Registration number: 05264188

The Todd Group Limited

Contents

The Todd Group Limited

Company Information

The Todd Group Limited

Strategic Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the group is the retail and wholesale supply of doors and related products.

Fair review of the business

The group delivered strong turnover growth in 2025. This increase was driven largely by growth in the website channel, reflecting continued strength in digital sales and an effective online strategy.

Gross profit margin improved as a result of an enhanced pricing strategy and continued cost control.

The decline in profit before tax is primarily attributable to the adoption of FRS 102 lease accounting, which has increased reported costs through the recognition of lease-related charges.

The group's key financial and other performance indicators during the year were as follows:

Principal risks and uncertainties

The directors understand the need to manage the risks to the group and continue to monitor trading performance on a regular basis and consider the following matters to be the principal risks and uncertainties.

Economic and financial conditions:
Changes in consumer confidence and buying habits may impact on the group’s trading performance. The group continues to build its customer base through all its channels and develop a range of products to mitigate this risk.

Currency risk:
The group operates solely in the UK but makes purchases of products from other countries where payments to suppliers are in USD and Euros. The group monitors and reviews exchange rate movements and hedges its risk with forward contracts.

Interest rate risk:
The group pays interest on amounts due on bank loans and overdrafts based on market rates which are subject to floating interest rates. The group does not hedge the floating rate to a fixed rate and accordingly the group is subject to interest rate risk through fluctuations in base rates.

Approved and authorised by the Board on 18 May 2026 and signed on its behalf by:
 

The Todd Group Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the for the year ended 31 December 2025.

Directors of the group

The directors who held office during the year were as follows:

Mr M C Todd

Mrs V Todd

Financial instruments

Objectives and policies

The directors are responsible for managing the financial risks the group is exposed to and closely monitor such risks to mitigate them to the greatest possible extent.

Price risk, credit risk, liquidity risk and cash flow risk

The group's principal financial instruments comprise bank balances, trade debtors, trade creditors and loans. The main purpose of these instruments is to finance the business's operations.

In respect of bank balances and borrowings, advice on the financial risks is closely monitored by the group to maintain appropriate balances and to ensure all such risks are mitigated to an acceptable level.

Trade debtors are monitored by the group, managing the credit risks through the appropriate use of financial references, deposits and regular monitoring of amounts outstanding. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and during the year the group hedged some of its foreign currency exposure through forward contracts.

The Todd Group Limited

Directors' Report for the Year Ended 31 December 2025

Statement of directors' responsibilities

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:

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.

Disclosure of information to the auditor

Reappointment of auditors

The auditors Xeinadin Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 18 May 2026 and signed on its behalf by:
 

The Todd Group Limited

Independent Auditor's Report to the Members of The Todd Group Limited

Opinion

We have audited the financial statements of The Todd Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

We have nothing to report in this regard.

The Todd Group Limited

Independent Auditor's Report to the Members of The Todd Group Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our 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 Strategic Report and the Directors' Report.

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities [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.

Auditor Responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Todd Group Limited

Independent Auditor's Report to the Members of The Todd Group Limited

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

The Todd Group Limited

Independent Auditor's Report to the Members of The Todd Group Limited

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr Andrew Thomas (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

18 May 2026

The Todd Group Limited

Consolidated Statement of Income and Retained Earnings
for the Year Ended 31 December 2025

Turnover and operating profit derive wholly from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

The Todd Group Limited

(Registration number: 05264188)
Consolidated Balance Sheet as at 31 December 2025

Approved and authorised by the Board on 18 May 2026 and signed on its behalf by:
 

The Todd Group Limited

(Registration number: 05264188)
Balance Sheet as at 31 December 2025

The company made a profit after tax for the financial year of £550,000 (2024 - profit of £850,000).

Approved and authorised by the Board on 18 May 2026 and signed on its behalf by:
 

The Todd Group Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2025

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leavesden Park
Suite 13
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

The principal place of business is:
Viking House
Unit 6 Northolt Trading Estate
Belvue Road
Northolt
Middlesex
UB5 5QS

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

Basis of preparation

Summary of disclosure exemptions

The group has taken advantage of disclosure exemptions in FRS 102 33.1A not to disclose transactions with group undertakings that are wholly owned by the group.

Basis of consolidation

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Foreign currency transactions and balances

Transactions in currencies other than the functional currency are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date.

Exchange differences are recognised in profit or loss in the period in which they arise.

Tax

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Tangible assets

Depreciation

Leased assets

The group makes the use of leasing arrangements principally for the provision of the main warehouses and related facilities, office space, plant and machinery, IT equipment and motor vehicles. The rental contracts for offices are typically negotiated for terms of between 10 and 15 years and some of these have extension terms. Lease terms for equipment and motor vehicles have lease terms of between 3 and 5 years without any extension terms. The group does not enter into sale and leaseback arrangements. All the leases are negotiated on an individual basis and contain a wide variety of different terms and conditions such as purchase options and escalation clauses.

At lease commencement date, the group recognises a right-of-use asset and a lease liability in its balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received).

The group depreciates the right-of-use asset on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The group also assesses the right-of-use asset for impairment when such indicators exist.

At the commencement date, the group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the group’s incremental borrowing rate because as the lease contracts are negotiated with third parties it is not possible to determine the interest rate that is implicit in the lease. The incremental borrowing rate is the estimated rate that the group would have to pay to borrow the same amount over a similar term, and with similar security to obtain an asset of equivalent value.

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised.

Subsequent to initial measurement, the liability will be reduced by lease payments that are allocated between repayments of principal and finance costs. The finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability.

The lease liability is reassessed when there is a change in the lease payments, changes in lease payments arising from a change in the lease term or a change in the assessment of an option to purchase a leased asset. The revised lease payments are discounted using the group's incremental borrowing rate at the date of reassessment when the rate implicit in the lease cannot be readily determined. The amount of the remeasurement of the lease liability is reflected as an adjustment to the carrying amount of the right-of-use asset. The exception being when the carrying amount of the right-of-use asset has been reduced to zero then any excess is recognised in profit or loss.

Payments under leases can also change when there is either a change in the amounts expected to be paid under residual value guarantees or when future payments change through an index or a rate used to determine those payments, including changes in market rental rates following a market rent review. The lease liability is remeasured only when the adjustment to lease payments takes effect and the revised contractual payments for the remainder of the lease term are discounted using an unchanged discount rate. Except for where the change in lease payments results from a change in floating interest rates, in which case the discount rate is amended to reflect the change in interest rates.

The group has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term.

Business combinations

Intangible assets

Amortisation

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Investments

Cash and cash equivalents

Trade debtors

Stocks

Trade creditors

Borrowings

Share capital

Dividends

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Defined contribution pension obligation

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.

 Recognition and measurement
Basic financial instruments are recognised at amortised cost. Derivative financial instruments are initially measured at fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss.

Derivative financial instruments and hedging

Derivatives
Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. The fair value of the foreign currency forward contracts is calculated by reference to observable forward exchange rates corresponding to the maturity of the contract.

The analysis of the group's Turnover for the year from continuing operations is as follows:

The analysis of the group's other operating income for the year is as follows:

Arrived at after charging/(crediting)

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The aggregate payroll costs (including directors' remuneration) were as follows:

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

The directors' remuneration for the year was as follows:

During the year the number of directors who were receiving benefits and share incentives was as follows:

In respect of the highest paid director:

During the year the highest paid director received or was entitled to receive shares under a long term incentive scheme.

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Tax charged/(credited) in the consolidated profit and loss account

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

Deferred tax

Group

Deferred tax assets and liabilities

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Group

	Goodwill  £	Website development costs £	Total £
Cost or valuation
At 1 January 2025	408,333	43,725	452,058
At 31 December 2025	408,333	43,725	452,058
Amortisation
At 1 January 2025	408,333	17,491	425,824
Amortisation charge	-	8,745	8,745
At 31 December 2025	408,333	26,236	434,569
Carrying amount
At 31 December 2025	-	17,489	17,489
At 31 December 2024	-	26,234	26,234

Amortisation of intangible fixed assets is included in administrative expenses.

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Group

	Leasehold improvements £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	1,958,605	2,188,597	395,824	4,543,026
Additions	931,893	237,348	27,764	1,197,005
Disposals	(460,207)	(910,388)	(20,679)	(1,391,274)
At 31 December 2025	2,430,291	1,515,557	402,909	4,348,757
Depreciation
At 1 January 2025	1,292,603	1,981,220	107,428	3,381,251
Charge for the year	153,097	81,158	136,024	370,279
Eliminated on disposal	(460,207)	(910,388)	(20,679)	(1,391,274)
At 31 December 2025	985,493	1,151,990	222,773	2,360,256
Carrying amount
At 31 December 2025	1,444,798	363,567	180,136	1,988,501
At 31 December 2024	666,002	207,377	288,396	1,161,775

Restriction on title and pledged as security

Tangible fixed assets with a carrying amount of £1,988,501 (2024 - £1,161,775) have been pledged as security for the group's bank borrowings.

	Leasehold properties £	Plant and equipment £	Motor vehicles £	Total £
Right of use assets
Cost or valuation
Additions	9,194,751	332,712	341,234	9,868,697
At 31 December 2025	9,194,751	332,712	341,234	9,868,697
Depreciation
Charge for the year	1,169,081	33,455	128,703	1,331,239
At 31 December 2025	1,169,081	33,455	128,703	1,331,239
Carrying amount
At 31 December 2025	8,025,670	299,257	212,531	8,537,458

Total cash outflow for right of use assets in the year was £1,569,794 (2024 - £Nil).

The Todd Group Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Company