REGISTERED NUMBER: 03729141 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

ASTRASEAL (HOLDINGS) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

8

Consolidated Statement of Financial Position

9

Company Statement of Financial Position

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Consolidated Statement of Cash Flows

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

A McKeown

M McMullan

R Essam

C Stanley

REGISTERED OFFICE:

Astraseal House

Paterson Road

Finedon Road Industrial Estate

Wellingborough

Northamptonshire

NN8 4EX

REGISTERED NUMBER:

03729141 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

BANKERS:

Barclays Corporate

22-24 Upper Marlborough Road

St Albans

Hertfordshire

AL1 3AL

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The results for the year and financial position of the group are as shown in the annexed financial statements.

The Directors can report a turnover of £28,424,055 (2024: £28,665,748) for the financial year, with profit after tax reported as £2,009,154 (2024: £1,488,641). The business has experienced growth within the Commercial and trade sectors.

The business has continued to invest and during the year has purchased plant and equipment in the sum of £146,735 and motor vehicles for £185,015.

In a difficult and competitive market, the Directors are pleased with the performance and current position of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

The operations of the group expose it to a variety of financial risks that include the effects of changes in foreign currency and trade, credit risks, energy prices, interest rates and liquidity.

The Directors are constantly reviewing the risks to the business and see the following as principle risks going forward:

FOREIGN TRADE

The business sources raw material from UK suppliers, however their suppliers are fed by overseas imports and market prices of raw materials can be volatile, with suppliers feeling the impact of the foreign currency movements and inflation. The business feels that even though it has long term relationships with its suppliers there will continue to be unexpected movements in material prices that neither party could predict.

GOING CONCERN

Despite having invested over £0.33m in capital projects during the period, the group retains net cash of £6.4m in the business and continues to trade profitably. Positive cash balances continue to increase and the Directors believe the group can maintain sufficient cash resources for the foreseeable future. No major capital expenditure projects are planned for the immediate future.

Management believes it has sufficient awareness of all major risks to manage the group successfully through any crisis. These include liquidity and cash flow risks covered by the going concern and financial risks indicated above. Management continue to carefully manage risks associated to pricing and bad debts.

The Directors have a reasonable expectation that the group will have adequate resources to meet its financial obligations as they fall due for the foreseeable future, and are continuing to adopt the going concern basis of accounting in preparing the financial statements.

SIGNED BY ORDER OF THE DIRECTORS:

A McKeown - Director

16 October 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the manufacture and installation of UPVC windows, doors, conservatories and the retailing of associated products to the industry.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 671,897 .

DIRECTORS

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

A McKeown

M McMullan

R Essam

C Stanley

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director 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 group's auditors are aware of that information.

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:

A McKeown - Director

16 October 2025

Opinion

We have audited the financial statements of Astraseal (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

Our responsibilities and the responsibilities of the 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing meeting minutes, regulatory correspondence, and professional fees, and reviewing accounting estimates for biases.

Owing 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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

Andrew Clifford (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

29 October 2025

TURNOVER

3

28,424,055

28,665,748

Cost of sales

21,958,727

23,582,557

GROSS PROFIT

6,465,328

5,083,191

Distribution costs

861,878

859,567

Administrative expenses

3,014,102

2,256,449

3,875,980

3,116,016

2,589,348

1,967,175

Other operating income

4

40,860

-

OPERATING PROFIT

6

2,630,208

1,967,175

Interest receivable and similar income

7

171,177

132,637

2,801,385

2,099,812

Interest payable and similar expenses

8

94,033

107,178

PROFIT BEFORE TAXATION

2,707,352

1,992,634

Tax on profit

9

698,198

503,994

PROFIT FOR THE FINANCIAL YEAR

2,009,154

1,488,640

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,009,154

1,488,640

Profit attributable to:

Owners of the parent

2,009,154

1,488,640

Total comprehensive income attributable to:

Owners of the parent

2,009,154

1,488,640

FIXED ASSETS

Intangible assets

12

1

1

Tangible assets

13

4,862,042

5,069,634

Investments

14

-

-

4,862,043

5,069,635

CURRENT ASSETS

Stocks

15

740,696

876,351

Debtors

16

7,423,965

7,707,399

Cash at bank and in hand

6,372,809

4,358,372

14,537,470

12,942,122

CREDITORS

Amounts falling due within one year

17

5,903,051

4,615,164

NET CURRENT ASSETS

8,634,419

8,326,958

TOTAL ASSETS LESS CURRENT LIABILITIES

13,496,462

13,396,593

CREDITORS

Amounts falling due after more than one year

18

(57,155

)

(1,247,664

)

PROVISIONS FOR LIABILITIES

22

(492,920

)

(539,799

)

NET ASSETS

12,946,387

11,609,130

CAPITAL AND RESERVES

Called up share capital

23

100,000

100,000

Share premium

24

530,000

530,000

Revaluation reserve

24

1,034,225

1,045,826

Retained earnings

24

11,282,162

9,933,304

SHAREHOLDERS' FUNDS

12,946,387

11,609,130

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2025 and were signed on its behalf by:

M McMullan - Director

A McKeown - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

1,128,000

1,128,000

1,128,000

1,128,000

CURRENT ASSETS

Cash at bank

499

499

NET CURRENT ASSETS

499

499

TOTAL ASSETS LESS CURRENT LIABILITIES

1,128,499

1,128,499

CAPITAL AND RESERVES

Called up share capital

23

100,000

100,000

Share premium

24

530,000

530,000

Retained earnings

24

498,499

498,499

SHAREHOLDERS' FUNDS

1,128,499

1,128,499

Company's profit for the financial year

671,897

656,425

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2025 and were signed on its behalf by:

A McKeown - Director

M McMullan - Director

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

100,000

9,089,488

530,000

1,057,427

10,776,915

Changes in equity

Dividends

-

(656,425

)

-

-

(656,425

)

Total comprehensive income

-

1,500,241

-

(11,601

)

1,488,640

Balance at 31 March 2024

100,000

9,933,304

530,000

1,045,826

11,609,130

Changes in equity

Dividends

-

(671,897

)

-

-

(671,897

)

Total comprehensive income

-

2,020,755

-

(11,601

)

2,009,154

Balance at 31 March 2025

100,000

11,282,162

530,000

1,034,225

12,946,387

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2023

100,000

498,499

530,000

1,128,499

Changes in equity

Dividends

-

(656,425

)

-

(656,425

)

Total comprehensive income

-

656,425

-

656,425

Balance at 31 March 2024

100,000

498,499

530,000

1,128,499

Changes in equity

Dividends

-

(671,897

)

-

(671,897

)

Total comprehensive income

-

671,897

-

671,897

Balance at 31 March 2025

100,000

498,499

530,000

1,128,499

Cash flows from operating activities

Cash generated from operations

1

3,565,588

2,092,153

Interest paid

(94,033

)

(107,178

)

Tax paid

(499,654

)

(398,272

)

Net cash from operating activities

2,971,901

1,586,703

Cash flows from investing activities

Purchase of tangible fixed assets

(331,750

)

(856,701

)

Sale of tangible fixed assets

7,417

77,291

Interest received

171,177

132,637

Net cash from investing activities

(153,156

)

(646,773

)

Cash flows from financing activities

Loan repayments in year

(192,572

)

(184,888

)

HP capital repayments in year

60,161

(82,769

)

Equity dividends paid

(671,897

)

(656,425

)

Net cash from financing activities

(804,308

)

(924,082

)

Increase in cash and cash equivalents

2,014,437

15,848

Cash and cash equivalents at beginning of year

2

4,358,372

4,342,524

Cash and cash equivalents at end of year

2

6,372,809

4,358,372

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

2,707,352

1,992,634

Depreciation charges

527,673

475,197

Loss/(profit) on disposal of fixed assets

4,251

(4,201

)

Finance costs

94,033

107,178

Finance income

(171,177

)

(132,637

)

3,162,132

2,438,171

Decrease in stocks

135,655

271,217

Decrease in trade and other debtors

353,317

16,188

Decrease in trade and other creditors

(85,516

)

(633,423

)

Cash generated from operations

3,565,588

2,092,153

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 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

6,372,809

4,358,372

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

4,358,372

4,342,524

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

4,358,372

2,014,437

6,372,809

4,358,372

2,014,437

6,372,809

Debt

Finance leases

(14,850

)

(60,161

)

(75,011

)

Debts falling due within 1 year

(214,859

)

(1,055,092

)

(1,269,951

)

Debts falling due after 1 year

(1,247,664

)

1,247,664

-

(1,477,373

)

132,411

(1,344,962

)

Total

2,880,999

2,146,848

5,027,847

1.	STATUTORY INFORMATION

Astraseal (Holdings) 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The 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 Company has taken advantage of transitional arrangements under FRS 102 to use the revalued amount of fixed assets as the deemed cost carried forward.

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

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its subsidiaries and joint ventures) made up to 31 March each period. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Subsidiaries

Subsidiaries are fully consolidated from the date on which control is transferred to the group and de-consolidated from the date that control ceases.

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

The consolidated financial statements incorporate the assets, liabilities and results of the following entities in accordance with the accounting policy described above:

Name of entity

Registered office

Country of incorporation

Class of shares held

Equity holding %

Graham Holmes Astraseal Limited

As group

UK

Ordinary

100

The following entities are not included in the consolidation on the basis that they are dormant:

Win-dor Limited

As group

UK

Ordinary

100

M S Building Services Limited

As group

UK

Ordinary

100

Yourdor Limited

As group

UK

Ordinary

100

The Fire Door Company Astraseal Limited

As group

UK

Ordinary

100

Astraseal Limited

As group

UK

Ordinary

100

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

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 recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Purchased goodwill which is generated by the activities of the group is recognised as an asset in the balance sheet.

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

Trademarks and goodwill 25% on cost

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.

Freehold property

-

2% on cost

Plant and machinery

-

12.5% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

12.5% and 20% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Stocks

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

A general stock provision of 25% of the raw materials stock held, excluding glass stock, is included in the year end valuation. This reflects levels of spare parts held which in the opinion of the director's have no re-sale value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Pension costs and other post-retirement benefits

The group agrees to pay, for eligible employees, a defined contribution into the employee's own personal pension scheme under the governments auto enrolment scheme.

The pension charge represents contributions payable by the group for the year. The company's liability is limited to the amount of the contribution.