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REGISTERED NUMBER: 10323916 (England and Wales)

Group Strategic Report, Report of the Directors and

Unaudited Consolidated Financial Statements

for the Period 1 January 2024 to 30 April 2025

for

TSWW Holdings Limited

TSWW Holdings Limited (Registered number: 10323916)

Contents of the Consolidated Financial Statements

for the Period 1 January 2024 to 30 April 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Consolidated Income Statement | 5 |

Consolidated Other Comprehensive Income | 6 |

Consolidated Balance Sheet | 7 |

Company Balance Sheet | 9 |

Consolidated Statement of Changes in Equity | 11 |

Company Statement of Changes in Equity | 12 |

Consolidated Cash Flow Statement | 13 |

Notes to the Consolidated Cash Flow Statement | 14 |

Notes to the Consolidated Financial Statements | 16 |

TSWW Holdings Limited

Company Information

for the Period 1 January 2024 to 30 April 2025

| DIRECTORS: | Mr P H A Clegg

| Mr R G Dollar

| Ms S Kainth

| REGISTERED OFFICE: | 4 Kiln Lane

| Bracknell

| RG12 1NA

| REGISTERED NUMBER: | 10323916 (England and Wales)

| ACCOUNTANTS: | WP Audit Limited

| Statutory Auditors

| TOR

| Saint-Cloud Way

| Maidenhead

| Berkshire

| SL6 8BN

TSWW Holdings Limited (Registered number: 10323916)

Group Strategic Report

for the Period 1 January 2024 to 30 April 2025

The directors present their strategic report of the company and the group for the period 1 January 2024 to 30 April 2025.

REVIEW OF BUSINESS

The group's key financial performance indicators during the period were as follows:

| 2025 |  | 2023 |

| £'000s |  | £'000s |

Group turnover |  | 13,880 |  | 11,387 |

Gross profit margin |  | 45.7% |  | 45.7% |

Operating profit / (loss) |  | 869 |  | 1,123 |

EBITDA |  | 1,340 |  | 1,467 |

Net cash from operating activities |  | 1,018 |  | 1,469 |

Cash at bank |  | 1,702 |  | 1,777 |

The group's operating results have performed in line with the expectations of the directors. Although turnover declined on a comparable basis, investment has continued to be made in the business to position the company for future growth. During the period, the group maintained its operational efficiency, enabling it to report a gross margin of 45.7%. The company's key profit measure is EBITDA, which is calculated as operating profit excluding depreciation and amortisation, and in spite of the comparable reduction in sales and inflationary pressures on fixed costs was able to be protected through the maintenance of the gross margin rate and controlled expenditure in overheads. The group's key profit measure is EBITDA, which is calculated as operating profit excluding depreciation and amortisation, which in 2025 was £1,339,983. The group's operating profit reported on a statutory basis was £869,109 which includes depreciation and amortisation of £470,874.

The group continues to invest both in its people and fixed assets. Capital expenditure on tangible assets was £269,024 in the year as key part of continuing the growth of the group.

TSWW Holdings Limited (Registered number: 10323916)

Group Strategic Report

for the Period 1 January 2024 to 30 April 2025

PRINCIPAL RISKS AND UNCERTAINTIES

Interest risk

The group does not have any variable interest loans so its exposure to interest risk is low. Interest payable arises from Hire Purchase loans that have been agreed with fixed rates of interest.

Liquidity risk

The group is cash generative in a normal market. Since a large proportion of the group's costs are variable based on income, the risk of liquidity challenges is considered to be low.

Credit risk

The group's principal credit risk arises from the ability of its customers to meet their contractual obligation to pay their debts as and when they fall due. The group's approach to managing this risk is to continually monitor debt collection, performing appropriate credit checks on new and existing commercial customers using third party credit reference agencies to assess creditworthiness and set appropriate credit and payment terms.

Currency risk

The group trades predominantly with UK headquartered businesses and residential homeowners in Sterling and has minimal currency risk.

Competitive risk

The market in which the group operates is competitive. The group is passionate about customer success and being trusted to deliver exceptional services. The focus on strong customer relationships and service offerings mitigate the competitive risk.

Tax risk

All transactions undertaken by the group have a business purpose and a commercial rationale. The group does not engage in any aggressive tax planning and does not implement structures purely for tax planning purposes. In relation to tax compliance, it is the policy of the group to fully comply with all applicable tax rules, regulations and disclosure requirements. The company uses appropriately qualified external advisors to look after the company's tax affairs.

ON BEHALF OF THE BOARD:

Mr R G Dollar - Director

14 November 2025

TSWW Holdings Limited (Registered number: 10323916)

Report of the Directors

for the Period 1 January 2024 to 30 April 2025

The directors present their report with the financial statements of the company and the group for the period 1 January 2024 to 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of the manufacture and installation of timber windows and doors and the provision of ancillary services.

DIVIDENDS

Dividends paid in the year totalled £501,363 (2023: £716,666)

DIRECTORS

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

Mr P H A Clegg

Mr R G Dollar

Ms S Kainth

POLITICAL DONATIONS AND EXPENDITURE

During the year there were no political donations made. Donations totalling £11,030 (2023: £14,357) were made to charity.

ON BEHALF OF THE BOARD:

Mr R G Dollar - Director

14 November 2025

TSWW Holdings Limited (Registered number: 10323916)

Consolidated Income Statement

for the Period 1 January 2024 to 30 April 2025

| Period |

| 1.1.24 |

| to |  | Year Ended

| 30.4.25 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 3 | 13,879,611 |  | 11,386,986 |  |

Cost of sales | (7,535,331 | ) | (6,141,892 | ) |

GROSS PROFIT | 6,344,280 |  | 5,245,094 |  |

Administrative expenses | (5,475,171 | ) | (4,122,535 | ) |

OPERATING PROFIT | 5 | 869,109 |  | 1,122,559 |  |

Interest receivable and similar income | 85,275 |  | 67,262 |  |

954,384 |  | 1,189,821 |  |

Interest payable and similar expenses | 6 | (68,298 | ) | (38,757 | ) |

PROFIT BEFORE TAXATION | 886,086 |  | 1,151,064 |  |

Tax on profit | 7 | (192,312 | ) | (416,634 | ) |

PROFIT FOR THE FINANCIAL PERIOD | 693,774 |  | 734,430 |  |

Profit attributable to:

Owners of the parent | 693,774 |  | 734,430 |  |

TSWW Holdings Limited (Registered number: 10323916)

Consolidated Other Comprehensive Income

for the Period 1 January 2024 to 30 April 2025

| Period |

| 1.1.24 |

| to |  | Year Ended

| 30.4.25 |  | 31.12.23

| Notes | £ | £ |

PROFIT FOR THE PERIOD | 693,774 |  | 734,430 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 693,774 |  | 734,430 |  |

Total comprehensive income attributable to:

Owners of the parent | 693,774 |  | 734,430 |  |

TSWW Holdings Limited (Registered number: 10323916)

Consolidated Balance Sheet

30 April 2025

| 30.4.25 |  | 31.12.23

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 177,332 |  | 305,102 |  |

Tangible assets | 11 | 1,527,592 |  | 1,608,629 |  |

Investments | 12 | - |  | - |  |

1,704,924 |  | 1,913,731 |  |

CURRENT ASSETS

Stocks | 13 | 763,827 |  | 818,583 |  |

Debtors | 14 | 1,100,387 |  | 983,598 |  |

Cash at bank and in hand | 1,702,079 |  | 1,777,203 |  |

3,566,293 |  | 3,579,384 |  |

CREDITORS

Amounts falling due within one year | 15 | (3,159,839 | ) | (3,477,800 | ) |

NET CURRENT ASSETS | 406,454 |  | 101,584 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,111,378 |  | 2,015,315 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (76,004 | ) | (247,040 | ) |

PROVISIONS FOR LIABILITIES | 20 | (1,186,085 | ) | (1,111,397 | ) |

NET ASSETS | 849,289 |  | 656,878 |  |

TSWW Holdings Limited (Registered number: 10323916)

Consolidated Balance Sheet - continued

30 April 2025

| 30.4.25 |  | 31.12.23

| Notes | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 21 | 900 |  | 900 |  |

Retained earnings | 22 | 848,389 |  | 655,978 |  |

849,289 |  | 656,878 |  |

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the period ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2025 and were signed on its behalf by:

Mr R G Dollar - Director

TSWW Holdings Limited (Registered number: 10323916)

Company Balance Sheet

30 April 2025

| 30.4.25 |  | 31.12.23

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | - |  | - |  |

Investments | 12 | 1,354,905 |  | 1,354,905 |  |

1,354,905 |  | 1,354,905 |  |

CURRENT ASSETS

Debtors | 14 | 24,419 |  | 226,101 |  |

Cash at bank and in hand | 4,251 |  | 3,338 |  |

28,670 |  | 229,439 |  |

CREDITORS

Amounts falling due within one year | 15 | (793,326 | ) | (968,795 | ) |

NET CURRENT LIABILITIES | (764,656 | ) | (739,356 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 590,249 |  | 615,549 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 900 |  | 900 |  |

Retained earnings | 589,349 |  | 614,649 |  |

590,249 |  | 615,549 |  |

Company's profit for the financial year | 476,063 |  | 709,311 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TSWW Holdings Limited (Registered number: 10323916)

Company Balance Sheet - continued

30 April 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2025 and were signed on its behalf by:

Mr R G Dollar - Director

TSWW Holdings Limited (Registered number: 10323916)

Consolidated Statement of Changes in Equity

for the Period 1 January 2024 to 30 April 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 900 |  | 638,214 |  | 639,114 |  |

Changes in equity

Dividends | - |  | (716,666 | ) | (716,666 | ) |

Total comprehensive income | - |  | 734,430 |  | 734,430 |  |

Balance at 31 December 2023 | 900 |  | 655,978 |  | 656,878 |  |

Changes in equity

Dividends | - |  | (501,363 | ) | (501,363 | ) |

Total comprehensive income | - |  | 693,774 |  | 693,774 |  |

Balance at 30 April 2025 | 900 |  | 848,389 |  | 849,289 |  |

TSWW Holdings Limited (Registered number: 10323916)

Company Statement of Changes in Equity

for the Period 1 January 2024 to 30 April 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 900 |  | 622,004 |  | 622,904 |  |

Changes in equity

Dividends | - |  | (716,666 | ) | (716,666 | ) |

Total comprehensive income | - |  | 709,311 |  | 709,311 |  |

Balance at 31 December 2023 | 900 |  | 614,649 |  | 615,549 |  |

Changes in equity

Dividends | - |  | (501,363 | ) | (501,363 | ) |

Total comprehensive income | - |  | 476,063 |  | 476,063 |  |

Balance at 30 April 2025 | 900 |  | 589,349 |  | 590,249 |  |

TSWW Holdings Limited (Registered number: 10323916)

Consolidated Cash Flow Statement

for the Period 1 January 2024 to 30 April 2025

| Period |

| 1.1.24 |

| to |  | Year Ended

| 30.4.25 |  | 31.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,141,072 |  | 1,692,769 |  |

Interest paid | (68,298 | ) | (38,757 | ) |

Tax paid | (294,850 | ) | (184,747 | ) |

Net cash from operating activities | 777,924 |  | 1,469,265 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (240,257 | ) | (234,667 | ) |

Sale of tangible fixed assets | 1,333 |  | - |  |

Interest received | 85,275 |  | 67,262 |  |

Net cash from investing activities | (153,649 | ) | (167,405 | ) |

Cash flows from financing activities

Loan repayments in year | - |  | (89,856 | ) |

Capital repayments in year | (171,036 | ) | (147,584 | ) |

Amount introduced by directors | 165,516 |  | 208,601 |  |

Amount withdrawn by directors | (192,516 | ) | (19,867 | ) |

Equity dividends paid | (501,363 | ) | (716,666 | ) |

Net cash from financing activities | (699,399 | ) | (765,372 | ) |

(Decrease)/increase in cash and cash equivalents | (75,124 | ) | 536,488 |  |

Cash and cash equivalents at beginning of period | 2 | 1,777,203 |  | 1,240,715 |  |

Cash and cash equivalents at end of period | 2 | 1,702,079 |  | 1,777,203 |  |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Cash Flow Statement

for the Period 1 January 2024 to 30 April 2025

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

| Period |

| 1.1.24 |

| to | Year Ended

| 30.4.25 |  | 31.12.23

£ | £ |

| Profit before taxation | 886,086 |  | 1,151,064 |  |

| Depreciation charges | 350,062 |  | 250,267 |  |

| Profit on disposal of fixed assets | (1,333 | ) | - |  |

| Amortisation charges | 120,813 |  | 90,610 |  |

| Movement in other provisions | 94,262 |  | 55,320 |  |

| Loss on impairment of intangibles | 6,957 |  | - |  |

| Non cash movement on Directors' Loans | (239,921 | ) | - |  |

| Finance costs | 68,298 |  | 38,757 |  |

| Finance income | (85,275 | ) | (67,262 | ) |

1,199,949 |  | 1,518,756 |  |

| Decrease in stocks | 54,756 |  | 261,366 |  |

| Increase in trade and other debtors | (21,443 | ) | (269,441 | ) |

| (Decrease)/increase in trade and other creditors | (92,190 | ) | 182,088 |  |

| Cash generated from operations | 1,141,072 |  | 1,692,769 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Period ended 30 April 2025

| 30.4.25 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 1,702,079 |  | 1,777,203 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 1,777,203 |  | 1,240,715 |  |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Cash Flow Statement

for the Period 1 January 2024 to 30 April 2025

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 30.4.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,777,203 |  | (75,124 | ) | 1,702,079 |  |

1,777,203 |  | (75,124 | ) | 1,702,079 |  |

| Debt

| Finance leases | (375,317 | ) | 171,036 |  | (204,281 | ) |

(375,317 | ) | 171,036 |  | (204,281 | ) |

| Total | 1,401,886 |  | 95,912 |  | 1,497,798 |  |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements

for the Period 1 January 2024 to 30 April 2025

1. | STATUTORY INFORMATION

| TSWW 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 General Information page.

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

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.

| Basis of consolidation

| The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

| Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| In the application of the group's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| Included in provisions is an estimate of £280,579 (2023: £232,579) for dilapidations with regard to the group's buildings and an estimate of £528,916 (2023: £482,654) for remedial work required under warranties given.

| Dilapidations:

| The group recognises a provision for dilapidations when there is a present obligation due to past events, a probable outflow of resources, and a reliable estimate of the expenditure required to settle the obligation.

| This provision is measured based on the best estimate of costs to restore leased properties to their original condition as specified in lease agreements and is reviewed annually for adjustments.

| Bad debt:

| The group recognises a provision for bad debts to account for the estimated losses resulting from the inability to collect outstanding receivables. This provision is determined based on a regular review of all outstanding amounts, considering factors such as the age of the receivable, historical collection rates, and specific customer creditworthiness.

| Adjustments to the provision are made as needed to reflect changes in the credit risk of receivables. The bad debt provision is presented as a deduction from trade receivables on the balance sheet, ensuring that the financial statements accurately reflect the expected realisable value of the receivables.

| Remedial provision:

| The group recognises a provision for remedial costs to cover the estimated expenses required to rectify

| any future identified deficiencies or regulatory non-compliance issues. This provision is recorded when a present obligation is deemed to exist as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the expenditure can be made. The provision is measured at the best estimate of the costs necessary to settle any obligation at the reporting date, taking into account any relevant regulatory requirements and the specific circumstances of the deficiency. Adjustments to the provision are made as necessary to reflect changes in the estimated costs. The remedial costs provision is presented as a liability in the financial statements, ensuring accurate reporting of the group's obligations.

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

| Sale of goods

| Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

| - the company has transferred the significant risks and rewards of ownership to the buyer;

| - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

| - the amount of turnover can be measured reliably;

| - it is probable that the company will receive the consideration due under the transaction; and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Rendering of services

| Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

| - the amount of turnover can be measured reliably;

| - it is probable that the company will receive the consideration due under the contract;

| - the stage of completion of the contract at the end of the reporting period can be measured

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

| 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.

| Other fixed assets | - | at varying rates on cost

| Plant and machinery | - | at varying rates on cost

| Motor vehicles | - | at varying rates on cost

| Computer equipment | - | at varying rates on cost

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

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

| Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| (i) Financial assets and liabilities

| All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

| Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

| (a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

| (b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

| (c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

| (d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

| (e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

| (f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

| Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

| Financial assets are derecognised when and only when (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

2. | ACCOUNTING POLICIES - continued

| (ii) Investments

| Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

| In the company balance sheet, investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

| (iii) Equity instruments

| Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

| Taxation

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| 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.

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

| Dividends

| Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

| Valuation of investments

| Investments in subsidiaries are measured at cost less accumulated impairment.

| Provisions for liabilities

| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

| Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the group.

| An analysis of turnover by geographical market is given below:

| Period |

| 1.1.24 |

| to | Year Ended

| 30.4.25 |  | 31.12.23

£ | £ |

| United Kingdom | 13,879,611 |  | 11,386,986 |  |

13,879,611 |  | 11,386,986 |  |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

4. | EMPLOYEES AND DIRECTORS

| Period |

| 1.1.24 |

| to | Year Ended

| 30.4.25 |  | 31.12.23

£ | £ |

| Wages and salaries | 5,355,101 |  | 4,007,201 |  |

| Social security costs | 584,544 |  | 430,109 |  |

| Other pension costs | 150,622 |  | 372,270 |  |

6,090,267 |  | 4,809,580 |  |

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

| Period |

| 1.1.24 |

| to | Year Ended

| 30.4.25 |  | 31.12.23

| Management | 6 |  | 2 |  |

| Admin | 9 |  | 7 |  |

| Sales | 8 |  | 12 |  |

| Production | 70 |  | 71 |  |

93 |  | 92 |  |

| Period |

| 1.1.24 |

| to | Year Ended

| 30.4.25 |  | 31.12.23

£ | £ |

| Directors' remuneration | 80,955 |  | 16,391 |  |

| Directors' pension contributions to money purchase schemes | 3,107 |  | 122,381 |  |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| Period |

| 1.1.24 |

| to | Year Ended

| 30.4.25 |  | 31.12.23

£ | £ |

| Other operating leases | 401,306 |  | 383,704 |  |

| Depreciation - owned assets | 254,773 |  | 157,604 |  |

| Depreciation - assets on hire purchase contracts | 95,288 |  | 72,965 |  |

| Profit on disposal of fixed assets | (1,333 | ) | - |  |

| Goodwill amortisation | 120,813 |  | 90,610 |  |

| Computer software amortisation | - |  | 19,698 |  |

| Auditors' remuneration | 20,515 |  | 18,190 |  |

| Foreign exchange differences | 1,411 |  | 3,636 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period |

| 1.1.24 |

| to | Year Ended

| 30.4.25 |  | 31.12.23

£ | £ |

| Bank loan interest | 35,494 |  | 7,893 |  |

| Credit card charges | 32,804 |  | 30,864 |  |

68,298 |  | 38,757 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the period was as follows:

| Period |

| 1.1.24 |

| to | Year Ended

| 30.4.25 |  | 31.12.23

£ | £ |

| Current tax:

| UK corporation tax | 211,886 |  | 352,792 |  |

| Deferred tax | (19,574 | ) | 63,842 |  |

| Tax on profit | 192,312 |  | 416,634 |  |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| Period |

| 1.1.24 |

| to | Year Ended

| 30.4.25 |  | 31.12.23

£ | £ |

| Profit before tax | 886,086 |  | 1,151,064 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.521 %) | 221,522 |  | 270,742 |  |

| Effects of:

| Expenses not deductible for tax purposes | 12,405 |  | 68,050 |  |

| Adjustments to tax charge in respect of previous periods | (49,233 | ) | - |  |

| Tax rate timing differences | - |  | 3,778 |  |

| Timing differences on assets | 7,618 |  | 72,338 |  |

| Losses utilised not recognised as deferred tax asset | - |  | 1,726 |  |

| Total tax charge | 192,312 |  | 416,634 |  |

8. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9. | DIVIDENDS

|  | 30.04.25 |  | 31.12.23 |

|  | £ |  | £ |

| Dividends per share |  |

| 5,600 Ordinary A shares at £39.8 per share |  | 222,867 |  | 281,316 |

| 2,150 Ordinary B shares at £65.83 per share |  | 141,544 |  | 319,986 |

| 800 Ordinary C shares at £133.69 per share |  | 106,952 |  | 81,576 |

| 450 Ordinary D shares at £66.67 per share |  | 30,000 |  | 33,788 |

|  | 501,363 |  | 716,666 |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

10. | INTANGIBLE FIXED ASSETS

| Group

| Computer |

| Goodwill |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 906,101 |  | 204,110 |  | 1,110,211 |  |

| Impairments | - |  | (82,645 | ) | (82,645 | ) |

| At 30 April 2025 | 906,101 |  | 121,465 |  | 1,027,566 |  |

| AMORTISATION

| At 1 January 2024 | 607,956 |  | 197,153 |  | 805,109 |  |

| Amortisation for period | 120,813 |  | - |  | 120,813 |  |

| Impairments | - |  | (75,688 | ) | (75,688 | ) |

| At 30 April 2025 | 728,769 |  | 121,465 |  | 850,234 |  |

| NET BOOK VALUE

| At 30 April 2025 | 177,332 |  | - |  | 177,332 |  |

| At 31 December 2023 | 298,145 |  | 6,957 |  | 305,102 |  |

11. | TANGIBLE FIXED ASSETS

| Group

| Other |

| fixed |  | Plant and |  | Motor |  | Computer |

| assets |  | machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 1,110,120 |  | 1,797,657 |  | 26,744 |  | 143,792 |  | 3,078,313 |  |

| Additions | 34,067 |  | 216,165 |  | 10,998 |  | 7,794 |  | 269,024 |  |

| Disposals | - |  | - |  | (7,774 | ) | - |  | (7,774 | ) |

| At 30 April 2025 | 1,144,187 |  | 2,013,822 |  | 29,968 |  | 151,586 |  | 3,339,563 |  |

| DEPRECIATION

| At 1 January 2024 | 461,064 |  | 877,757 |  | 19,235 |  | 111,628 |  | 1,469,684 |  |

| Charge for period | 129,384 |  | 191,034 |  | 8,386 |  | 21,257 |  | 350,061 |  |

| Eliminated on disposal | - |  | - |  | (7,774 | ) | - |  | (7,774 | ) |

| At 30 April 2025 | 590,448 |  | 1,068,791 |  | 19,847 |  | 132,885 |  | 1,811,971 |  |

| NET BOOK VALUE

| At 30 April 2025 | 553,739 |  | 945,031 |  | 10,121 |  | 18,701 |  | 1,527,592 |  |

| At 31 December 2023 | 649,056 |  | 919,900 |  | 7,509 |  | 32,164 |  | 1,608,629 |  |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

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

| Plant and

| machinery

£ |

| COST

| At 1 January 2024

| and 30 April 2025 | 676,905 |  |

| DEPRECIATION

| At 1 January 2024 | 152,442 |  |

| Charge for period | 95,288 |  |

| At 30 April 2025 | 247,730 |  |

| NET BOOK VALUE

| At 30 April 2025 | 429,175 |  |

| At 31 December 2023 | 524,463 |  |

12. | FIXED ASSET INVESTMENTS

| Company

| Investments (neither listed nor unlisted) were as follows:

| 30.4.25 |  | 31.12.23

£ | £ |

| Investment in subsidiaries | 1,354,905 |  | 1,354,905 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| The Sash Window Workshop Limited

| Registered office: England

| Nature of business: Holding company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 30.4.25 |  | 31.12.23

£ | £ |

| Aggregate capital and reserves | 10,308 |  | 15,640 |  |

| Profit for the year | 496,031 |  | 711,315 |  |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

12. | FIXED ASSET INVESTMENTS - continued

| The Sash Window Workshop Trading Limited *

| Registered office: England

| Nature of business: Manufacturing and installation of windows

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 30.4.25 |  | 31.12.23

£ | £ |

| Aggregate capital and reserves | 1,432,113 |  | 1,102,450 |  |

| Profit for the year | 831,026 |  | 837,748 |  |

| * Held indirectly through The Sash Window Workshop Limited.

13. | STOCKS

| Group |

| 30.4.25 |  | 31.12.23 |

£ | £ |

| Stocks | 763,827 |  | 818,583 |  |

| Stock consists of raw materials and consumables. Within this, the provision for the year is £Nil (2023: £Nil)

14. | DEBTORS

| Group |  | Company |

| 30.4.25 |  | 31.12.23 |  | 30.4.25 |  | 31.12.23 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Trade debtors | 361,054 |  | 470,665 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | - |  | 226,101 |  |

| Other debtors | 12,598 |  | 99,589 |  | - |  | - |  |

| Directors' loan accounts | 104,088 |  | - |  | 23,953 |  | - |  |

| Tax | - |  | 8,742 |  | - |  | - |  |

| VAT | - |  | - |  | 466 |  | - |  |

| Prepayments | 413,168 |  | 191,956 |  | - |  | - |  |

890,908 |  | 770,952 |  | 24,419 |  | 226,101 |  |

| Amounts falling due after more than one | year: |

| Other debtors | 209,479 |  | 212,646 |  | - |  | - |  |

| Aggregate amounts | 1,100,387 |  | 983,598 |  | 24,419 |  | 226,101 |  |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

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

| Group |  | Company |

| 30.4.25 |  | 31.12.23 |  | 30.4.25 |  | 31.12.23 |

£ | £ | £ | £ |

| Hire purchase contracts (see note 17) | 128,277 |  | 128,277 |  | - |  | - |  |

| Trade creditors | 376,448 |  | 199,754 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 785,782 |  | 743,002 |  |

| Tax | 261,120 |  | 352,826 |  | - |  | 36 |  |

| Social security and other taxes | 105,035 |  | 191,903 |  | - |  | - |  |

| VAT | 360,040 |  | 343,662 |  | - |  | - |  |

| Other creditors | 235,800 |  | 197,029 |  | 4 |  | 17,502 |  |

| Directors' loan accounts | - |  | 162,833 |  | - |  | 200,915 |  |

| Accruals and deferred income | 1,693,119 |  | 1,901,516 |  | 7,540 |  | 7,340 |  |

3,159,839 |  | 3,477,800 |  | 793,326 |  | 968,795 |  |

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

| Group |

| 30.4.25 |  | 31.12.23 |

£ | £ |

| Hire purchase contracts (see note 17) | 76,004 |  | 247,040 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

| 30.4.25 |  | 31.12.23 |

£ | £ |

| Net obligations repayable:

| Within one year | 128,277 |  | 128,277 |  |

| Between one and five years | 76,004 |  | 247,040 |  |

204,281 |  | 375,317 |  |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

17. | LEASING AGREEMENTS - continued

| Group

| Non-cancellable |

| operating leases |

| 30.4.25 |  | 31.12.23

£ | £ |

| Within one year | 428,827 |  | 475,460 |  |

| Between one and five years | 1,453,361 |  | 1,266,391 |  |

| In more than five years | 408,333 |  | 875,000 |  |

2,290,521 |  | 2,616,851 |  |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

| 30.4.25 |  | 31.12.23 |

£ | £ |

| Hire purchase contracts | 204,281 |  | 375,317 |  |

| Hire purchase creditors are secured on the tangible asset that has been financed.

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

19. | FINANCIAL INSTRUMENTS

| GROUP |  | 2025 |  |  | 2023 |  |

| £ |  |  | £ |  |

| FINANCIAL ASSETS |  |

| Financial assets measured at fair value through profit and loss |  | 1,702,079 |  |  | 1,777,203 |  |

| Financial assets that are debt instruments measured at amortised cost |  | 687,219 |  |  | 782,900 |  |

|  | 2,389,298 |  |  | 2,560,103 |  |

| FINANCIAL LIABILITIES |  |

| Financial liabilities measured at amortised cost |  | (2,509,648 | ) |  | (2,836,449 | ) |

| COMPANY |  | 2025 |  |  | 2023 |  |

| £ |  |  | £ |  |

| FINANCIAL ASSETS |  |

| Financial assets measured at fair value through profit and loss |  | 4,251 |  |  | 3,338 |  |

| Financial assets that are debt instruments measured at amortised cost |  | 23,953 |  |  | 226,101 |  |

|  | 28,204 |  |  | 229,439 |  |

| FINANCIAL LIABILITIES |  |

| Financial liabilities measured at amortised cost |  | (793,326 | ) |  | (968,759 | ) |

| Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors and accrued income.

| Financial liabilities measured at amortised cost comprise bank and other loans (including finance leases), overdrafts, trade creditors, other creditors and accruals.

20. | PROVISIONS FOR LIABILITIES

| Group |

| 30.4.25 |  | 31.12.23 |

£ | £ |

| Deferred tax | 376,590 |  | 396,164 |  |

| Other provisions | 809,495 |  | 715,233 |  |

| Aggregate amounts | 1,186,085 |  | 1,111,397 |  |

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

20. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 January 2024 | 396,164 |  | 715,233 |  |

| Utilised during period | (19,574 | ) | - |  |

| Balance at 30 April 2025 | 376,590 |  | 715,233 |  |

| Included within other provisions is a dilapidation provision £280,579 (2023: £232,579) and a remedial provision of £528,916 (2023: £482,654).

21. | CALLED UP SHARE CAPITAL

|  | 31.12.25 |  | 31.12.23 |  |

|  | £ |  | £ |  |

| Allotted, called up and fully paid |  |

| 5,600 Ordinary A shares of £0.10 each |  | 560 |  | 560 |  |

| 2,150 Ordinary B shares of £0.10 each |  | 215 |  | 215 |  |

| 800 Ordinary C shares of £0.10 each |  | 80 |  | 80 |  |

| 450 Ordinary D shares of £0.10 each |  | 45 |  | 45 |  |

|  | 900 |  | 900 |  |

| Ordinary A,B,C and D shares each carry a right to vote, a right to a dividend, with the power to distinguish between the classes of share capital of the company when paying those dividends and a right to a capital distribution in the event of a winding up or return of capital. Ordinary shares are not redeemable.

22. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 January 2024 | 655,978 |  |

| Profit for the period | 693,774 |  |

| Dividends | (501,363 | ) |

| At 30 April 2025 | 848,389 |  |

23. | PENSION COMMITMENTS

| The group operates a defined contribution pension scheme. During the year, amounts charged to the profit and loss were £150,622 (2023 - 672,465 ). At 30 April 2025, amounts outstanding were £13,943 (2023 - £16,446).

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

24. | CAPITAL COMMITMENTS

| 30.4.25 |  | 31.12.23

£ | £ |

| Contracted but not provided for in the

| financial statements | - |  | 131,200 |  |

25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the period ended 30 April 2025 and the year ended 31 December 2023:

| 30.4.25 |  | 31.12.23

£ | £ |

| Mr R G Dollar

| Balance outstanding at start of period | (26,443 | ) | (26,443 | ) |

| Amounts advanced | 271,177 |  | - |  |

| Amounts repaid | (164,599 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of period | 80,135 |  | (26,443 | ) |

| Ms S Kainth

| Balance outstanding at start of period | (136,389 | ) | (136,389 | ) |

| Amounts advanced | 160,342 |  | - |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of period | 23,953 |  | (136,389 | ) |

| Interest was charged at a rate of 2.25% for the period to 31 March 2025 and 3.75% thereafter.

26. | RELATED PARTY DISCLOSURES

| Included in other debtors due after more than one year is an amount of £209,479 (2023: £281,979) due from a company controlled by R G Dollar, a director of the company.

| Within the period the company purchase services of £33,543 (2023: £25,000) from a company controlled by P Clegg, a director of the company. There was no outstanding balance at the period end (2023: £nil).

| Within the period £71,709 (2023: £192,895) was paid as remuneration to close family members of the directors.

| During the period, a total of key management personnel compensation of £ 746,771 (2023 - £ 628,195 ) was paid.

27. | ULTIMATE CONTROLLING PARTY

| The controlling party is Mr R G Dollar.

TSWW Holdings Limited (Registered number: 10323916)

Notes to the Consolidated Financial Statements - continued

for the Period 1 January 2024 to 30 April 2025

28. | SHARE-BASED PAYMENT TRANSACTIONS

| The group has issued share options to certain employees under the Enterprise Management Initiative ('EMI') share option scheme. The EMI options are settled in equity on the exercise of the option. The vesting criteria include remaining within employment of the company at the time the option vests along with certain individual performance criteria.

| Equity-settled options are measured at fair value at the date of grant based on the actual market value. In the opinion of the directors this represents the most reliable measurement of the fair value of the EMI share option.

| The following EMI options were in existence at the year end.

|  | 2025 |  | 2025 |  | 2023 |  | 2023 |

|  | Number |  | Weighted average exercise price |  | Number |  | Weighted average exercise price |

| Outstanding at the beginning of the period |  |  | 400 |  | £0.01 |  | - |  | - |

| Granted during the period |  |  | - |  | - |  | 400 |  | £0.01 |

| Forfeited during the period |  |  | - |  | - |  | - |  | - |

| Exercised during the period |  |  | - |  | - |  | - |  | - |

| Outstanding at the period end |  |  | 400 |  | £0.01 |  | 400 |  | £0.01 |

| The number of EMI share options that were exercisable at the year end was NIL.

| During the year, the company charged an expense of £NIL to the income statement in respect of equity-settled share based payments.