BrightAccountsProduction v1.0.0 v1.0.0 2024-01-01 The company was not dormant during the period The company was trading for the entire period As outlined in the Strategic Report the principal activity of the company is the fitting and servicing of windows and doors. 22 September 2025 0 0 3495621 2024-12-31 3495621 2023-12-31 3495621 2022-12-31 3495621 2024-01-01 2024-12-31 3495621 2023-01-01 2023-12-31 3495621 uk-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 3495621 uk-curr:PoundSterling 2024-01-01 2024-12-31 3495621 uk-bus:FullAccounts 2024-01-01 2024-12-31 3495621 uk-bus:CompanySecretaryDirector1 2024-01-01 2024-12-31 3495621 uk-bus:Director2 2024-01-01 2024-12-31 3495621 uk-bus:Director3 2024-01-01 2024-12-31 3495621 uk-bus:CompanySecretaryDirector2 2024-01-01 2024-12-31 3495621 uk-bus:CompanySecretary1 2024-01-01 2024-12-31 3495621 uk-bus:RegisteredOffice 2024-01-01 2024-12-31 3495621 uk-bus:Agent1 2024-01-01 2024-12-31 3495621 uk-bus:Audited 2024-01-01 2024-12-31 3495621 uk-core:ShareCapital 2024-12-31 3495621 uk-core:ShareCapital 2023-12-31 3495621 uk-core:RetainedEarningsAccumulatedLosses 2024-12-31 3495621 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 3495621 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-12-31 3495621 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 3495621 uk-core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 3495621 uk-bus:FRS102 2024-01-01 2024-12-31 3495621 uk-core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 3495621 uk-core:CurrentFinancialInstruments 2024-12-31 3495621 uk-core:CurrentFinancialInstruments 2023-12-31 3495621 uk-core:WithinOneYear 2024-12-31 3495621 uk-core:WithinOneYear 2023-12-31 3495621 uk-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 3495621 uk-bus:OrdinaryShareClass1 2024-12-31 3495621 uk-core:ParentEntities 2024-01-01 2024-12-31 3495621 uk-core:UltimateParent 2024-01-01 2024-12-31 3495621 2024-01-01 2024-12-31 xbrli:pure iso4217:GBP xbrli:shares

Company Registration Number: 3495621

Mundon Limited

Reports and Financial Statements

for the financial year ended 31 December 2024

Mundon Limited

DIRECTORS AND OTHER INFORMATION

Directors | Alan Ring (Appointed 31 December 2024)
| Adrian Clifford
| Gemma Ring
| Jerry Buckley (Resigned 31 December 2024)
Company Secretary | Alan Ring (Appointed 31 December 2024)
| Jerry Buckley (Resigned 31 December 2024)
Company Registration Number | 3495621
Registered Office and Business Address | Dene Park
| Stratford Road
| Wellesbourne
| Warwickshire
| CV35 9RY
| United Kingdom
Independent Auditors | CSG Professional Services UK Limited
| Chartered Certified Accountants and Statutory Auditors
| 3 Day Place
| Tralee
| County Kerry
| V92 P6HC
| Ireland
Bankers | Allied Irish Bank (GB)
| 92 Ann Street
| BT1 3HH
| United Kingdom
Solicitors | Tozers Solicitors LLP
| Broadwalk House
| Southernhay West
| Exeter
| EX1 1UA
| United Kingdom

Mundon Limited

STRATEGIC REPORT

for the financial year ended 31 December 2024

The directors present their strategic report on the company for the financial year ended 31 December 2024.

Principal Activity and Review of the Company's Business

The principal activity of the company is the fitting and servicing of windows and doors in the United Kingdom and this has remained unchanged. During the financial year the Company earned revenue of £14.9m (2023:£14.6m), achieved a gross profit of £2.6m (2023:£.2.1m), with a gross margin of 17.3% (2023:14.6%). Profit before tax was £2.0m (2023:£1.6m). Net assets of the company as at 31 December 2024 are £6.6m (2023: £5.1m). The directors are satisfied with the results achieved in 2024 with an increase of 1.8% in turnover and increases in both gross and net profit levels when compared to prior year. It was another year of robust company performance against a dynamic macroeconomic landscape of uncertainty contributed to by the existence of high inflation, high interest rates, cost of living crisis. The company is consistently achieving good results proving that the overall business strategy is a success with an ability to adopt and to continue to grow whilst recognising that macro-economic factors will always have an impact on business outcomes.

Principal Risks and Uncertainties

The management of the overall business and the execution of the Company’s strategy are subject to a number of risks. A full risk management process is embedded within this Company. Major risks are identified and a series of measures created and adopted to combat the identified risks and minimise any loss to the Company. The principal risks and uncertainties are: (i) Macroeconomic and UK Economic Market Conditions Overall market confidence and demand is extremely important for the Company. Demand for windows and doors which the Company fits and services, is driven by the level of activity in the residential building and construction market for both new builds and retrofits. Replacement of windows and doors within the residential sector would appear to be strongly correlated to the level of household disposable incomes. Changes to government economic and social policy could have a significant impact on consumer confidence and on the Company’s profits. An overall market decline with existing factors such as a slowdown in economic growth, increased interest rates, continuing inflation and cost of living pressures, would result in a fall in demand for the Company’s services. Business strategies and operational procedures are in place to detect early signs of market change and to enable the Company to adopt to such circumstances through cost and efficiency savings together with appropriate price adjustments. (ii) Availability and increased cost of labour supplies Attracting and retaining a high quality workforce who are key to the success of the business. The company invests in training and development of its contracted personnel so that outstanding service levels are offered to its customers by highly skilled individuals. Management work with the entities which fulfil their labour needs in order to have an inclusive and equitable working environment, allowing workers to be engaged and challenged thereby enabling them to positively impact on the Company's business. (iii) Foreign exchange risk The directors see currency fluctuations due to purchasing requirements as the main exchange risk. Where possible agreements, purchases and settlements are made in pound sterling to mitigate exchange rate volatility. (iv) Competitive pressures Increased competition could reduce demand for the company’s services and thereby have an adverse effect on cash flows. Competitive risk is managed by building up strong partnerships with those with whom business is done and providing them with the highest standard of quality and service of fitting including after care service. (iv) Regulatory risks including Health & Safety The Company could be adversely impacted upon by the crystallisation of unexpected corporate or regulatory risks. The Company’s brand could suffer reputational damage as well as the imposition of penalty breaches. These include Health & Safety, Reputational and Environmental risks or other legal, taxation and compliance matters. Procedures and policies are in place to support compliance with all relevant regulations. Such include regular training and communication on policy compliance and monitoring procedures to ensure adherence with requirements. Health & Safety matters and incidents are fully documented, audits are carried out and assistance from outside consultants is sought when required. The Company maintains a strong safety culture to avoid accidents to its workers, surrounding personnel and members of the public. (vi) Information security and cyber risk A breach of IT security (externally or internally) could result in an inability to operate systems and processes effectively (e.g. viruses) or the release of inappropriate information (e.g. hackers). Breaches could lead to damage to the Company’s reputation, potential loss of customers and revenue and may also expose the Company to liability and regulatory scrutiny. Ongoing investment is taking place in cyber risk detection and prevention tools. Comprehensive application and system controls have been developed and are continuously being upgraded, including password and safe-use policies, internet usage monitoring and anti-malware usage, cyber awareness/IT security campaign active for all personnel, security of servers and comprehensive back- up systems. (vii) Sustainability Management is very conscious that without framing decisions in terms of financial, environmental, social and human effects then there is a risk that the resilience and long-term value of the Company could be undermined and result in a lack of greater prosperity being achieved. Sustainability is one of the principal risks in the Company’s risk management strategy. All aspects of the Company's operations are considered with the aim to minimize the impact on the environment. Operations are tailored to minimize the use of energy and water, use materials that are environmentally friendly, use recycled materials where possible, minimize waste and continually reduce emissions.

Financial Key Performance Indicators

To assist in the measurement and development of the business key performance indicators are reviewed by management on a regular basis. Key indicators used by management include turnover and profit margin

Key performance indicators

The Key performance indicators during the financial year were as follows:

|  | 2024 | 2023
|  | £ | £
Turnover |  | 14,837,334 | 14,575,217
Gross profit |  | 2,571,449 | 2,132,077
Operating profit |  | 1,942,629 | 1,594,711
Other Key Performance Indicators

The Company is committed to continuous improvement of its environmental performance and to the overall sustainability of its operations.

Future Developments

The Company will continue to engage in the fitting and servicing of top quality energy efficient windows and doors as it has done in the past. It aims to continually improve its operations with sustainability at the core of all decisions and to stay ahead of its competitors as a company offering a first class service.

Post Balance Sheet Events

There have been no significant events affecting the company since the year end.

Financial Instruments and Financial Risk Management

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities with foreign currency transactions arising due to purchase requirements. Where possible agreements are made in pound sterling. The company has in place a risk management programme that seeks to limit the adverse effects these risks can have on its financial performance. The company manages its cash and finance requirements in order to minimise interest expense whilst ensuring that it has sufficient liquid resources to meet the operating needs of the business. The Company's principal financial assets are cash at bank, trade debtors and amounts owed by related parties. The directors constantly monitor and assess cash flow and consider that the Company is in a strong position in terms of its ability to manage cash flow and liquidity risk.

On behalf of the board

Alan Ring | Adrian Clifford
Director | Director
22 September 2025 | 22 September 2025

Mundon Limited

DIRECTORS' REPORT

for the financial year ended 31 December 2024

The directors present their report and the audited financial statements for the financial year ended 31 December 2024.

Principal Activity

As outlined in the Strategic Report the principal activity of the company is the fitting and servicing of windows and doors.

Results and Dividends

The profit for the financial year after providing for taxation amounted to £1,478,375 (2023 - £1,229,872).

The directors do not recommend payment of a dividend.

Directors

The directors who served during the financial year are as follows:

Alan Ring (Appointed 31 December 2024)

Adrian Clifford

Gemma Ring

Jerry Buckley (Resigned 31 December 2024)

There were no changes in shareholdings between 31 December 2024 and the date of signing the financial statements.

Political Contributions

The company did not make any political donations in the current financial year.

Auditors

The auditors, CSG Professional Services UK Limited, (Chartered Certified Accountants and Statutory Auditors) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

Disclosure of information to auditors

In the case of each director in office at the date the Directors' Report is approved: - so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and - they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Disclosures Required Under Schedule 7

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 as set out in the company's strategic report information required by Schedule 7 of The Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties, future developments, events since the balance sheet date, research and development and financial instruments.

On behalf of the board

Alan Ring | Adrian Clifford
Director | Director
22 September 2025 | 22 September 2025

Mundon Limited

STATEMENT OF DIRECTORS' RESPONSIBILITIES

for the financial year ended 31 December 2024

The directors are responsible for preparing the Strategic Report, Directors' Report 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 FRS102 "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 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.

Disclosure of Information to Auditor Each persons who are directors at the date of approval of this report confirms that: -there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and -the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
On behalf of the board

Alan Ring | Adrian Clifford
Director | Director
22 September 2025 | 22 September 2025

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Mundon Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Mundon Limited ('the company') for the financial year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 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 December 2024 and of its profit for the financial 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 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 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 the date 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 other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinion 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 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.

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 for the financial statements

As explained more fully in the Statement of Directors' Responsibilities set out on page 8, 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 they determine is 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 has no realistic alternative but to do so.

Auditor's 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 an Auditor's Report 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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit plan we identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. As part of our audit work, 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. Among the laws and regulations we considered in this context were the Companies Act 2006, HMRC Tax Legislation and Health and Safety. We assessed the requireed compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the company for fraud. The laws and regulations considered in this context would include, General Data Protection Regulation (GDPR), and employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any. Our audit procedures to respond to risks include enquiries of management, sample testing, reviewing accounting estimates, reviewing minutes of management meetings. 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. For example, the further removed non-compliance with laws and regulations (irregularities) is from events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.

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 an auditor's report 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.

Trevor McKenna (Senior Statutory Auditor)

for and on behalf of

CSG PROFESSIONAL SERVICES UK LIMITED

Chartered Certified Accountants and Statutory Auditors

3 Day Place

Tralee

County Kerry

V92 P6HC

Ireland

22 September 2025

Mundon Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Mundon Limited

PROFIT AND LOSS ACCOUNT

for the financial year ended 31 December 2024

|  | 2024 |  | 2023
| Notes | £ |  | £

Turnover | 4 | 14,837,334 |  | 14,575,217
Cost of sales |  | (12,265,885) |  | (12,443,140)
|  | ───────── |  | ─────────
Gross profit |  | 2,571,449 |  | 2,132,077
Administrative expenses |  | (628,820) |  | (537,366)
|  | ───────── |  | ─────────
Operating profit | 5 | 1,942,629 |  | 1,594,711
Interest receivable and similar income | 6 | 30,404 |  | 13,816
|  | ───────── |  | ─────────
Profit before taxation |  | 1,973,033 |  | 1,608,527
Tax on profit | 9 | (494,658) |  | (378,655)
|  | ───────── |  | ─────────
Profit for the financial year | 17 | 1,478,375 |  | 1,229,872
|  | ───────── |  | ─────────
Total comprehensive income |  | 1,478,375 |  | 1,229,872
|  | ═════════ |  | ═════════

Mundon Limited

Company Registration Number: 3495621

BALANCE SHEET

as at 31 December 2024

|  |  | 2024 |  | 2023
|  | Notes | £ |  | £
Current Assets

Debtors |  | 11 | 11,133,219 |  | 8,178,440
Cash and cash equivalents |  | 12 | 57,748 |  | 415,436
|  |  | ───────── |  | ─────────
|  |  | 11,190,967 |  | 8,593,876
|  |  | ───────── |  | ─────────
Creditors: amounts falling due within one year |  | 13 | (4,625,032) |  | (3,506,316)
|  |  | ───────── |  | ─────────
Net Current Assets |  |  | 6,565,935 |  | 5,087,560
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 6,565,935 |  | 5,087,560
|  |  | ═════════ |  | ═════════
Capital and Reserves

Called up share capital |  | 16 | 1 |  | 1
Retained earnings |  | 17 | 6,565,934 |  | 5,087,559
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | 6,565,935 |  | 5,087,560
|  |  | ═════════ |  | ═════════
Approved by the Board and authorised for issue on 22 September 2025 and signed on its behalf by

Alan Ring |  |  | Adrian Clifford
Director |  |  | Director

Mundon Limited

STATEMENT OF CHANGES IN EQUITY

as at 31 December 2024

| Called up | Retained | Total
| share | earnings |
| capital |  |
| £ | £ | £
At 1 January 2023 | 1 | 3,857,687 | 3,857,688
| ───────── | ───────── | ─────────
Profit for the financial year | - | 1,229,872 | 1,229,872
| ───────── | ───────── | ─────────
At 31 December 2023 | 1 | 5,087,559 | 5,087,560
| ───────── | ───────── | ─────────
Profit for the financial year | - | 1,478,375 | 1,478,375
| ───────── | ───────── | ─────────
At 31 December 2024 | 1 | 6,565,934 | 6,565,935
| ═════════ | ═════════ | ═════════

Mundon Limited

STATEMENT OF CASH FLOWS

for the financial year ended 31 December 2024

|  | 2024 | 2023
| Notes | £ | £

Cash flows from operating activities

Profit for the financial year |  | 1,478,375 | 1,229,872
Adjustments for:

Interest receivable and similar income |  | (30,404) | (13,816)
Tax on profit on ordinary activities |  | 494,658 | 378,655
|  | ───────── | ─────────
|  | 1,942,629 | 1,594,711
Movements in working capital:

Movement in debtors |  | (3,020,867) | 9,302,826
Movement in creditors |  | 1,118,716 | (9,513,931)
|  | ───────── | ─────────
Cash generated from operations |  | 40,478 | 1,383,606
Tax paid |  | (428,570) | (443,079)
|  | ───────── | ─────────
Net cash (used in)/generated from operating activities |  | (388,092) | 940,527
|  | ───────── | ─────────
Cash flows from investing activities

Interest received |  | 30,404 | 13,816
|  | ───────── | ─────────
Cash flows from financing activities

Advances from related parties |  | - | (700,000)
|  | ───────── | ─────────
Net (decrease)/increase in cash and cash equivalents |  | (357,688) | 254,343
Cash and cash equivalents at beginning of financial year |  | 415,436 | 161,093
|  | ───────── | ─────────
Cash and cash equivalents at end of financial year | 12 | 57,748 | 415,436
|  | ═════════ | ═════════

Mundon Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2024

1. | General Information
| Mundon Limited is a company limited by shares incorporated in the United Kingdom. The registered office and place of business is at Dene Park, Stratford Road, Wellesbourne, Warwick, Warwickshire, United Kingdom CV35 9RY. The company is involved in the fitting and servicing of windows and doors.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the year ended 31 December 2024 have been prepared in accordance with the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' ('FRS 102') and in accordance with the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
| Turnover
| Turnover is recognised at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts allowed by the company and value added taxes. The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured relaibly; (d) it is probable that future ecenomic benefits will flow to the entity and (e) the costs incurred (or to be incurred) in respect of the transaction can be measured reliably.
| Related party transactions
| The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with its parent or with members of the same group that are wholly owned.
| Interest receivable/interest payable
| Interest receivable and interest payable is credited or charged to the profit and loss account in the financial year to which it relates.
| Going concern
| The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
| Tangible assets and depreciation
| Tangible assets are initially stated at cost or at valuation and subsequently measured at cost, less accumulated depreciation and any impairment losses. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
|  | Fixtures, fittings and equipment | - | 15% Straight Line
| The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. Impairment At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
| Leasing
| Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
| Trade and other debtors
| Basic financial assets, including trade and other debtors are initially recognised at the transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest rate method. At each balance sheet date financial assets, including trade and other debtors, measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the profit and loss account.Therefore, where the directors conclude that amounts in respect of trade and other debtors are not recoverable, a bad debt provision is recognised.
| Cash and cash equivalents
| Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within Creditors.
| Trade and other creditors
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised in the financial statements at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. They are then subsequently carried at amortised cost using the effective interest rate method, unless the effect of discounting would be considered immaterial.
| Taxation and deferred taxation
| i. Current Tax Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. Current or deferred taxation assets and liabilities are not discounted. ii. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax assets and deferred tax liabilities are measured at the tax rate which are expected to apply iin the period in which the liability is settled, or the asset is realised, based on tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date.
| Foreign currencies
| i. Functional and presentation currency The company's functional and presentation currency is the pound sterling. ii.Transactions and balances Transactions in currencies other than the functional currency are recorded at the rate of exchange on the date the transaction occurred. At each Balance Sheet date, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.
| Ordinary share capital
| The ordinary share capital of the company is presented as equity.

3. | Significant accounting judgements and key sources of estimation uncertainty
| In order to properly apply the company's accounting policies, as described in note 1 above, the directors are required to make judgements and estimates in respect of carrying values of assets and liabilities which may not be apparent from other sources of information. The directors base these critical accounting judgements and estimations on previous historical experience and other factors which the directors judge to be relevant. Judgements and estimates will invariably differ from actual results and hence such judgements and estimates are reviewed by the directors on an ongoing basis. i. Critical judgements in applying the entity's accounting policies In preparing the financial statements, the directors did not make any critical judgements in applying the company's accounting policies. ii. Critical accounting estimates and assumptions The directors did not make any critical estimates and assumptions that would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities as stated in the financial statements.

4. | Turnover
| The whole of the company's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of fitting and servicing windows and doors.

5. | Operating profit | 2024 | 2023
|  | £ | £
| Operating profit is stated after charging/(crediting):
| Profit on foreign currencies | (41,093) | (41,484)
| Operating lease rentals
| - Plant and machinery | 49,983 | 52,430
| - Motor vehicles | 959,173 | 926,574
| Auditor's remuneration
| - audit services | 18,593 | 7,507
|  | ═════════ | ═════════

6. | Interest receivable and similar income | 2024 | 2023
|  | £ | £
| Bank interest | 7,543 | 8,090
| Other interest | 22,861 | 5,726
|  | ───────── | ─────────
|  | 30,404 | 13,816
|  | ═════════ | ═════════

7. | Labour & subcontractor costs
| The company has no employees. It uses the services of a related labour-only contractor business and third party employment agencies to fulfil its labour needs. It is invoiced on a monthly basis for the gross cost of all labour services supplied to it, with all attributable taxation and national insurance contributions, being submitted and discharged by the labour-only contractors.

8. | Directors remuneration
| Directors are not remunerated through the company (2023:£Nil). Directors are remunerated by related companies as part of their group wide executive role.

9. | Tax on profit
|  | 2024 | 2023
|  | £ | £
| (a) Analysis of charge in the financial year
| Current tax:
| Corporation tax at 25.00% (2023 - 23.52%) (Note 9 (b)) | 494,658 | 378,655
|  | ═════════ | ═════════
| (b) Factors affecting tax charge for the financial year
| The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2023 - 23.52%). The differences are explained below:
|  | 2024 | 2023
|  | £ | £
| Profit taxable at 25.00% | 1,973,033 | 1,608,527
|  | ═════════ | ═════════
| Profit before tax
| multiplied by the standard rate of corporation tax
| in the United Kingdom at 25.00% (2023 - 23.52%) | 493,258 | 378,326
| Effects of:
| Expenses not deductible for tax purposes | 1,400 | 321
| Tax rate change | - | 8
|  | ───────── | ─────────
| Total tax charge for the financial year (Note 9 (a)) | 494,658 | 378,655
|  | ═════════ | ═════════
| (c) Factors that may affect future tax charges
| There has been no change to corporation tax rates for the financial year ended 31 December 2024. For the financial year ended 31 December 2024 the weighted average tax rate is 25% (31 December 2023 weighted average tax rate was 23.52%).

10. | Tangible assets
|  | Fixtures, | Total
|  | fittings and |
|  | equipment |
|  | £ | £
| Cost
| At 1 January 2024 | 129,704 | 129,704
|  | ───────── | ─────────
| At 31 December 2024 | 129,704 | 129,704
|  | ───────── | ─────────
| Depreciation
| At 1 January 2024 | 129,704 | 129,704
|  | ───────── | ─────────
| At 31 December 2024 | 129,704 | 129,704
|  | ───────── | ─────────
| Net book value
| At 31 December 2024 | - | -
|  | ═════════ | ═════════

11. | Debtors | 2024 | 2023
|  | £ | £
| Trade debtors | 23,189 | 15,260
| Amounts owed by related parties | 10,549,991 | 7,610,929
| Other debtors | 50,123 | 50,123
| Taxation (Note 14) | 354,673 | 384,166
| Prepayments and accrued income | 155,243 | 117,962
|  | ───────── | ─────────
|  | 11,133,219 | 8,178,440
|  | ═════════ | ═════════
| All amounts shown under debtors fall due for payment within one year. Included within prepayments is the sum of £Nil (2023: £69,660) in respect of related parties. A sum of £700,000 included within amounts owed to related parties in the prior year financial statements has been reclassified and grouped within amounts owed by related parties. For the prior year, this has resulted in a decrease of £700,000 in both the amounts owed by related parties from £8,310,929 to £7,610,929 and the amounts owed to related parties from £3,972,963 to £3,272,963. This regrouping facilitates presentation of such amounts on the same basis as that for the current year.

12. | Cash and cash equivalents | 2024 | 2023
|  | £ | £
| Cash and bank balances | 57,748 | 415,436
|  | ═════════ | ═════════

13. | Creditors | 2024 | 2023
| Amounts falling due within one year | £ | £
| Trade creditors | 186,718 | 95,269
| Amounts owed to related parties (Note 20) | 4,350,583 | 3,272,963
| Taxation (Note 14) | 17,295 | -
| Accruals | 70,436 | 138,084
|  | ───────── | ─────────
|  | 4,625,032 | 3,506,316
|  | ═════════ | ═════════
| An unlimited guarantee from Allied Irish Banks Plc exists for the liabilities of Mundon Limited.
| Accruals are based on underlying contracts. Included with accruals is a sum of £nil (2023: £103,121) payable to related parties. As outlined in Note 11 a regrouping of an amount owed to related parties of £700,000 in the prior year against amounts owed from related parties has resulted in a decrease of £700,000 in the amount owing to related parties. This has resulted in a restatement of the amounts owed to related parties to £3,272,963 from £3,972,963 in the prior year. This regrouping facilitates presentation of such amounts on the same basis as that for the current year.

14. | Taxation | 2024 | 2023
|  | £ | £
| Debtors:
| VAT | 321,574 | 284,979
| Corporation tax | 33,099 | 99,187
|  | ───────── | ─────────
|  | 354,673 | 384,166
|  | ═════════ | ═════════
| Creditors:
| Construction industry scheme | 17,295 | -
|  | ═════════ | ═════════

15. | Financial Instruments
| The company does not have any financial assets or liabilities measured at fair value through profit and loss at the reporting date (2023: £0).

16. | Share capital |  |  | 2024 | 2023
|  |  |  | £ | £
| Description | Number of shares | Value of units |  |
| Allotted, called up and fully paid
| Ordinary shares of £1.00 each | 1 | £1.00 each | 1 | 1
|  |  |  | ═════════ | ═════════

17. | Profit and loss account
|  | 2024 | 2023
|  | £ | £
| At 1 January 2024 | 5,087,559 | 3,857,687
| Profit for the financial year | 1,478,375 | 1,229,872
|  | ───────── | ─────────
| At 31 December 2024 | 6,565,934 | 5,087,559
|  | ═════════ | ═════════

18. | Financial commitments
| Total future minimum lease payments under non-cancellable operating leases are as follows:
|  | 2024 | 2023
|  | £ | £
| Due:
| Within one year | 1,009,156 | 979,004
|  | ═════════ | ═════════
| Operating lease rentals are paid in respect of motor vehicles and plant & machinery and are recognised in the Profit and Loss Account in the year they are incurred.

19. | Capital commitments
| The company had no capital or other commitments at 31 December 2024 (2023: £-0)

20. | Related party transactions
| Transactions and balances with related parties: Transactions during the year - Sales: £14,837,334 (2023: £14,575,217); - Purchases: £10,576,064 (2023:£11,284,256); Balances as at balance sheet date - Debtors: £10,549,991 (2023: £8,310,930); - Creditors: £4,350,583 (2023: £3,272,964);
| Net balances with related parties:
|  |  |  | 2024 | 2023
|  |  |  | £ | £
| Trading amounts (due from) related parties |  |  | (6,199,408) | (4,337,966)
|  |  |  | ═════════ | ═════════

21. | Parent and ultimate parent company
| The company regards Camren Enterprises Limited as its parent company, which is an Isle of Man incorporated company, with a registered office address at First Names House, Victoria Road, Douglas, IM2 4DF.
| The companys ultimate parent undertaking is the Lacka Trust (IOM).
| The address of Lacka Trust (IOM) is First Names House, Victoria Road, Douglas, Isle of Man IM2 4DF.
| Lacka Trust (IOM) is regarded as both the controlling party and the ultimate controlling party.

22. | Post-Balance Sheet Events
| There have been no significant events affecting the company since the year end.

23. | Comparative amounts
| Comparative amounts have been regrouped where necessary so as to facilitate presentation on the same basis as those for the current year.