REGISTERED NUMBER: 01837182 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2025

for

Jewers Doors Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mr C N Jewers

Mr M O Jewers

Mr J C Jewers

Mr M D Allen

Mr B M Chowdhary

SECRETARY:

Mrs P Jewers

REGISTERED OFFICE:

1 Juno Place

Stratton Business Park

Biggleswade

Bedfordshire

SG18 8XP

REGISTERED NUMBER:

01837182 (England and Wales)

AUDITORS:

GH Audit Limited

Brigham House

93 High Street

Biggleswade

Bedfordshire

SG18 0LD

The directors present their strategic report of the company and the group for the year ended 30 September 2025.

The results for the year and financial position of the Company are as shown in the annexed financial statements.

The company is a private company, limited by shares.

REVIEW OF BUSINESS

In the year to 30th September 2025, in line with expectation, turnover increased by 5% to £18.687M although the cost of sales was proportionally higher than the previous year (UP 10.9%), not least as a result of additional wage bill obligations such as NI and holiday pay accrual. On the other hand, administrative expenses reduced slightly to 24.6% (2023-24 = 26.2%).

Nonetheless, the resultant margin remained high, resulting again in exceptionally strong profitability for the period, albeit up only 1.4%.

Cash holdings have remained strong and have generated significant interest, not only adding to operating profit but also allowing the Company to push forward with additional plant and equipment investments without resort to borrowing.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal risks and uncertainties remain similar to the previous period i.e. consequences arising from key geopolitical events and lower cost competition from BRICS countries plus exchange rate fluctuation.

KEY PERFORMANCE INDICATORS

The company monitors certain financial statistics in the course of running its business. These are:

- Value of Order Book

- Gross Margin percentage

- Debtor Days

FUTURE OUTLOOK

Incoming orderbook levels continue to grow significantly as a result of which the company expects to see enhanced turnover during the next period, albeit with careful consideration required around capacity.

The conflict in the Middle East has slowed projects in that region, albeit with the majority of them still proceeding and other new projects coming online. The Company has been reassured by the resilience of the aviation sector in the Gulf states and is optimistic that this important sector will bounce back strongly as the conflict fades.

Despite the penalising effect of tariffs on our growing volume of exports to the US, the Company expects to grow certain corners of that market at a significant rate in the next period.

Despite ongoing political uncertainty surrounding headline defence spending in the UK, the Company is seeing strong expenditure in that area.

Overall, Directors remain optimistic about continuing to deliver a healthy trading performance.

ON BEHALF OF THE BOARD:

Mr C N Jewers - Director

23 June 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2025.

DIVIDENDS

Directors recommend final dividends on ordinary shares for the year ended 30 September 2025, in the sum of £964,975 (2024: £941,609). No interim dividend was paid (2024: £Nil).

DIRECTORS

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

Mr C N Jewers

Mr M O Jewers

Mr J C Jewers

Mr M D Allen

Mr B M Chowdhary

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, GH Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr C N Jewers - Director

23 June 2026

Opinion

We have audited the financial statements of Jewers Doors Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 September 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 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 group's and 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	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 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 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.

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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:

1. The nature of the industry and sector, control environment and business performance

2. Key drivers for the remuneration policies of Key employee's remuneration, bonus levels and performance targets

3. Enquiries with management about their own identification and assessment of the risks of irregularities.

4. The matters discussed among the audit team regarding how and where fraud might occur and fraud indicators.

As a result of these procedures, we identified the greatest potential for fraud in terms of misstatements in the financial statements was in relation to the valuation of Stock and Work in progress and the calculation and inclusion of year end provisions. In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override. The assessment of the risk of fraud in terms of misappropriation of assets highlighted fraudulent payments as a focus area.

In addition we considered the legal and regulatory framework that the company operates in, focusing on provisions of these law and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. Key laws considered include the UK Companies Act and UK Tax Legislation.

Audit response to risks identified:

The valuation of Stock and Work in progress is tested by substantive and analytical procedures including a physical inspection of the site at the balance sheet date.

The calculation of provisions was also tested using a substantive approach with an emphasis on completeness.

Standard procedures were pursued to test management override including the review of year end journals and whether the judgments made in making accounting estimates are indicative of potential bias.

To cover the assessed risks in relation to fraudulent payments, we ensure that transactions are conducted in line with the company's authority matrix, together with a review of expenses in the profit and loss to ensure that they are genuine business expenses. We also perform analytical procedures to identify any unusual or unexpected relationship that may indicate risks of material misstatement due to fraud.

We remained alert to any indications of fraud or non-compliance throughout the entire audit process.

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.

Colin Airey FCCA (Senior Statutory Auditor)

for and on behalf of GH Audit Limited

Brigham House

93 High Street

Biggleswade

Bedfordshire

SG18 0LD

26 June 2026

TURNOVER

4

18,686,899

17,783,758

Cost of sales

10,364,920

9,351,558

GROSS PROFIT

8,321,979

8,432,200

Administrative expenses

4,599,874

4,653,806

3,722,105

3,778,394

Other operating income

5

44,761

15,034

OPERATING PROFIT

7

3,766,866

3,793,428

Interest receivable and similar income

353,906

279,569

4,120,772

4,072,997

Interest payable and similar expenses

8

9,495

10,774

PROFIT BEFORE TAXATION

4,111,277

4,062,223

Tax on profit

9

1,037,753

1,116,639

PROFIT FOR THE FINANCIAL YEAR

3,073,524

2,945,584

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,073,524

2,945,584

Profit attributable to:

Owners of the parent

3,073,524

2,945,584

Total comprehensive income attributable to:

Owners of the parent

3,073,524

2,945,584

FIXED ASSETS

Intangible assets

13

(108,781

)

-

Tangible assets

14

9,237,189

9,482,060

Investments

15

101

101

9,128,509

9,482,161

CURRENT ASSETS

Stocks

16

1,819,499

1,828,646

Debtors

17

7,056,928

5,767,461

Cash at bank and in hand

9,590,265

8,444,227

18,466,692

16,040,334

CREDITORS

Amounts falling due within one year

18

4,287,466

4,340,421

NET CURRENT ASSETS

14,179,226

11,699,913

TOTAL ASSETS LESS CURRENT LIABILITIES

23,307,735

21,182,074

PROVISIONS FOR LIABILITIES

20

927,561

933,815

NET ASSETS

22,380,174

20,248,259

CAPITAL AND RESERVES

Called up share capital

21

118,716

118,716

Share premium

22

73,140

73,140

Capital redemption reserve

22

140,000

140,000

Retained earnings

22

22,048,318

19,916,403

SHAREHOLDERS' FUNDS

22,380,174

20,248,259

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

Mr C N Jewers - Director

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

9,237,189

9,482,060

Investments

15

101

101

9,237,290

9,482,161

CURRENT ASSETS

Stocks

16

1,757,363

1,828,646

Debtors

17

6,988,915

5,767,461

Cash at bank and in hand

9,584,681

8,444,227

18,330,959

16,040,334

CREDITORS

Amounts falling due within one year

18

4,253,735

4,340,421

NET CURRENT ASSETS

14,077,224

11,699,913

TOTAL ASSETS LESS CURRENT LIABILITIES

23,314,514

21,182,074

PROVISIONS FOR LIABILITIES

20

927,561

933,815

NET ASSETS

22,386,953

20,248,259

CAPITAL AND RESERVES

Called up share capital

21

118,716

118,716

Share premium

22

73,140

73,140

Capital redemption reserve

22

140,000

140,000

Retained earnings

22

22,055,097

19,916,403

SHAREHOLDERS' FUNDS

22,386,953

20,248,259

Company's profit for the financial year

3,080,303

2,945,584

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

Mr C N Jewers - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 October 2023

118,716

17,805,008

73,140

140,000

18,136,864

Changes in equity

Dividends

-

(834,189

)

-

-

(834,189

)

Total comprehensive income

-

2,945,584

-

-

2,945,584

Balance at 30 September 2024

118,716

19,916,403

73,140

140,000

20,248,259

Changes in equity

Dividends

-

(941,609

)

-

-

(941,609

)

Total comprehensive income

-

3,073,524

-

-

3,073,524

Balance at 30 September 2025

118,716

22,048,318

73,140

140,000

22,380,174

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 October 2023

118,716

17,805,008

73,140

140,000

18,136,864

Changes in equity

Dividends

-

(834,189

)

-

-

(834,189

)

Total comprehensive income

-

2,945,584

-

-

2,945,584

Balance at 30 September 2024

118,716

19,916,403

73,140

140,000

20,248,259

Changes in equity

Dividends

-

(941,609

)

-

-

(941,609

)

Total comprehensive income

-

3,080,303

-

-

3,080,303

Balance at 30 September 2025

118,716

22,055,097

73,140

140,000

22,386,953

Cash flows from operating activities

Cash generated from operations

1

2,602,899

5,231,023

Interest paid

(9,495

)

(10,774

)

Tax paid

(703,194

)

(847,076

)

Net cash from operating activities

1,890,210

4,373,173

Cash flows from investing activities

Purchase of intangible fixed assets

108,781

-

Purchase of tangible fixed assets

(378,892

)

(532,452

)

Sale of tangible fixed assets

49,251

39,589

Interest received

353,906

279,569

Net cash from investing activities

133,046

(213,294

)

Cash flows from financing activities

Amount introduced by directors

64,391

-

Amount withdrawn by directors

-

(189,752

)

Equity dividends paid

(941,609

)

(834,189

)

Net cash from financing activities

(877,218

)

(1,023,941

)

Increase in cash and cash equivalents

1,146,038

3,135,938

Cash and cash equivalents at beginning of year

2

8,444,227

5,308,289

Cash and cash equivalents at end of year

2

9,590,265

8,444,227

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30/9/25

30/9/24

£

£

Profit before taxation

4,111,277

4,062,223

Depreciation charges

593,092

550,561

Profit on disposal of fixed assets

(18,580

)

(28,141

)

Finance costs

9,495

10,774

Finance income

(353,906

)

(279,569

)

4,341,378

4,315,848

Decrease/(increase) in stocks

9,147

(60,958

)

(Increase)/decrease in trade and other debtors

(1,589,495

)

1,868,763

Decrease in trade and other creditors

(158,131

)

(892,630

)

Cash generated from operations

2,602,899

5,231,023

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

9,590,265

8,444,227

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

8,444,227

5,308,289

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank and in hand

8,444,227

1,146,038

9,590,265

8,444,227

1,146,038

9,590,265

Total

8,444,227

1,146,038

9,590,265

1.	STATUTORY INFORMATION

Jewers Doors 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 General Information page.

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.

The amounts stated in the financial statements and notes have been rounded to the nearest £1.

Significant judgements and estimates

In the application of the Company's accounting policies, which are described in note 3, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Long-term contracts and work in progress valuation is based on the directors assessment of the stage of completion, expected margin and future costs. The directors use their experience and knowledge of the business and individual contracts to make their assessments.

Provisions for expenses such as rectifying defects are based on the directors' experience and knowledge of the individual contracts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from long-term construction contracts relating to manufacture and construction of large doors is recognised in proportion to the stage of completion for that particular contract, using the following policies:

- Revenue is recognised on a percentage of completion method based on surveys of the work performed

- Each contract is measured individually

- Accrued income is included in work in progress shown in current assets

- Accrued costs relating to work in progress are included in current liabilities

Revenue from the sale of goods which are not related to long-term construction contracts is recognised when all the following conditions are satisfied:

- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the Company retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the Company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2025, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

At varying rates on cost

Plant and machinery

-

At varying rates on cost

Fixtures and fittings

-

At varying rates on cost

Motor vehicles

-

25% on cost