Dudleys Aluminium Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 August 2025

DIRECTORS:

C C Shorney

N P Jones

S J B Muir

G J Smythe

I P S Toledano

REGISTERED OFFICE:

Lamby Way Industrial Estate

Mardy Road

Cardiff

CF3 2EX

REGISTERED NUMBER:

05354013 (England and Wales)

SENIOR STATUTORY AUDITOR:

Nicholas Matthew Toye FCA

AUDITORS:

BPU Limited

Chartered Accountants

Statutory Auditor

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

BANKERS:

Santander UK plc

5-9 Queen Street

Cardiff

CF10 2UD

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

BUSINESS REVIEW & FUTURE DEVELOPMENTS

The year to 31 August 2025 has been a further period of strong progress for Dudleys Aluminium Limited, building on the transformational changes delivered in the prior year. The Board is pleased with the Company's performance, with turnover increasing significantly and profitability remaining robust, reflecting continued demand for the Company's services and the successful execution of its growth strategy.

The Company has maintained a strong financial position, with profits retained to support the ongoing development of the business and to reinforce the balance sheet. The Directors continue to adopt a prudent approach to financial management, ensuring sufficient resources are available to support both current operations and future expansion.

The order book for FY26 remains strong and provides clear visibility of continued, compounded growth on FY25 performance. Tender activity has remained at a consistently high level, underpinning the Board's confidence in the medium term outlook. The business remains committed to reducing its environmental impact, with continued focus on energy efficiency and sustainability initiatives. Dudleys Aluminium Limited is dedicated to achieving Net Zero emissions by 2050 and continues to implement its practical and measurable decarbonisation strategy.

Overall, the Board is highly encouraged by the Company's performance and outlook, and remains confident in its strategy to deliver long term, sustainable growth.

PRINCIPAL RISKS AND UNCERTAINTIES

Operating within the construction sector there are risks and uncertainties that the company faces on both a daily and an on-going basis. The directors believe these risks can be principally grouped as: Health and Safety risk, Operational risk and Financial risk.

Health and safety risk

The Board recognises its employees and subcontractors work within an industry that faces many potential Health and Safety hazards. In order to mitigate these risks to the fullest possible extent the company makes every effort to ensure that its Health and Safety policies and procedures are of the highest industry leading standard.

Operational risk

As the projects undertaken by the company are often over the medium to long term, contracts may progress in a way that was not anticipated. To mitigate any risks associated with such a scenario, therefore, the company has internal checks and balances throughout each department associated with a projects progression. This ensures that any changes are identified at the earliest possible stage thus enabling effective control and risk management to be maintained.

Financial risk

All work is subject to a formal tendering process. Within this process many criteria are taken into account, including but not exclusively, financial, technical, capability and workload.

The risks associated with each of these stages is assessed and monitored. Close relationships are maintained with all interested parties and there is inter departmental liaison at all stages through a project's duration in order to identify variances at the earliest possible opportunity.

The company has detailed and established financial controls to monitor all major financial indicators including, weekly and annual cash flows, monthly internal management accounts and full individual cost tracking for all projects.

KEY PERFORMANCE INDICATORS

The directors use a number of key performance indicators, both financial and non-financial, to monitor the company's position.

THIS REPORT WAS APPROVED BY THE BOARD:

I P S Toledano - Director

20 April 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of fabrication and installation of architectural aluminium.

DIVIDENDS

The total distribution of dividends for the year ended 31 August 2024 was £1,550,000 (2024 - £505,850).

DIRECTORS

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

C C Shorney

N P Jones

S J B Muir

G J Smythe

I P S Toledano

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.

THIS REPORT WAS APPROVED BY THE BOARD:

I P S Toledano - Director

20 April 2026

Opinion

We have audited the financial statements of Dudleys Aluminium Limited (the 'company') for the year ended 31 August 2025 which comprise the Profit & Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 August 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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.

The laws and regulations that we determined were most significant to the company were the Companies Act, UK corporate tax laws, Health and Safety at Work Act and the Environmental Protection Act.

We obtained an understanding of how the company is complying with those laws and regulations by making enquiries to the management, and corroborated these enquiries through our review of board minutes.

We assessed the susceptibility of the companys financial statements to material misstatement, including how fraud might occur, and did not identify any key audit matters relating to irregularities, including fraud. We assessed the effectiveness of internal controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates.

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.

Nicholas Matthew Toye FCA (Senior Statutory Auditor)

for and on behalf of BPU Limited

Chartered Accountants

Statutory Auditor

24 April 2026

TURNOVER

14,234,079

11,900,817

Cost of sales

(9,855,152

)

(8,694,001

)

GROSS PROFIT

4,378,927

3,206,816

Distribution costs

(799

)

(2,041

)

Administrative expenses

(2,309,422

)

(2,314,497

)

OPERATING PROFIT

3

2,068,706

890,278

Interest receivable & similar income

4

39,841

42,177

2,108,547

932,455

Interest payable and similar expenses

5

-

(1,634

)

PROFIT BEFORE TAXATION

2,108,547

930,821

Tax on profit

6

(549,234

)

(254,514

)

PROFIT FOR THE FINANCIAL YEAR

1,559,313

676,307

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,559,313

676,307

FIXED ASSETS

Intangible assets

8

590,669

669,449

Tangible assets

9

333,266

303,086

Investments

10

46,892

53,892

970,827

1,026,427

CURRENT ASSETS

Stocks

11

479,972

1,093,458

Debtors

12

4,636,164

4,117,589

Cash at bank and in hand

1,591,364

1,008,507

6,707,500

6,219,554

CREDITORS

Amounts falling due within one year

13

3,084,297

2,655,472

NET CURRENT ASSETS

3,623,203

3,564,082

TOTAL ASSETS LESS CURRENT LIABILITIES

4,594,030

4,590,509

CREDITORS

Amounts falling due after more than one year

14

(25,789

)

(46,788

)

DEFERRED TAXATION

17

(41,764

)

(26,557

)

NET ASSETS

4,526,477

4,517,164

CAPITAL AND RESERVES

Called up share capital

18

5

5

Retained earnings

4,526,472

4,517,159

SHAREHOLDERS' FUNDS

4,526,477

4,517,164

The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2026 and were signed on its behalf by:

I P S Toledano - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2023

5

4,346,702

4,346,707

Changes in equity

Dividends

-

(505,850

)

(505,850

)

Total comprehensive income

-

676,307

676,307

Balance at 31 August 2024

5

4,517,159

4,517,164

Changes in equity

Dividends

-

(1,550,000

)

(1,550,000

)

Total comprehensive income

-

1,559,313

1,559,313

Balance at 31 August 2025

5

4,526,472

4,526,477

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

This is on the basis that this will be included within the consolidated accounts of AL13 Group Holdings Limited, the ultimate controlling parent.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of Services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:-

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably;

-

the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets

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

Improvements to property

-

10% straight line

Plant and machinery

-

25% reducing balance

Fixtures and fittings

-

15% reducing balance

Motor vehicles

-

25% reducing balance

Computer equipment

-

25% reducing balance

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

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 held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs

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.

Valuation of investments

Investments are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Work in progress

Work in progress on ongoing contracts is stated at the lower of cost and net realisable value. Cost includes directly attributable materials, subcontractor costs and direct labour relating to the stage of completion at the reporting date. Costs are recognised on a cost-to-cost basis consistent with the company's revenue recognition policy under FRS 102 Section 23. No element of profit is recognised within work in progress. Any expected losses on contracts are recognised in full when identified.

2.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,993,260

1,682,057

Social security costs

204,505

173,104

Other pension costs

165,452

183,523

2,363,217

2,038,684

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

2025

2024

Administration

28

27

Production

31

27

59

54

2025

2024

£

£

Directors' remuneration

262,963

146,846

Directors' pension contributions to money purchase schemes

124,700

99,900

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

5

5

Information regarding the highest paid director for the year ended 31 August 2025 is as follows:

2025

£

Emoluments etc

65,663

Pension contributions to money purchase schemes

24,800

Total compensation paid to key management personnel, excluding directors, during the year was £nil (2024: £149,914)

3.	OPERATING PROFIT

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

2025

2024

£

£

Hire of plant & machinery

230,745

177,966

Depreciation - owned assets

67,676

68,750

Loss/(profit) on disposal of fixed assets

6,606

(13,811

)

Goodwill amortisation

78,780

78,780

Audit fees

17,900

12,155

Other operating lease rentals

215,623

203,708

4.

INTEREST RECEIVABLE & SIMILAR INCOME

2025

2024

£

£

Interest receivable

39,841

42,177

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

-

1,634

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

534,027

251,216

Deferred tax

15,207

3,298

Tax on profit

549,234

254,514

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:

2025

2024

£

£

Profit before tax

2,108,547

930,821

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

527,137

232,705

Effects of:

Expenses not deductible for tax purposes

1,123

954

Depreciation in excess of capital allowances

5,795

17,557

Adjustments to tax charge in respect of previous periods

(28

)

-

Deferred taxation

15,207

3,298

Total tax charge

549,234

254,514

7.

DIVIDENDS

2025

2024

£

£

Ordinary share of £1

Paid

1,550,000

505,850

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2024

and 31 August 2025

1,575,415

AMORTISATION

At 1 September 2024

905,966

Amortisation for year

78,780

At 31 August 2025

984,746

NET BOOK VALUE

At 31 August 2025

590,669

At 31 August 2024

669,449

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 September 2024

46,411

468,179

28,150

Additions

73,958

5,022

13,440

At 31 August 2025

120,369

473,201

41,590

DEPRECIATION

At 1 September 2024

29,491

358,243

12,736

Charge for year

5,874

24,361

2,705

At 31 August 2025

35,365

382,604

15,441

NET BOOK VALUE

At 31 August 2025

85,004

90,597

26,149

At 31 August 2024

16,920

109,936

15,414

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2024

199,526

29,894

772,160

Additions

-

5,436

97,856

At 31 August 2025

199,526

35,330

870,016

DEPRECIATION

At 1 September 2024

55,940

12,664

469,074

Charge for year

32,056

2,680

67,676

At 31 August 2025

87,996

15,344

536,750

NET BOOK VALUE

At 31 August 2025

111,530

19,986

333,266

At 31 August 2024

143,586

17,230

303,086

The net book value of assets held under finance leases or hire purchase contracts are £81,267 (2024 £143,585).

10.	FIXED ASSET INVESTMENTS

Listed

Unlisted

investments

investments

Totals

£

£

£

COST

At 1 September 2024

186,608

32,400

219,008

Disposals

(7,000

)

-

(7,000

)

At 31 August 2025

179,608

32,400

212,008

PROVISIONS

At 1 September 2024

and 31 August 2025

159,116

6,000

165,116

NET BOOK VALUE

At 31 August 2025

20,492

26,400

46,892

At 31 August 2024

27,492

26,400

53,892