REGISTERED NUMBER: 03261375 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

THORPE'S JOINERY LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Mr D Dean

Mr SH Simpson

Mr JC Thorpe

Mr PD Weston

Mr SG Hobart

Mr P Kennedy

Mr JRA Thorpe

SECRETARY:

Mr JC Thorpe

REGISTERED OFFICE:

Unit D

Harrison Road

Airfield Business Park

Market Harborough

Leicestershire

LE16 7UL

REGISTERED NUMBER:

03261375 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mark Harrison BA FCA

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

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

The Company's principal activity is the manufacture and fitting of bespoke joinery within the commercial fit-out industry.

REVIEW OF BUSINESS

Thorpes Joinery have continued to operate primarily in the high-end office fit-out market and have an established standing in the marketplace.

The trading year for October 2025, proved to be challenging and was a disappointment in terms of financial results, however importantly we believe foundations are set for future growth in 2026 and beyond in terms of growth and profitability. The market has continued to be competitive, but there are significant opportunities that exist and we are confident we can develop these to meet our ambitions.

In terms of client expectations, the demands on us continue to expand and we constantly need to manage and adapt the business to meet these requirements.

Moving into 2026 our order book is stronger than in the corresponding time for 2025, and as always, the challenge remains to ensure we manage workload in a controlled and deliverable manner. Our overall aim remains to deliver controlled growth, high quality installations and to maintain as well as build strong working relationships.

FINANCIAL KEY PERFORMANCE INDICATORS

We continue to place heavy reliance upon a variety of financial performance indicators which include the monitoring of the sales order book, a revised production planning look ahead schedule, gross margin, cash and overall profitability within the Company.

The Company's turnover for the year ending 31st October 2025 was £18,835k (2024: £14,217k) being an increase of 32.48%. We are confident in the order book looking forward which currently shows future sales to 2026.

The profit for the year before taxation was £204k (2024: £866k).

The target for the next financial year is to build on the improvement that has happened during 2025 and continue to improve profitability.

Group KPI's £'000

2025

2024

Turnover

£18,835

£14,217

Gross Profit

£3,657

£4,436

Gross Profit %

19.4%

31.2%

Profit/(Loss) Before Tax

£204

£866

Net Assets

£3,153

£2,812

PRINCIPAL RISKS AND UNCERTAINTIES

In 2025 the risks and uncertainties continued to be significant which we know are not unique to our business and have no doubt will continue in 2026. In no particular order we would categorise these as:

- Material Inflation.

- Labour wages inflation.

- Skilled factory labour availability (despite continuous investment in apprenticeships).

- Pressures on site labour.

- Government taxes.

FUTURE ACTIVITIES

To meet the ambition and opportunities that exist in the future, we will continue to review internal procedures and processes, aiming to maximising to become more efficient and driving profitability.

During the year we have successfully been reaudited to ISO45001, ISO9001 and ISO14001 accreditations together with FSC, Constructionline and FORS.

We are aware that we need to be constantly reviewing where we need to invest and develop whether it be in our staff, plant & machinery or facilities and have no doubt about a positive future ahead for the business.

ON BEHALF OF THE BOARD:

Mr JC Thorpe - Secretary

15 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacture of specialist joinery and bespoke furniture.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 was £nil (2024: £220,000).

DIRECTORS

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

Mr D Dean

Mr SH Simpson

Mr JC Thorpe

Mr PD Weston

Mr SG Hobart

Mr P Kennedy

Mr JRA Thorpe

DONATIONS

The company made charitable donations of £42,658 (2024: £26,770) in the year to 31 October 2025.

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.

AUDITORS

The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr JC Thorpe - Secretary

15 May 2026

Opinion

We have audited the financial statements of Thorpe's Joinery Limited (the 'company') for the year ended 31 October 2025 which comprise the Statement of Comprehensive Income, 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 October 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:

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and industry in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters.

We enquired of management concerning the company's policies and procedures relating to:

- the identification and compliance with laws and regulations

- the detection and response to the risks of fraud

- the internal controls inherent within the company to mitigate fraud risk and non-compliance to laws and regulations

We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.

We communicated relevant laws and regulations and potential areas of fraud to all audit team members. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition,and significant one-off or unusual transactions.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of laws and regulations the company is subject to, followed by compliance checks and discussion with management to ensure no instances of non compliance.

- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition.

- A review of a sample of orders received in the year to ensure these were correctly recorded in revenue and detailed cut off testing around the year end to ensure revenue is correctly recognised.

We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud.

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.

Mark Harrison BA FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

18 May 2026

TURNOVER

18,835,272

14,217,386

Cost of sales

15,177,824

9,781,336

GROSS PROFIT

3,657,448

4,436,050

Administrative expenses

3,607,686

3,731,476

49,762

704,574

Other operating income

4

183,000

193,533

OPERATING PROFIT

7

232,762

898,107

Interest payable and similar expenses

8

28,600

32,298

PROFIT BEFORE TAXATION

204,162

865,809

Tax on profit

9

(137,775

)

52,765

PROFIT FOR THE FINANCIAL YEAR

341,937

813,044

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

341,937

813,044

FIXED ASSETS

Tangible assets

11

567,660

575,759

CURRENT ASSETS

Stocks

12

168,615

94,759

Debtors

13

4,646,314

4,382,305

Cash at bank and in hand

13,445

54,465

4,828,374

4,531,529

CREDITORS

Amounts falling due within one year

14

2,019,106

1,970,292

NET CURRENT ASSETS

2,809,268

2,561,237

TOTAL ASSETS LESS CURRENT LIABILITIES

3,376,928

3,136,996

CREDITORS

Amounts falling due after more than one year

15

(115,298

)

(217,176

)

PROVISIONS FOR LIABILITIES

19

(108,151

)

(108,278

)

NET ASSETS

3,153,479

2,811,542

CAPITAL AND RESERVES

Called up share capital

20

2,105

2,105

Capital redemption reserve

21

895

895

Retained earnings

21

3,150,479

2,808,542

SHAREHOLDERS' FUNDS

3,153,479

2,811,542

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2026 and were signed on its behalf by:

Mr JC Thorpe - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 November 2023

2,105

2,215,498

895

2,218,498

Changes in equity

Dividends

-

(220,000

)

-

(220,000

)

Total comprehensive income

-

813,044

-

813,044

Balance at 31 October 2024

2,105

2,808,542

895

2,811,542

Changes in equity

Total comprehensive income

-

341,937

-

341,937

Balance at 31 October 2025

2,105

3,150,479

895

3,153,479

1.	STATUTORY INFORMATION

Thorpe's Joinery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions 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;

•

the requirement of paragraph 33.7.

Significant judgements and estimates

There were no areas in which the preparation of the financial statements required to make significant judgements or estimates.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for sales of services provided in the normal course of business, net of discounts and value added tax, adjusted in accordance with the policy on contract income as described below.

Turnover includes income from management charges and other services rendered in the ordinary course of business, recognised as the services are provided.

Amounts recoverable on contract

The Company derives a significant proportion of its revenue from the supply of projects under contracts, some of which are fixed price contracts that may extend for a significant period of time. Where the outcome can be estimated reliably, contract revenue is recognised to the extent that the services have been performed. Performance is measured based on costs incurred to date as a percentage of total expected costs. Management judgement and experience is required to determine the completeness of those forecasts, the recoverability of the costs incurred and the revenue recognised on contracts. Unforeseen future events may adversely impact the accuracy of those forecasts and recoverability judgements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

over 10 years and over 4 years

Fixtures and fittings

-

over 3 years

Motor vehicles

-

25% on reducing balance

Stocks

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 taxation

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts of finance leases are capitalised in the balance sheet. Those under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

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.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4.	OTHER OPERATING INCOME

2025

2024

£

£

Management charge

183,000

193,533

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,006,267

3,849,239

Social security costs

475,780

404,217

Other pension costs

140,017

123,226

4,622,064

4,376,682

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

2025

2024

Production

55

60

Administration

41

41

96

101

The directors are deemed to be the key management personnel of the company, having authority and responsibility for planning, directing and controlling the activities of the company. This has been detailed in note 6 of the financial statements.

6.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

331,465

299,374

Directors' pension contributions to money purchase schemes

18,363

27,426

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

130,449

124,656

Pension contributions to money purchase schemes

6,759

4,548

7.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

15,164

23,175

Depreciation - owned assets

83,463

91,213

Depreciation - assets on hire purchase contracts

77,613

55,640

Loss on disposal of fixed assets

-

783

Auditors remuneration

7,980

7,600

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

17,687

24,593

Other interest

295

-

Hire purchase interest

10,618

7,705

28,600

32,298

9.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

39,615

116,309

Prior year

UK corporation tax

(177,263

)

(72,407

)

Total current tax

(137,648

)

43,902

Deferred taxation

(127

)

8,863

Tax on profit

(137,775

)

52,765

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

204,162

865,809

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

51,041

216,452

Effects of:

Expenses not deductible for tax purposes

19,979

29,446

Capital allowances in excess of depreciation

(2,166

)

(8,074

)

Adjustments to tax charge in respect of previous periods

(177,263

)

(72,407

)

Utilisation of tax losses from the group

(29,366

)

(112,652

)

Total tax (credit)/charge

(137,775

)

52,765

Deferred tax has been charged at 25% in 2025 and 2024 respectively..

10.

DIVIDENDS

2025

2024

£

£

Interim

-

220,000

11.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 November 2024

1,736,101

255,904

171,774

2,163,779

Additions

93,882

57,650

1,445

152,977

At 31 October 2025

1,829,983

313,554

173,219

2,316,756

DEPRECIATION

At 1 November 2024

1,273,043

227,672

87,305

1,588,020

Charge for year

117,121

22,804

21,151

161,076

At 31 October 2025

1,390,164

250,476

108,456

1,749,096

NET BOOK VALUE

At 31 October 2025

439,819

63,078

64,763

567,660

At 31 October 2024

463,058

28,232

84,469

575,759

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 November 2024

445,396

119,438

564,834

Additions

78,340

-

78,340

At 31 October 2025

523,736

119,438

643,174

DEPRECIATION

At 1 November 2024

266,260

44,209

310,469

Charge for year

59,010

18,603

77,613

At 31 October 2025

325,270

62,812

388,082

NET BOOK VALUE

At 31 October 2025

198,466

56,626

255,092

At 31 October 2024

179,136

75,229

254,365

12.

STOCKS

2025

2024

£

£

Raw materials

168,615

94,759