REGISTERED NUMBER: 01639887 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 January 2025

for

Central Window Systems Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Notes to the Financial Statements

12

DIRECTORS:

G Morton

M C Elwell

Ms K J Hughes

M J Kelly

SECRETARY:

Ms K J Hughes

REGISTERED OFFICE:

Units 9 - 10

Kelvin Way Trading Estate Kelvin Way

West Bromwich

West Midlands

B70 7TP

REGISTERED NUMBER:

01639887 (England and Wales)

AUDITORS:

Locke Williams Associates LLP

Chartered Accountants

Registered Auditors

Studio 2

50-54 St Pauls Square

Birmingham

West Midlands

B3 1QS

The directors present their strategic report for the year ended 31 January 2025.

REVIEW OF BUSINESS

1. Economic Context:

Birmingham's economy is thriving, with ongoing investments in infrastructure and housing developments.

This creates a robust demand for windows in both residential and commercial sectors.

2. Consumer Trends:

There is a growing preference for energy-efficient glazing to reduce energy bills and carbon footprints.

There is also a rising interest in smart windows with features like self-tinting and remote control.

3. Regulatory Landscape:

Compliance with UK energy efficiency standards, such as Part L of Building Regulations, is critical.

There is an increasing emphasis on sustainable materials and recycling initiatives.

PRINCIPAL RISKS AND UNCERTAINTIES

The key Challenges to the business are:

1. Cost Pressures: Rising raw material costs and inflation may impact profit margins.

2. Skilled Labour Shortage: A gap in skilled workers for manufacturing and installation.

3. Competition: Intense competition from both local and national players.

OPPORTUNITIES

1. Sustainability:

We will continue to invest in recycled materials and low-carbon manufacturing processes.

We will promote eco-friendly certifications to attract environmentally conscious consumers.

2. Smart Technology:

We can further develop and market smart window solutions to meet growing tech-savvy consumer demand.

3. Government Incentives:

We can leverage grants and subsidies for energy-efficient home improvements.

FUTURE PLANS

Our strategic recommendations include:

1. Marketing & Branding:

Highlight energy savings and environmental benefits in marketing campaigns.

Build a strong online presence to reach younger, tech-savvy demographics.

2. Workforce Development:

Collaborate with local colleges to create apprenticeship programs.

Upskill existing employees to handle advanced manufacturing techniques.

3. Local Partnerships:

Partner with Birmingham-based construction firms and housing developers.

Engage with local councils to supply windows for public projects.

ON BEHALF OF THE BOARD:

G Morton - Director

25 September 2025

The directors present their report with the financial statements of the company for the year ended 31 January 2025.

DIVIDENDS

Date

Per share

£

Ordinary A £1 shares

30/04/2024

£388.00

188,180

Ordinary A £1 shares

31/10/2024

£47.00

22,795

Ordinary A £1 shares

31/01/2025

£845.36

410,000

620,975

DIRECTORS

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

G Morton

M C Elwell

Ms K J Hughes

M J Kelly

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.

AUDITORS

The auditors, Locke Williams Associates LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G Morton - Director

25 September 2025

Opinion

We have audited the financial statements of Central Window Systems Limited (the 'company') for the year ended 31 January 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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.

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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

-

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

-

We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

-

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 and tax legislation.

-

We identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud.

-

Based on this understanding, our audit procedures included, but were not limited to, testing journals and other adjustments, considering the business rationale in relation to significant, unusual transactions and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to assumptions and judgements made by management.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

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.

David Williams FCA FCCA (Senior Statutory Auditor)

for and on behalf of Locke Williams Associates LLP

Chartered Accountants

Registered Auditors

Studio 2

50-54 St Pauls Square

Birmingham

West Midlands

B3 1QS

25 September 2025

TURNOVER

3

15,556,353

14,224,532

Cost of sales

10,577,621

9,841,930

GROSS PROFIT

4,978,732

4,382,602

Distribution costs

137,103

127,981

Administrative expenses

3,466,358

3,479,267

3,603,461

3,607,248

1,375,271

775,354

Other operating income

445,414

-

OPERATING PROFIT

5

1,820,685

775,354

Interest receivable and similar income

5,647

4,501

1,826,332

779,855

Interest payable and similar expenses

7

57,519

65,541

PROFIT BEFORE TAXATION

1,768,813

714,314

Tax on profit

8

344,038

182,737

PROFIT FOR THE FINANCIAL YEAR

1,424,775

531,577

Retained earnings at beginning of year

4,167,689

3,779,187

Dividends

9

(620,975

)

(143,075

)

RETAINED EARNINGS AT END OF YEAR

4,971,489

4,167,689

FIXED ASSETS

Intangible assets

10

340

340

Tangible assets

11

1,273,171

1,498,647

1,273,511

1,498,987

CURRENT ASSETS

Stocks

12

932,170

888,699

Debtors

13

6,345,494

6,374,832

Cash at bank and in hand

531,569

95,139

7,809,233

7,358,670

CREDITORS

Amounts falling due within one year

14

3,536,857

3,815,133

NET CURRENT ASSETS

4,272,376

3,543,537

TOTAL ASSETS LESS CURRENT LIABILITIES

5,545,887

5,042,524

CREDITORS

Amounts falling due after more than one year

15

(256,244

)

(500,360

)

PROVISIONS FOR LIABILITIES

19

(317,549

)

(373,870

)

NET ASSETS

4,972,094

4,168,294

CAPITAL AND RESERVES

Called up share capital

20

605

605

Retained earnings

21

4,971,489

4,167,689

SHAREHOLDERS' FUNDS

4,972,094

4,168,294

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

G Morton - Director

1.	STATUTORY INFORMATION

Central Window Systems 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 (£).

The principle activity of the company is the fabrication and sale of PVCu products.

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.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d).

Turnover

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

Turnover is derived from the sale of goods, recognised on dispatch and falling within the company's ordinary activities.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

If there is an indication that there has been a significant change in depreciation rate, useful life or

residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

In the year, the policies have been revised to straight line, rather than reducing balance.

Stocks

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.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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 profit before taxation are attributable to the one principal activity of the company.

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

31.1.25

31.1.24

£

£

Sale of goods

15,556,353

14,224,532

15,556,353

14,224,532

4.	EMPLOYEES AND DIRECTORS

31.1.25

31.1.24

£

£

Wages and salaries

3,175,121

3,029,294

Social security costs

283,703

239,119

Other pension costs

98,844

84,128

3,557,668

3,352,541

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

31.1.25

31.1.24

Factory floor

63

72

Office staff

24

21

Maintenance

1

1

Drivers

16

5

Cleaners

2

3

Directors

4

4

110

106

31.1.25

31.1.24

£

£

Directors' remuneration

123,631

158,706

Directors' pension contributions to money purchase schemes

12,000

15,000

Compensation to director for loss of office

-

5,000

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

Money purchase schemes

2

2

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.1.25

31.1.24

£

£

Hire of plant and machinery

37,429

41,074

Other operating leases

318,882

333,183

Depreciation - owned assets

173,851

237,694

Depreciation - assets on hire purchase contracts

114,270

68,313

Loss on disposal of fixed assets

2,142

30,641

Foreign exchange differences

2,343

2,586

6.	EXCEPTIONAL ITEMS

31.1.25

31.1.24

£

£

Exceptional items

404,072

-

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.1.25

31.1.24

£

£

Bank loan interest

12,008

17,331

Interest on late payments of tax

349

-

Hire purchase interest

45,162

48,210

57,519

65,541

8.

TAXATION

Analysis of the tax charge

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

31.1.25

31.1.24

£

£

Current tax:

UK corporation tax

399,915

108,275

Prior year under/over adjustments

444

-

Total current tax

400,359

108,275

Deferred tax

(56,321

)

74,462

Tax on profit

344,038

182,737

UK corporation tax has been charged at 25% (2024 - 24.03%).

Reconciliation of total tax charge included in profit and loss

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

31.1.25

31.1.24

£

£

Profit before tax

1,768,813

714,314

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 24.030%)

442,203

171,650

Effects of:

Expenses not deductible for tax purposes

3,902

2,674

Depreciation in excess of capital allowances

-

8,413

Adjustments to tax charge in respect of previous periods

444

-

Effect of group surrender of losses

(102,511

)

-

Total tax charge

344,038

182,737

9.

DIVIDENDS

31.1.25

31.1.24

£

£

Ordinary A shares of £1 each

Interim

620,975

143,075

10.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 February 2024

and 31 January 2025

340

NET BOOK VALUE

At 31 January 2025

340

At 31 January 2024

340

11.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 February 2024

156,730

1,987,059

322,823

247,732

2,714,344

Additions

2,147

8,740

53,900

-

64,787

Disposals

-

(5,160

)

(174,460

)

-

(179,620

)

Transfer to ownership

-

(51,938

)

-

-

(51,938

)

At 31 January 2025

158,877

1,938,701

202,263

247,732

2,547,573

DEPRECIATION

At 1 February 2024

89,024

697,655

274,722

154,296

1,215,697

Charge for year

23,930

190,858

32,265

41,068

288,121

Eliminated on disposal

-

(3,191

)

(174,287

)

-

(177,478

)

Transfer to ownership

-

(51,938

)

-

-

(51,938

)

At 31 January 2025

112,954

833,384

132,700

195,364

1,274,402

NET BOOK VALUE

At 31 January 2025

45,923

1,105,317

69,563

52,368

1,273,171

At 31 January 2024

67,706

1,289,404

48,101

93,436

1,498,647

The net book value of tangible fixed assets includes £ 651,370 (2024 - £ 977,187 ) in respect of assets held under hire purchase contracts.

12.

STOCKS

31.1.25

31.1.24

£

£

Raw materials

699,976

693,069

Work-in-progress

85,894

62,147

Finished goods

146,300

133,483

932,170

888,699