REGISTERED NUMBER: 11383949 (England and Wales)

LATHAMS HOLDINGS LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

A J Latham

M J H HÖrmann

REGISTERED OFFICE:

35-37 Hainge Road

Tiverdale

Oldbury

West Midlands

B69 2NY

REGISTERED NUMBER:

11383949 (England and Wales)

AUDITORS:

Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

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

REVIEW OF BUSINESS

The group's turnover increased from £17,165,867 to £19,728,090 demonstrating revenue growth of 14.9%. Gross profit increased from £6,900,295 to £8,219,133, representing 41.66% (2024 40.1%).

PRINCIPAL RISKS AND UNCERTAINTIES

The group counters market risk by frequently evaluating the market position:

- Product: the group adopts a continual improvement strategy that keeps the product ranges at an industry leading performance level with new ranges, with new USPs being introduced.

- Price: Market pricing is reviewed to ensure competitive pricing.

- Service level: This continues to be a key focus for us. Building on the improvements delivered in the prior year, the Group has maintained its emphasis on the speed of handling enquiries, the efficient processing of sales and the timely supply of goods, supported by continued investment in its software management systems and appropriate staffing levels.

Quality, Health and Safety and environmental risks are monitored using ISO9001, ISO45001 and ISO14001. The company embraces the systems and utilises the frameworks to assess risks and act proactively. The Health and Safety Manager continues to monitor physical risks and enforce a strong H&S first culture.

Finance risks are managed by retaining low exposure to debtors by using strict credit check and credit insurance processes. Maintaining sufficient working capital and not becoming reliant on external finance will continue to be a motivation.

FUTURE DEVELOPMENTS

The group plans to continue prioritising producing high quality goods at competitive prices with strong customer

service to reinforce its position in the marketplace. The group shares the ethos that growth and profit is considered a by-product of performance and the staff focus, therefore, is diverted to performance KPIs.

The group will integrate all ecommerce platforms with the software management system which will increase

efficiencies and accuracy, further growing capacity of the sales and admin teams.

KEY PERFORMANCE INDICATORS

2025

2024

£

£

Turnover

19,728,090

17,165,187

Gross Profit

8,219,133

6,900,295

Net profit before tax

3,474,621

3,069,732

EBITDA

4,314,866

3,759,208

RESEARCH AND DEVELOPMENT

The group prides itself on developing its product range to improve the overall quality and performance. Projects were ran to ensure a competitive advantage and market recognition of a leader in the field.

ON BEHALF OF THE BOARD:

A J Latham - Director

24 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of supplier of steel security doors.

DIVIDENDS

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

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

A J Latham has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

M J H HÖrmann was appointed as a director after 31 March 2025 but prior to the date of this report.

M Lowe ceased to be a director after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Clarke Nicklin LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A J Latham - Director

24 December 2025

Opinion

We have audited the financial statements of Lathams Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 four, 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:

Procedures to identify risks:

-

enquiring of management concerning the company's procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: timing of recognition of sales and purchases and their related stock movements, posting of unusual journals; and

-

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

The procedures to respond to risks identified included:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

-

enquiring of management, 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;

-

reviewing correspondence with HMRC;

-

testing the timing and matching of income and expense transactions relating to stock movements either side of the year end; 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 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.

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 Baggott (Senior Statutory Auditor)

for and on behalf of Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

24 December 2025

TURNOVER

19,728,090

17,182,367

Cost of sales

11,508,957

10,282,072

GROSS PROFIT

8,219,133

6,900,295

Administrative expenses

4,771,500

3,867,675

3,447,633

3,032,620

Other operating income

1,005

18,128

GROUP OPERATING PROFIT

4

3,448,638

3,050,748

Share of operating profit in

Joint ventures

15,223

-

Interest receivable and similar income

172,396

141,430

3,636,257

3,192,178

Interest payable and similar expenses

5

161,636

122,446

PROFIT BEFORE TAXATION

3,474,621

3,069,732

Tax on profit

6

1,120,664

769,326

PROFIT FOR THE FINANCIAL YEAR

2,353,957

2,300,406

Profit attributable to:

Owners of the parent

2,353,957

2,300,406

PROFIT FOR THE YEAR

2,353,957

2,300,406

OTHER COMPREHENSIVE INCOME

Revaluation in year

1,025,808

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

1,025,808

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,379,765

2,300,406

Total comprehensive income attributable to:

Owners of the parent

3,379,765

2,300,406

FIXED ASSETS

Intangible assets

9

54,541

25,683

Tangible assets

10

12,798,358

9,607,963

Investments

11

-

-

12,852,899

9,633,646

CURRENT ASSETS

Stocks

12

4,627,158

4,071,386

Debtors

13

2,566,839

1,756,665

Cash at bank and in hand

2,776,039

3,083,954

9,970,036

8,912,005

CREDITORS

Amounts falling due within one year

14

5,051,710

5,111,571

NET CURRENT ASSETS

4,918,326

3,800,434

TOTAL ASSETS LESS CURRENT LIABILITIES

17,771,225

13,434,080

CREDITORS

Amounts falling due after more than one year

15

(2,676,473

)

(1,970,255

)

PROVISIONS FOR LIABILITIES

18

(1,330,133

)

(1,078,971

)

NET ASSETS

13,764,619

10,384,854

CAPITAL AND RESERVES

Called up share capital

19

2

2

Revaluation reserve

20

1,539,322

513,514

Retained earnings

20

12,225,295

9,871,338

SHAREHOLDERS' FUNDS

13,764,619

10,384,854

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

A J Latham - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

9,630,724

6,284,609

Investments

11

54

54

9,630,778

6,284,663

CURRENT ASSETS

Debtors

13

726,351

1,636,533

Cash at bank

1,298,813

345,877

2,025,164

1,982,410

CREDITORS

Amounts falling due within one year

14

267,038

210,066

NET CURRENT ASSETS

1,758,126

1,772,344

TOTAL ASSETS LESS CURRENT LIABILITIES

11,388,904

8,057,007

PROVISIONS FOR LIABILITIES

18

562,782

283,806

NET ASSETS

10,826,122

7,773,201

CAPITAL AND RESERVES

Called up share capital

19

2

2

Revaluation reserve

1,539,322

513,514

Retained earnings

9,286,798

7,259,685

SHAREHOLDERS' FUNDS

10,826,122

7,773,201

Company's profit for the financial year

2,027,113

2,026,353

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 24 December 2025 and were signed on its behalf by:

A J Latham - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

2

8,090,932

513,514

8,604,448

Changes in equity

Dividends

-

(520,000

)

-

(520,000

)

Total comprehensive income

-

2,300,406

-

2,300,406

Balance at 31 March 2024

2

9,871,338

513,514

10,384,854

Changes in equity

Total comprehensive income

-

2,353,957

1,025,808

3,379,765

Balance at 31 March 2025

2

12,225,295

1,539,322

13,764,619

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

2

5,753,332

513,514

6,266,848

Changes in equity

Dividends

-

(520,000

)

-

(520,000

)

Total comprehensive income

-

2,026,353

-

2,026,353

Balance at 31 March 2024

2

7,259,685

513,514

7,773,201

Changes in equity

Total comprehensive income

-

2,027,113

1,025,808

3,052,921

Balance at 31 March 2025

2

9,286,798

1,539,322

10,826,122

Cash flows from operating activities

Cash generated from operations

1

3,126,578

2,845,424

Interest paid

(151,020

)

(111,637

)

Interest element of hire purchase payments paid

(10,616

)

(10,809

)

Tax paid

(1,016,893

)

(50,064

)

Net cash from operating activities

1,948,049

2,672,914

Cash flows from investing activities

Purchase of intangible fixed assets

(37,964

)

(920

)

Purchase of tangible fixed assets

(3,034,285

)

(2,618,069

)

Sale of tangible fixed assets

27,800

43,007

Interest received

172,396

141,430

Net cash from investing activities

(2,872,053

)

(2,434,552

)

Cash flows from financing activities

New loans in year

1,000,000

1,000,000

Loan repayments in year

(223,008

)

(169,964

)

Capital repayments in year

(13,425

)

(11,229

)

Amount introduced by directors

1,000,207

140,633

Amount withdrawn by directors

(1,575,803

)

-

Loan to subsidiary not consolidated

428,118

(428,118

)

Equity dividends paid

-

(520,000

)

Net cash from financing activities

616,089

11,322

(Decrease)/increase in cash and cash equivalents

(307,915

)

249,684

Cash and cash equivalents at beginning of year

2

3,083,954

2,834,270

Cash and cash equivalents at end of year

2

2,776,039

3,083,954

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

2025

2024

£

£

Profit before taxation

3,474,621

3,069,732

Depreciation charges

820,771

720,695

Loss/(profit) on disposal of fixed assets

30,233

(12,235

)

Finance costs

161,636

122,446

Finance income

(172,396

)

(141,430

)

4,314,865

3,759,208

Increase in stocks

(555,772

)

(1,080,198

)

Increase in trade and other debtors

(885,035

)

(23,885

)

Increase in trade and other creditors

252,520

190,299

Cash generated from operations

3,126,578

2,845,424

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

2,776,039

3,083,954

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

3,083,954

2,834,270

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

3,083,954

(307,915

)

2,776,039

3,083,954

(307,915

)

2,776,039

Debt

Finance leases

(116,771

)

13,425

(103,346

)

Debts falling due within 1 year

(192,059

)

(46,004

)

(238,063

)

Debts falling due after 1 year

(1,866,909

)

(720,988

)

(2,587,897

)

(2,175,739

)

(753,567

)

(2,929,306

)

Total

908,215

(1,061,482

)

(153,267

)

1.	STATUTORY INFORMATION

Lathams Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

33% on cost

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.