REGISTERED NUMBER: 03534330 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

A.J.W. DISTRIBUTION LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Profit and loss account

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

A Woods

J Woods

G M Woods

T Woods

C L Woods

K Patrick

REGISTERED OFFICE:

Units 6-7

Honeysome Industrial Estate

Honeysome Road

Chatteris

Cambridgeshire

PE16 6TG

REGISTERED NUMBER:

03534330 (England and Wales)

AUDITORS:

Thompson Taraz Rand Audit and Assurance Limited

Statutory Auditors

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

EXEMPTION FROM PREPARING A STRATEGIC REPORT

The company has elected to apply Section 414B(2A) of the Companies Act 2006 not to prepare a Strategic Report on the basis that it is consolidated into the group financial statements of its parent entity which will prepare a Group Strategic Report.

ON BEHALF OF THE BOARD:

A Woods - Director

23 December 2025

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

DIVIDENDS

An interim dividend of £9.00 per share was paid on the Ordinary 1p 1p shares on 31 March 2025. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 31 March 2025 will be £ 90,000 .

DIRECTORS

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

A Woods

J Woods

G M Woods

T Woods

C L Woods

K Patrick

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Thompson Taraz Rand Audit and Assurance Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A Woods - Director

23 December 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: the Companies Act 2006, FRS 102 'the Financial Reporting Standards applicable in the UK" and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations. Employment Legislation The risk of non-compliance with Health and Safety laws and regulations was addressed through inquiries of management.

We made inquiries with management to understand whether there were any instances of non-compliance with laws-and regulations or whether they had any knowledge of actual, or suspected fraud. From the procedures performed we did not identify any matters relating to non-compliance with laws and regulation or matters in relation to fraud.

We evaluated directors and managements incentives and opportunities for fraudulent manipulation of the financial statements (including management override of controls) and determined the principal risks were related to the posting of manual journal entries, management bias through application of judgement and assumptions in significant accounting estimates particular relating to, slow moving and obsolete stock provision and revenue recognition, recognition of rebates earnt but not yet received at the balance sheet date

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and. performed our audit in accordance with auditing standards; For example, the further· removed none compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standard would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non­ compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Andrew Rand BA FCA (Senior Statutory Auditor)

for and on behalf of Thompson Taraz Rand Audit and Assurance Limited

Statutory Auditors

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

23 December 2025

TURNOVER

25,688,780

6,904,210

Cost of sales

(20,395,898

)

(5,657,105

)

GROSS PROFIT

5,292,882

1,247,105

Administrative expenses

(4,890,025

)

(2,207,305

)

402,857

(960,200

)

Other operating income

-

1,101,856

OPERATING PROFIT

6

402,857

141,656

Interest receivable and similar income

3,101

4,879

405,958

146,535

Interest payable and similar expenses

7

(137,469

)

(80,605

)

PROFIT BEFORE TAXATION

268,489

65,930

Tax on profit

8

(72,021

)

(16,645

)

PROFIT FOR THE FINANCIAL YEAR

196,468

49,285

Profit attributable to:

Owners of the parent

194,475

49,285

Non-controlling interests

1,993

-

196,468

49,285

PROFIT FOR THE YEAR

196,468

49,285

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

196,468

49,285

Total comprehensive income attributable to:

Owners of the parent

194,475

49,285

Non-controlling interests

1,993

-

196,468

49,285

FIXED ASSETS

Intangible assets

13

-

31,550

Tangible assets

14

1,527,234

1,097,640

Investments

15

-

-

1,527,234

1,129,190

CURRENT ASSETS

Stocks

16

2,292,288

692,925

Debtors

17

3,316,421

1,303,915

Cash and cash equivalents

1,148,828

212,201

6,757,537

2,209,041

CREDITORS

Amounts falling due within one year

18

(5,645,716

)

(1,955,108

)

NET CURRENT ASSETS

1,111,821

253,933

TOTAL ASSETS LESS CURRENT LIABILITIES

2,639,055

1,383,123

CREDITORS

Amounts falling due after more than one year

19

(711,965

)

(676,386

)

PROVISIONS FOR LIABILITIES

23

(90,941

)

(51,765

)

NET ASSETS

1,836,149

654,972

CAPITAL AND RESERVES

Called up share capital

24

101

100

Capital redemption reserve

25

75

75

Capital contribution reserve

25

1,074,708

-

Retained earnings

25

759,272

654,797

SHAREHOLDERS' FUNDS

1,834,156

654,972

NON-CONTROLLING INTERESTS

26

1,993

-

TOTAL EQUITY

1,836,149

654,972

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

A Woods - Director

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

1,527,230

1,047,611

Investments

15

-

547,920

1,527,230

1,595,531

CURRENT ASSETS

Stocks

16

2,292,288

448,063

Debtors

17

3,432,980

1,109,709

Cash and cash equivalents

1,148,828

94,189

6,874,096

1,651,961

CREDITORS

Amounts falling due within one year

18

(5,645,705

)

(1,865,841

)

NET CURRENT ASSETS/(LIABILITIES)

1,228,391

(213,880

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,755,621

1,381,651

CREDITORS

Amounts falling due after more than one year

19

(711,965

)

(676,386

)

PROVISIONS FOR LIABILITIES

23

(90,941

)

(38,991

)

NET ASSETS

1,952,715

666,274

CAPITAL AND RESERVES

Called up share capital

24

101

100

Capital redemption reserve

75

75

Capital contribution reserve

1,177,123

-

Retained earnings

775,416

666,099

SHAREHOLDERS' FUNDS

1,952,715

666,274

Company's profit for the financial year

199,317

60,587

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

A Woods - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 April 2023

-

605,512

75

Changes in equity

Issue of share capital

100

-

-

Total comprehensive income

-

49,285

-

Balance at 31 March 2024

100

654,797

75

Changes in equity

Issue of share capital

1

-

-

Dividends

-

(90,000

)

-

Total comprehensive income

-

194,475

-

Balance at 31 March 2025

101

759,272

75

Capital

contribution

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 April 2023

-

605,587

-

605,587

Changes in equity

Issue of share capital

-

100

-

100

Total comprehensive income

-

49,285

-

49,285

Balance at 31 March 2024

-

654,972

-

654,972

Changes in equity

Issue of share capital

-

1

-

1

Dividends

-

(90,000

)

-

(90,000

)

Total comprehensive income

-

194,475

1,993

196,468

Group reconstruction

1,074,708

1,074,708

-

1,074,708

Balance at 31 March 2025

1,074,708

1,834,156

1,993

1,836,149

Called up

Capital

Capital

share

Retained

redemption

contribution

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

-

605,512

75

-

605,587

Changes in equity

Issue of share capital

100

-

-

-

100

Total comprehensive income

-

60,587

-

-

60,587

Balance at 31 March 2024

100

666,099

75

-

666,274

Changes in equity

Issue of share capital

1

-

-

-

1

Dividends

-

(90,000

)

-

-

(90,000

)

Total comprehensive income

-

199,317

-

-

199,317

Group reconstruction

-

-

-

1,177,123

1,177,123

Balance at 31 March 2025

101

775,416

75

1,177,123

1,952,715

1.	STATUTORY INFORMATION

A.J.W. Distribution Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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

•

the requirements of Section 7 Statement of Cash Flows.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of A.J.W Distribution Limited (the parent company) and all of its subsidiary undertakings for the year ended 31 March 2025.

Subsidiaries are entities that are controlled by the Group. Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated financial statements from the date that control commences until the date that control ceases.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Unrealised profits and losses resulting from intra-group transactions that are recognised in assets are eliminated in full.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those adopted by the Group.

The consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances.

The results of AJW Distribution Limited are also consolidated into the results of AJW Group Ltd as the ultimate parent company of the group.

Group restructurings / transfers:

Where group restructurings have occurred during the year, the consolidated financial statements reflect the substance of the transactions in accordance with FRS 102

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover represents the fair value of consideration received or receivable for the sale of roofing, cladding and general building materials to contractors, builders, builders merchants and the general public, net of trade discounts, rebates given by the company and net of value added tax.

Goodwill

Goodwill is recognised in respect of the acquisition of Castle Roofing Supplies Ltd and has been fully written down during the year under review.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

25% on cost, 20% on cost, 10% on cost and Straight line over 8 years

Motor vehicles

-

25% on cost and 20% on cost

Stocks

Inventories, which consist of goods for resale, are stated at the lower of average weighted cost and net realisable value.Cost comprises direct materials and those overheads that have been incurred in bringing the inventories to their present location and condition.Net realisable value is the estimated selling price less the estimated costs of disposal.

Financial instruments

Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Customer rebates

Rebates are receivable or payable where the company has rebate agreements with its customers and supplier. The value of rebates receivable or payable, are calculated in accordance with the agreements in place, and are deducted from turnover for rebates payable and from cost of sales for rebates received in the year in which payment or receipt is probable.

Comparative's not fully comparable

The comparatives figures for the year ended 31st March 2024 are not fully comparable with the figures for 31st March 2025 as set out more fully at note 12 to the financial statements.

4.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Provision for Slow-Moving and Obsolete Stock

The Company carries a broad range of roofing materials and associated products, some of which may become obsolete or slow-moving due to changes in construction standards, product specifications or customer demand. The Directors review inventory on a regular basis and apply judgement in identifying stock that may not be recoverable at its recorded cost.

A provision is recognised where the carrying value of inventory exceeds its estimated net realisable value. The level of provision is determined using a combination of inventory ageing analysis, historical stock turnover, expected future demand and anticipated clearance values.

Given the volume and diversity of products held, together with the cyclical nature of the construction industry, there is inherent uncertainty in estimating the recoverable value of certain inventory lines. A change in assumptions regarding sales velocity or disposal values could result in a material adjustment to the provision in future periods.

Net Realisable Value (NRV)

Net realisable value represents the estimated selling price in the ordinary course of business, less costs necessary to make the sale. The assessment of NRV is inherently judgemental and takes into account current market conditions, competitor pricing, seasonal factors and forecast levels of construction activity.

Doubtful debts:

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade debtors , management considers factors including the current credit rating of the debtor, the ageing of the debtor and historical experience regarding payment history.

5.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

2,296,429

797,546

Social security costs

242,370

88,853

Other pension costs

49,091

18,045

2,587,890

904,444

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

2025

2024

as restated

Depot

22

20

Admin

13

13

Sales

22

23

Management

5

5

62

61

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2024 - NIL).