REGISTERED NUMBER: 04207802 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

A.L.D. Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

6

Consolidated Statement of Financial Position

7

Company Statement of Financial Position

8

Consolidated Statement of Changes in Equity

9

Company Statement of Changes in Equity

10

Consolidated Statement of Cash Flows

11

Notes to the Consolidated Statement of Cash Flows

12

Notes to the Consolidated Financial Statements

13

DIRECTORS:

Ms S J Smith

Mr J L Smith

Mr T D Smith

SECRETARY:

Ms S J Smith

REGISTERED OFFICE:

9 Calverton Business Park

Hoyle Road

Calverton

Nottingham

Nottinghamshire

NG14 6QL

REGISTERED NUMBER:

04207802 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

Alexandra House

43 Alexandra St

Nottingham

Nottinghamshire

NG5 1AY

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

REVIEW OF BUSINESS

The company and its group reported an acceptable trading performance for the year. Turnover has increased, and gross margin has remained strong at 22% (2024 - 26%).

The directors are also pleased to report that their future order book is strong and they hope to maintain levels of activity in 2025/2026.

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks and uncertainties affecting the company and the group include its ability to obtain new contracts from the existing customer base, and to expand the customer base in order to grow. Whilst focusing on growth of the core business the Directors are aware that maintaining the group's ability to retain key employees will help achieve this.

The group is exposed to the usual credit risk and cash flow risk associated with its business, and the credit terms afforded to customers, and manages this through tight credit control procedures.

ANALYSIS OF KEY PERFORMANCE INDICATORS

The board looks at turnover, margins and profitability when monitoring business performance.

Turnover has increased from £17,360,497 to £19,872,065, with gross margins of 22%. Overheads remain well controlled, resulting in the group reporting a profit before taxation of £463,326.

The board also considers key balance sheet areas in order to understand the financial position of the company and the group.

Net assets have increased in the year by £347,464. The board are satisfied that key balance sheet sections remain strong. The board are satisfied that the group can continue to pay its debts as they fall due for the foreseeable future.

ON BEHALF OF THE BOARD:

Mr J L Smith - Director

11 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company was that of a holding company.

The group's principal activity during the year was that of plastering, screeding, facades and dry lining contractors.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

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

Ms S J Smith

Mr J L Smith

Mr T D Smith

Other changes in directors holding office are as follows:

Mrs E Smith ceased to be a director after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J L Smith - Director

11 December 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims.

In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of 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. 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.

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.

Kevin Shaw BSc (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

Alexandra House

43 Alexandra St

Nottingham

Nottinghamshire

NG5 1AY

11 December 2025

TURNOVER

3

19,872,065

17,360,497

Cost of sales

15,568,370

12,925,966

GROSS PROFIT

4,303,695

4,434,531

Administrative expenses

3,886,897

4,011,583

416,798

422,948

Other operating income

4,550

5,089

OPERATING PROFIT

5

421,348

428,037

Interest receivable and similar income

60,493

25,021

481,841

453,058

Interest payable and similar expenses

6

18,515

18,448

PROFIT BEFORE TAXATION

463,326

434,610

Tax on profit

7

115,862

88,992

PROFIT FOR THE FINANCIAL YEAR

347,464

345,618

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

347,464

345,618

Profit attributable to:

Owners of the parent

347,464

345,618

Total comprehensive income attributable to:

Owners of the parent

347,464

345,618

FIXED ASSETS

Tangible assets

9

348,497

328,672

Investments

10

-

-

Investment property

11

375,000

375,000

723,497

703,672

CURRENT ASSETS

Stocks

12

26,250

26,250

Debtors

13

3,918,439

2,672,854

Cash at bank and in hand

1,761,320

2,685,076

5,706,009

5,384,180

CREDITORS

Amounts falling due within one year

14

3,118,903

3,086,206

NET CURRENT ASSETS

2,587,106

2,297,974

TOTAL ASSETS LESS CURRENT LIABILITIES

3,310,603

3,001,646

CREDITORS

Amounts falling due after more than one year

15

(219,744

)

(258,251

)

PROVISIONS FOR LIABILITIES

18

(31,663

)

(31,663

)

NET ASSETS

3,059,196

2,711,732

CAPITAL AND RESERVES

Called up share capital

19

100

100

Revaluation reserve

20

160,212

160,212

Retained earnings

20

2,898,884

2,551,420

SHAREHOLDERS' FUNDS

3,059,196

2,711,732

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

Mr J L Smith - Director

FIXED ASSETS

Tangible assets

9

-

-

Investments

10

206,168

206,168

Investment property

11

375,000

375,000

581,168

581,168

CURRENT ASSETS

Debtors

13

80,520

59,163

CREDITORS

Amounts falling due within one year

14

5,787

5,197

NET CURRENT ASSETS

74,733

53,966

TOTAL ASSETS LESS CURRENT LIABILITIES

655,901

635,134

PROVISIONS FOR LIABILITIES

18

31,663

31,663

NET ASSETS

624,238

603,471

CAPITAL AND RESERVES

Called up share capital

19

100

100

Revaluation reserve

20

160,212

160,212

Retained earnings

20

463,926

443,159

SHAREHOLDERS' FUNDS

624,238

603,471

Company's profit for the financial year

20,767

17,233

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

Mr J L Smith - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

100

2,205,802

160,212

2,366,114

Changes in equity

Total comprehensive income

-

345,618

-

345,618

Balance at 31 March 2024

100

2,551,420

160,212

2,711,732

Changes in equity

Total comprehensive income

-

347,464

-

347,464

Balance at 31 March 2025

100

2,898,884

160,212

3,059,196

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

100

425,926

160,212

586,238

Changes in equity

Total comprehensive income

-

17,233

-

17,233

Balance at 31 March 2024

100

443,159

160,212

603,471

Changes in equity

Total comprehensive income

-

20,767

-

20,767

Balance at 31 March 2025

100

463,926

160,212

624,238

Cash flows from operating activities

Cash generated from operations

1

(728,434

)

1,724,278

Interest paid

(32

)

-

Interest element of hire purchase payments paid

(5,883

)

(5,848

)

Finance costs paid

(12,600

)

(12,600

)

Tax paid

(89,757

)

(79,845

)

Net cash from operating activities

(836,706

)

1,625,985

Cash flows from investing activities

Purchase of tangible fixed assets

(117,443

)

(125,321

)

Sale of tangible fixed assets

9,586

46,770

Interest received

60,493

25,021

Net cash from investing activities

(47,364

)

(53,530

)

Cash flows from financing activities

Capital repayments in year

(39,686

)

(89,956

)

Net cash from financing activities

(39,686

)

(89,956

)

(Decrease)/increase in cash and cash equivalents

(923,756

)

1,482,499

Cash and cash equivalents at beginning of year

2

2,685,076

1,202,577

Cash and cash equivalents at end of year

2

1,761,320

2,685,076

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

2025

2024

£

£

Profit before taxation

463,326

434,610

Depreciation charges

87,209

86,471

Loss/(profit) on disposal of fixed assets

823

(3,935

)

Finance costs

18,515

18,448

Finance income

(60,493

)

(25,021

)

509,380

510,573

(Increase)/decrease in trade and other debtors

(1,245,585

)

897,552

Increase in trade and other creditors

7,771

316,153

Cash generated from operations

(728,434

)

1,724,278

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,761,320

2,685,076

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

2,685,076

1,202,577

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

2,685,076

(923,756

)

1,761,320

2,685,076

(923,756

)

1,761,320

Debt

Finance leases

(114,171

)

39,686

(74,485

)

Debts falling due after 1 year

(180,000

)

-

(180,000

)

(294,171

)

39,686

(254,485

)

Total

2,390,905

(884,070

)

1,506,835

1.	STATUTORY INFORMATION

A.L.D. 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.

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.

The financial statements are prepared in Sterling, which is the functional currency of the entity.

Basis of consolidation

The consolidated financial statements include the financial statements of the company and its subsidiary undertaking made up to 31 March 2025 to the extent of the group's interest in that undertaking and after eliminating intra-group transactions. Accounting policies are adjusted, where appropriate, to conform to group accounting policies.

In the company's financial statements investments in subsidiary undertakings are stated at cost less provision for the permanent diminution in value.

A separate income statement for the parent company has not been presented in accordance with Section 408 of the Companies Act 2006. The result of the parent company dealt with in these financial statements is disclosed on page 8. The individual accounts of ALD Holdings Limited have also taken the exemption available from the requirement to present a statement of cash flows.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Accounting for long term contracts - revenue and profit is estimated on contracts that are not complete at the year end by reference to stage of completion and expected profit.

Turnover

Turnover represents the fair value of all goods sold during the year, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

For long term contracts, turnover represents the fair value of work done in the year and is determined by reference to the stage of completion of each contract. The stage of completion is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is measured initially at cost, which includes the purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the income statement.

Stocks

Stock is valued at the lower of cost and net realisable value after making due allowances for obsolete and slow-moving stocks.

Cost comprises purchase price or direct production cost together with attributable overheads.

Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised in the balance sheet. Those under hire purchase contracts are depreciated over the useful economic lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss accounts so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

All other leases are operating leases and the annual rentals are charged to the profit and loss account on straight line basis over the lease term.

Pension costs and other post-retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2025

2024

£

£

Plastering and contracting

19,856,165

17,345,293

Rental income

15,900

15,204

19,872,065

17,360,497

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,175,096

3,232,099

Social security costs

394,225

390,774

Other pension costs

68,854

260,401

3,638,175

3,883,274

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

2025

2024

Production staff

14

15

Administration

37

40

51

55

2025

2024

£

£

Directors' remuneration

863,716

990,357

Directors' pension contributions to money purchase schemes

23,584

209,577

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

Money purchase schemes

2

3

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

298,543

335,554

Pension contributions to money purchase schemes

15,184

51,899