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REGISTERED NUMBER: 04445465 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

NA CURTAIN WALLING LIMITED

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Cash Flow Statement | 13 |

| Notes to the Cash Flow Statement | 14 |

| Notes to the Financial Statements | 15 |

| NA CURTAIN WALLING LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MAY 2025

| DIRECTORS: | Mr N A Bird

| Mr B S Irwin

| REGISTERED OFFICE: | Larch House

| Parklands Business Park

| Denmead

| Hampshire

| PO7 6XP

| REGISTERED NUMBER: | 04445465 (England and Wales)

| AUDITORS: | Gibson Whitter Limited

| Statutory Auditors

| Larch House

| Parklands Business Park

| Denmead

| Hampshire

| PO7 6XP

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MAY 2025

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

REVIEW OF BUSINESS

The company was incorporated on 23 May 2002. The principal activity of the company is specialist curtain walling, cladding and building envelope solutions.

The key financial performance indicators for the company are:

| 2025 |  |  | 2024 |

| £ |  |  | £ |

Turnover |  | 10,848,306 |  |  | 10,098,047 |

Profit before taxation |  | 459,570 |  |  | (366,154 | )

Total equity |  | 3,336,047 |  |  | 2,876,477 |

In the year to 31 May 2024 the company made a strategic decision to move away from design, supply and installation to focus on refurbishment and remediation of existing buildings (what we previously referred to as special works). Although special works have lower contract values, they have higher and more controllable gross profit margins. This strategic change continued to have an effect in 2025. This is the principal reason for the decrease in turnover from £21.5m in FY23 to £10.1m in FY24 and now £10.8m in FY25. This has also resulted in a return to gross profits in FY24, followed by a further improvement in the gross profit margin in FY25.

This change in focus also allowed the company to reduce its overheads. The main reductions were in payroll costs as the head count was reduced through some redundancies and other leavers not being replaced. Much of the reduction in staff numbers occurred in the design team.

Although FY24 was a period of change for company the benefit of these changes was becoming apparent by the end of the FY24, and we have seen the full benefit of the changes we have made in the results for FY25. These changes have helped improve profitability in 2025 and this trend has continued into 2026.

Our special works department are now regularly producing contracts with repeating steady income, and it is because of these factors that we are building on NA's technical abilities, strength and reputation in the industry. What was special works is now the main stay of our business model.

We still have the power to secure our customer base and key suppliers by affording them continuity and loyalty.

The company's main debtor at both 31 May 2025 and 31 May 2024 is the R&D tax credit of £1.1m for the year ended 31 May 2023. We are hopeful that we will receive this amount shortly.

Creditors have increased due to the PAYE liabilities that built up while waiting for the R&D tax credit refund noted above. Due to the delay in receiving the refund we have an agreed payment plan which is reducing this liability each month pending receipt of the R&D tax credit.

The company also returned to generating cash inflow from operating activities. The company's cash balance increased from £186,621 at 31 May 2024 to £1,047,456 at 31 May 2025.

The results for the financial year and the financial position for the year were considered acceptable by the directors considering the circumstances.

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MAY 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk and uncertainties facing the company are set out below:

Material and Labour Cost Risk

The company is not immune from the general inflationary increases seen in the UK economy in recent years. This is particularly true for labour rates and the cost of materials. These pressures can become particularly acute when managing longer term fixed contracts as seen with some of our contracts in previous years.

This risk has been significantly reduced following the change in business model noted in the review of the business.

Contract Management

The change in business model means we no longer take on large design works contract and focus on fitting, remediation and refurbishment works. We have been more selective in taking on new design works - they are considerably smaller in value and not as complex as previous projects therefore reducing our overall risk.

The company's governance process has formal gateways to minimise volatility and maximise the opportunity to deliver continuous improvements in project delivery. This process has benefitted from several external audits to make continued improvements. The company continues to be certified to ISO 9001 and ISO 14001 and also has several SSIP accreditations in place. We aim to be constantly up-to-date with procedures and training. The accreditations, whilst a vital and important tool, also ensure we are constantly evolving as a company. We always use external unbiased consultants as they highlight performance strength/weakness and equally give the perfect monitoring tool for reaching up to the minute performance from the industry as a whole.

Health and Safety

Health and safety risks are inherent due to the nature of on-site work, including exposure to physical hazards, machinery and unpredictable site conditions. The company takes a very pro-active approach to health & safety. It is our commitment to this especially important aspect of the business that has underpinned our success and continues to an increasingly integral part of our professional image.

To mitigate these risks, the company implements comprehensive health and safety management systems aligned with industry best practices and legal requirements. Regular site inspections, risk assessments, site audits and toolbox talks are conducted to promote a strong safety culture. In addition, all personnel receive ongoing training, and subcontractor compliance is closely monitored to ensure high standards are maintained across all projects.

These proactive measures help safeguard the workforce, minimise disruption, and reinforce the company's reputation as a reliable and responsible contractor. We work closely with clients to set the highest standards on their sites. We consider, at the tender stage, all resources, and facilities required to minimise injury and adhere to our health and safety policy.

Interest Rates

The company's principal borrowing currently is its loan secured against the company's investment properties. The interest rate on this loan is fixed. The relatively low amount of borrowing and nature of security indicates that interest rate risk is not significant.

The company undertakes minimal amounts of activity in foreign currencies therefore this is not considered a significant risk.

ON BEHALF OF THE BOARD:

Mr N A Bird - Director

2 July 2026

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MAY 2025

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

DIVIDENDS

No dividends will be distributed for the year ended 31 May 2025.

DIRECTORS

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

Mr N A Bird

Mr B S Irwin

Other changes in directors holding office are as follows:

Mr R Welch - resigned 10 January 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, Gibson Whitter Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr N A Bird - Director

2 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NA CURTAIN WALLING LIMITED

Opinion

We have audited the financial statements of NA Curtain Walling Limited (the 'company') for the year ended 31 May 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 May 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NA CURTAIN WALLING LIMITED

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NA CURTAIN WALLING LIMITED

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. 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 in which the company operates. The key laws considered included the Companies Act 2006. We have corroborated our enquiries through review of Board minutes. |

- |  | We have evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override of controls and the application of revenue recognition at cut-off and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year. We have addressed this by assessing journal entries as part of our planning audit approach |

- |  | We have enquired of management and those charge with governance in respect of known or suspected instances of non-compliance with laws and regulations. |

- |  | We have also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |

Our audit procedures were designed to respond to 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 by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NA CURTAIN WALLING LIMITED

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.

Linda Gibson (Senior Statutory Auditor)

for and on behalf of Gibson Whitter Limited

Statutory Auditors

Larch House

Parklands Business Park

Denmead

Hampshire

PO7 6XP

2 July 2026

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

INCOME STATEMENT

FOR THE YEAR ENDED 31 MAY 2025

| 31.5.25 |  | 31.5.24

| Notes | £ | £ |

TURNOVER | 10,848,306 |  | 10,098,047 |  |

Cost of sales | 8,728,862 |  | 8,703,898 |  |

GROSS PROFIT | 2,119,444 |  | 1,394,149 |  |

Administrative expenses | 1,653,993 |  | 1,827,331 |  |

465,451 |  | (433,182 | ) |

Other operating income | 73,236 |  | 81,870 |  |

OPERATING PROFIT/(LOSS) | 4 | 538,687 |  | (351,312 | ) |

Interest receivable and similar income | 7 |  | 1,170 |  |

538,694 |  | (350,142 | ) |

Interest payable and similar expenses | 5 | 79,124 |  | 16,012 |  |

PROFIT/(LOSS) BEFORE TAXATION | 459,570 |  | (366,154 | ) |

Tax on profit/(loss) | 6 | - |  | (1,112,931 | ) |

PROFIT FOR THE FINANCIAL YEAR | 459,570 |  | 746,777 |  |

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MAY 2025

| 31.5.25 |  | 31.5.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 459,570 |  | 746,777 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 459,570 |  | 746,777 |  |

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

BALANCE SHEET

31 MAY 2025

| 31.5.25 | 31.5.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 7 | 684,497 |  | 665,068 |  |

Investment property | 8 | 860,000 |  | 860,000 |  |

1,544,497 |  | 1,525,068 |  |

CURRENT ASSETS

Debtors | 9 | 3,637,804 |  | 3,178,762 |  |

Cash at bank | 1,047,456 |  | 186,621 |  |

4,685,260 |  | 3,365,383 |  |

CREDITORS

Amounts falling due within one year | 10 | 2,751,201 |  | 1,563,418 |  |

NET CURRENT ASSETS | 1,934,059 |  | 1,801,965 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,478,556 |  | 3,327,033 |  |

CREDITORS

Amounts falling due after more than one year | 11 | (114,173 | ) | (422,220 | ) |

PROVISIONS FOR LIABILITIES | 16 | (28,336 | ) | (28,336 | ) |

NET ASSETS | 3,336,047 |  | 2,876,477 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 2 |  | 2 |  |

Revaluation reserve | 18 | 222,697 |  | 222,697 |  |

Retained earnings | 18 | 3,113,348 |  | 2,653,778 |  |

SHAREHOLDERS' FUNDS | 3,336,047 |  | 2,876,477 |  |

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 2 July 2026 and were signed on its behalf by:

Mr N A Bird - Director

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 June 2023 | 2 |  | 1,907,001 |  | 222,697 |  | 2,129,700 |  |

Changes in equity

Total comprehensive income | - |  | 746,777 |  | - |  | 746,777 |  |

Balance at 31 May 2024 | 2 |  | 2,653,778 |  | 222,697 |  | 2,876,477 |  |

Changes in equity

Total comprehensive income | - |  | 459,570 |  | - |  | 459,570 |  |

Balance at 31 May 2025 | 2 |  | 3,113,348 |  | 222,697 |  | 3,336,047 |  |

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MAY 2025

| 31.5.25 |  | 31.5.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,446,313 |  | (1,725,090 | ) |

Interest paid | - |  | (13,587 | ) |

Interest element of hire purchase payments paid | (30,405 | ) | (2,425 | ) |

Tax received | - |  | 654,013 |  |

Net cash from operating activities | 1,415,908 |  | (1,087,089 | ) |

Cash flows from investing activities

Sale of tangible fixed assets | 4,499 |  | - |  |

Interest received | 7 |  | 1,170 |  |

Net cash from investing activities | 4,506 |  | 1,170 |  |

Cash flows from financing activities

Loan repayments in year | (63,710 | ) | (104,942 | ) |

Amount introduced by directors | 29,127 |  | 20,247 |  |

Amount withdrawn by directors | (523,241 | ) | (66,057 | ) |

New loans to connected companies in year | (1,755 | ) | - |  |

Net cash from financing activities | (559,579 | ) | (150,752 | ) |

Increase/(decrease) in cash and cash equivalents | 860,835 |  | (1,236,671 | ) |

Cash and cash equivalents at beginning of year | 2 | 186,621 |  | 1,423,292 |  |

Cash and cash equivalents at end of year | 2 | 1,047,456 |  | 186,621 |  |

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MAY 2025

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.5.25 |  | 31.5.24

£ | £ |

| Profit/(loss) before taxation | 459,570 |  | (366,154 | ) |

| Depreciation charges | 65,079 |  | 53,796 |  |

| Loss on disposal of fixed assets | 1,746 |  | - |  |

| Finance costs | 79,124 |  | 16,012 |  |

| Finance income | (7 | ) | (1,170 | ) |

605,512 |  | (297,516 | ) |

| Decrease in trade and other debtors | 43,846 |  | 1,036,569 |  |

| Increase/(decrease) in trade and other creditors | 796,955 |  | (2,464,143 | ) |

| Cash generated from operations | 1,446,313 |  | (1,725,090 | ) |

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 31 May 2025

| 31.5.25 |  | 1.6.24

£ | £ |

| Cash and cash equivalents | 1,047,456 |  | 186,621 |  |

| Year ended 31 May 2024

| 31.5.24 |  | 1.6.23

£ | £ |

| Cash and cash equivalents | 186,621 |  | 1,423,292 |  |

3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

| Non cash |

| At 1.6.24 | Cash flow | movements | At 31.5.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 186,621 |  | 860,835 |  | - |  | 1,047,456 |  |

186,621 |  | 860,835 |  | - |  | 1,047,456 |  |

| Debt

| Finance leases | (111,032 | ) | 31,989 |  | (90,755 | ) | (169,798 | ) |

| Debts falling due

| within 1 year | (31,453 | ) | 31,720 |  | (383,270 | ) | (383,003 | ) |

| Debts falling due

| after 1 year | (383,270 | ) | - |  | 383,270 |  | - |  |

(525,755 | ) | 63,709 |  | (90,755 | ) | (552,801 | ) |

| Total | (339,134 | ) | 924,544 |  | (90,755 | ) | 494,655 |  |

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

1. | STATUTORY INFORMATION

| NA Curtain Walling 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.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| These financial statement report that the company has made a pre-tax profit for the year ended 31 May 2025. This is an improvement on the pre-tax loss that was reported to the year ended 31 May 2024. This is due to the directors redirecting the focus of the company to special works which has resulted in improved gross profit margins. The unaudited management accounts for 2025/26 to date indicate that the company continues to recognise a pre-tax profit. Additionally, management's forecasts for 2026/27 indicate a pre-tax profit next year together with positive cashflows.

| The main uncertainty is the timing of the repayment of the company's Research and Development Tax Credit for the year ended 31 May 2023 (£1.1M) which is currently being enquired into by HM Revenue & Customs. The directors and the company's Research and Development claim agents are confident that the R&D eligibility criteria have been met and that the repayment will be made once the HM Revenue & Customs enquiry has been completed. Should the repayment not be made the directors still expect the company to be able to meet its liabilities as they fall due but may require the use of the agreed overdraft facility of £500k which is next due for renewal on 30 April 2027.

| The directors, taking the above information into account, have concluded that it remains appropriate to prepare these financial statements on the going concern basis.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Significant judgements and estimates

| The main area where significant judgements and estimates take place is in the valuation of work in progress.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the value of the company's work in progress that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The value of projects are estimated by evaluating the certificate value of work completed to date and compare this to the amounts invoiced during the period. For incomplete contracts the value of work in progress reflects the partial performance of the contractual obligations. For such contracts work in progress reflects the accrual of the right to consideration by reference to the value of work performed. The directors judge this to be an appropriate basis to value work in progress.

| 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.

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

| 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.

| Long leasehold | - | 2% on cost

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on reducing balance

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Taxation

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

| 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 or finance leases are capitalised in the balance sheet. Those held 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| 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 profit or loss in the period to which they relate.

| Revenue recognition

| For incomplete contracts the value of work in progress reflects the partial performance of the contractual obligations. For such contracts work in progress reflects the accrual of the right to consideration by reference to the value of work performed.

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

3. | EMPLOYEES AND DIRECTORS

| 31.5.25 |  | 31.5.24

£ | £ |

| Wages and salaries | 1,734,117 |  | 1,811,652 |  |

| Social security costs | 198,827 |  | 233,333 |  |

| Other pension costs | 63,545 |  | 60,431 |  |

1,996,489 |  | 2,105,416 |  |

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

| 31.5.25 |  | 31.5.24

| Employees | 32 |  | 38 |  |

| 31.5.25 |  | 31.5.24

£ | £ |

| Directors' remuneration | 305,132 |  | 249,505 |  |

| Directors' pension contributions to money purchase schemes | 9,110 |  | 4,262 |  |

| 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:

| 31.5.25 |  | 31.5.24

£ | £ |

| Emoluments etc | 125,432 |  | 154,755 |  |

4. | OPERATING PROFIT/(LOSS)

| The operating profit (2024 - operating loss) is stated after charging/(crediting):

| 31.5.25 |  | 31.5.24

£ | £ |

| Hire of plant and machinery | 119,397 |  | 226,552 |  |

| Other operating leases | 5,500 |  | 14,936 |  |

| Depreciation - owned assets | 26,061 |  | 35,904 |  |

| Depreciation - assets on hire purchase contracts | 39,020 |  | 17,891 |  |

| Loss on disposal of fixed assets | 1,746 |  | - |  |

| Auditors' remuneration | 9,625 |  | 9,000 |  |

| Foreign exchange differences | - |  | (2,420 | ) |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.5.25 |  | 31.5.24

£ | £ |

| Bank interest | 3,308 |  | - |  |

| Bank loan interest | 15,398 |  | 13,587 |  |

| Late PAYE interest | 48,719 |  | - |  |

| Hire purchase interest | 11,699 |  | 2,425 |  |

79,124 |  | 16,012 |  |

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

6. | TAXATION

| Analysis of the tax credit

| The tax credit on the profit for the year was as follows:

| 31.5.25 |  | 31.5.24

£ | £ |

| Current tax:

| R&D claim for earlier years | - |  | (1,112,931 | ) |

| Tax on profit/(loss) | - |  | (1,112,931 | ) |

| Reconciliation of total tax credit 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:

| 31.5.25 |  | 31.5.24

£ | £ |

| Profit/(loss) before tax | 459,570 |  | (366,154 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 114,893 |  | (91,539 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 1,434 |  | 1,585 |  |

| Capital allowances in excess of depreciation | (12,096 | ) | (3,611 | ) |

| R&D tax credit in earlier years | - |  | (1,112,931 | ) |

| Losses utilised in year | (104,231 | ) | - |  |

| Losses carried forward | - |  | 93,565 |  |

| Total tax credit | - |  | (1,112,931 | ) |

7. | TANGIBLE FIXED ASSETS

| Fixtures |

| Long |  | and |  | Motor |  | Computer |

| leasehold |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 June 2024 | 600,000 |  | 40,364 |  | 266,371 |  | 61,784 |  | 968,519 |  |

| Additions | - |  | - |  | 90,755 |  | - |  | 90,755 |  |

| Disposals | - |  | - |  | (40,980 | ) | - |  | (40,980 | ) |

| At 31 May 2025 | 600,000 |  | 40,364 |  | 316,146 |  | 61,784 |  | 1,018,294 |  |

| DEPRECIATION

| At 1 June 2024 | 84,000 |  | 31,830 |  | 145,436 |  | 42,185 |  | 303,451 |  |

| Charge for year | 12,000 |  | 2,134 |  | 46,046 |  | 4,901 |  | 65,081 |  |

| Eliminated on disposal | - |  | - |  | (34,735 | ) | - |  | (34,735 | ) |

| At 31 May 2025 | 96,000 |  | 33,964 |  | 156,747 |  | 47,086 |  | 333,797 |  |

| NET BOOK VALUE

| At 31 May 2025 | 504,000 |  | 6,400 |  | 159,399 |  | 14,698 |  | 684,497 |  |

| At 31 May 2024 | 516,000 |  | 8,534 |  | 120,935 |  | 19,599 |  | 665,068 |  |

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

7. | TANGIBLE FIXED ASSETS - continued

| Cost or valuation at 31 May 2025 is represented by:

| Fixtures |

| Long |  | and |  | Motor |  | Computer |

| leasehold |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 2016 | 11,616 |  | - |  | - |  | - |  | 11,616 |  |

| Valuation in 2017 | 77,000 |  | - |  | - |  | - |  | 77,000 |  |

| Cost | 511,384 |  | 40,364 |  | 316,146 |  | 61,784 |  | 929,678 |  |

600,000 |  | 40,364 |  | 316,146 |  | 61,784 |  | 1,018,294 |  |

| Land and buildings were valued on an open market basis on 31 May 2025 by the directors .

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

| Motor

| vehicles

£ |

| COST OR VALUATION

| At 1 June 2024 | 122,611 |  |

| Additions | 90,755 |  |

| Transfer to ownership | (13,893 | ) |

| At 31 May 2025 | 199,473 |  |

| DEPRECIATION

| At 1 June 2024 | 45,751 |  |

| Charge for year | 39,020 |  |

| Transfer to ownership | (10,047 | ) |

| At 31 May 2025 | 74,724 |  |

| NET BOOK VALUE

| At 31 May 2025 | 124,749 |  |

| At 31 May 2024 | 76,860 |  |

8. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 June 2024

| and 31 May 2025 | 860,000 |  |

| NET BOOK VALUE

| At 31 May 2025 | 860,000 |  |

| At 31 May 2024 | 860,000 |  |

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

8. | INVESTMENT PROPERTY - continued

| Fair value at 31 May 2025 is represented by:

£ |

| Valuation in 2021 | 219,138 |  |

| Valuation in 2023 | (70,000 | ) |

| Cost | 710,862 |  |

860,000 |  |

| Investment property was valued on an open market basis on 31 May 2025 by the directors .

9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.5.25 |  | 31.5.24

£ | £ |

| Trade debtors | 1,762,181 |  | 1,808,953 |  |

| Other debtors | 1,928 |  | 147,975 |  |

| Directors' current accounts | 648,934 |  | - |  |

| Tax | 1,112,931 |  | 1,112,931 |  |

| Prepayments | 111,830 |  | 108,903 |  |

3,637,804 |  | 3,178,762 |  |

10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.5.25 |  | 31.5.24

£ | £ |

| Bank loans and overdrafts (see note 12) | 383,003 |  | 31,453 |  |

| Hire purchase contracts (see note 13) | 55,625 |  | 72,082 |  |

| Trade creditors | 811,164 |  | 630,258 |  |

| Amounts owed to group undertakings | 10,450 |  | 10,450 |  |

| Social security and other taxes | 815,634 |  | 241,399 |  |

| VAT | 143,236 |  | 44,406 |  |

| Other creditors | 296,841 |  | 225,106 |  |

| Directors' current accounts | - |  | 46,987 |  |

| Deferred income | 2,563 |  | 3,250 |  |

| Accrued expenses | 232,685 |  | 258,027 |  |

2,751,201 |  | 1,563,418 |  |

11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.5.25 |  | 31.5.24

£ | £ |

| Bank loans (see note 12) | - |  | 383,270 |  |

| Hire purchase contracts (see note 13) | 114,173 |  | 38,950 |  |

114,173 |  | 422,220 |  |

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

12. | LOANS

| An analysis of the maturity of loans is given below:

| 31.5.25 |  | 31.5.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 383,003 |  | 31,453 |  |

| Amounts falling due between one and two years:

| Bank loans | - |  | 383,270 |  |

13. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.5.25 |  | 31.5.24 |

£ | £ |

| Gross obligations repayable:

| Within one year | 72,335 |  | 75,623 |  |

| Between one and five years | 131,351 |  | 41,753 |  |

203,686 |  | 117,376 |  |

| Finance charges repayable:

| Within one year | 16,710 |  | 3,541 |  |

| Between one and five years | 17,178 |  | 2,803 |  |

33,888 |  | 6,344 |  |

| Net obligations repayable:

| Within one year | 55,625 |  | 72,082 |  |

| Between one and five years | 114,173 |  | 38,950 |  |

169,798 |  | 111,032 |  |

| Non-cancellable |

| operating leases |

| 31.5.25 |  | 31.5.24

£ | £ |

| Within one year | 5,971 |  | - |  |

| Between one and five years | 9,454 |  | - |  |

15,425 |  | - |  |

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

14. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.5.25 |  | 31.5.24

£ | £ |

| Bank loans | 383,003 |  | 414,723 |  |

| Hire purchase contracts | 169,798 |  | 111,032 |  |

552,801 |  | 525,755 |  |

| The bank loans are secured by first legal charges over the company's long leasehold properties, investment properties, a debenture and £140k personal guarantee from Mr N A Bird.

| Hire purchase contracts are secured against the assets being financed.

15. | FINANCIAL INSTRUMENTS

| The company's financial instruments may be analysed as follows:

|  | 31.5.25 |  |  | 31.5.24 |  |

|  | £ |  |  | £ |  |

| Financial assets |  |

| Financial assets measured at amortised cost |  | 4,573,430 |  |  | 3,256,480 |  |

| Financial liabilities |  |

| Financial liabilities measured at amortised cost |  | 1,906,504 |  |  | 1,699,833 |  |

| Financial assets measured at amortised costs comprise cash, trade debtors, other debtors and a corporation tax debtor.

| Financial liabilities measured at amortised costs comprise trade creditors, other creditors, accrued expenses, loans and amounts owed by group undertakings.

16. | PROVISIONS FOR LIABILITIES

| 31.5.25 |  | 31.5.24

£ | £ |

| Deferred tax | 28,336 |  | 28,336 |  |

| Deferred |

| tax |

£ |

| Balance at 1 June 2024 | 28,336 |  |

| Balance at 31 May 2025 | 28,336 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.5.25 |  | 31.5.24

| value: | £ | £ |

| 2 | Ordinary | £1 | 2 |  | 2 |  |

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

18. | RESERVES

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 June 2024 | 2,653,778 |  | 222,697 |  | 2,876,475 |  |

| Profit for the year | 459,570 |  | 459,570 |  |

| At 31 May 2025 | 3,113,348 |  | 222,697 |  | 3,336,045 |  |

19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 May 2025 and 31 May 2024:

| 31.5.25 |  | 31.5.24

£ | £ |

| Mr N A Bird

| Balance outstanding at start of year | (46,987 | ) | (92,742 | ) |

| Amounts advanced | 725,048 |  | 45,755 |  |

| Amounts repaid | (29,127 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 648,934 |  | (46,987 | ) |

| Mr R Welch

| Balance outstanding at start of year | - |  | (55 | ) |

| Amounts advanced | - |  | 20,302 |  |

| Amounts repaid | - |  | (20,247 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | - |  |

20. | RELATED PARTY DISCLOSURES

| The aggregate amount owed by the directors at the balance sheet date is £648,934 (31.5.24 owed to £46,987). This has been repaid since the balance sheet date.

| The aggregate amount owed to connected companies at the balance sheet date is £114,115 (31.5.24: owed by £85,938).

| A group undertaking has given guarantees limited to £285,000 (31.5.24: £285,000) to the company's creditors as security for the company's loan borrowings.

| During the year, a total of key management personnel compensation of £ 639,678 (2024 - £ 627,717 ) was paid.

NA CURTAIN WALLING LIMITED (REGISTERED NUMBER: 04445465) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

21. | ULTIMATE CONTROLLING PARTY

| The controlling party is NA Curtain Walling Holdings Limited.

| The ultimate controlling party is Mr N A Bird.

| The smallest and largest group in which the results of the Company and its group are consolidated is that of NA Curtain Walling Holdings Limited (registered office address Larch House, Parklands Business Park, Forest Road, Denmead, Hampshire, England, PO7 6XP). The consolidated financial statements may be obtained from Larch House, Parklands Business Park, Forest Road, Denmead, Hampshire, England, PO7 6XP.