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Company Registration No. 06732865 (England and Wales) ODC DOOR & GLASS SYSTEMS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ODC DOOR & GLASS SYSTEMS LIMITED
COMPANY INFORMATION
Directors | T S Hedges
| B J Barrett
| T L Thach (resigned 22 January 2025)
| I Jackson (appointed 2 June 2025)
| M Levy (appointed 2 June 2025)
| P Pawlowicz (appointed 2 June 2025)
| M Charge (appointed 8 December 2025)
Company secretary | T S Hedges
Company number | 06732865
Registered office | 97 Bollo Lane
| London
| W3 8BN
Trading Address | 97 Bollo Lane
| London
| W3 8BN
Independent auditors | Sumer Auditco Limited
| Chartered Accountants and Statutory Auditors
| 38-40 Chamberlayne Road
| London
| NW10 3JE
Bankers | Barclays Bank Plc
| First Floor
| 1-7 Kings Street
| Cheapside
| London
| EC2V 8AU
ODC DOOR & GLASS SYSTEMS LIMITED
CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 9
Statement of Income and Retained Earnings | 10
Statement of Financial Position | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 - 20
ODC DOOR & GLASS SYSTEMS LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present the strategic report together with the financial statements of the company for the year ended 31 December 2025.
Principal activities
The principal activities of the company during the year continued to be the design, manufacture, and installation of aluminium windows, doors and other glazing structures. We work closely with a broad range of customers, including end-users, architects, designers, and contractors. We provide market leading aluminium products that include windows, doors, sliding doors, bi-folding doors, rooflights, glass structures, glass balustrades, awnings and blinds.
Key performance indicators and headline financials
Our number one indicator remains the welfare of our employees. Our next priority is the successful delivery of our projects to our customers and providing a high level of quality customer service experience. Our key financial targets remain to achieve a steady growth in profit and balance sheet strength. The key financial highlights of the company for the last four years are as follows:
The profit and loss account
The full profit and loss account of the company for the year is set out on page 10. The results were in line with the expectations of the directors.
Review of 2025
The directors are pleased to report another successful year, with sales of £12.6 million and profit before taxation of £1.2 million. This success was achieved despite continuing challenging economic conditions, severe competition, high interest rates, global turbulence and a lack of investment confidence. These results would not have been possible without the hard work and dedication of our experienced team, who are key stakeholders in the business and who have a personal interest in the company’s prosperity as part owners since the establishment of our EOT in 2024. We continued to invest in our people, training, health & safety, plant and technology and we continue to focus on our core activities. Our manufacturing facility continues to perform well and continues to provide greater certainty over quality and Page 1
ODC DOOR & GLASS SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 project delivery.
Principal risks and uncertainties
The manufacture, sale and installation of door and glass products is a competitive market and there are several uncertainties which could have an impact on the company's performance and could cause results to differ substantially from historical profits and future projections. However, as we enter our 18th year in business we have well established systems and procedures in place to help avoid or minimise risks to the company. The principal risks for our company include the following: Credit risk The company’s credit risks are mainly attributable to the amount’s receivable from its customers for services carried out. Our policy therefore remains to have a fairly big spread of customers amongst homeowners, home builders and building contractors. And we operate a modern and efficient financial and management reporting system that monitors our customers and our debtor book on a day-to-day basis. Liquidity risk The company finances its operations through a mixture of cash reserves in the bank, trade debtors less trade creditors. The company does not have any complex financial instruments or hedging products. Therefore the directors are confident that they will meet their obligations as they fall due. Interest rate risk Interest rates have been higher than desired for the last few years. But the company continues to be profitable and to generate positive cashflow, it has adequate funding arrangements in place and it constantly monitors its customers and debtor book. Health and safety risk Manufacturing, assembling and installing door and glass products is a higher risk activity. Therefore, our health and safety policies, procedures and training remains at the top of our business management principles. Our in house team The success of the company is dependent on retaining skilled and experienced management and training knowledgeable and skilled fabricators, installers and support staff and our employment policy is designed to attract, train and retain the best people throughout their working life. Quality workmanship All our products have to be constructed to exacting design, engineering and quality workmanship standards. Our policy remains to have a longstanding team of skilled and experienced directors, managers, fabricators, installers and support staff. The economy The state of the economy and related global activity are issues on which every business sector depends and which can have a significant impact on our longer term performance and success. Our policy therefore remains to maintain adequate liquidity and bank facilities capable of funding our activities and meeting our obligations as they fall due. Page 2
ODC DOOR & GLASS SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Future prospects
Our current contracts are progressing to programme. Our order book remains steady, as is our new enquiries pipeline. Homeowners’ appetite for continuing to invest in and upgrade their homes is still strong and whilst we saw some home upgrades delayed due to the continuing high interest rate, we are confident that the overall outlook for the continuation of home improvements and new builds in our niche in the market, remains positive. We live in uncertain times where profit margins remain under pressure, and we have continuing geopolitical uncertainties so caution remains the order of the day. We continue to invest in our people, training, health & safety, plant and technology. As we start our 18th year in business the Directors remain committed to delivering an excellent service, maintain a sustainable business which continues to be a key strategic partner of its customers, suppliers and other stakeholders, and to generate profit and positive cashflow going forward.
Going concern
The Board of Directors is required to consider the company's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The directors are confident that the company can continue to trade successfully and continue to provide an excellent and reliable service to our customers for the foreseeable future because we have an experienced team, a satisfactory order book, consistent profits and adequate liquidity. Thus we continue to adopt the going concern basis in preparing the financial statements.
The future
The Directors look forward with confidence to continue the success of the company into the future. This report was approved by the board on 18 May 2026 and signed on its behalf.
___________________________ T S Hedges Director
Page 3
ODC DOOR & GLASS SYSTEMS LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 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 for the Company's financial statements 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 to 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.
Results
The profit for the year, after taxation, amounted to £1,004,020 (2024 : £691,871).
Directors
The directors who served during the year were:
T S Hedges
B J Barrett
T L Thach (resigned 22 January 2025)
I Jackson (appointed 2 June 2025)
M Levy (appointed 2 June 2025)
P Pawlowicz (appointed 2 June 2025)
M Charge (appointed 8 December 2025)
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 4
ODC DOOR & GLASS SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditors
Riordan O'Sullivan & Co., the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 18 May 2026 and signed on its behalf.
___________________________ T S Hedges Director
Page 5
ODC DOOR & GLASS SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC DOOR & GLASS SYSTEMS LIMITED
Opinion
We have audited the financial statements of ODC Door & Glass Systems Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes, 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 December 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 United Kingdom, including the Financial Reporting Council'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. Page 6
ODC DOOR & GLASS SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC DOOR & GLASS SYSTEMS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion 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 Directors' Report 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.
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 Directors' Report. 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, ∙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; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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. Page 7
ODC DOOR & GLASS SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC DOOR & GLASS SYSTEMS LIMITED (CONTINUED)
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 an Auditors' 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. 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: We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry. We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount. Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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 Auditors' 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. Page 8
ODC DOOR & GLASS SYSTEMS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC DOOR & GLASS SYSTEMS LIMITED (CONTINUED) Patrick McNamara (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Chartered Accountants and Statutory Auditors 38-40 Chamberlayne Road London NW10 3JE 18 May 2026 Page 9
ODC DOOR & GLASS SYSTEMS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 12,574,031 | 11,936,421
Cost of sales |  | (5,953,255) | (5,804,034)
Gross profit |  | 6,620,776 | 6,132,387
Administrative expenses |  | (5,302,147) | (5,251,861)
Operating profit | 4 | 1,318,629 | 880,526
Interest receivable and similar income |  | 1,040 | 7,411
Interest payable and similar expenses |  | (119,772) | (68,054)
Profit before tax |  | 1,199,897 | 819,883
Taxation | 8 | (195,877) | (128,012)
Profit after tax |  | 1,004,020 | 691,871
Retained earnings at the beginning of the year |  | 1,809,437 | 3,466,062
|  | 1,809,437 | 3,466,062
Profit for the year |  | 1,004,020 | 691,871
Distribution declared and paid to EOT |  | - | (2,348,496)
Retained earnings at the end of the year |  | 2,813,457 | 1,809,437
Page 10
ODC DOOR & GLASS SYSTEMS LIMITED REGISTERED NUMBER:06732865
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | 718,540 |  | 918,561
|  |  | 718,540 |  | 918,561
Current assets |  |  |  |  |
Stocks | 10 | 549,056 |  | 772,680 |
Debtors: amounts falling due within one year | 11 | 5,249,092 |  | 4,228,517 |
Cash at bank and in hand |  | 845,325 |  | 381,832 |
|  | 6,643,473 |  | 5,383,029 |
Creditors: amounts falling due within one year | 12 | (3,181,682) |  | (2,598,554) |
Net current assets |  |  | 3,461,791 |  | 2,784,475
Total assets less current liabilities |  |  | 4,180,331 |  | 3,703,036
Creditors: amounts falling due after more than one year | 13 |  | (1,194,688) |  | (1,741,290)
Provisions for liabilities |  |  |  |  |
Deferred tax | 14 | (171,786) |  | (151,909) |
|  |  | (171,786) |  | (151,909)
Net assets |  |  | 2,813,857 |  | 1,809,837
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 400 |  | 400
Profit and loss account |  |  | 2,813,457 |  | 1,809,437
|  |  | 2,813,857 |  | 1,809,837
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 May 2026.
___________________________ T S Hedges | ___________________________ B J Barrett
Director | Director
Page 11
ODC DOOR & GLASS SYSTEMS LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,004,020 | 691,871
Adjustments for: |  |
Amortisation of intangible assets | 57,564 | 12,116
Depreciation of tangible assets | 223,113 | 214,029
Loss on disposal of tangible assets | (4,406) | -
Interest paid | 119,772 | 68,054
Interest received | (1,040) | (7,411)
Taxation charge | 195,877 | 128,012
Decrease/(increase) in stocks | 223,624 | (56,494)
Increase in debtors | (1,019,603) | (536,678)
Increase in creditors | 466,567 | 18,730
Corporation tax paid | (74,569) | (233,756)
Net cash generated from operating activities | 1,190,919 | 298,473
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (81,631) | (84,875)
Sale of tangible fixed assets | 4,409 | -
Interest received | 1,040 | 7,411
HP interest paid | (33,679) | (34,703)
Net cash outflow from investing activities | (109,861) | (112,167)
Cash flows from financing activities |  |
New secured loans | - | 1,380,817
Repayment of loans | (402,558) | -
Repayment of finance leases | (128,914) | (73,740)
EOT Distribution paid | - | (2,348,496)
Interest paid | (86,093) | (33,351)
Net cash used in financing activities | (617,565) | (1,074,770)
Net increase/(decrease) in cash and cash equivalents | 463,493 | (888,464)
Cash and cash equivalents at beginning of year | 381,832 | 1,270,296
Cash and cash equivalents at the end of year | 845,325 | 381,832
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 845,325 | 381,832
Page 12
ODC DOOR & GLASS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | Company information
ODC Door & Glass Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 97 Bollo Lane, London, W3 8BN. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
| 2.3 | Turnover
Turnover is recognised at the fair value of consideration received or receivable in the normal course of business and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 13
ODC DOOR & GLASS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | Straight line over the life of the lease
|  |  |  | Plant and machinery | - | Over 5 to 15 years
|  |  |  | Fixtures and fittings | - | Over 4 to 7 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 14
ODC DOOR & GLASS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.10 | Cash and cash equivalents
Cash at bank and in hand 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.
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Manufacture and sale of glazing products | 12,574,031 | 11,936,421
| All turnover arose within the United Kingdom.
4. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 116 | (669)
| Other operating lease rentals | 58,802 | 75,639
Page 15
ODC DOOR & GLASS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Audit fees | 12,000 | 12,000
| Accountancy fees | 12,000 | 12,000
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,595,319 | 2,384,435
| Social security costs | 324,598 | 235,744
| Pension costs | 46,713 | 43,515
|  | 2,966,630 | 2,663,694
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 5 | 3
|  | Employees | 63 | 62
|  |  | 68 | 65
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 309,167 | 84,847
Page 16
ODC DOOR & GLASS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 367,442 | 266,011
| Adjustments in respect of previous periods | (191,442) | (101,816)
| Total current tax | 176,000 | 164,195
| Deferred tax |  |
| Origination and reversal of timing differences | 19,877 | (36,183)
| Taxation | 195,877 | 128,012
| Factors affecting the tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,199,897 | 819,883
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 299,974 | 204,971
| Effects of: |  |
| Expenses not deductible for tax purposes | 29,960 | 25,142
| Capital allowances for year in excess of depreciation | 37,508 | 35,898
| Origination and reversal of timing differences | 19,877 | (36,183)
| Research and development tax credit | (191,442) | (101,816)
| Total tax charge for the year | 195,877 | 128,012
Page 17
ODC DOOR & GLASS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 294,508 | 1,748,100 | 185,164 | 2,227,772
| Additions | 15,442 | 66,189 | - | 81,631
| Disposals | - | (53,544) | - | (53,544)
| At 31 December 2025 | 309,950 | 1,760,745 | 185,164 | 2,255,859
| Depreciation |  |  |  |
| At 1 January 2025 | 75,416 | 1,058,703 | 175,092 | 1,309,211
| Charge for the year on owned assets | 57,564 | 220,989 | 3,096 | 281,649
| Disposals | - | (53,541) | - | (53,541)
| At 31 December 2025 | 132,980 | 1,226,151 | 178,188 | 1,537,319
| Net book value |  |  |  |
| At 31 December 2025 | 176,970 | 534,594 | 6,976 | 718,540
| At 31 December 2024 | 219,092 | 689,397 | 10,072 | 918,561
| Included within the net book value of £718,540 is £364,671 (2024: £481,026) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £182,541 (2024: £173,443).
10. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials | 549,056 | 772,680
Page 18
ODC DOOR & GLASS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 5,131,130 | 4,051,250
| Other debtors | 4,471 | 51,830
| Prepayments and accrued income | 113,491 | 125,437
|  | 5,249,092 | 4,228,517
12. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,060,305 | 982,137
| Corporation tax | 367,442 | 266,011
| Other taxation and social security | 119,156 | 112,415
| Hire purchase contracts | 182,235 | 167,105
| Other creditors | 19,297 | 36,285
| Accruals and deferred income | 1,433,247 | 1,034,601
|  | 3,181,682 | 2,598,554
13. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,043,251 | 1,445,809
| Hire purchase contracts | 151,437 | 295,481
|  | 1,194,688 | 1,741,290
Page 19
ODC DOOR & GLASS SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (151,909)
| Charged to profit or loss | (19,877)
| At end of year | (171,786)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (171,786) | (151,909)
15. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 400 Ordinary shares of £1 each | 400 | 400
16. | Post balance sheet events
There were no events since the balance sheet date which materially affected the company.
17. | Controlling party
The controlling party is ODC Trading Limited on behalf of the ODC Trustee Employee Ownership Trust.
Page 20