibilities of director

As explained more fully in the Statement of director's responsibilities set out on page four, 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 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 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:

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;

- 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 sector;

- 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 such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental 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.

We assessed the 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.

To address the risk of fraud through management bias and override of controls, 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; and

- investigated the rationale behind significant or unusual transactions;

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;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

M A East FCCA (Senior Statutory Auditor)

for and on behalf of Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

9 October 2025

Turnover

13,351,493

15,916,398

Cost of sales

11,963,930

13,452,127

Gross profit

1,387,563

2,464,271

Distribution costs

92

-

Administrative expenses

1,228,902

1,694,402

1,228,994

1,694,402

158,569

769,869

Other operating income

96,429

8,900

Operating profit

5

254,998

778,769

Interest receivable and similar income

10,834

14,000

265,832

792,769

Interest payable and similar expenses

6

182,474

110,788

Profit before taxation

83,358

681,981

Tax on profit

7

22,241

163,606

Profit for the financial year

61,117

518,375

Other comprehensive income

-

-

Total comprehensive income for the year

61,117

518,375

Fixed assets

Tangible assets

9

5,014,386

5,195,264

Current assets

Stocks and work in progress

10

770,173

624,223

Debtors

11

1,004,658

780,805

Cash at bank and in hand

307,454

372,807

2,082,285

1,777,835

Creditors

Amounts falling due within one year

12

2,980,941

3,215,159

Net current liabilities

(898,656

)

(1,437,324

)

Total assets less current liabilities

4,115,730

3,757,940

Creditors

Amounts falling due after more than one year

13

(1,600,819

)

(1,258,927

)

Provisions for liabilities

17

(403,107

)

(448,326

)

Net assets

2,111,804

2,050,687

Capital and reserves

Called up share capital

18

2

2

Retained earnings

19

2,111,802

2,050,685

Shareholders' funds

2,111,804

2,050,687

The financial statements were approved by the director and authorised for issue on 7 October 2025 and were signed by:

R J Morley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

2

1,562,310

1,562,312

Changes in equity

Dividends

-

(30,000

)

(30,000

)

Total comprehensive income

-

518,375

518,375

Balance at 31 December 2023

2

2,050,685

2,050,687

Changes in equity

Total comprehensive income

-

61,117

61,117

Balance at 31 December 2024

2

2,111,802

2,111,804

Cash flows from operating activities

Cash generated from operations

1

(144,749

)

1,148,562

Interest paid

(182,474

)

(110,788

)

Tax paid

(98,036

)

(13,826

)

Net cash from operating activities

(425,259

)

1,023,948

Cash flows from investing activities

Purchase of tangible fixed assets

(95,832

)

(2,261,161

)

Sale of tangible fixed assets

39,187

5,300

Interest received

10,834

14,000

Net cash from investing activities

(45,811

)

(2,241,861

)

Cash flows from financing activities

New loans in year

800,000

1,300,000

Loan repayments in year

(152,625

)

(368,630

)

Capital repayments in year

(160,459

)

(99,262

)

Amount introduced by directors

-

193,000

Amount withdrawn by directors

(81,199

)

(96,894

)

Equity dividends paid

-

(30,000

)

Net cash from financing activities

405,717

898,214

Decrease in cash and cash equivalents

(65,353

)

(319,699

)

Cash and cash equivalents at beginning of year

2

372,807

692,506

Cash and cash equivalents at end of year

2

307,454

372,807

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

2024

2023

£

£

Profit before taxation

83,358

681,981

Depreciation charges

299,242

353,177

Loss on disposal of fixed assets

30,493

3,954

Finance costs

182,474

110,788

Finance income

(10,834

)

(14,000

)

584,733

1,135,900

(Increase)/decrease in stocks and work in progress

(145,950

)

193,069

Increase in trade and other debtors

(223,853

)

(59,065

)

Decrease in trade and other creditors

(359,679

)

(121,342

)

Cash generated from operations

(144,749

)

1,148,562

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 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

307,454

372,807

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

372,807

692,506

3.	Analysis of changes in net debt

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

372,807

(65,353

)

307,454

372,807

(65,353

)

307,454

Debt

Finance leases

(407,973

)

160,459

-

(339,726

)

Debts falling due

within 1 year

(246,618

)

(246,095

)

-

(492,713

)

Debts falling due

after 1 year

(968,000

)

(401,280

)

-

(1,369,280

)

(1,622,591

)

(486,916

)

-

(2,201,719

)

Total

(1,249,784

)

(552,269

)

-

(1,894,265

)

1.	Statutory information

Bellview Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	Statement of compliance

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

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Estimation of useful life

The useful economic life used to depreciate tangible fixed assets relates to the expected future performance of the assets acquired and management's estimate of the period over which economic benefit will be derived from the asset.

Estimation of residual value

The residual value of an asset is the estimated fair value of that asset at the end of its useful economic life and therefore is also dependent upon the estimation of that life span.

Historically, changes to the useful economic life and residual values have not had a material impact on the amortisation or depreciation amount charged to the profit and loss.

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.

Freehold property

-

Not depreciated / 50 years straight line

Plant and machinery

-

15% on a straight line basis

Stocks and work in progress

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

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.

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.

4.	Employees and directors

2024

2023

£

£

Wages and salaries

3,532,642

4,001,072

Social security costs

344,386

385,891

Other pension costs

90,443

74,863

3,967,471

4,461,826

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

2024

2023

Management

6

3

Admin

22

20

Production

85

101

113

124

2024

2023

£

£

Director's remuneration

9,500

31,635

5.	Operating profit

The operating profit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

299,242

353,179

Loss on disposal of fixed assets

30,493

3,954

6.

Interest payable and similar expenses

2024

2023

£

£

Interest payable

182,474

110,788

7.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

67,460

98,514

Deferred tax

(45,219

)

65,092

Tax on profit

22,241

163,606

Reconciliation of total tax 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

£

£

Profit before tax

83,358

681,981

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

20,840

170,495

Effects of:

Expenses not deductible for tax purposes

1,401

-

Enhanced capital allowances

-

(693

)

(Over)/Under provision of tax liability from prior years

-

(6,196

)

Total tax charge

22,241

163,606

8.

Dividends

2024

2023

£

£

Ordinary shares of £1.00 each

Interim

-

30,000

9.	Tangible fixed assets

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Cost

At 1 January 2024

3,401,960

1,783,704

387,763

Additions

-

15,133

74,845

Disposals

-

-

-

At 31 December 2024

3,401,960

1,798,837

462,608

Depreciation

At 1 January 2024

-

656,554

162,702

Charge for year

-

159,446

56,266

Eliminated on disposal

-

-

-

At 31 December 2024

-

816,000

218,968

Net book value

At 31 December 2024

3,401,960

982,837

243,640

At 31 December 2023

3,401,960

1,127,150

225,061

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 January 2024

537,891

80,285

6,191,603

Additions

92,212

5,854

188,044

Disposals

(85,760

)

-

(85,760

)

At 31 December 2024

544,343

86,139

6,293,887

Depreciation

At 1 January 2024

138,122

38,961

996,339

Charge for year

74,437

9,093

299,242

Eliminated on disposal

(16,080

)

-

(16,080

)

At 31 December 2024

196,479

48,054

1,279,501

Net book value

At 31 December 2024

347,864

38,085

5,014,386

At 31 December 2023

399,769

41,324

5,195,264

10.	Stocks and work in progress

2024

2023

£

£

Stocks and work in progress

770,173

624,223