Pearl Window Systems (Group) Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 13190370

Pearl Window Systems (Group) Limited

Financial Statements

31 December 2025

Pearl Window Systems (Group) Limited

Financial Statements

Year ended 31 December 2025

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of income and retained earnings	9

Company statement of income and retained earnings	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of cash flows	13

Notes to the financial statements	14

Pearl Window Systems (Group) Limited

Strategic Report

Year ended 31 December 2025

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

Fair review of the business

The group has had another successful year as a result of a continued increase in turnover. The new build sector of the market has continued to produce increased levels of sales and it is anticipated that this will continue during this current accounting year. The directors have continued the group's investment and development programme in order to further strengthen growth. The group has made further investment in bespoke information technology systems, operational tracking and bespoke portals in order to establish a full vertically integrated system streamlining controls across the business. The group continues to benefit from a dedicated stable management structure complimented by a long term experienced work force. In addition, the group has developed their own "Continues Improvement Team" to help produce further efficiencies in the production and distribution facilities in order to contribute to further growth. The directors are committed to further development of the group's existing client base and new build division. It operates from three main locations which facilitate efficiencies in the manufacture and distribution of the group's products throughout the UK. The directors anticipate that there will continue to be increased levels of demand for the group's products during this current year.

Results

The group made a pre tax profit of £1,148,717 (2024: £942,691) for the year from a turnover of £23,047,490 (2024: £20,199,756). At 31 December 2025 the group had net assets of £4,670,613 (2024: £3,760,804).

Principal risks and uncertainties

The principal risks and uncertainties facing the group relate to uncertainties in the general economic climate in the UK and more specifically in the construction sector. In order to minimise the risk of the above to the group, the directors continue to invest significantly in its manufacturing facilities in order to both create and maintain high levels of efficiency in its production processes. Financial risk management: The group addresses risks at periodic board meetings and where relevant seeks to limit the adverse effects on the financial performance of the group. Liquidity risk: The group is funded through its retained earnings and borrowings. The directors regularly carry out cash flow projections to ensure that liquidity risk is minimised and that funds are always available for continuing operations. Credit risk: The group has policies in place to ensure that credit checks are undertaken on all new customers. Credit verification procedures are undertaken on all customers who require credit terms and outstanding balances are reviewed constantly to mitigate credit risk exposure. Provision is made for doubtful debts where necessary. Foreign exchange risk: The group is not exposed to any significant foreign exchange risk as all invoicing is in sterling.

Key performance indicators

The delivery of the group's strategic objectives is monitored by the directors through Key Performance Indicators and the periodic review of various aspects of the group's operations. The directors consider the following Key Performance Indicators as appropriate measures for the delivery of its corporate strategy. Financial Definition Sales Revenue Growth in sales revenue and strength of the group's market position. Operating Profit The continued growth of operating profits which allow the group to continue to invest in its facilities.

This report was approved by the board of directors on 26 June 2026 and signed on behalf of the board by:

J H Walsh

Director

Registered office:

Alex House

260-268 Chapel Street

Salford

England

M3 5JZ

Pearl Window Systems (Group) Limited

Directors' Report

Year ended 31 December 2025

The directors present their report and the financial statements of the group for the year ended 31 December 2025 .

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the group is that of manufacturing window and home improvement systems.

Directors

The directors who served the company during the year were as follows:

J H Walsh
A Holliday
S A French

Dividends

The directors do not recommend the payment of a dividend.

Future developments

The group intends to make further investment in its production, storage and distribution facilities as part of its rolling capital investment programme. This will enhance the manufacturing capacity of the group and will allow it to maintain the efficient level of service provided to customers.

Financial instruments

The directors consider that the group only has limited exposure to the various aspects of financial risk and it does not enter into any non basic contracts as there is no requirement for this within its trade. The group's revenue is invoiced in sterling and all its operational costs arise within the United Kingdom.

Directors' responsibilities statement

The directors are responsible for preparing the directors' report 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 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 judgments 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 group's transactions and disclose with reasonable accuracy at any time the financial position of 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure to auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 26 June 2026 and signed on behalf of the board by:

J H Walsh

Director

Registered office:

Alex House

260-268 Chapel Street

Salford

England

M3 5JZ

Pearl Window Systems (Group) Limited

Independent Auditor's Report to the Members of Pearl Window Systems (Group) Limited

Year ended 31 December 2025

Opinion

We have audited the financial statements of Pearl Window Systems (Group) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, 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 directors' responsibilities statement, 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's 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 the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: - obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; - inquired of management and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; - discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures. The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and testing a sample of revenue transactions recorded in the year to determine whether revenue had been recorded correctly. 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 auditor's report.

Use of our report

This report is made solely to the group'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 group'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 group and the group's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart Whitehead FCA

(Senior Statutory Auditor)

For and on behalf of

Edwards Veeder LLP

Chartered Accountants & Statutory Auditor

Alex House

260-268 Chapel Street

Salford

England

M3 5JZ

30 June 2026

Pearl Window Systems (Group) Limited

Consolidated Statement of Income and Retained Earnings

Year ended 31 December 2025

		2025	2024
Note		£	£
Turnover	4	23,047,490	20,199,756

Cost of sales	17,128,501	14,890,439
	-------------	-------------
Gross profit	5,918,989	5,309,317

Administrative expenses		4,469,781	4,073,453
Other operating income	5	20,423	–
		------------	------------
Operating profit	6	1,469,631	1,235,864

Other interest receivable and similar income	10	16,184	19,934
Interest payable and similar expenses	11	337,098	313,107
		------------	------------
Profit before taxation		1,148,717	942,691

Tax on profit	12	238,908	225,080
		------------	---------
Profit for the financial year and total comprehensive income		909,809	717,611
		------------	---------

Retained earnings at the start of the year	3,750,804	3,033,193
	------------	------------
Retained earnings at the end of the year	4,660,613	3,750,804
	------------	------------

All the activities of the group are from continuing operations.

Pearl Window Systems (Group) Limited

Company Statement of Income and Retained Earnings

Year ended 31 December 2025

	2025	2024
Note	£	£
Profit for the financial year and total comprehensive income	74,356	63,075
Retained losses at the start of the year	( 99,216)	( 162,291)
	--------	---------
Retained losses at the end of the year	( 24,860)	( 99,216)
	--------	---------

Pearl Window Systems (Group) Limited

Consolidated Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	13	4,992,634	5,321,818
Tangible assets	14	2,650,113	2,538,513
		------------	------------
		7,642,747	7,860,331

Current assets

Stocks	16	777,282	820,420
Debtors	17	3,828,873	2,921,984
Cash at bank and in hand		416,098	390,315
		------------	------------
		5,022,253	4,132,719

Creditors: amounts falling due within one year	19	6,445,501	4,276,604
		------------	------------
Net current liabilities		1,423,248	143,885
		------------	------------
Total assets less current liabilities		6,219,499	7,716,446

Creditors: amounts falling due after more than one year	20	1,072,056	3,651,769

Provisions	22	476,830	303,873
		------------	------------
Net assets		4,670,613	3,760,804
		------------	------------

Capital and reserves

Called up share capital	25	10,000	10,000
Profit and loss account	26	4,660,613	3,750,804
		------------	------------
Shareholders funds		4,670,613	3,760,804
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 26 June 2026 , and are signed on behalf of the board by:

J H Walsh	A Holliday
Director	Director

S A French
Director

Company registration number: 13190370

Pearl Window Systems (Group) Limited

Company Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Investments	15	9,150,000	9,150,000

Current assets

Debtors	17	100,000	4,191
Cash at bank and in hand		65,351	87,002
		---------	--------
		165,351	91,193

Creditors: amounts falling due within one year	19	9,330,211	7,082,909
		------------	------------
Net current liabilities		9,164,860	6,991,716
		------------	------------
Total assets less current liabilities		( 14,860)	2,158,284

Creditors: amounts falling due after more than one year	20	–	2,247,500
		--------	------------
Net liabilities		( 14,860)	( 89,216)
		--------	------------

Capital and reserves

Called up share capital	25	10,000	10,000
Profit and loss account	26	( 24,860)	( 99,216)
		--------	--------
Shareholders deficit		( 14,860)	( 89,216)
		--------	--------

The profit for the financial year of the parent company was £ 74,356 (2024: £ 63,075 ).

These financial statements were approved by the board of directors and authorised for issue on 26 June 2026 , and are signed on behalf of the board by:

J H Walsh	A Holliday
Director	Director

S A French
Director

Company registration number: 13190370

Pearl Window Systems (Group) Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2025

	2025	2024
Note	£	£

Cash flows from operating activities

Profit for the financial year	909,809	717,611

Adjustments for:
Depreciation of tangible assets	431,271	338,038
Amortisation of intangible assets	329,184	329,185
Other interest receivable and similar income	( 16,184)	( 19,934)
Interest payable and similar expenses	337,098	313,107
Loss on disposal of tangible assets	28,186	5,449
Tax on profit	238,908	225,080
Accrued expenses/(income)	26,769	( 93,949)

Changes in:
Stocks	43,138	( 21,002)
Trade and other debtors	( 906,889)	( 1,127,900)
Trade and other creditors	( 200,201)	674,956
	------------	------------
Cash generated from operations	1,221,089	1,340,641

Interest paid	( 337,098)	( 313,107)
Interest received	16,184	19,934
Tax paid	( 43,983)	( 179,729)
	------------	------------
Net cash from operating activities	856,192	867,739
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 596,055)	( 1,009,980)
Proceeds from sale of tangible assets	24,998	6,000
	------------	------------
Net cash used in investing activities	( 571,057)	( 1,003,980)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	( 249,579)	( 2,095,724)
Payments of finance lease liabilities	( 120,739)	713,085
	------------	------------
Net cash used in financing activities	( 370,318)	( 1,382,639)
	------------	------------

Net decrease in cash and cash equivalents		( 85,183)	( 1,518,880)
Cash and cash equivalents at beginning of year		24,575	1,543,455
		--------	------------
Cash and cash equivalents at end of year	18	( 60,608)	24,575
		--------	------------

Pearl Window Systems (Group) Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

Pearl Window Systems (Group) Limited is a private company limited by shares, registered in England and Wales. The address of the registered office is Alex House, 260-268 Chapel Street, Salford, England, M3 5JZ (Company registration number: 13190370 ). The group consists of Pearl Window Systems (Group) Limited and all its subsidiaries.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the group.

Going concern

The directors have a reasonable expectation that the group has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Pearl Window Systems (Group) Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful life of fixed assets In making decisions regarding the depreciation of non current assets, management must estimate the useful life of said assets to the business. A change in estimate would result in a change in the depreciation charged to profit and loss in each year. The carrying amount of depreciation at the end of 31st December 2025 is £1,113,472 (2024: £789,311).

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life which is 20 years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Straight line over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	15% reducing balance
Fixtures and Office Equipment	-	15% reducing balance
Commercial Vehicles	-	15% reducing balance
Motor Vehicles	-	15% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost or net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress Work in progress is valued on the basis of direct costs plus attributable overheads and an element of profit based on a normal level of activity. Provisions are made for any foreseeable losses where appropriate.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest on the assets of the company after deducting all of its liabilities. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	23,047,490	20,199,756
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Rental income	20,423	–
	--------	----

6. Operating profit

Operating profit or loss is stated after charging:

	2025	2024
	£	£
Amortisation of intangible assets	329,184	329,185
Depreciation of tangible assets	431,271	338,038
Loss on disposal of tangible assets	28,186	5,449
Impairment of trade debtors	38,223	1,749
Operating lease rentals	313,473	214,521
	---------	---------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	61,450	58,075
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	119	93
Administrative staff	30	29
Management staff	3	3
	----	----
	152	125
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	4,975,004	4,355,292
Social security costs	555,751	371,158
Other pension costs	87,963	72,201
	------------	------------
	5,618,718	4,798,651
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	613,460	579,013
Company contributions to defined contribution pension plans	3,963	3,963
	---------	---------
	617,423	582,976
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	3	3
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	205,508	194,708
	---------	---------

10. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	16,184	19,934
	--------	--------

11. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	39,769	60,149
Interest on obligations under finance leases and hire purchase contracts	117,533	73,162
Other interest payable and similar charges	179,796	179,796
	---------	---------
	337,098	313,107
	---------	---------

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	335,967	283,544
Adjustments in respect of prior periods	( 270,016)	( 94,719)
	---------	---------
Total current tax	65,951	188,825
	---------	---------

Deferred tax:

Origination and reversal of timing differences	172,957	36,255
	---------	---------
Tax on profit	238,908	225,080
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	1,148,717	942,691
	------------	---------
Profit on ordinary activities by rate of tax	369,476	317,969
Adjustment to tax charge in respect of prior periods	( 270,016)	( 94,719)
Effect of expenses not deductible for tax purposes	3,268	1,830
Effect of capital allowances and depreciation	( 36,777)	( 109,128)
Unused tax losses	–	72,873
Other tax adjustment to increase/(decrease) tax liability	172,957	36,255
	------------	---------
Tax on profit	238,908	225,080
	------------	---------

13. Intangible assets

Group	Goodwill
	£
Cost
At 1 January 2025 and 31 December 2025	6,583,692
	------------
Amortisation
At 1 January 2025	1,261,874
Charge for the year	329,184
	------------
At 31 December 2025	1,591,058
	------------
Carrying amount
At 31 December 2025	4,992,634
	------------
At 31 December 2024	5,321,818
	------------

The company has no intangible assets.

14. Tangible assets

Group	Plant and Machinery	Fixtures and Fittings	Commercial Vehicles	Motor Vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2025	1,734,747	207,827	764,508	620,742	3,327,824
Additions	59,767	87,741	374,539	74,008	596,055
Disposals	( 84,999)	–	( 75,295)	–	( 160,294)
	------------	---------	------------	---------	------------
At 31 December 2025	1,709,515	295,568	1,063,752	694,750	3,763,585
	------------	---------	------------	---------	------------
Depreciation
At 1 January 2025	623,771	58,205	35,624	71,711	789,311
Charge for the year	173,062	25,749	144,463	87,997	431,271
Disposals	( 72,910)	–	( 34,200)	–	( 107,110)
	------------	---------	------------	---------	------------
At 31 December 2025	723,923	83,954	145,887	159,708	1,113,472
	------------	---------	------------	---------	------------
Carrying amount
At 31 December 2025	985,592	211,614	917,865	535,042	2,650,113
	------------	---------	------------	---------	------------
At 31 December 2024	1,110,976	149,622	728,884	549,031	2,538,513
	------------	---------	------------	---------	------------

The company has no tangible assets.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Plant and Machinery	Fixtures and Fittings	Commercial Vehicles	Motor Vehicles	Total
	£	£	£	£	£
At 31 December 2025	445,724	50,281	839,177	535,042	1,870,224
	---------	--------	---------	---------	------------
At 31 December 2024	509,235	59,154	696,028	549,031	1,813,448
	---------	--------	---------	---------	------------

15. Investments

The group has no investments.

Company	Shares in group companies
	£
Cost
At 1 January 2025 and 31 December 2025	9,150,000
	------------
Impairment
At 1 January 2025 and 31 December 2025	–
	------------

Carrying amount
At 1 January 2025 and 31 December 2025	9,150,000
	------------
At 31 December 2024	9,150,000
	------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

Subsidiary undertakings		Nature of business	Class of share	Proportion of voting rights and shares held

Pearl Window Systems Limited		Manufacture of home improvement products	Ordinary	100%

Pearl Glazing Systems Limited		Hire of plant and equipment	Ordinary	100%

Pearl Window Systems (UK) Limited		Sale of home improvement products	Ordinary	100%

The registered office address of each subsidiary undertaking is Alex House 260-268 Chapel Street, Salford, England, M3 5JZ.

16. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Raw materials and consumables	561,471	611,534	–	–
Work in progress	215,811	208,886	–	–
	---------	---------	----	----
	777,282	820,420	–	–
	---------	---------	----	----

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	3,289,474	2,463,969	–	–
Prepayments and accrued income	439,399	453,824	–	–
Other debtors	100,000	4,191	100,000	4,191
	------------	------------	---------	-------
	3,828,873	2,921,984	100,000	4,191
	------------	------------	---------	-------

18. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2025	2024
	£	£
Cash at bank and in hand	416,098	390,315
Bank overdrafts	( 476,706)	( 365,740)
	---------	---------
	( 60,608)	24,575
	---------	---------

19. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	726,706	615,740	–	–
Trade creditors	2,442,781	2,664,817	–	–
Amounts owed to group undertakings	–	–	7,033,998	7,033,998
Accruals and deferred income	100,708	73,939	275	417
Corporation tax	55,145	33,177	20,413	21,025
Social security and other taxes	456,406	434,571	15,705	15,149
Obligations under finance leases and hire purchase contracts	403,935	442,040	–	–
Director loan accounts	3,330	3,330	3,330	3,330
Other creditors	2,256,490	8,990	2,256,490	8,990
	------------	------------	------------	------------
	6,445,501	4,276,604	9,330,211	7,082,909
	------------	------------	------------	------------

The bank borrowings are secured by a charge on all the assets of Pearl Window Systems Limited dated 26 February 2021. In addition, cross-company guarantees have been provided by Pearl Window Systems (Group) Limited , Pearl Window Systems (UK) Limited, Pearl Glazing Systems Limited and Pearl Window Systems New Build Division Limited.

The outstanding balance on hire purchase contracts is secured on the assets subject to the hire purchase finance.

The aggregate amount of creditors due within one year for which security was given amounted to £1,130,641 (2024: £1,057,780).

20. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	21,547	271,126	–	–
Obligations under finance leases and hire purchase contracts	1,050,509	1,133,143	–	–
Other creditors	–	2,247,500	–	2,247,500
	------------	------------	----	------------
	1,072,056	3,651,769	–	2,247,500
	------------	------------	----	------------

The bank borrowings are secured by a charge on all the assets of Pearl Window Systems Limited dated 26 February 2021. In addition, cross-company guarantees have been provided by Pearl Window Systems (Group) Limited , Pearl Window Systems (UK) Limited, Pearl Glazing Systems Limited and Pearl Window Systems New Build Division Limited.

The outstanding balance on hire purchase contracts is secured on the assets subject to the hire purchase finance.

The aggregate amount of creditors due within one year for which security was given amounted to £1,130,641 (2024: £1,057,780).

21. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	498,918	526,799	–	–
Later than 1 year and not later than 5 years	1,128,032	1,234,679	–	–
	------------	------------	----	----
	1,626,950	1,761,478	–	–
Less: future finance charges	( 172,506)	( 186,295)	–	–
	------------	------------	----	----
Present value of minimum lease payments	1,454,444	1,575,183	–	–
	------------	------------	----	----

22. Provisions

Group	Deferred tax (note 23)
	£
At 1 January 2025	303,873
Additions	172,957
	---------
At 31 December 2025	476,830
	---------

The company does not have any provisions.

23. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 22)	476,830	303,873	–	–
	---------	---------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	476,830	303,873	–	–
	---------	---------	----	----

24. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 87,963 (2024: £ 72,201 ).

25. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
A Ordinary shares of £ 1 each	2,500	2,500	2,500	2,500
B Ordinary shares of £ 1 each	7,500	7,500	7,500	7,500
	--------	--------	--------	--------
	10,000	10,000	10,000	10,000
	--------	--------	--------	--------

The A Ordinary shares of £1 each are non-redeemable, entitle the shareholders to receive a dividend and participate in a capital distribution. They entitle the shareholder to vote. The B Ordinary shares of £1 each are non-redeemable, entitle the shareholders to receive a dividend and participate in a capital distribution. They entitle the shareholder to vote.

26. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

27. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	334,640	293,795	–	–
Later than 1 year and not later than 5 years	1,318,137	1,175,180	–	–
Later than 5 years	611,677	904,728	–	–
	------------	------------	----	----
	2,264,454	2,373,703	–	–
	------------	------------	----	----

28. Contingencies

Pearl Window Systems (Group) Limited and its group companies Pearl Window Systems Limited, Pearl Glazing Systems Limited and Pearl Window Systems (UK) Limited and a company connected by common ownership, Pearl Window Systems New Build Division Limited, are subject to a cross-company guarantee in favour of the funders of Pearl Window Systems Limited. At 31 December 2025 the company had a contingent liability under this agreement amounting to £748,253 (2024: £886,866).

29. Related party transactions

Group

During the year, the group had transactions with a company connected by common ownership: - Sales of goods / rendered services: £5,504,858 (2024: £2,277,008) - Recharges: £123,952 (2024: £114,031) - Loans: £230,000 (2024: -£330,000) - Equipment hire: £248,000 (2024: £60,000) Transactions other than loans were provided on normal commercial terms and at market rates. At 31 December 2025 the group was owed £1,872,652 (2024: £1,179,340) by the connected company. No interest has been charged by the company in respect of the balance which is repayable on demand and classified as to £1,772,652 under trade debtors and £100,000 under other debtors. At 31 December 2025 the group owed £60,334 (2024: £125,808) to the connected company. No interest has been charged to the company in respect of the balance which is repayable on demand and classified under trade creditors. During the year, the group had transactions with shareholders: - Loan interest: £179,796 (2024: £179,796) At 31 December 2025 the group owed £2,247,500 (2024: £2,247,500) in unsecured loan notes to shareholders. These loan notes are repayable on the 26th February 2026, bear interest of 8% per annum and are classified under other creditors due within one year (2024: other creditors due after one year).