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REGISTERED NUMBER: 09949380 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

SWC TRADE FRAMES LIMITED

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 4 |

Income Statement | 7 |

Other Comprehensive Income | 8 |

Statement of Financial Position | 9 |

Statement of Changes in Equity | 10 |

Notes to the Financial Statements | 11 |

SWC TRADE FRAMES LIMITED

COMPANY INFORMATION

for the year ended 31 March 2025

| DIRECTORS: | M R Catchpole

| M P Doherty

| I R T Richings

| Ms S Richings

| REGISTERED OFFICE: | Unit 1 The Gateway

| Dunslow Road

| Eastfield

| Scarborough

| North Yorkshire

| YO11 3UT

| REGISTERED NUMBER: | 09949380 (England and Wales)

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

STRATEGIC REPORT

for the year ended 31 March 2025

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

REVIEW OF BUSINESS

The detailed results for the period and the financial position of the company at the end of the period are as shown in the attached financial statements.

The company has a profit after tax of £2,092,577 (2024 - £2,123,324). Retained earnings stand at £6,871,341 (2024 - £5,957,834) and are retained for future working capital.

| 2025 |  | 2024 |

Turnover |  |  | £19,442,868 |  | £19,130,047 |

Gross Profit % |  |  | 27.6% |  | 28.7% |

The marketplace remains very competitive, and consumer demand has now settled in line with both the previous year and pre-pandemic levels.

With turnover broadly static, these market pressures have resulted in a slight contraction of gross margin.

The Directors remain satisfied with the position of the company at the period end.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors assess the risks faced by the business on a regular basis and adopt appropriate strategies to manage and reduce the risk of the business. These include management of credit control and cashflow, with a wide spread of customers being a natural risk mitigation. Supplier pricing is fixed for a specific period where possible. The marketplace is highly competitive and we continually review our position in order to retain appropriate market share and margin.

The risk arising from the company's financial instruments are liquidity, credit and interest rate risk. The Directors review and agree informal policies for managing these risks.

ON BEHALF OF THE BOARD:

I R T Richings - Director

20 November 2025

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

REPORT OF THE DIRECTORS

for the year ended 31 March 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the fabrication and distribution of PVCu and aluminium windows, doors and conservatories.

DIVIDENDS

Information relating to dividends can be found in the Notes to the Financial Statements.

FUTURE DEVELOPMENTS

The company's business objectives for the next twelve months are to maintain and develop its market share for manufacturing PVCu and aluminium products.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

M R Catchpole

M P Doherty

I R T Richings

Ms S Richings

DISCLOSURE IN THE STRATEGIC REPORT

The fair review of the company's business including risk exposure is included in the Strategic Report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

I R T Richings - Director

20 November 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SWC TRADE FRAMES LIMITED

Opinion

We have audited the financial statements of SWC Trade Frames Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SWC TRADE FRAMES LIMITED

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

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

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

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

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SWC TRADE FRAMES LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Steven Aitken (Senior Statutory Auditor)

for and on behalf of Smailes Goldie Watson Limited

Statutory Auditors

Chartered Accountants

Units 7-8 Manor Court

Manor Garth

Eastfield

Scarborough

North Yorkshire

YO11 3TU

20 November 2025

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

INCOME STATEMENT

for the year ended 31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 19,442,868 |  | 19,130,047 |  |

Cost of sales | 14,081,630 |  | 13,639,843 |  |

GROSS PROFIT | 5,361,238 |  | 5,490,204 |  |

Distribution costs | 449,348 |  | 416,198 |  |

Administrative expenses | 2,332,955 |  | 2,341,237 |  |

|  |  | 2,782,303 |  |  |  |  | 2,757,435 |  |

2,578,935 |  | 2,732,769 |  |

Other operating income | 4 | 90,089 |  | 54,625 |  |

OPERATING PROFIT | 6 | 2,669,024 |  | 2,787,394 |  |

Interest receivable and similar income | 205,674 |  | 108,309 |  |

2,874,698 |  | 2,895,703 |  |

Interest payable and similar expenses | 8 | 1,079 |  | 6,640 |  |

PROFIT BEFORE TAXATION | 2,873,619 |  | 2,889,063 |  |

Tax on profit | 9 | 781,042 |  | 765,739 |  |

PROFIT FOR THE FINANCIAL YEAR | 2,092,577 |  | 2,123,324 |  |

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

OTHER COMPREHENSIVE INCOME

for the year ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 2,092,577 |  | 2,123,324 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,092,577 |  | 2,123,324 |  |

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

STATEMENT OF FINANCIAL POSITION

31 March 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 222,492 |  | 444,984 |  |

Tangible assets | 12 | 1,151,686 |  | 983,461 |  |

1,374,178 |  | 1,428,445 |  |

CURRENT ASSETS

Stocks | 13 | 531,871 |  | 566,201 |  |

Debtors | 14 | 3,013,920 |  | 2,866,755 |  |

Cash at bank and in hand | 4,073,841 |  | 3,087,332 |  |

7,619,632 |  | 6,520,288 |  |

CREDITORS

Amounts falling due within one year | 15 | 1,895,229 |  | 1,806,456 |  |

NET CURRENT ASSETS | 5,724,403 |  | 4,713,832 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,098,581 |  | 6,142,277 |  |

PROVISIONS FOR LIABILITIES | 18 | 226,080 |  | 183,283 |  |

NET ASSETS | 6,872,501 |  | 5,958,994 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 1,160 |  | 1,160 |  |

Retained earnings | 20 | 6,871,341 |  | 5,957,834 |  |

6,872,501 |  | 5,958,994 |  |

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 20 November 2025 and were signed on its behalf by:

I R T Richings - Director

M P Doherty - Director

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

STATEMENT OF CHANGES IN EQUITY

for the year ended 31 March 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 1,160 |  | 4,996,210 |  | 4,997,370 |  |

Changes in equity

Dividends | - |  | (1,161,700 | ) | (1,161,700 | ) |

Total comprehensive income | - |  | 2,123,324 |  | 2,123,324 |  |

Balance at 31 March 2024 | 1,160 |  | 5,957,834 |  | 5,958,994 |  |

Changes in equity

Dividends | - |  | (1,179,070 | ) | (1,179,070 | ) |

Total comprehensive income | - |  | 2,092,577 |  | 2,092,577 |  |

Balance at 31 March 2025 | 1,160 |  | 6,871,341 |  | 6,872,501 |  |

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

1. | STATUTORY INFORMATION

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

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

2. | 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.

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d).

| Significant judgements and estimates

| In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

| Critical judgements in applying the company's policies

| The management consider that no critical judgements have had to be made in preparing these financial statements.

| Critical accounting estimates and assumptions

| 1. Goodwill amortisation

| Management review the estimated useful economic life of goodwill at annual intervals. The annual depreciation charge for goodwill is sensitive to changes in the estimated useful economic life and residual value of the goodwill. On reflection, management judge that they have sufficient reliable evidence to amortise the goodwill on acquisition of the business over a ten year useful life from the date of acquisition.

| 2. Valuation of amounts recoverable on contract

| Management estimate the value of revenue receivable on contracts in progress at the period end date based upon a percentage of final sales value depending on the production stage at the period end date.

| 3. Useful economic lives and residual values of tangible assets

| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The assumptions used regarding useful economic lives and residual values are assessed annually. They are amended when necessary to reflect current estimates, based on market conditions and the physical condition of the assets.

| 4. Provisions

| Management have assessed the necessary level of provisions required against bad debts based on previous experience and all available knowledge and information.

| The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Revenue

| Revenue is measured at the fair value of the consideration received or receivable for goods provided, excluding discounts, rebates, value added tax and other sales taxes.

| Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for the supply of goods that it provides. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers.

| Revenue is recognised on contracts where production is ongoing or completed/awaiting delivery at the date of the financial statements based on a percentage of final sales value, determined by production stage at the period end date and the proportion of costs incurred at each production stage. Revenue recognised on such contracts is recognised as a debtor, being amounts recoverable on contract.

| 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.

| Short leasehold | - | over the length of the lease

| Plant and machinery | - | 33% on cost, 20% on cost and 10% on cost

| Motor vehicles | - | 25% on cost

| Assets under construction | - | not provided

| Where assets are purchased in the second half of the financial year they are not depreciated until the following year.

| Stocks

| Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items. Cost is based on the purchase price of the actual quantities in stock.

| At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to sell and the impairment loss is recognised immediately in profit or loss.

| Financial instruments

| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans.

| Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

| Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Assets acquired under finance lease agreements, including hire purchase agreements, are capitalised and the corresponding liability is included in creditors. Finance lease interest is charged to the profit and loss account on a reducing basis over the period of the agreement. Operating lease rentals are charged against profits of the period to which they relate.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the pension scheme are charged to the profit and loss account in the period in which they relate.

| Invoice discounting

| The company uses invoice discounting for some of its debts. Invoice discounting costs are recognised as they accrue and are included in the profit and loss account with other bank charges.

| The full amount due from debtors is shown in current assets and where there is a liability to the invoice discounting company this is shown in current liabilities.

| Going concern

| The directors have considered the financial resources and commitments of the company and concluded that the company has sufficient resources available to meet all reasonable liabilities as they fall due. The directors therefore consider it appropriate to prepare the financial statements on the going concern basis.

3. | TURNOVER

| The revenue and profit before taxation are attributable to the one principal activity of the company.

4. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| Discounts received | 350 |  | 67 |  |

| Sundry receipts | 89,739 |  | 54,558 |  |

90,089 |  | 54,625 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,099,146 |  | 3,791,560 |  |

| Social security costs | 379,960 |  | 339,182 |  |

| Other pension costs | 133,352 |  | 111,385 |  |

4,612,458 |  | 4,242,127 |  |

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

5. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Cost of sales | 82 |  | 83 |  |

| Administration | 55 |  | 55 |  |

| Distribution | 10 |  | 12 |  |

147 |  | 150 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 44,842 |  | 44,454 |  |

| Directors' pension contributions to money purchase schemes | 46,800 |  | 31,200 |  |

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

| Money purchase schemes | 3 |  | 3 |  |

6. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Other operating leases | 823 |  | 1,074 |  |

| Depreciation - owned assets | 254,902 |  | 170,700 |  |

| Depreciation - assets on hire purchase contracts | 41,467 |  | 62,200 |  |

| Loss/(profit) on disposal of fixed assets | 192 |  | (3,583 | ) |

| Goodwill amortisation | 222,492 |  | 222,492 |  |

| Rent | 230,500 |  | 228,021 |  |

| Operating lease expenses - motor vehicles | 130,057 |  | 106,742 |  |

7. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 23,575 |  | 17,000 |  |

| Other non- audit services | 1,190 |  | 3,297 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest paid | 325 |  | 905 |  |

| Other interest | - |  | 1,371 |  |

| Hire purchase interest | 754 |  | 4,364 |  |

1,079 |  | 6,640 |  |

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

9. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 738,245 |  | 745,453 |  |

| Overprovision in prior year tax charge | - |  | (19,727 | ) |

| Total current tax | 738,245 |  | 725,726 |  |

| Deferred tax | 42,797 |  | 40,013 |  |

| Tax on profit | 781,042 |  | 765,739 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 2,873,619 |  | 2,889,063 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 718,405 |  | 722,266 |  |

| Effects of:

| Expenses not deductible for tax purposes | 58,463 |  | 59,637 |  |

| Adjustments to tax charge in respect of previous periods | - |  | (19,727 | ) |

| Depreciation on non-qualifying assets | 4,174 |  | 3,563 |  |

| Total tax charge | 781,042 |  | 765,739 |  |

10. | DIVIDENDS

| The following interim dividends per share have been declared in the period:

| Ordinary shares - £860.00 (2024 - £860.00)

| Ordinary B shares - £4,350.00 (2024 - £4,050.00)

| Ordinary C shares - £4,350.00 (2024 - £4,050.00)

| Ordinary E shares - £903.50 (2024 - £935.00)

| Ordinary F shares - £4,350.00 (2024 - £4,050.00)

| Ordinary G shares - £2,000.00 (2024 - £2,000.00)

| The directors recommend that no final dividend be paid on the above shares.

| The total distribution of dividends for the year ended 31 March 2025 will be £1,179,070 (2024 - £1,161,700).

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

11. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 3,893,606 |  |

| AMORTISATION

| At 1 April 2024 | 3,448,622 |  |

| Amortisation for year | 222,492 |  |

| At 31 March 2025 | 3,671,114 |  |

| NET BOOK VALUE

| At 31 March 2025 | 222,492 |  |

| At 31 March 2024 | 444,984 |  |

12. | TANGIBLE FIXED ASSETS

| Assets |

| Short |  | Plant and |  | Motor |  | under |

| leasehold |  | machinery |  | vehicles |  | construction |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 192,941 |  | 1,569,081 |  | 341,180 |  | - |  | 2,103,202 |  |

| Additions | - |  | 172,057 |  | 83,585 |  | 226,452 |  | 482,094 |  |

| Disposals | - |  | - |  | (35,000 | ) | - |  | (35,000 | ) |

| At 31 March 2025 | 192,941 |  | 1,741,138 |  | 389,765 |  | 226,452 |  | 2,550,296 |  |

| DEPRECIATION

| At 1 April 2024 | 171,992 |  | 834,705 |  | 113,044 |  | - |  | 1,119,741 |  |

| Charge for year | 20,949 |  | 185,993 |  | 89,427 |  | - |  | 296,369 |  |

| Eliminated on disposal | - |  | - |  | (17,500 | ) | - |  | (17,500 | ) |

| At 31 March 2025 | 192,941 |  | 1,020,698 |  | 184,971 |  | - |  | 1,398,610 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 720,440 |  | 204,794 |  | 226,452 |  | 1,151,686 |  |

| At 31 March 2024 | 20,949 |  | 734,376 |  | 228,136 |  | - |  | 983,461 |  |

| The net book value of tangible fixed assets includes £NIL (2024 - £ 373,200 ) in respect of assets held under hire purchase contracts.

13. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials | 531,871 |  | 566,201 |  |

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 2,577,900 |  | 2,475,658 |  |

| Amounts recoverable on contract | 257,182 |  | 263,906 |  |

| Other debtors | 6,003 |  | 42,375 |  |

| Directors' loan accounts | - |  | 5,204 |  |

| Prepayments and accrued income | 172,835 |  | 79,612 |  |

3,013,920 |  | 2,866,755 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 16) | - |  | 80,467 |  |

| Trade creditors | 977,369 |  | 729,802 |  |

| Tax | 259,005 |  | 277,977 |  |

| Social security and other taxes | 72,609 |  | 100,124 |  |

| VAT | 221,901 |  | 263,635 |  |

| Other creditors | 22,130 |  | 24,781 |  |

| Accruals and deferred income | 342,215 |  | 329,670 |  |

1,895,229 |  | 1,806,456 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 80,467 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 181,927 |  | 308,064 |  |

| Between one and five years | 555,749 |  | 139,013 |  |

737,676 |  | 447,077 |  |

17. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | - |  | 80,467 |  |

| Available bank overdraft facilities are secured by a fixed and floating charge over the assets of the company. Hire purchase balances are secured on the assets to which they relate.

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

18. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 226,080 |  | 183,283 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 183,283 |  |

| Provided during year | 42,797 |  |

| Released in period |

| Balance at 31 March 2025 | 226,080 |  |

19. | CALLED UP SHARE CAPITAL

| The following allotted, issued and fully paid shares were in issue during the period, remaining unchanged from the comparative period:

| 1000 Ordinary shares of £1

| 20 Ordinary A shares of £1

| 20 Ordinary B shares of £1

| 20 Ordinary C shares of £1

| 20 Ordinary D shares of £1

| 20 Ordinary E shares of £1

| 20 Ordinary F shares of £1

| 20 Ordinary G shares of £1

| 20 Ordinary H shares of £1

| The Ordinary shares of £1 have full voting, dividend and capital distribution rights.

| The Ordinary A, B, C, D, E, F, G and H shares are non-voting, hold no rights to capital distribution but may be considered separately by the Directors when considering dividends from time to time.

20. | RESERVES

| Retained

| earnings

£ |

| At 1 April 2024 | 5,957,834 |  |

| Profit for the year | 2,092,577 |  |

| Dividends | (1,179,070 | ) |

| At 31 March 2025 | 6,871,341 |  |

21. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Outstanding contributions due at the balance sheet date amount to £21,851 (2024 - £24,427).

22. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 245,000 |  | 91,683 |  |

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 | 2024 |

£ | £ |

| I R T Richings

| Balance outstanding at start of year | 5,204 |  | - |  |

| Amounts advanced | - |  | 5,204 |  |

| Amounts repaid | (5,204 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 5,204 |  |

| Directors' loan accounts with the company are repayable on demand. Where a loan account becomes overdrawn by £10,000 or more, interest is charged on the full balance at H M Revenue & Customs approved rates.

24. | RELATED PARTY DISCLOSURES

| During the year, total dividends of £476,000 (2024 - £458,000) were paid to the directors .

| The directors who all have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Their total remuneration, excluding dividends, is shown in note 5 to the financial statements.

| Entities with control, joint control or significant influence over the entity

2025 | 2024 |

£ | £ |

| Dividends payable | 533,200 |  | 533,200 |  |

| Key management personnel of the entity or its parent (in the aggregate)

2025 | 2024 |

£ | £ |

| Amount due from related party | - |  | 5,204 |  |

| Other related parties

2025 | 2024 |

£ | £ |

| Dividends payable | 40,000 |  | 40,000 |  |

| Amount due from related party | - |  | 35,000 |  |

| Other related parties consist of entities which share a common director with the company. Amounts due to the company as above consist of an interest-free loan, repayable on demand.

SWC TRADE FRAMES LIMITED (REGISTERED NUMBER: 09949380)

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

25. | POST BALANCE SHEET EVENTS

| After the date of these financial statements but prior to their approval, total dividends of £2,215,000 have been voted and paid.

| In the period after the date of these financial statements but prior to the date of their approval, the company has repurchased the following shares for total consideration of £160:

| 20 Ordinary A shares of £1

| 20 Ordinary B shares of £1

| 20 Ordinary C shares of £1

| 20 Ordinary D shares of £1

| 20 Ordinary E shares of £1

| 20 Ordinary F shares of £1

| 20 Ordinary G shares of £1

| 20 Ordinary H shares of £1

| All of the above shares have been subsequently cancelled.

| After the date of these financial statements but before the date of their approval, an extension of the lease of the premises from which the company trades has been formally agreed.

26. | ULTIMATE CONTROLLING PARTY

| The immediate parent company of the entity is SRRR Holdings Ltd.

| The parent undertaking of the smallest and largest group for which consolidated accounts are prepared is SRRR Holdings Ltd, registered in England and Wales. Its registered office is Unit 1 The Gateway, Dunslow Road, Eastfield, Scarborough, YO11 3UT. Copies of the consolidated accounts can be obtained from Companies House.

| In the opinion of the directors, the ultimate controlling party of the group at the date of these financial statements, is S Richings, whilst at the at the date of the approval of these financial statements, it is I R T Richings.