Camden Group Limited Company accounts

COMPANY REGISTRATION NUMBER: NI016568

Camden Group Limited

Financial Statements

31 March 2025

Camden Group Limited

Financial Statements

Year ended 31 March 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Director's report	4

Independent auditor's report to the members	7

Statement of income and retained earnings	12

Statement of financial position	13

Statement of cash flows	14

Notes to the financial statements	15

Camden Group Limited

Officers and Professional Advisers

Director	Brian Lavery

Company secretary	Brian Lavery

Registered office	Units 4-7
	Steeple Industrial Estate
	Antrim
	BT41 1AB

Auditor	Maneely Mc Cann Chartered Accountants
	Chartered accountants & statutory auditor
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Barclays Bank PLC
	1 Churchill Place
	London
	E14 5HP

Solicitors	Carson McDowell
	Murray House
	Murray Street
	Belfast
	BT1 6DN

Camden Group Limited

Strategic Report

Year ended 31 March 2025

Principal activities The principal activity of the company during the year continues to be the manufacture of uPVC double glazed windows, doors and associated glass products. Business review and future developments The company has achieved a pre tax profit for the year of £1,316,208 (2024: £1,951,908) on a turnover of £43,908,369 (2024: £48,126,298 ). The company has net assets of £8,511,443 (2024: £7,233,217). The directors consider the results for the financial year and the position of the Company at the financial year end to be satisfactory and in line with expectations despite prevailing economic and market conditions. The directors are committed to the long term creation of shareholder value by increasing the company's market share through organic growth. While the incoming year is likely to be very challenging both because of increased competition and the general economic climate, early results are satisfactory and the directors will closely monitor current performance. Key performance indicators The director considers the following measures to be important indication of the underlying performance of the business:

	2025	2024
	£	£
Revenue (£)	43,908,369	48,126,298
Revenue decrease (%)	9	2
Gross profit (£)	14,194,208	14,187,203
Gross profit margin (%)	32	30
Operating (loss)/profit	1,912,417	2,758,946
Operating (loss)/profit margin (%)	4	6

While turnover has decreased, cost of sales has also decreased in line with turnover, leading to little movement in gross profit. The gross profit margin has increased due to higher margin products being produced and sold in the year.

Principal risks and uncertainties The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the current economic environment, competition from other companies of the same trade, supplier stability, employee retention and franchise support. The risks are addressed through not being overly reliant on any one supplier, strong customer service and after sales support as well as investment in its people and facilities. Economic risk The risk of increased interest rates and/or inflation and fluctuations in exchange rates may have an adverse impact on served markets however the Company monitors market rates on a regular basis and if required will enter into hedge contracts to mitigate the risk. Credit risk The Company has built strong relationships with all of its key customers and has established credit control processes. Appropriate credit terms, taking into consideration financial stability and past performance, are agreed with all customers and these are monitored closely. Competition risk The director manages competition through close attention to market research, benchmarking with competition and recruitment of highly skilled professional staff. Financial risk The Company prepares regular cash flow forecasts to review liquidity requirements and has prepared detailed plans covering the next 12 months of trading. The plan is updated on a regular basis as and when new information becomes available. The director has implemented financial reporting procedures to manage credit, liquidity and other financial risks.

This report was approved by the board of directors on 8 December 2025 and signed on behalf of the board by:

Brian Lavery
Director

Registered office:

Units 4-7

Steeple Industrial Estate

Antrim

BT41 1AB

Camden Group Limited

Director's Report

Year ended 31 March 2025

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

Director

The director who served the company during the year was as follows:

Brian Lavery

Dividends

The director does not recommend the payment of a dividend.

Future developments

The director continues to seek opportunities to increase business both organically and through acquisition, with a number of such opportunities currently under review.

The company continuously monitors market trends and customer behaviours and implements any trends into their strategic decision making. Management also carry out strategic reviews including assessments of competitor activity and pricing and actively make strategic and operational decisions in response.

The company also continues to invest in our IT systems and modernising our shops, warehousing, and head office. A significant investment will be made in the next few months to improve our accounting software.

The Board regularly reviews the performance and profitability of individual stores within the company considering financial and non-financial factors, including the impacts of the increase in minimum wage and employers national insurance from April 2025. With trading conditions over the past few years evolving the company is continually looking to reshape market presence and offering to its customer base. Any decisions made around individual stores are made in light of the benefit to the performance of of the company and the long-term benefit to the employees from the improved company performance.

Greenhouse gas emissions and energy consumption

Principal measures taken to increase energy efficiency

The table below summarises the greenhouse gas emissions for the year.

	2025	2024
	£	£
	2	2
Direct emissions
Natural gas, gas oil, burning oil, company car & lorry travel	946	1,787
Indirect emissions
Purchased electricity	1,814	1,908
Other indirect emissions	807	–
Gross emissions	3,567	3,695
Intensity metrics
Tonnes of CO2 per employee	8	9
Tonnes of CO2 per £M turnover	81	80
Total energy consumption (kWh)	16,101	16,000

Employment of disabled persons

Applications for employment by disabled persons are always fully and fairly considered, bearing in mind the aptitudes of the applicant concerned. In the event of an employee becoming disabled every effort is made to ensure that their employment continues and appropriate training is arranged. The Company has a policy to ensure that the training and promotions of a disabled person should, as far as possible, be identical to that of other employees.

Employee involvement

During the period the policy of providing employees with information about the Company has continued through employee committee meetings where employees are encouraged to present their suggestions and views on the Company's performance and areas of improvement, which are cascaded to the wider workforce. Virtual and socially distanced communication briefs have been held and email communication bulletins have been distributed when appropriate.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 8 December 2025 and signed on behalf of the board by:

Brian Lavery
Director

Registered office:

Units 4-7

Steeple Industrial Estate

Antrim

BT41 1AB

Camden Group Limited

Independent Auditor's Report to the Members of Camden Group Limited

Year ended 31 March 2025

Opinion

We have audited the financial statements of Camden Group Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of 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 the director

As explained more fully in the director's responsibilities statement, 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 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 company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 auditor’s 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 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: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; - results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Taxation Legislation. Audit response to risks identified Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiring of management and external legal counsel concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making new accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Cathal Maneely

(Senior Statutory Auditor)

For and on behalf of

Maneely Mc Cann Chartered Accountants

Chartered accountants & statutory auditor

Aisling House

50 Stranmillis Embankment

Belfast

BT9 5FL

8 December 2025

Camden Group Limited

Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	43,908,369	48,126,298

Cost of sales	29,714,161	33,939,095
	-------------	-------------
Gross profit	14,194,208	14,187,203

Administrative expenses		12,281,791	11,428,257
		-------------	-------------
Operating profit	5	1,912,417	2,758,946

Other interest receivable and similar income	8	18,111	–
Interest payable and similar expenses	9	614,320	807,038
		-------------	-------------
Profit before taxation		1,316,208	1,951,908

Tax on profit	10	37,982	263,200
		------------	------------
Profit for the financial year and total comprehensive income		1,278,226	1,688,708
		------------	------------

Retained earnings at the start of the year	7,133,215	5,444,507
	------------	------------
Retained earnings at the end of the year	8,411,441	7,133,215
	------------	------------

All the activities of the company are from continuing operations.

Camden Group Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	11	91,920	589,764
Tangible assets	12	11,977,379	13,213,379
		-------------	-------------
		12,069,299	13,803,143

Current assets

Stocks	13	4,621,685	4,655,340
Debtors	14	7,643,865	4,839,233
Cash at bank and in hand		298,579	363,401
		-------------	------------
		12,564,129	9,857,974

Creditors: amounts falling due within one year	16	10,429,759	8,933,359
		-------------	------------
Net current assets		2,134,370	924,615
		-------------	-------------
Total assets less current liabilities		14,203,669	14,727,758

Creditors: amounts falling due after more than one year	17	5,117,429	6,682,426

Provisions	19	574,797	812,115
		-------------	-------------
Net assets		8,511,443	7,233,217
		-------------	-------------

Capital and reserves

Called up share capital	22	100,002	100,002
Profit and loss account		8,411,441	7,133,215
		------------	------------
Shareholders funds		8,511,443	7,233,217
		------------	------------

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

These financial statements were approved by the board of directors and authorised for issue on 8 December 2025 , and are signed on behalf of the board by:

Brian Lavery
Director

Company registration number: NI016568

Camden Group Limited

Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
Note	£	£

Cash flows from operating activities

Profit for the financial year	1,278,226	1,688,708

Adjustments for:
Depreciation of tangible assets	1,971,592	2,110,337
Amortisation of intangible assets	497,844	505,841
Other interest receivable and similar income	( 18,111)	–
Interest payable and similar expenses	614,320	807,038
Gains on disposal of tangible assets	( 17,351)	( 70,667)
Tax on profit	37,982	263,200
Accrued income	( 22,930)	( 180,442)

Changes in:
Stocks	33,655	420,271
Trade and other debtors	( 2,804,632)	156,185
Trade and other creditors	( 212,234)	( 1,729,416)
	------------	------------
Cash generated from operations	1,358,361	3,971,055

Interest paid	( 614,320)	( 807,038)
Interest received	18,111	–
Tax received	555,933	5,852
	------------	------------
Net cash from operating activities	1,318,085	3,169,869
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 740,490)	( 1,904,266)
Proceeds from sale of tangible assets	22,249	126,110
	------------	------------
Net cash used in investing activities	( 718,241)	( 1,778,156)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	( 1,435,117)	( 473,334)
Proceeds from loans from group undertakings	( 81,610)	112,802
Proceeds from loans from participating interests	107,796	358,797
Payments of finance lease liabilities	( 221,374)	360,946
	------------	------------
Net cash (used in)/from financing activities	( 1,630,305)	359,211
	------------	------------

Net (decrease)/increase in cash and cash equivalents		( 1,030,461)	1,750,924
Cash and cash equivalents at beginning of year		363,401	(1,387,522)
		---------	------------
Cash and cash equivalents at end of year	15	( 667,060)	363,402
		---------	------------

Camden Group Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Units 4-7, Steeple Industrial Estate, Antrim, BT41 1AB.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Development costs	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant and machinery	-	10% straight line
Motor vehicles	-	20% straight line
Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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.

Defined contribution plans

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	43,908,369	48,126,298
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	497,844	505,841
Depreciation of tangible assets	1,971,592	2,165,779
Gains on disposal of tangible assets	( 17,351)	( 70,667)
Impairment of trade debtors	4,349	27,091
Research and development expenditure written off	166,343	94,993
	------------	------------

6. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2025	2024
	No.	No.
Production staff	334	314
Administrative staff	61	69
Number of sales staff	37	27
	----	----
	432	410
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	13,170,007	12,004,881
Social security costs	1,187,139	1,087,699
Other pension costs	432,121	218,374
	-------------	-------------
	14,789,267	13,310,954
	-------------	-------------

7. Director's remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	233,173	226,345
	---------	---------

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	233,173	226,345
	---------	---------

8. Other interest receivable and similar income

	2025	2024
	£	£
Other interest receivable and similar income	18,111	–
	--------	----

9. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	569,169	654,183
Interest on obligations under finance leases and hire purchase contracts	45,151	69,359
Other interest payable and similar charges	–	83,496
	---------	---------
	614,320	807,038
	---------	---------

10. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	275,300	–
Adjustments in respect of prior periods	–	(5,852)
	---------	-------
Total current tax	275,300	( 5,852)
	---------	-------

Deferred tax:

Origination and reversal of timing differences	( 237,318)	269,052
	---------	---------
Tax on profit	37,982	263,200
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	1,316,208	1,951,908
	------------	------------
Profit on ordinary activities by rate of tax	329,052	487,977
Adjustment to tax charge in respect of prior periods	–	11,800
Effect of expenses not deductible for tax purposes	3,786	25,388
Effect of capital allowances and depreciation	176,331	( 261,965)
Utilisation of tax losses	( 233,869)	–
Origination and reversal of timing differences	( 237,318)	–
	------------	------------
Tax on profit	37,982	263,200
	------------	------------

11. Intangible assets

	Goodwill	Development costs	Total
	£	£	£
Cost
At 1 April 2024 and 31 March 2025	4,523,020	2,035,094	6,558,114
	------------	------------	------------
Amortisation
At 1 April 2024	4,211,944	1,756,406	5,968,350
Charge for the year	311,076	186,768	497,844
	------------	------------	------------
At 31 March 2025	4,523,020	1,943,174	6,466,194
	------------	------------	------------
Carrying amount
At 31 March 2025	–	91,920	91,920
	------------	------------	------------
At 31 March 2024	311,076	278,688	589,764
	------------	------------	------------

12. Tangible assets

	Freehold property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	8,469,694	32,057,193	3,034,652	1,458,216	45,019,755
Additions	42,500	603,737	5,000	89,253	740,490
Disposals	–	( 144,789)	–	( 503,461)	( 648,250)
	------------	-------------	------------	------------	-------------
At 31 March 2025	8,512,194	32,516,141	3,039,652	1,044,008	45,111,995
	------------	-------------	------------	------------	-------------
Depreciation
At 1 April 2024	1,997,055	26,398,292	1,991,594	1,419,435	31,806,376
Charge for the year	183,419	1,536,174	219,205	32,794	1,971,592
Disposals	–	( 139,891)	–	( 503,461)	( 643,352)
	------------	-------------	------------	------------	-------------
At 31 March 2025	2,180,474	27,794,575	2,210,799	948,768	33,134,616
	------------	-------------	------------	------------	-------------
Carrying amount
At 31 March 2025	6,331,720	4,721,566	828,853	95,240	11,977,379
	------------	-------------	------------	------------	-------------
At 31 March 2024	6,472,639	5,658,901	1,043,058	38,781	13,213,379
	------------	-------------	------------	------------	-------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 March 2025	117,817	712,735	830,552
	---------	---------	---------
At 31 March 2024	137,969	896,160	1,034,129
	---------	---------	------------

13. Stocks

	2025	2024
	£	£
Raw materials and consumables	4,196,343	4,366,474
Work in progress	425,342	288,866
	------------	------------
	4,621,685	4,655,340
	------------	------------

The difference between purchase price or production cost of stock and their replacement value is not material. Raw materials and consumables are stated after provision for impairment of £631,112 (2024: £631,112).

14. Debtors

	2025	2024
	£	£
Trade debtors	4,257,531	3,919,730
Prepayments and accrued income	579,930	574,054
Corporation tax repayable	–	5,852
Director's loan account	1,664,546	–
Other debtors	1,141,858	339,597
	------------	------------
	7,643,865	4,839,233
	------------	------------

Amounts owed from related parties are unsecured, interest free and repayable on demand.

15. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2025	2024
	£	£
Cash at bank and in hand	298,579	363,401
Bank overdrafts	( 965,639)	–
	---------	---------
	( 667,060)	363,401
	---------	---------

16. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	1,362,539	473,333
Trade creditors	3,673,734	4,036,033
Amounts owed to group undertakings	2,031,192	2,112,802
Amounts owed to undertakings in which the company has a participating interest	1,008,753	900,957
Accruals and deferred income	234,224	257,154
Corporation tax	831,233	–
Social security and other taxes	772,488	687,357
Obligations under finance leases and hire purchase contracts	206,313	221,374
Other creditors	309,283	244,349
	-------------	------------
	10,429,759	8,933,359
	-------------	------------

Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit items. Amounts owed to related parties are unsecured, interest free and repayable on demand. Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions. The Company's total bank loans at 31 March 2025 were £5,959,967 (2024: £6,429,445). The loan is subject to an interest rate on floating basis, under which the interest rate will never be less than 3%. The loan is secured by way of a debenture and fixed and floating charge over all the assets of the Company. The bank also has a first legal charge over the property held at 62-82 Greystone Road. In addition, the bank has a first legal charge over the freehold property at 2 & 3 Steeple Road, owned by related party Ingleford Developments Limited, and first legal charge over the property at 1, 4 & 5 Steeple Road, owned by the Director. Other loans are unsecured, repayable on demand and subject to a nominal interest rate. Assets purchased under finance leases and hire purchase contracts are secured by the assets to which they relate.

17. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	4,597,428	5,956,112
Obligations under finance leases and hire purchase contracts	520,001	726,314
	------------	------------
	5,117,429	6,682,426
	------------	------------

18. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2025	2024
	£	£
Not later than 1 year	206,313	221,374
Later than 1 year and not later than 5 years	520,001	726,314
	---------	---------
	726,314	947,688
	---------	---------

19. Provisions

	Deferred tax (note 20)
	£
At 1 April 2024	812,115
Charge against provision	( 237,318)
	---------
At 31 March 2025	574,797
	---------

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 19)	574,797	812,115
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	580,694	1,059,516
Unused tax losses	–	( 233,869)
Deferred tax - short term timing differences	( 5,897)	( 13,532)
	---------	------------
	574,797	812,115
	---------	------------

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 432,121 (2024: £ 218,374 ).

22. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100,002	100,002	100,002	100,002
	---------	---------	---------	---------

23. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	363,401	(64,822)	298,579
Bank overdrafts	–	(965,639)	(965,639)
Debt due within one year	(3,708,466)	65,308	(3,643,158)
Debt due after one year	(6,682,426)	1,564,997	(5,117,429)
	-------------	------------	------------
	( 10,027,491)	599,844	( 9,427,647)
	-------------	------------	------------

Camden Group Limited

Notes to the Financial Statements (continued)

Year ended 31 March 2025

24. Other financial commitments

The Company is party to a divestment agreement relating to split of business interests between the director and a former director.

25. Director's advances, credits and guarantees

During the year, the Company paid expenses totalling £1,688,750 on behalf of the Director. At 31 March 2025, included in director loan account is an amount totalling £1,664,546 owed by the Director (2024: £24,204 owed to the Director). Amounts owed from/to the Director are unsecured and repayable on demand.

26. Related party transactions

At 31 March 2025, there is an amount owing to Ingleford Developments of £542,160 (2024: £542,160). Camden Group Limited and Ingleford Developments Limited are related by virtue of common shareholding. At 31 March 2025, there is an amount owed by Sedanmore Limited of Nil (2024: £4,349). Camden Group Limited and Sedanmore Limited are related by virtue of common shareholding. On 1 July 2021, the Company acquired a £2,000,000 loan from Marble Insurance where the Director owns 50% shareholding). The loan is unsecured and became repayable on 30 June 2023. It is the intention of the Director to extend the terms of this loan. The loan earns interest equivalent to the Bank of England base lending rate ruling at the end of each calendar quarter plus 0.50% calculated on a daily basis. During the year, the Company incurred £108,247 (2024: £118,781) of interest on its loans from Marble Insurance. During the year, the loan was converted into a quoted Eurobond. Marble Insurance charged £308,000 (2024: £308,000) of expenses to Camden Group Limited , and at the year end £77,000 (2024: £77,000) in relation to this expense is included within prepayments and accrued income.