ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 11880992

LAYKE HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

LAYKE HOLDINGS LIMITED

COMPANY INFORMATION

Director	R Sharman


Registered number	11880992


Registered office	Mcgregors Way
	Turnoaks Business Park
	Chesterfield
	Derbyshire
	S40 2WB


Independent auditors	Shorts
	Chartered Accountants & Statutory Auditor
	2 Ashgate Road
	Chesterfield
	Derbyshire
	S40 4AA


Bankers	Lloyds Bank plc

LAYKE HOLDINGS LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Director's Report	3 - 4
Independent Auditors' Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10
Company Balance Sheet	11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14 - 15
Consolidated Analysis of Net Debt	16
Notes to the Financial Statements	17 - 34

LAYKE HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The director presents his strategic report for the year ended 31 March 2025.

Business review

The primary activity of the Group is the supply and installation of architectural aluminium.
During the financial year, market conditions stabilised in terms of material cost fluctuations and availability, and have maintained stable for the last 6 months or so. Feedback from our key supply chain is that other than normal inflationary increases, materials are due to remain stable for the forthcoming financial year.
We have continued securing repeat business during the year with our key clients who appear to be very buoyant about future workload. All sectors within which operate appear to be busy, both onsite and at tender stage so w e have good sector coverage.
Turnover was slightly less than the previous year but in line with expectations.
The business overall performed well during the financial year and in line with expectations, and we have secured a healthy pipeline of work transitioning into the next financial year.

Principal risks and uncertainties

The group recognises the uncertainty in the market and potential downturn in workload, however, whilst there still appears to be some uncertainty in the private sector market due to the increase in interest rates, our future pipeline of works appears to be well balances with both public and private sector projects and we therefore do no envisage any notable downturn in our workload. We see a potential increase during the next financial year in our public secotr workload whilst the private sector interest rates hopefully stabilise.
Pricing
The Group is exposed to fluctuations in market prices of raw materials. This position is regularly monitored but we have a wide range of suppliers so we can mitigate some of this risk.
Credit risk
The Group assesses all customers prior to conducting business. Customers who require credit accounts must first pass our credit checks and must adhere to our terms and conditions of sale. Trade debtor balances are continuously monitored to minimise our exposure to credit risk.

Key performance indicators

The director hs monitored the progrss of the overall Group strategy and individual strategic elements by reference to the following key performance indicators:
- Turnover for the year amounted to £8,966,872 (2024: £9,437,543)
- Gross profit margin was 19.9% (2024: 18.2%)
- Operating profit for the year was £404,799 (2024: £276,023)

Page 1

LAYKE HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

This report was approved by the board on 27 November 2025 and signed on its behalf.

R Sharman

Director

Page 2

LAYKE HOLDINGS LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The director presents his report and the financial statements for the year ended 31 March 2025.

Director

The director who served during the year was:

R Sharman

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

∙select suitable accounting policies for the Group's financial statements 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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £258,513 (2024 - £137,485).
During the year the Company paid a dividend of £153,360 (2024: £124,860).

Future developments

Market uncertainty and rising interest rates in the UK stabilised during 2025, and the Group is confident that based on the policies and strategy being implemented, it will deliver consistent results in 2026.

Qualifying third party indemnity provisions

The director has been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of the director acting fraudulently or dishonestly.

Page 3

LAYKE HOLDINGS LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 November 2025 and signed on its behalf.

R Sharman

Director

Page 4

LAYKE HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAYKE HOLDINGS LIMITED

Opinion

We have audited the financial statements of Layke 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, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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's 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 United Kingdom, including the Financial Reporting Council'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 director's 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 or 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 director with respect to going concern are described in the relevant sections of this report.

Page 5

LAYKE HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAYKE HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group Strategic Report and the Director's Report 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 Director's Report.

We have nothing to report in respect of the following matters in relation to which 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 director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

LAYKE HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAYKE HOLDINGS LIMITED (CONTINUED)

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 as follows:

∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙through discussions with the directors and other management and from our commercial knowledge and experience of the sector, we identified the laws and regulations applicable to the Company; and

∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant 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 as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 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;

∙considered 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;

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

∙considered relationship with HMRC, relevant regulators and the Company’s legal advisors; and

∙review of legal and professional fees and of incident log for evidence of litigation.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware 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.

Page 7

LAYKE HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAYKE HOLDINGS LIMITED (CONTINUED)

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Auditors' 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 Auditors' 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.

Howard Freeman BSc FCA (Senior Statutory Auditor)

for and on behalf of

Shorts

Chartered Accountants

Statutory Auditor

2 Ashgate Road

Chesterfield

Derbyshire

S40 4AA

27 November 2025

Page 8

LAYKE HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	4	8,966,872	9,437,543
Cost of sales		(7,185,686)	(7,718,067)
Gross profit		1,781,186	1,719,476
Administrative expenses		(1,380,437)	(1,447,503)
Other operating income	5	4,050	4,050
Operating profit	6	404,799	276,023
Interest receivable and similar income	10	27,616	23,577
Interest payable and similar expenses	11	(72,197)	(69,761)
Profit before taxation		360,218	229,839
Tax on profit	12	(101,705)	(92,354)
Profit for the financial year		258,513	137,485

The notes on pages 17 to 34 form part of these financial statements.

Page 9

LAYKE HOLDINGS LIMITED

REGISTERED NUMBER: 11880992

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	14		312,880		387,971
Tangible assets	15		1,362,602		1,363,924
			1,675,482		1,751,895
Current assets
Stocks	17	244,523		440,167
Debtors: amounts falling due within one year	18	2,675,409		2,507,602
Cash at bank and in hand		1,273,811		1,827,985
		4,193,743		4,775,754
Creditors: amounts falling due within one year	19	(1,560,677)		(2,024,909)
Net current assets			2,633,066		2,750,845
Total assets less current liabilities			4,308,548		4,502,740
Creditors: amounts falling due after more than one year	20		(533,858)		(838,437)
Provisions for liabilities
Deferred taxation	23		(99,434)		(94,200)
Net assets			3,675,256		3,570,103

Capital and reserves
Called up share capital	24	100	100
Revaluation reserve	25	512,893	524,286
Profit and loss account	25	3,162,263	3,045,717
		3,675,256	3,570,103

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2025.

R Sharman

Director

The notes on pages 17 to 34 form part of these financial statements.

Page 10

LAYKE HOLDINGS LIMITED

REGISTERED NUMBER: 11880992

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	15		991,514		-
Investments	16		3,699,056		3,699,056
			4,690,570		3,699,056
Current assets
Debtors: amounts falling due within one year	18	3,944		12,238
Cash at bank and in hand		719		149
		4,663		12,387
Creditors: amounts falling due within one year	19	(1,070,573)		(58,267)
Net current liabilities			(1,065,910)		(45,880)
Total assets less current liabilities			3,624,660		3,653,176

Creditors: amounts falling due after more than one year	20		(424,023)		(512,683)
Provisions for liabilities
Deferred taxation	23	(19,195)		-
			(19,195)		-
Net assets			3,181,442		3,140,493

Capital and reserves
Called up share capital	24	100	100
Profit and loss account		3,181,342	3,140,393
		3,181,442	3,140,493

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2025.

R Sharman

Director

The notes on pages 17 to 34 form part of these financial statements.

Page 11

LAYKE HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2023	100	535,679	3,021,699	3,557,478
Comprehensive income for the year
Profit for the year	-	-	137,485	137,485
Total comprehensive income for the year	-	-	137,485	137,485
Dividends: Equity capital	-	-	(124,860)	(124,860)
Transfer to/from profit and loss account	-	(11,393)	11,393	-

At 1 April 2024	100	524,286	3,045,717	3,570,103
Comprehensive income for the year
Profit for the year	-	-	258,513	258,513
Dividends: Equity capital	-	-	(153,360)	(153,360)
Transfer to/from profit and loss account	-	(11,393)	11,393	-
At 31 March 2025	100	512,893	3,162,263	3,675,256

The notes on pages 17 to 34 form part of these financial statements.

Page 12

LAYKE HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2023	100	3,032,100	3,032,200
Comprehensive income for the year
Profit for the year	-	233,153	233,153
Total comprehensive income for the year	-	233,153	233,153
Dividends: Equity capital	-	(124,860)	(124,860)
Total transactions with owners	-	(124,860)	(124,860)

At 1 April 2024	100	3,140,393	3,140,493
Comprehensive income for the year
Profit for the year	-	194,309	194,309
Total comprehensive income for the year	-	194,309	194,309
Contributions by and distributions to owners
Dividends: Equity capital	-	(153,360)	(153,360)
At 31 March 2025	100	3,181,342	3,181,442

The notes on pages 17 to 34 form part of these financial statements.

Page 13

LAYKE HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	258,513	137,485
Adjustments for:
Amortisation of intangible assets	75,091	75,091
Depreciation of tangible assets	103,037	108,604
Loss on disposal of tangible assets	-	(11,887)
Government grants	(4,050)	(4,050)
Interest paid	72,197	69,761
Interest received	(27,616)	(23,577)
Taxation charge	101,705	92,354
Decrease in stocks	195,645	111,988
Decrease/(increase) in debtors	478,081	(484,184)
Increase in amounts owed by participating ints	(665,819)	-
(Decrease)/increase in creditors	(534,543)	590,116
Corporation tax (paid)	(44,812)	(169,026)
Net cash generated from operating activities	7,429	492,675

Cash flows from investing activities
Purchase of tangible fixed assets	(101,715)	(90,521)
Sale of tangible fixed assets	-	24,261
Government grants received	4,050	4,050
Interest received	27,616	23,577
HP interest paid	(2,636)	(1,908)
Net cash from investing activities	(72,685)	(40,541)

Page 14

LAYKE HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

		2025	2024
		£	£


Cash flows from financing activities
Repayment of loans	(235,320)	(242,642)
Repayment of/new finance leases	(30,677)	6,196
Dividends paid	(153,360)	(124,860)
Interest paid	(69,561)	(67,853)
Net cash used in financing activities	(488,918)	(429,159)
Net (decrease)/increase in cash and cash equivalents	(554,174)	22,975
Cash and cash equivalents at beginning of year	1,827,985	1,805,010
Cash and cash equivalents at the end of year	1,273,811	1,827,985

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,273,811	1,827,985
	1,273,811	1,827,985

The notes on pages 17 to 34 form part of these financial statements.

Page 15

LAYKE HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	New finance leases	At 31 March 2025
£	£	£	£

Cash at bank and in hand	1,827,985	(554,174)	-	1,273,811
Debt due after 1 year	(820,100)	272,744	-	(547,356)
Debt due within 1 year	(222,941)	(37,424)	-	(260,365)
Finance leases	(53,591)	-	30,678	(22,913)
	731,353	(318,854)	30,678	443,177

The notes on pages 17 to 34 form part of these financial statements.

Page 16

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Layke Holdings Limited is a private company limited by shares, incorporated in England and Wales (registered number: 11880992). Its registered office is Mcgregors Way, Turnoaks Business Park, Hasland, Chesterfield, Derbyshire, S40 2WB. The principal activity of the company throughout the year was that of a holding company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The Company and Group's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 23 May 2019.

Page 17

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Revenue

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

Sale of goods

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

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

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

Rendering of services

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

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

Page 18

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

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

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

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in repsect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 19

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property	-	2%	reducing balance
Plant and machinery	-	15%	reducing balance
Motor vehicles	-	25%	reducing balance
Office equipment	-	15%	reducing balance

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

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

2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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

Page 20

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.14

Financial instruments

The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Howver, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

2.15

Dividends

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

Page 21

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:

(i) Work in progress valuation

Management make estimates regarding the value of work in progress related to contracts. Such estimates are based on the stage of completion of a particular contract and managements knowledge and past experience of the contracts and industry in general. The amount relating to such estimates is £198,388 (2024: £397,200) and is included within stocks.

(ii) Impairment of debtors

The group makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The amount of trade debtors after making such provision was £1,835,035 (2024: £2,250,731).

(iii) Stock provisioning

The group makes an estimate of the recoverable value of stock of finished goods and goods for resale. When assessing impairment of stock, management considers factors such as market conditions, ageing profile of stock and historical experience. The amount of stock after making such a provision was £46,136 (2024: £42,967).

	Sales	8,966,872	9,437,543

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

	Government grants receivable	4,050	4,050

Page 22

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Depreciation of tangible fixed assets	94,551	108,604
Profit on disposal of tangible fixed assets	(31,514)	(11,887)
Defined contribution pension costs	49,066	47,848

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	20,000	18,950
Fees payable to the Company's auditors in respect of:
Taxation compliance services	3,000	2,750
Property transfer advice	-	3,500
Management account services	2,000	24,000

Page 23

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	Employees
	Staff costs, including director's remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	2,129,313	2,030,156
Social security costs	220,565	211,832
Cost of defined contribution scheme	49,066	47,848
	2,398,944	2,289,836

The average monthly number of employees, including the director, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Employees	52	51	-	-
Director	1	1	-	1

	53	52	0	1

9.	Director's remuneration
		2025	2024
		£	£

	Director's emoluments	36,427	20,314

10.	Interest receivable
		2025	2024
		£	£

Other interest receivable

27,616

23,577

Page 24

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	69,561	67,853
Finance leases and hire purchase contracts	2,636	1,908
	72,197	69,761

Corporation tax
Current tax on profits for the year	96,471	95,444

	Deferred tax
	Origination and reversal of timing differences	5,234	(3,090)

Tax on profit

101,705

92,354

Page 25

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.Taxation (continued)

Profit before tax

360,218

229,839

Profit multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	90,055	57,460
Effects of:
Non-tax deductible amortisation of goodwill and impairment	18,773	18,773
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,007	6,186
Capital allowances for year in excess of depreciation	(10,130)	3,728
Adjustment for long accounting periods leading to an increase (decrease) in the tax charge	-	-
Group relief	-	6,207
Total tax charge for the year	101,705	92,354

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2025	2024
		£	£

A ordinary shares	75,430	62,430
B ordinary shares	77,930	62,430
	153,360	124,860

Page 26

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

14.	Intangible assets
	Group and Company

		Goodwill
		£
	Cost
	At 1 April 2024	750,912
	At 31 March 2025	750,912
	Amortisation
	At 1 April 2024	362,941
	Charge for the year on owned assets	75,091
	At 31 March 2025	438,032
	Net book value
	At 31 March 2025	312,880
	At 31 March 2024	387,971

Page 27

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2024	1,000,000	324,222	382,961	179,963	1,887,146
Additions	-	4,956	75,999	20,760	101,715
At 31 March 2025	1,000,000	329,178	458,960	200,723	1,988,861
Depreciation
At 1 April 2024	20,000	199,380	169,930	133,912	523,222
Charge for the year on owned assets	20,000	19,382	55,759	7,896	103,037
At 31 March 2025	40,000	218,762	225,689	141,808	626,259
Net book value
At 31 March 2025	960,000	110,416	233,271	58,915	1,362,602
At 31 March 2024	980,000	124,842	213,031	46,051	1,363,924

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


	Motor vehicles	36,790	36,497

Page 28

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.Tangible fixed assets (continued)

	Company

		Freehold property
		£
	Cost or valuation
	Additions	1,000,000
	At 31 March 2025	1,000,000
	Depreciation
	Charge for the year on owned assets	8,486
	At 31 March 2025	8,486
	Net book value
	At 31 March 2025	991,514
	At 31 March 2024	-

Page 29

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost
	At 1 April 2024	3,699,056
	At 31 March 2025	3,699,056

Direct subsidiary undertaking
The following was a direct subsidiary undertaking of the Company:
Name	Class of shares	Holding

M B Glass Holdings Limited

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

M B Glass Holdings Limited

210

232,829

Indirect subsidiary undertaking
The following was an indirect subsidiary undertaking of the Company:
Name	Class of shares	Holding

M B Glass Supplies Limited

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

M B Glass Supplies Limited

3,893,948

386,082

Page 30

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	46,136	42,967
Work in progress	198,387	397,200
	244,523	440,167

18.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	1,835,035	2,250,731	-	-
Amounts owed by related undertakings	665,819	-	-	-
Other debtors	77,523	177,978	3,944	12,238
Prepayments and accrued income	97,032	78,893	-	-
	2,675,409	2,507,602	3,944	12,238

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	260,365	247,025	60,365	47,025
Trade creditors	900,067	1,471,391	-	-
Amounts owed to group undertakings	-	-	1,007,258	-
Corporation tax	31,727	-	-	-
Other taxation and social security	74,028	82,170	-	-
Obligations under finance lease and hire purchase contracts	12,476	30,677	-	-
Other creditors	99,318	-	-	-
Accruals and deferred income	182,696	193,646	2,950	11,242
	1,560,677	2,024,909	1,070,573	58,267

Included within creditors falling due within one year are secured liabilities in respect of net obligations under hire purchase contracts of £22,913 (2024: £30,677) and secured liabilities in respect of bank loans and overdrafts of £260,365 (2024: £221,771) which are secured in the form of a fixed and floating charge (see Note 27).

Page 31

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

20.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	547,356	796,016	464,023	512,683
Net obligations under finance leases and hire purchase contracts	10,437	22,913	-	-
Other creditors	(40,000)	-	(40,000)	-
Accruals and deferred income	16,065	19,508	-	-
	533,858	838,437	424,023	512,683

Included within creditors falling due after more than one year are secured liabilities in respect of net obligations under hire purchase contracts of £Nil (2024: £22,913) and secured liabilities in respect of bank loans of £547,356 (2024: £820,100) which are secured in the form of a fixed and floating charge (see Note 27).

21.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Amounts falling due within one year
Bank loans	260,365	247,025	60,365	47,025
Amounts falling due 1-2 years
Bank loans	134,016	248,724	50,683	48,724
Amounts falling due 2-5 years
Bank loans	164,616	241,582	164,616	158,249
Amounts falling due after more than 5 years
Bank loans	248,725	305,710	248,725	305,710
	807,722	1,043,041	524,389	559,708

Page 32

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2025	2024
		£	£

Within one year	22,913	30,677
Between 1-5 years	-	22,913
	22,913	53,590

23.	Deferred taxation
	Group

	2025	2024
	£	£

At beginning of year	94,200	97,290
Charged to profit or loss	5,234	(3,090)
At end of year	99,434	94,200

Company

	2025	2024
	£	£

Charged to profit or loss	19,195	-
At end of year	19,195	-

Group	Group	Company
2025	2024	2025
£	£	£

Accelerated capital allowances	81,471	75,628	-
Revaluation of property	19,195	19,698	19,195
Provisions	(1,232)	(1,126)	-
	99,434	94,200	19,195

Page 33

LAYKE HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

90 (2024 - 90) A shares of £1.00 each	90	90
10 (2024 - 10) B shares of £1.00 each	10	10

	100	100

25.

Reserves

Revaluation reserve

Amounts included in the revaluation reserve are made of up revaluation gains / losses and transfers of related depreciation. All amounts in the revaluation reserve are non-distributable.

Profit and loss account

Profit and loss account represents all current and prior period retained profits and losses and is all considered to be distributable.

26.	Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £49,066 (2024: £47,848). Contributions totalling £11,573 (2024: £10,514) were payable to the fund at the balance sheet date and are included in creditors.

27.	Related party transactions
	Securities exist in the form of a fixed and floating charge over all of the assets within the group in respect of the bank liabilities held in the group.

Page 34