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Company Registration No. 09242579 (England and Wales) ODC TRADING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ODC TRADING LIMITED
COMPANY INFORMATION
Directors | T S Hedges
| B J Barrett
Registered number | 09242579
Registered office | 97 Bollo Lane
| London
| W3 8BN
Independent auditors | Sumer Auditco Limited
| Chartered Accountants and Statutory Auditors
| 38-40 Chamberlayne Road
| London
| NW10 3JE
ODC TRADING LIMITED
CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 9
Consolidated Profit and Loss Account | 10
Consolidated Balance Sheet | 11
Company Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Company Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15
Consolidated Analysis of Net Debt | 16
Notes to the Financial Statements | 17 - 29
ODC TRADING LIMITED
GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present the strategic report together with the financial statements of the group for the year ended 31 December 2025.
Principal activities
The principal activity of the company was that of an investment holding company. The principal activities of the group 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 group for the last four years are as follows:
The profit and loss account
The full profit and loss account of the group 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 group’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. Page 1
ODC TRADING LIMITED
GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Our manufacturing facility continues to perform well and continues to provide greater certainty over quality and 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 group. The principal risks for our group include the following: Credit risk The group’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 group finances its operations through a mixture of cash reserves in the bank, trade debtors less trade creditors. The group 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 group 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 group 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 TRADING LIMITED
GROUP 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 group'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 group 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 group 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 TRADING 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group'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 Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group 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
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 and the Group'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 and the Group's auditors are aware of that information.
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. Page 4
ODC TRADING LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board on 18 May 2026 and signed on its behalf.
___________________________ T S Hedges Director
Page 5
ODC TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC TRADING LIMITED
Opinion
We have audited the financial statements of ODC Trading Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's 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 Group 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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 6
ODC TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC TRADING 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the Parent Company, ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 7
ODC TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC TRADING 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 Group 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. Page 8
ODC TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ODC TRADING LIMITED (CONTINUED)
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. 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 TRADING LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 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 | 5 | 1,318,629 | 880,526
Interest receivable and similar income | 9 | 1,040 | 7,411
Interest payable and similar expenses | 10 | (119,772) | (68,054)
Profit before tax |  | 1,199,897 | 819,883
Taxation | 11 | (195,877) | (128,012)
Profit for the financial year |  | 1,004,020 | 691,871
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | 1,004,020 | 691,871
|  | 1,004,020 | 691,871
The notes on pages 17 to 29 form part of these financial statements.
Page 10
ODC TRADING LIMITED REGISTERED NUMBER:09242579
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 718,540 |  | 918,561
|  |  | 718,540 |  | 918,561
Current assets |  |  |  |  |
Stocks | 15 | 549,056 |  | 772,680 |
Debtors: amounts falling due within one year | 16 | 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 | 17 | (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 | 18 |  | (1,194,688) |  | (1,741,290)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (171,786) |  | (151,909) |
|  |  | (171,786) |  | (151,909)
Net assets |  |  | 2,813,857 |  | 1,809,837
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 400 |  | 400
Profit and loss account |  |  | 2,813,457 |  | 1,809,437
|  |  | 2,813,857 |  | 1,809,837
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 TRADING LIMITED REGISTERED NUMBER:09242579
COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Fixed assets |  |  |
Investments | 14 | 400 | 400
Net assets |  | 400 | 400
Capital and reserves |  |  |
Called up share capital | 22 | 400 | 400
Profit for the year |  | - | -
Other changes in the profit and loss account |  | - | -
|  | 400 | 400
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 12
ODC TRADING LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Equity attributable to owners of Parent Company | Total equity
| £ | £ | £ | £
At 1 January 2024 | 400 | 3,466,062 | 3,466,462 | 3,466,462
Profit for the year | - | 691,871 | 691,871 | 691,871
Distributions | - | (2,348,496) | (2,348,496) | (2,348,496)
At 1 January 2025 | 400 | 1,809,437 | 1,809,837 | 1,809,837
Profit for the year | - | 1,004,020 | 1,004,020 | 1,004,020
At 31 December 2025 | 400 | 2,813,457 | 2,813,857 | 2,813,857
Page 13
ODC TRADING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 400 | - | 400
Comprehensive income for the year |  |  |
Profit for the year | - | 2,348,496 | 2,348,496
Total comprehensive income for the year | - | 2,348,496 | 2,348,496
Distributions | - | (2,348,496) | (2,348,496)
Total transactions with owners | - | (2,348,496) | (2,348,496)
At 1 January 2025 | 400 | - | 400
Profit for the year | - | - | -
At 31 December 2025 | 400 | - | 400
Page 14
ODC TRADING LIMITED
CONSOLIDATED 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/new 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 15
ODC TRADING LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | New finance leases | At 31 December 2025
| £ | £ | £ | £
Cash at bank and in hand | 381,832 | 463,493 | - | 845,325
Debt due after 1 year | (1,445,809) | 402,558 | - | (1,043,251)
Debt due within 1 year | (14,381) | 14,381 | - | -
Finance leases | (462,586) | - | 128,914 | (333,672)
| (1,540,944) | 880,432 | 128,914 | (531,598)
The notes on pages 17 to 29 form part of these financial statements.
Page 16
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
ODC Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 97 Bollo Lane, London, England W3 8BN. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the group. The financial statements have been prepared under the historical cost covention. The principal accounting policies adopted are set out below.
| 2.2 | Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings using acquisition accounting at the balance sheet date. A subsidiary is an entity that is controlled by another entity, known as the parent. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiary undertakings acquired or disposed of during a financial period are included from, or up to, the effective date of acquisition or disposal. All financial statements are made up to 31 December each year. Intra group balances, sales and profits are eliminated fully on consolidation. Uniform accounting policies have been adopted across the group.
| 2.3 | Going concern
The directors are confident that the group 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.
| 2.4 | 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.
| 2.5 | Operating leases: the Group 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.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 17
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
| 2.8 | Pensions
The group operates a defined contribution plan for its employees. The contributions are recognised as an expense in the Consolidated Profit and Loss Account when they fall due. Amounts not paid are shown as a liability in the Balance Sheet. The assets of the plan are held separately from the group in independently administered funds.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Current tax The tax currently payable is based on taxable profit for the period. 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.
| 2.11 | 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. Page 18
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
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.
| 2.12 | Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment are recognised immediately in profit or loss.
| 2.13 | 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 balance sheet 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.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | 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. Page 19
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | 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.
3. | Judgements on estimates and assumptions
The preparation of financial statements under FRS 102 requires management to make estimates and assumptions that affect the amounts recognised for assets and liabilities at the balance sheet date and the amounts of revenue and expenses incurred during the year. Actual outcomes may therefore differ from these estimates and assumptions. The estimates and assumptions that have the most significant impact on the carrying values of assets and liabilities of the group within the next financial year are detailed as follows: Long term contracts Recognition of revenue and profit on long term contracts requires management judgement regarding the anticipated final outcome of individual contracts and the portion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities. Tangible fixed assets The annual depreciation charges for plant and machinery are sensitive to changes in the useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation of the assets. Page 20
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | 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.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 116 | (669)
| Other operating lease rentals | 58,802 | 75,639
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Audit fees | 12,000 | 12,000
| Accountancy fees | 12,000 | 12,000
Page 21
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 2,595,319 | 2,384,435
| Social security costs | 324,598 | 235,744
| Cost of defined contribution pension scheme | 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:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Directors | 5 | 3 | 2 | 2
|  | Employees - Administration & Technical | 63 | 62 | - | -
|  |  | 68 | 65 | 2 | 2
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 309,167 | 84,847
| The highest paid director received remuneration of £94,000 (2024 - £25,667).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 1,040 | 7,411
Page 22
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 86,093 | 33,351
| Finance leases and hire purchase contracts | 33,679 | 34,703
|  | 119,772 | 68,054
11. | 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)
|  | 195,877 | 128,012
Page 23
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting 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 | 16,670 | 25,142
| Capital allowances for year in excess of depreciation | 50,798 | 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
12. | Distributions
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Distribution received from subsidiary | - | 2,348,496
Page 24
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
| Group
|  | 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
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 400
| At 31 December 2025 | 400
Page 25
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Subsidiary undertakings
| ODC Trading Limited is the parent company of the following subsidiary companies all of which are incorporated in England and Wales.
| Name | Principal activity | Class of shares | Holding
| ODC Door & Glass Systems Limited | Design, manufacture and installation of aluminium windows, doors and other glazing structures. | Ordinary | 100%
| The Original Door Company Limited | Dormant company | Ordinary | 100%
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials | 549,056 | 772,680
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
16. | Debtors
|  | Group | Group
|  | 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
Page 26
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Creditors: Amounts falling due within one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Trade creditors | 1,060,305 | 982,137
| Corporation tax | 367,442 | 266,011
| Other taxation and social security | 119,156 | 112,415
| Obligations under finance lease and 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
18. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Bank loans | 1,043,251 | 1,445,809
| Obligations under finance leases and hire purchase contracts | 151,437 | 295,481
|  | 1,194,688 | 1,741,290
19. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Amounts falling due 1-2 years |  |
| Bank loans | 1,043,251 | 1,445,809
Page 27
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 216,850 | 198,404
| Between 1-5 years | 186,052 | 357,394
| Less: future finance charges | (69,230) | (93,212)
|  | 333,672 | 462,586
21. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (151,909)
| Charged to profit or loss | (19,877)
| At end of year | (171,786)
| Company
|  | 2025
| At end of year | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 171,786 | 151,909
Page 28
ODC TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 400 Ordinary shares of £1 each | 400 | 400
23. | Pension commitments
The group operates a defined contributions pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost represents contributions payable by the group to the fund and amounted to £46,713 (2024 - £43,515). Contributions totalling £9,462 (2024 - £10,831) was payable to the fund at the balance sheet date.
24. | Post balance sheet events
There were no events since the year end which materially affected the company or group.
25. | Controlling party
ODC Trading Limited is the ultimate controlling party of the ODC group on behalf of the ODC Trustee Employee Ownership Trust.
Page 29