Company registration number 03456399 (England and Wales)
GERDA SECURITY PRODUCTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
GERDA SECURITY PRODUCTS LIMITED
COMPANY INFORMATION
Directors
A J Thompson
A D Pealling
Company number
03456399
Registered office
54 Chiswick Avenue
Mildenhall
Bury St Edmunds
IP28 7AY
Auditor
Ensors
First Floor
Victory House, Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
GERDA SECURITY PRODUCTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 25
GERDA SECURITY PRODUCTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 1 -

The directors present the strategic report for the year ended 30 April 2025.

Principal activities

The principal activity of the company continued to be that of the supply of high quality fire doors and associated products and services.

Review of the business

Total turnover was £24.9m, down 2.7% on last year’s £25.6m.

While the company continues to maintain a strong order book the current politico/economic outlook at both a domestic and international level saw the entire sector affected by delayed order conversion, tighter margins and higher interest costs, leading to lower profitability.

The company is focusing on developing core brands, their profit streams and to considering profitable, cash generative potential acquisitions as they become available.

In January 2026 the company benefited from a refinancing package from HSBC, reducing interest costs, improving the availability of funds and therefore supporting further growth.

Principal risks and uncertainties

The management of the business and the execution of the company’s strategic plans are subject to a number of risks. The principal risks are subject to weekly and monthly reviews, as appropriate, with prompt action taken to mitigate risk.

The key risk areas and actions taken to manage those risks are considered to be as follows:

Credit risk – The principal risk arises from Trade Debtors where a policy of credit limit management based upon credit rating and experience is followed, combined with credit insurance.

Liquidity – The company ensures that it has sufficient liquidity available through a number of credit facilities to fund long term and short term assets, which support the growth of the business.

Interest rate risk – Investments are funded through retained profits and borrowings, which are managed through a variety of fixed and floating facilities, as appropriate.

Economic risk –The ongoing risk of a variety of outcomes relating to domestic and international events is under regular review, and close relationships with key customers and partner suppliers are a key element, combined with the stockholding of critical components.

Key performance indicators

The company reports on a number of key performance indicators (KPIs) to monitor and manage performance

In 2024-25 these KPIs were as follows:

- Sales £24.9m v £25.6m

- EBITDA £1.4m v £1.0m

- PBT £0.5m v £0.5m

- Net Assets £4.7m v £4.3m

The company also uses certain non-financial indicators, the most significant of which is the number of employees and most importantly their associated skill sets, with a strong emphasis wherever possible of developing and promoting our people from within the organisation.

GERDA SECURITY PRODUCTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -

This report was approved by the board and signed on its behalf by:

A J Thompson
Director
14 April 2026
GERDA SECURITY PRODUCTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2025.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A J Thompson
A D Pealling
Financial instruments

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly Ensors Accountants LLP formally resigned as the company’s auditors with the directors duly appointing Azets Audit Services Limited, trading as Ensors to fill the vacancy arising.

The auditor, Azets Audit Services Limited, trading as Ensors will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

GERDA SECURITY PRODUCTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 4 -
On behalf of the board
A J Thompson
Director
14 April 2026
GERDA SECURITY PRODUCTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
- 5 -

The directors are responsible for preparing the annual report 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; and

- 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.

GERDA SECURITY PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GERDA SECURITY PRODUCTS LIMITED
- 6 -
Opinion

We have audited the financial statements of Gerda Security Products Limited (the 'company') for the year ended 30 April 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 30 April 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

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

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

GERDA SECURITY PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GERDA SECURITY PRODUCTS LIMITED (CONTINUED)
- 7 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

- certain disclosures of 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 directors' r esponsibilities s tatement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the 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.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

GERDA SECURITY PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GERDA SECURITY PRODUCTS LIMITED (CONTINUED)
- 8 -

Use of our report

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

Jayson Lawson (Senior Statutory Auditor)
For and on behalf of Ensors, Statutory Auditor
Chartered Accountants
First Floor
Victory House, Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
14 April 2026
GERDA SECURITY PRODUCTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
24,871,894
25,567,332
Cost of sales
(17,167,833)
(18,089,008)
Gross profit
7,704,061
7,478,324
Administrative expenses
(6,620,910)
(6,829,287)
Operating profit
4
1,083,151
649,037
Interest payable and similar expenses
6
(573,802)
(141,785)
Profit before taxation
509,349
507,252
Tax on profit
7
(193,696)
(146,052)
Profit for the financial year
315,653
361,200

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GERDA SECURITY PRODUCTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
- 10 -
2025
2024
£
£
Profit for the year
315,653
361,200
Other comprehensive income
-
-
Total comprehensive income for the year
315,653
361,200
GERDA SECURITY PRODUCTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
8
1,793,648
1,793,350
Current assets
Stocks
9
3,413,405
3,885,851
Debtors
10
10,804,533
8,178,967
Cash at bank and in hand
873,218
1,057,450
15,091,156
13,122,268
Creditors: amounts falling due within one year
11
(11,217,945)
(9,766,562)
Net current assets
3,873,211
3,355,706
Total assets less current liabilities
5,666,859
5,149,056
Creditors: amounts falling due after more than one year
12
(610,882)
(420,743)
Provisions for liabilities
Provisions
15
84,626
84,173
Deferred tax liability
16
310,302
298,744
(394,928)
(382,917)
Net assets
4,661,049
4,345,396
Capital and reserves
Called up share capital
18
20,000
20,000
Profit and loss reserves
4,641,049
4,325,396
Total equity
4,661,049
4,345,396

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 April 2026 and are signed on its behalf by:
A J Thompson
Director
Company registration number 03456399 (England and Wales)
GERDA SECURITY PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2023
20,000
3,964,196
3,984,196
Year ended 30 April 2024:
Profit and total comprehensive income
-
361,200
361,200
Balance at 30 April 2024
20,000
4,325,396
4,345,396
Year ended 30 April 2025:
Profit and total comprehensive income
-
315,653
315,653
Balance at 30 April 2025
20,000
4,641,049
4,661,049
GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 13 -
1
Accounting policies
Company information

Gerda Security Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is 54 Chiswick Avenue, Mildenhall, Bury St Edmunds, IP28 7AY.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Gerda Security Holdings Limited as at 30 April 2025. These consolidated financial statements are available from its registered office, 54 Chiswick Avenue, Mildenhall, Bury St Edmunds, IP28 7AY.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 14 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
10% straight line
Plant and equipment
25% reducing balance or 10% - 33% straight line
Fixtures and fittings
25% reducing balance or 10% straight line
Motor vehicles
25% reducing balance or 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 15 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 18 -
3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Manufacture and installation of doors
19,942,744
18,882,448
Locks, keys and other ancillary sales
4,929,150
6,684,884
24,871,894
25,567,332

All turnover arose within the United Kingdom.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
24,800
23,000
Depreciation of tangible fixed assets
343,940
368,800
Profit on disposal of tangible fixed assets
(10,897)
(29,599)
Operating lease charges
470,933
505,580
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Sales & administration
55
54
Factory & survey
72
77
Total
127
131

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,126,379
4,016,398
Social security costs
434,771
422,702
Pension costs
111,621
101,767
4,672,771
4,540,867
GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 19 -
6
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
549,074
85,797
Interest on finance leases and hire purchase contracts
24,728
44,486
Other interest
-
0
11,502
573,802
141,785
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
182,138
127,787
Deferred tax
Origination and reversal of timing differences
11,558
18,265
Total tax charge
193,696
146,052

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
509,349
507,252
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
127,337
126,813
Tax effect of expenses that are not deductible in determining taxable profit
20,907
14,580
Adjustments in respect of prior years
48,529
-
0
Permanent capital allowances in excess of depreciation
4,704
4,659
Deferred tax adjustments in respect of prior years
(7,781)
-
0
Taxation charge for the year
193,696
146,052
GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 20 -
8
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2024
185,339
2,556,990
1,270,579
350,857
4,363,765
Additions
-
0
128,903
235,938
-
0
364,841
Disposals
-
0
-
0
-
0
(76,072)
(76,072)
At 30 April 2025
185,339
2,685,893
1,506,517
274,785
4,652,534
Depreciation and impairment
At 1 May 2024
108,337
1,522,618
742,489
196,971
2,570,415
Depreciation charged in the year
18,535
155,541
111,958
57,906
343,940
Eliminated in respect of disposals
-
0
-
0
-
0
(55,469)
(55,469)
At 30 April 2025
126,872
1,678,159
854,447
199,408
2,858,886
Carrying amount
At 30 April 2025
58,467
1,007,734
652,070
75,377
1,793,648
At 30 April 2024
77,002
1,034,372
528,090
153,886
1,793,350

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
616,439
576,859
Motor vehicles
68,127
143,699
Land and buildings
31,542
39,785
716,108
760,343
9
Stocks
2025
2024
£
£
Raw materials and consumables
2,668,074
2,991,146
Work in progress
745,331
894,705
3,413,405
3,885,851
GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 21 -
10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
887,473
1,191,257
Amounts owed by group undertakings
4,431,497
2,300,879
Other debtors
4,029,755
3,012,299
Prepayments and accrued income
1,455,808
1,674,532
10,804,533
8,178,967
11
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
13
3,019,950
2,092,991
Obligations under finance leases
14
117,175
174,341
Trade creditors
2,887,690
2,606,911
Amounts owed to group undertakings
1,917,591
1,362,920
Corporation tax
140,688
113,922
Other taxation and social security
618,684
397,300
Other creditors
1,119,990
1,386,885
Accruals and deferred income
1,396,177
1,631,292
11,217,945
9,766,562

Amounts due under finance leases and hire purchase agreements are secured on the related assets acquired.

12
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
13
356,292
133,062
Obligations under finance leases
14
254,590
287,681
610,882
420,743

Amounts due under finance leases and hire purchase agreements are secured on the related assets acquired.

GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 22 -
13
Loans and overdrafts
2025
2024
£
£
Bank loans
2,522,870
1,439,914
Bank overdrafts
853,372
786,139
3,376,242
2,226,053
Payable within one year
3,019,950
2,092,991
Payable after one year
356,292
133,062

The bank overdraft, short term trade loan and invoice financing facility is secured by a fixed and floating charge over all assets of the Company.

Included within bank loans is a short term trade loan with a balance of £1,021,641 (2024 - £757,979). The Company has a £1,250,000 facility to draw down trade loans which are repayable within 90 days of draw down.

Included within bank loans are unsecured term loans with balances of £1,501,229 (2024 - £681,935). Interest on the unsecured loans varies from 13.85% to 30.6% per annum.

14
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
117,175
174,341
In two to five years
254,590
287,681
371,765
462,022

15
Provisions for liabilities
2025
2024
£
£
Warranty provision
84,626
84,173
GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
15
Provisions for liabilities
(Continued)
- 23 -
Movements on provisions:
Warranty provision
£
At 1 May 2024
84,173
Additional provisions in the year
84,626
Utilisation of provision
(84,173)
At 30 April 2025
84,626

The Company gives warranties at the time of sale to purchasers of its product. Under the terms of the contract for sale, the Company undertakes to make good, by repair or replacement, manufacturing defects that become apparent within one year from the date of sale. On the basis of experience and historic information, the annual cost of these repairs is provided for.

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
310,302
298,744
2025
Movements in the year:
£
Liability at 1 May 2024
298,744
Charge to profit or loss
11,558
Liability at 30 April 2025
310,302

The deferred tax liability set out above is expected to reverse in future periods based on planned capital expenditure and the expected useful economic lives of relevant assets.

GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 24 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
111,621
101,767

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represented contributions payable by the company of £111,621 (2024 - £101,767). At the year end £22,231 (2024 - £21,180) in contributions were owing to the pension fund.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
19
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
449,153
477,883
Years 2-5
1,356,483
1,335,816
After 5 years
128,299
415,083
1,933,935
2,228,782
20
Events after the reporting date

On 8 January 2026, the company entered into a new £2mn sterling term loan facility for the purposes of debt consolidation, of which £2mn was drawn down on that date. The facility carries an interest rate of 2.85% per annum above the Bank of England Base Rate and matures on 8 January 2031.

21
Related party transactions

The Company has taken advantage of the exemptions contained within FRS 102 paragraph 33.1A not to disclose transactions with group undertakings where 100% of the voting rights are controlled within the group and consolidated group accounts are prepared.

During the year, the company incurred consultancy fees of £284,167 (2024 - £212,893) from a company under common control. No amounts were outstanding at year end.

Included within other debtors are loan balances of £803,128 (2024 - £217,446) due from companies under common control. The balances are interest free and repayable on demand.

The Company has not reported remuneration of key management personnel as this is included within the consolidated financial statements of Gerda Security Holdings Limited.

GERDA SECURITY PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 25 -
22
Directors' transactions

Included within other debtors are loans totalling £2,159,006 (2024 - £1,738,277) due from the directors. The loans are unsecured and repayable on demand. No interest is charged on the balances.

23
Ultimate controlling party

The immediate and ultimate parent undertaking is Gerda Security Holdings Limited, a company incorporated in England and Wales, which holds 100% of the Company's issued share capital. Copies of the consolidated financial statements can be obtained from 54 Chiswick Avenue, Mildenhall, Bury St Edmunds, IP28 7AY.

The ultimate controlling party is A J Thompson by virtue of his shareholdings in the ultimate parent undertaking, Gerda Security Holdings Limited.

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