REGISTERED NUMBER: 10467105 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

Leazes Holdings Limited and its

subsidiaries

Page

Company information

1

Group strategic report

2

to

3

Report of the directors

4

to

5

Report of the independent auditors

6

to

9

Consolidated income statement

10

Consolidated other comprehensive income

11

Consolidated statement of financial position

12

Company statement of financial position

13

Consolidated statement of changes in equity

14

Company statement of changes in equity

15

Consolidated statement of cash flows

16

Notes to the consolidated statement of cash flows

17

Notes to the consolidated financial statements

18

to

26

Directors:

Mrs C Egginton

J A Egginton

Registered office:

2 Leazes Court

Leazes Place

Durhams

Durham

DH1 1XF

Business address:

2 Leazes Court

Leazes Place

Durham City

Co. Durham

DH1 1XF

Registered number:

10467105 (England and Wales)

Auditors:

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

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

The principal activity of the group during the period was the manufacture and sale of metal rainscreen cladding systems and ancillaries.

Development and performance of the group during the financial period

The group's overriding objective set by its shareholders is to secure the longevity of the business. The strategy agreed to achieve this is to maintain a stable and financially robust business, pursuing development opportunities appropriate to that strategy in terms of the risk and return profiles in relation to the core business of the group.

The directors and shareholders of the business believe that the financial performance during the year herein reported and for the years immediately preceding demonstrate that the company is being managed in accordance with that objective and strategy, and further that the future business plan will continue to meet those requirements.

Principal risks and uncertainties

The group's Board of Directors and management team consider together the risks of significant business

decisions and changes in the external environment and in the company's operations.

Geo political tensions continue to materially affect all industries leading to high pressures costs in all areas. Uncertainty surrounding long-term inflation and interest rate levels have affected long term capital expenditure planning.

Market conditions and industry specific uncertainties

The financial robustness of the group has allowed it to trade without impediment.

The market conditions in which the group operates are mixed due not only to competitive

pressures but the ongoing enhancements to building regulations, Building Safety Act 2022 and Building Safety Regulator.

Financial risk

The group's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity, interest and exchange rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs.

Insurance and trade credit risks are managed through the continual development of strong relationships with all stakeholders across the market chain.

The group does not use derivative financial instruments to manage interest rate costs and as such no hedge accounting is applied. The group has robust credit checking policies in place for both current and potential customers. In addition to this the group insures the recoverability of commercial credit sales through an external credit insurance company.

Liquidity risk

The group continues a policy of careful cash flow management. This is achieved whilst also making what we believe are astute long investments in people, processes and materials.

Leazes continues to have the full backing of its supporting financial institutions. Credit rating companies such as Dun & Bradstreet continue to consider the group as very low risk. The directors are confident that the group has sufficient funds available to support its activities in the future.

Operating risk

The group's reputation and continued success depends on its ability to provide products that are valued by its clients. The group regularly reviews the quality, health and safety processes and maintains ISO 9001:2015, ISO14001 and ISO 18001 certification via external and independent auditing.

The group continues to invest in its IT infrastructure security and management information systems to improve the efficiency and effectiveness of daily activities and communication, assisting the ability to work remotely where necessary.

The group has continued to invest in its staff, developing and training both in-house and via professional education. Leazes continues to recruit new employees who will add to the development of the business and further its strategic aims.

Future opportunities & research and development activities

The group's leadership team considers the company to be in a strong financial position to take advantage of new opportunities despite an increasingly challenging and uncertain world.

The combined effects of tightening Building Safety regulations, difficulties with the Gateway approvals process and Government procrastination has had a detrimental, short term effect on company performance. Projects have been delayed in approvals stage throughout the UK and has affected all levels of the construction industry,

To mitigate any further risk, the company has continued to invest significant resources in building systems development, engineering software and associated resources. These positive steps have sought to further enhance Sotech's in-house engineering capabilities providing confidence to all stakeholders within the construction industry to assist accelerating the company's ability to meet mandatory Building Safety Regulator Gateway approvals.

The group has also underpinned its commitment to the UK Building Safety by completing enhanced structural performance testing with its key strategic partners.

As a result group's systems are now fully UL Certified Internationally for structural performance as well as being certified for fire performance.

Since the year end, the projects previously stalled within Gateway are in process allowing the company to move to more familiar trading conditions and have provided a springboard for improved commercial performance for the new financial year.

In addition, there has been some internal restructuring, and the group is currently in the process of acquiring the manufacturing premises from the existing landlords. Further projects are also under consideration that will continue to require significant capital investment.

On behalf of the board:

J A Egginton - 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

Dividends of £180,000 were paid during the year.

Future developments

Future developments are disclosed in the strategic report.

Directors

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

Mrs C Egginton

J A Egginton

Post balance sheet events

There have been no significant events affecting the group since the year end.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

J A Egginton - Director

23 December 2025

Opinion

We have audited the financial statements of Leazes Holdings Limited and its subsidiaries (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 statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated statement of cash flows, 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 loss 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:

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

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the client company's sector.

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journals entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

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

-

reviewing correspondence with HMRC and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Matt Storey FCCA, ACA, BFP (Senior Statutory Auditor)

for and on behalf of Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

23 December 2025

Turnover

8,898,492

11,949,598

Cost of sales

6,522,277

8,810,727

Gross profit

2,376,215

3,138,871

Administrative expenses

2,608,322

2,847,451

(232,107

)

291,420

Other operating income

146,539

153,059

Operating (loss)/profit

5

(85,568

)

444,479

Interest receivable and similar income

43,329

27,254

(42,239

)

471,733

Interest payable and similar expenses

7

26,513

32,061

(Loss)/profit before taxation

(68,752

)

439,672

Tax on (loss)/profit

8

(13,922

)

229,170

(Loss)/profit for the financial year

(54,830

)

210,502

(Loss)/profit attributable to:

Owners of the parent

(54,830

)

210,502

(Loss)/profit for the year

(54,830

)

210,502

Other comprehensive income

-

-

Total comprehensive income for the year

(54,830

)

210,502

Total comprehensive income attributable to:

Owners of the parent

(54,830

)

210,502

Fixed assets

Intangible assets

11

553,356

436,840

Tangible assets

12

2,046,753

1,696,965

Investments

13

-

-

2,600,109

2,133,805

Current assets

Stocks

14

251,360

431,263

Debtors

15

2,010,266

2,429,901

Cash at bank and in hand

2,653,086

2,585,776

4,914,712

5,446,940

Creditors

Amounts falling due within one year

16

2,113,468

2,314,461

Net current assets

2,801,244

3,132,479

Total assets less current liabilities

5,401,353

5,266,284

Creditors

Amounts falling due after more than one year

17

(452,425

)

(62,790

)

Provisions for liabilities

20

(377,561

)

(397,297

)

Net assets

4,571,367

4,806,197

Capital and reserves

Called up share capital

21

14,002

14,002

Retained earnings

22

4,557,365

4,792,195

Shareholders' funds

4,571,367

4,806,197

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:

J A Egginton - Director

Fixed assets

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

14,202

14,202

14,202

14,202

Current assets

Cash at bank

1,299,392

1,095,645

Creditors

Amounts falling due within one year

16

192,605

9,065

Net current assets

1,106,787

1,086,580

Total assets less current liabilities

1,120,989

1,100,782

Capital and reserves

Called up share capital

21

14,002

14,002

Retained earnings

1,106,987

1,086,780

Shareholders' funds

1,120,989

1,100,782

Company's profit for the financial year

200,207

15,348

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:

J A Egginton - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

14,002

4,661,693

4,675,695

Changes in equity

Dividends

-

(80,000

)

(80,000

)

Total comprehensive income

-

210,502

210,502

Balance at 31 March 2024

14,002

4,792,195

4,806,197

Changes in equity

Dividends

-

(180,000

)

(180,000

)

Total comprehensive income

-

(54,830

)

(54,830

)

Balance at 31 March 2025

14,002

4,557,365

4,571,367

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

14,002

1,151,432

1,165,434

Changes in equity

Dividends

-

(80,000

)

(80,000

)

Total comprehensive income

-

15,348

15,348

Balance at 31 March 2024

14,002

1,086,780

1,100,782

Changes in equity

Dividends

-

(180,000

)

(180,000

)

Total comprehensive income

-

200,207

200,207

Balance at 31 March 2025

14,002

1,106,987

1,120,989

Cash flows from operating activities

Cash generated from operations

1

474,659

1,243,268

Interest element of hire purchase payments paid

(26,513

)

(32,061

)

Tax paid

(119,404

)

(62,069

)

Net cash from operating activities

328,742

1,149,138

Cash flows from investing activities

Purchase of intangible fixed assets

(172,961

)

(106,287

)

Purchase of tangible fixed assets

(472,070

)

(229,300

)

Sale of intangible fixed assets

207

73,931

Sale of tangible fixed assets

7,231

153,400

Interest received

43,329

27,254

Net cash from investing activities

(594,264

)

(81,002

)

Cash flows from financing activities

Hire purchase movement in year

330,330

(221,970

)

Amount introduced by directors

2,002

1,750

Government grants

500

9,031

Equity dividends paid

-

(80,000

)

Net cash from financing activities

332,832

(291,189

)

Increase in cash and cash equivalents

67,310

776,947

Cash and cash equivalents at beginning of year

2

2,585,776

1,808,829

Cash and cash equivalents at end of year

2

2,653,086

2,585,776

1.	Reconciliation of (loss)/profit before taxation to cash generated from operations

2025

2024

£

£

(Loss)/profit before taxation

(68,752

)

439,672

Depreciation charges

161,823

358,349

Loss/(profit) on disposal of fixed assets

9,466

(5,308

)

Government grants

(500

)

(9,031

)

Finance costs

26,513

32,061

Finance income

(43,329

)

(27,254

)

85,221

788,489

Decrease in stocks

179,903

424,551

Decrease in trade and other debtors

419,635

509,486

Decrease in trade and other creditors

(210,100

)

(479,258

)

Cash generated from operations

474,659

1,243,268

2.	Cash and cash equivalents

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

2,653,086

2,585,776

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

2,585,776

1,808,829

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

2,585,776

67,310

2,653,086

2,585,776

67,310

2,653,086

Debt

Finance leases

(278,797

)

(330,330

)

(609,127

)

(278,797

)

(330,330

)

(609,127

)

Total

2,306,979

(263,020

)

2,043,959

1.	Statutory information

Leazes Holdings Limited and its subsidiaries 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.

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.

Development costs are being amortised evenly over their estimated useful life of 10 to 11 years.

Computer software is being amortised evenly over its estimated useful life of 10 to 11 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

Straight line over 15 years and Reducing balance 6.7%

Plant and machinery

-

15% reducing balance and Reducing balance 15%

Fixtures and fittings

-

Reducing balance 15%

Motor vehicles

-

Straight line over 10 years

Computer equipment

-

Straight line over 3 years

Stocks

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

Cost is calculated using the weighted average cost method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.