REGISTERED NUMBER: 01706961 (England and Wales)

LEAMORE WINDOWS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

8

Balance Sheet

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

G Hackett

M P Hackett

SECRETARY:

G Hackett

REGISTERED OFFICE:

Leamore Lane

Bloxwich

Walsall

West Midlands

WS2 7QZ

REGISTERED NUMBER:

01706961 (England and Wales)

AUDITORS:

Equus Miller Limited

Chartered Certified Accountants

Statutory Auditors

Brook House

47 High Street

Henley in Arden

Warwickshire

B95 5AA

The directors present their strategic report for the year ended 31 March 2025.

Leamore Windows Limited is a wholly owned subsidiary of Leamore Holdings Limited and has been established for over 40 years as an award-winning family business of double-glazing specialists based in Walsall near Wolverhampton. The directors and their trusted team are dedicated to customer satisfaction, seamlessly combined with the highest quality manufacturing, surveying, installation and repair services operating from their cutting edge manufacturing facilities in the heart of the West Midlands.

REVIEW OF BUSINESS

Review of the business

The company continues to maintain an enviable position as one of the leading manufacturers of windows, doors and glazed extensions within the West Midlands with numerous accreditations and awards providing testament to the highest level of service guaranteed. This unrivalled approach has assisted in maintaining a consistent share of the market and the company continues to develop innovative products to complement its high-end windows that deliver exceptional thermal efficiency and security. The company's investment in the development of its team and focus in maintaining its close customer relationships, ensures that business maintains its culture of consistently monitoring and implementing procedural improvements which ensures that the company and its trusted team continue to flourish.

Key performance indicators

The directors monitor the company's performance using turnover, gross profit and retained earnings as key metrics.

During the current year the company has continued to maintain its market share despite an economic backdrop faced with a cost-of-living crisis. This enviable position is directly attributable to the exceptional customer service level being continually provided by the company. The directors' proactive approach to market conditions and regular chairing of meetings with their management team to discuss any foreseeable circumstances that may necessitate a change to the company's strategy, continues to see the business thrive whilst mitigating exposure to changes within the working environment.

In terms of the company's margins, the directors are pleased to report that despite stubborn levels of inflation within the marketplace, the company's gross profit percentage is comparable with previous years and are optimistic that the continued product development will enable this to continue for the foreseeable future.

The company's strategy is one of re-investment into its core business which has resulted in continued growth in the company's retained reserves, which have substantially increased within the current year to provide financial security for the company's strategic development program.

Future developments

The company has recently moved profile manufacturers as a strategic decision to expand upon its product portfolio whilst ensuring that the company continues to deliver products of the highest quality. The directors are aware that this significant change will undoubtedly present challenges as the company's systems migrate, however the directors continue to monitor the impact of this during their regular performance meetings and review of the quarterly Management Accounts.

The business has continued to enjoy a significant share of the market and management continues to build upon its market knowledge and improve procedural implementations across all departments. This approach to the company's strategic planning continues to be very successful.

The work ethic of the team and the commitment and foresight of the Managing Director are the key driving elements in the consistent improvement. Plans for 2026 and beyond are suitably impressive and reflect a balance of ambition and maturity unique to their industry.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's trading operations could be affected by several external factors that may pose a risk to its financial performance in the short, medium and long term which are: -

1. A significant downturn within the economy caused by external factors that are beyond the control of the company. The growth forecast for the United Kingdom indicates that the marketplace may stagnate somewhat during 2026.

2. Uncapped price rises of raw materials resulted from supply and demand issues in particular because of global instability and conflict along with the potential impact this may have on the availability of resources.

3. The unknown impact on the industry and economy as the move to green energy continues to be a key driver of the government.

ON BEHALF OF THE BOARD:

G Hackett - Secretary

23 December 2025

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

DIVIDENDS

Dividends paid during the period amounted to £50,000 (2024: £750,000).

DIRECTORS

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

G Hackett

M P Hackett

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 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. They are 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.

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 company'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 company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

G Hackett - Secretary

23 December 2025

Opinion

We have audited the financial statements of Leamore Windows Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 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; 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 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 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 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 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:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management it's own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal control established to mitigate risks related to fraud or non compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations including fraud.

We focussed on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to Health and Safety regulations, UK tax legislation and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example minutes of meetings and representations of the board of Directors.

Our tests included agreeing the financial statements disclosure to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of key staff manipulation that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery , misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected within the financial statements, the less likely we are to become aware of it.

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.

Deborah Jane Horsley FCCA (Senior Statutory Auditor)

for and on behalf of Equus Miller Limited

Chartered Certified Accountants

Statutory Auditors

Brook House

47 High Street

Henley in Arden

Warwickshire

B95 5AA

23 December 2025

TURNOVER

4

10,499,840

10,651,958

Cost of sales

7,400,642

7,382,473

GROSS PROFIT

3,099,198

3,269,485

Administrative expenses

2,271,462

2,237,547

OPERATING PROFIT

6

827,736

1,031,938

Interest receivable and similar income

4,659

3,620

832,395

1,035,558

Interest payable and similar expenses

7

2,050

3,878

PROFIT BEFORE TAXATION

830,345

1,031,680

Tax on profit

8

233,752

313,610

PROFIT FOR THE FINANCIAL YEAR

596,593

718,070

Retained earnings at beginning of year

769,843

801,773

Dividends

9

(50,000

)

(750,000

)

RETAINED EARNINGS AT END OF YEAR

1,316,436

769,843

FIXED ASSETS

Tangible assets

10

601,093

710,771

CURRENT ASSETS

Stocks

11

479,177

487,058

Debtors

12

957,105

747,660

Cash at bank and in hand

1,497,260

1,467,052

2,933,542

2,701,770

CREDITORS

Amounts falling due within one year

13

2,059,275

2,448,647

NET CURRENT ASSETS

874,267

253,123

TOTAL ASSETS LESS CURRENT LIABILITIES

1,475,360

963,894

CREDITORS

Amounts falling due after more than one year

14

-

(33,045

)

PROVISIONS FOR LIABILITIES

16

(157,424

)

(159,506

)

NET ASSETS

1,317,936

771,343

CAPITAL AND RESERVES

Called up share capital

17

1,500

1,500

Retained earnings

18

1,316,436

769,843

SHAREHOLDERS' FUNDS

1,317,936

771,343

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:

G Hackett - Director

Cash flows from operating activities

Cash generated from operations

1

718,438

1,560,160

Interest paid

(1,621

)

(152

)

Interest element of hire purchase payments paid

(429

)

(3,726

)

Tax paid

(306,988

)

(146,340

)

Net cash from operating activities

409,400

1,409,942

Cash flows from investing activities

Purchase of tangible fixed assets

(169,249

)

(155,171

)

Sale of tangible fixed assets

49,350

18,934

Interest received

4,659

3,620

Net cash from investing activities

(115,240

)

(132,617

)

Cash flows from financing activities

Capital repayments in year

(43,860

)

(26,455

)

Amount introduced by directors

56,000

440,299

Amount withdrawn by directors

(394,868

)

(849,309

)

Intercompany loans

168,776

765,300

Equity dividends paid

(50,000

)

(750,000

)

Net cash from financing activities

(263,952

)

(420,165

)

Increase in cash and cash equivalents

30,208

857,160

Cash and cash equivalents at beginning of year

2

1,467,052

609,892

Cash and cash equivalents at end of year

2

1,497,260

1,467,052

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

31/3/25

31/3/24

£

£

Profit before taxation

830,345

1,031,680

Depreciation charges

251,964

331,257

Profit on disposal of fixed assets

(22,388

)

(5

)

Finance costs

2,050

3,878

Finance income

(4,659

)

(3,620

)

1,057,312

1,363,190

Decrease/(increase) in stocks

7,881

(177,884

)

(Increase)/decrease in trade and other debtors

(286,940

)

207,512

(Decrease)/increase in trade and other creditors

(59,815

)

167,342

Cash generated from operations

718,438

1,560,160

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

1,497,260

1,467,052

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

1,467,052

609,892

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

1,467,052

30,208

1,497,260

1,467,052

30,208

1,497,260

Debt

Finance leases

(43,860

)

43,860

-

(43,860

)

43,860

-

Total

1,423,192

74,068

1,497,260

1.	STATUTORY INFORMATION

Leamore Windows 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 Company Information page.

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.

Significant judgements and estimates

The significant accounting policies applied in the preparation of these financial statements are set out below:

Depreciation rates are calculated using rates applied to write off each asset over it's estimated useful life.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

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

Sale of goods

Turnover from sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the company and the cost incurred in respect of the transaction can be measured reliably. This is usually on despatch of goods.

Interest receivable

Interest income is recognised as the company's right to receive payment is established.

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.

Leasehold improvements

-

over the period of the lease

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Stocks and work in progress

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

Work in progress is valued at the lower of costs and estimated selling price less costs to complete and sell.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the profit and 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 the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4.

TURNOVER

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

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

31/3/25

31/3/24

£

£

Window manufacture and fitting

10,499,840

10,651,958

10,499,840

10,651,958

5.	EMPLOYEES AND DIRECTORS

31/3/25

31/3/24

£

£

Wages and salaries

2,639,143

2,499,493

Social security costs

27,292

27,292

Other pension costs

51,412

51,479

2,717,847

2,578,264

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

31/3/25

31/3/24

Production

53

48

Office and management

16

21

69

69

31/3/25

31/3/24

£

£

Directors' remuneration

215,969

215,969

Information regarding the highest paid director is as follows:

31/3/25

31/3/24

£

£

Emoluments etc

115,884

115,884

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/3/25

31/3/24

£

£

Hire of plant and machinery

29,578

27,019

Depreciation - owned assets

251,965

313,624

Depreciation - assets on hire purchase contracts

-

17,633

Profit on disposal of fixed assets

(22,388

)

(5

)

Auditors' remuneration

10,350

10,000

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/3/25

31/3/24

£

£

Other interest

1,621

152

Hire purchase interest

429

3,726

2,050

3,878

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31/3/25

31/3/24

£

£

Current tax:

UK corporation tax

235,834

306,988

Deferred taxation

(2,082

)

6,622

Tax on profit

233,752

313,610

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/3/25

31/3/24

£

£

Profit before tax

830,345

1,031,680

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

207,586

257,920

Effects of:

Expenses not deductible for tax purposes

836

-

Depreciation in excess of capital allowances

25,330

55,690

Total tax charge

233,752

313,610

9.

DIVIDENDS

31/3/25

31/3/24

£

£

Final

50,000

-

Interim

-

750,000

50,000

750,000

10.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

Motor

improvements

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

72,571

1,776,294

147,504

704,171

2,700,540

Additions

-

36,302

1,857

131,090

169,249

Disposals

-

-

-

(65,927

)

(65,927

)

At 31 March 2025

72,571

1,812,596

149,361

769,334

2,803,862

DEPRECIATION

At 1 April 2024

-

1,252,648

122,963

614,158

1,989,769

Charge for year

3,629

130,564

11,252

106,520

251,965

Eliminated on disposal

-

-

-

(38,965

)

(38,965

)

Reclassification/transfer

-

213,900

-

(213,900

)

-

At 31 March 2025

3,629

1,597,112

134,215

467,813

2,202,769

NET BOOK VALUE

At 31 March 2025

68,942

215,484

15,146

301,521

601,093

At 31 March 2024

72,571

523,646

24,541

90,013

710,771