The directors present the strategic report for the period ended 28 March 2025.
Sales Revenue decreased by 3% to £15.066M (2023/24 - £15.484M). The decrease was mainly attributable to main contractors delaying installation of manufactured goods.
Net Profit for the year was £498K (2023/24 - £622K). A decrease in revenue alongside inflationary cost increases was the principal factor.
Gross Profit decreased by 9% to £3.938M (2023/24 £4.310M).
Order intake for the period to 28 March 2025 decreased by 2% to £15.503M (2023/24 - £15.782M). Whilst it’s unfortunate that the levels fell slightly, it is considered a positive outcome in challenging economic conditions.
Cash reserves decreased to £1.040M from £1.387M. This is after a £200K repayment of a long term CBILS Loan, which ends in July 2026.
A key strategic objective over recent years has been to enhance the security & thermal performance of our core rolled steel products and increase revenue from thermally broken window & door systems. We now have a market leading product portfolio which is enabling us to continue growing market share across all sectors.
The Group is committed to reducing the impact its operations have on the environment through sustainable sourcing, reduced energy consumption and waste reduction by engaging with supply chain partners, customers and employees. Initiatives are monitored by KPI’s and regular reviews as part of our ISO 14001 Environmental Management System. The Board sets annual targets to improve energy utilisation and reduce waste, based on an annual assessment of our carbon footprint by an authorative organisation. This year, our CO2e has been independently assessed, the outcome of which showed a 33% reduction in carbon emissions due to increased focus on waste reduction, transition of fleet vehicles to BEV / Hybrid power and leveraging investments in LED lighting and solar arrays.
The strategic objectives of the Group remain to create a sustainable business model that generates value for stakeholders, provides a workplace that promotes personal development and ensures colleagues are provided with the latest technology, training opportunities and learning paths. The business is focused on developing new, innovative products and introducing new features to the existing portfolio that set the business apart from competitors.
The drive to boost output and increase efficiency continues, with further investments planned to acquire more advanced and efficient machinery and to reimagine workflow and processes and reduce fabrication costs.
The Board has created a strategy and vision that sets targets for revenue, profit and other key metrics leading up to 2030. The Board believes that recent investments in the latest information technology, modern machinery and sales & marketing assets will allow the business to capitalise on its leading brand position and peerless reputation for quality.
The Directors recognise that within the business there are a number of risks which may affect the performance of the Group. These risks are subject to regular review and where appropriate, processes are established to minimise the level of exposure.
Contractual
The identification and management of contractual risk in construction contracts is a major focus for the business. A robust and experienced management team ensures the business meets its contractual obligations and proactively manages risk to avoid incurring penalty costs. The business employs Quantity Surveyors and Site Managers to monitor progress and recover increased costs.
Economic Outlook
The Group continues to transition into a more diverse manufacture of steel fenestration, with the introduction of new products planned, allowing it to leverage its already strong brand and dominant market position in both home and Export markets. A 5 year growth plan has been developed which will see the business expand into new markets, both in the UK and abroad, and enhance its current product range alongside launching new products.
The strategic business plan linked to key business improvements continues to be updated to further improve operating efficiency and profitability from factory and on-site operations.
A major tenet of the strategic plan is to minimise the impact of our operations on the environment through sustainable sourcing, reduced energy consumption by collaborating with suppliers and customers. Developing new products and improving existing systems that require less resource to manufacture and reduce energy consumption is service is a principal objective.
Working Capital
Cash and working capital management remains a priority focus of the Executive Board and their respective teams. In 2007, the Group agreed an overdraft facility with NatWest, which is reviewed periodically. In July 2020 the company received a Coronavirus business interruption loan of £1 Million to bolster working capital during the pandemic that is repayable over 6 years.
Health and Safety
Ensuring the health, safety & wellbeing of all employees continues to be central to the culture of the Group. The Board and Health & Safety Committee pay particular attention to creating a culture of continuous improvement by monitoring accident rates, investigating root cause and implementing preventative action. The company uses a Health & Safety Consultant to conduct regular audits of operating procedures and protocols along with an Occupational Health Specialist to monitor the health & wellbeing of employees.
Key Performance Indicators are provided to the Management Board on a regular basis covering liquidity, new orders, order pipeline, operational efficiency & safety. Each is considered in turn as part of strict working capital management against budgeted target levels and to ensure progress of the business activities and drivers.
On behalf of the board
The directors present their annual report and financial statements for the period ended 28 March 2025.
The results for the period are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Crittal Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 28 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to their stock provision, provision for bad debt and contract WIP balance.
Testing key revenue lines, in particular cut-off, for evidence of management bias.
Performing a physical verification of key assets and stock items.
Obtaining third-party confirmation of material bank and loan balances.
Reviewing documentation, such as the company board minutes, for discussions of irregularities including fraud.
Reviewing all material consolidation adjustments.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors of the group.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The Company’s profit for the year was £601k (2024: £2,202k).
Crittall Holdings Limited (“the Company”) is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is Francis House, Freebournes Road, Witham, Essex, CM8 3UN.
The Group consists of Crittall Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company Crittal Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 28 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group balances are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
During the period, the group made a profit of £498k and the balance sheet was in surplus by £1,115k. Despite the tough macroeconomic conditions facing the business, including elevated interest rates and a lack of a clear growth strategy at government level which has contributed to delayed decision-making among larger contractors, management maintains a high level of confidence in securing several substantial near-term prospects. The sales pipeline remains active, and the timing of contract awards is anticipated to improve as market conditions begin to stabilise.
The directors are also constantly looking at ways to improve inefficiencies in the business, and have implemented a number of measures to improve manufacturing efficiency and optimise energy usage. The directors pay a close attention to the cash requirements of the business; forecasts, current cash positions and the unused overdraft facility are reviewed constantly.
The directors remains fully optimistic regarding the group’s future and does not identify any material uncertainties which cast doubt on the entity’s ability to continue as a going concern. Based on current cash reserves, reduced debt exposure, ongoing profitability, and the strength of the order pipeline, we consider it appropriate to adopt the going concern basis in the preparation of the financial statements.
The current reporting period is from 30 March 2024 to 28 March 2025. The prior reporting period was from 1 April 2023 to 29 March 2024. The entity prepares financial statements for a 52 week period.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.
Turnover consists of revenue from fixing and factoring, revenue from distributions and revenue from exports.
Revenue from fixing and factoring
Revenue arises from increases in valuations on contracts and is normally determined by certified valuations, as agreed with the client's quantity surveyors. It is the gross value of work carried out for the period to the balance sheet date (including retentions). Variations are included in forecasts to completion when it is considered highly probable that they will be recovered.
An asset is recognised for amounts due from customers for contract work where the contract costs incurred plus recognised profits net of losses exceed progress billings. A liability is recognised for amounts due to customers for contract work where progress billings exceed contract costs incurred plus recognised profits net of losses. Negative balances are not offset against positive work-in-progress balances on other contracts.
Revenue from distribution and exports
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution scheme under the automatic enrolment legislation for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Inventories are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions require judgements to be made, which include forecasting consumer demand, competitive and economic environment and inventory loss trends. The stock provision at year-end is £287,504 (2024: £347,590).
Trade receivables are stated at transaction price less provisions for any debts that are not deemed to be recoverable. Calculations of these provisions require judgements to be made, which include the likelihood of receiving the monies owed, the situation of the customer and any other external factors which may affect the ability to pay. The bad debt provision at year-end is £80,881 (2024: £152,318).
Where indicators of impairment are identified, the Company is required to estimate the recoverable amount of the investment, determined as the higher of fair value less costs to sell and value in use, and based on a market multiple applied to maintainable Earnings before interest, tax and depreciation (EBITDA).
As at 28 March 2025, the Company recognised a reversal of impairment of £601k (2024: £2,202k). The carrying amount of the investment remains sensitive to changes in forecast assumptions and discount rates.
An analysis of the group's turnover is as follows:
The average monthly number of persons (including directors) employed by the group and company during the period was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).
Crittall Holdings Limited did not pay its directors during the period by virtue of them being remunerated by their subsidiary, Crittall Windows Limited.
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Details of the company's subsidiaries at 28 March 2025 are as follows:
Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Finance lease obligations are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
A Coronavirus Business Interruption Loan taken out in May 2020 and is due for repayment in May 2026. It had an outstanding balance of £266,667 (2024: £466,667) at the year-end. Interest on the loan is charged on the outstanding amounts, including accumulated interest, at a rate of 3.62%.
Deferred tax assets and liabilities have not been recognised in both the Group and Company on the following items:
1. Deferred tax asset on losses of £1,974k (2024: £2,101k)
2. Deferred tax asset on short-term timing differences of £9k (2024: £16k)
3. Deferred tax liability on fixed asset timing differences of £112k (2024: £118k)
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The A Ordinary shares have attached to them full voting, dividend and capital distribution rights with no rights to redemption.
The B Ordinary shares have attached to them full voting, dividend and capital distribution rights with no rights to redemption.
The A Non-voting shares have no voting, dividend and capital distribution rights with no rights to redemption.
The A Ordinary shares have attached to them full voting, dividend and capital distribution rights with no rights to redemption.
The B Ordinary shares have attached to them full voting, dividend and capital distribution rights with no rights to redemption.
The A Non-voting shares have no voting, dividend and capital distribution rights with no rights to redemption.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The remuneration of key management personnel is given in note 7.
The prior year adjustment relates to a reversal of impairment regarding the company’s investment in subsidiaries, that should have been recognised in the prior year. The impact of the prior year adjustment is a £2,202,000 increase in investment and in equity at the opening position.