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Registered number: 04482537 FURNESS HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
FURNESS HOLDINGS LIMITED COMPANY INFORMATION
Directors | Mrs D M Chamberlain (resigned 25 November 2025)
| Mrs K W Diggle
Registered number | 04482537
Registered office | Carlyle House
| 78 Chorley New Road
| Bolton
Independent auditors | AAB Audit & Accountancy Limited
| Carlyle House
| 78 Chorley New Road
| Bolton
Bankers | Svenska Handelsbanken AB
| 6 The Courtyard
| Calvin Street
| Bolton
Solicitors | KBL Solicitors LLP
| New Mansion House
| 63-65 Chorley New Road
| Bolton
FURNESS HOLDINGS LIMITED CONTENTS
| Page
Group strategic report | 1 - 3
Directors' report | 4 - 5
Directors' responsibilities statement | 6
Independent auditors' report | 7 - 10
Consolidated statement of comprehensive income | 11
Consolidated statement of financial position | 12
Company statement of financial position | 13
Consolidated statement of changes in equity | 14
Company statement of changes in equity | 15
Consolidated statement of cash flows | 16 - 17
Notes to the financial statements | 18 - 37
FURNESS HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present the strategic report and financial statements for the year ended 31 December 2025. Despite another challenging year particularly in the new housebuilding marketplace which has seen very limited signs of growth and in which the group has significant business the directors are pleased with the results for 2025, the continued strength of the group and its viability for the future. Following a decision that the assets of the group should be transferred into an Employee Ownership Trust this transfer was successfully completed in November and the directors are confident that this new structure will allow the group to grow and develop in the future and for all staff to benefit from its future success. This change was momentous for the group and recognises the legacy of Roy Chamberlain who started the company in 1974 and who was always 100% employee focused.
Business review
During the year the Board of Directors and Senior Management team focused on key performance drivers and maintained the strong budgetary and cost control which are the cornerstones of the group’s continued success. Consistency and the group’s mantra of keeping things simple and with collaboration across all departments has allowed for significant system review particularly focused on customer service, communication and simplifying administrative functions. Many of our key functions are operational and people based but it is the directors intention that where processes can be simplified with the introduction of AI processes then these should be explored. Opportunities to extend our customer base in existing and new sectors remain a constant focus and with the increasing challenges to businesses working in the new house build industry our particular experience, financial strength and commitment to getting the job done right first time continues to position us as the number one choice for many of the national housebuilders. During 2025 turnover increased over 2024 reversing a prior year trend and margin levels were maintained. The very careful and skilful management of costs and expenditure allowed for a positive profit return with only exceptional items resulting from the group restructure detracting from an even more positive result. Capital investment remains on budget and during 2025 we saw the introduction of the first of our newly liveried and alternatively coloured delivery and installation vehicles with more vehicles on order for 2026 and beyond. We were particularly proud to be included in the IVECO Legacy publication which recognises key customer contributors to their presence and success in the UK over the last fifty years, The directors expect that 2026 will remain a challenge and are not anticipating any significant growth. They believe that results may be affected by inflationary pressures beyond their control but will continue to react swiftly and constructively to maintain the future viability of the group. Page 1
FURNESS HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
The group’s skilful management of risks will continue to be a focus at both board and management meetings and features on agendas for each monthly meeting of the directors and senior management team. Key areas for regular review are changes in key markets and client base, supplier capabilities and performance and the introduction of any new legislation which affects the group’s ability to trade and perform. As noted in last year’s report the group has continued to review both its high and low risk register and to discuss and deliberate on compliance and business continuity. Very detailed operational and predictable work plans ensures that all members of the team are fully engaged in this process and the use of these tools in their daily job functions. As noted in previous narrative the group continues to be encouraged by the loyalty of its customers and strong relationships with key personnel but recognise that levels of business are affected by the wider economy, inflationary pressures and equally in both the new housebuilding and refurbishment market by the squeeze on disposable income and the directors continue to be vigilant and ready to make swift decisions to change course if needed. Fortunately our unique UK wide coverage mitigates localised downturn in turnover and activity and whilst offering a country wide logistic service brings its own challenges we are committed to maintaining all areas of the UK as part of our offering. Fortunately, our supply chain remains robust in terms of our long standing and strong relationships with our key product suppliers and service providers and we work closely together to mitigate risk. Inflationary pressures particularly in respect of wage and salary provision, headline government intervention and the pressure on the market for the recruitment of quality staff to underpin growth and seasonal variation in levels of activity remain a significant challenge.
Development and performanc
The strategic plan for 2026 will focus on bedding in the new EOT structure and maximising the opportunities for all staff to benefit from the new structure but will be underpinned by detailed and carefully crafted and considered budgets. The new year will continue to be a period of consolidation and careful review of all aspects of the group’s core activity with an eye to the future and to ensure that progress to longer term aims and objectives are monitored. There are no major plans for expansion or significant diversification but the group does remain vigilant and prepared to respond to any significant opportunities which may arise. Any developments will be progressive and not revolutionary
Key performance indicators
The directors and senior managers continue to measure ultimate performance across wide ranging aspects of the group and the group’s list of high level KPIs are reviewed at monthly management and board meetings through a suite of carefully programmed reports although much information is automatically reported on a daily basis. The directors regard the following KPIs as key: ∙Daily order intake against budget & respective turnover against monthly budgets which follow through to financial statements ∙Cash flow and cash balances ∙Productivity figures for both our distribution and installation divisions ∙Full and detailed budget to actual analysis ∙Stock levels, stock availability and stock valuation ∙Staffing levels and long service commitments ∙Feedback from key customers at all levels The maturity of the business is one of its key strengths and overall the directors are extremely positive about the future of the group under its new Employee Ownership platform. Page 2
FURNESS HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
................................................ Mrs K W Diggle Director
Date: 7 July 2026
Page 3
FURNESS HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Principal activity
The principal activity of the company continued to be that of a holding company of a trading group. The principal activities of the subsidiaries are included in note 29 but the group operates largely through its main trading company Chamberlain Doors Ltd and in the specialist manufacture, distribution and installation of garage doors and related products on a fully national basis. The group also has a dormant subsidiary Auto-over Limited.
Results and dividends
The profit for the year, after taxation, amounted to £159,909 (2024 - £203,380). Ordinary dividends were paid amounting to £15,000. The directors do not recommend payment of a final dividend.
Directors
The directors who served during the year were:
Mrs D M Chamberlain (resigned 25 November 2025)
Mrs K W Diggle
Future developments
The directors intend that the group maintains its current level of business and are looking to capitalise on opportunities in the areas in which it is skilled and experienced in order that profitability may be improved.
Matters covered in the Group Strategic Report
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the group and principal risks and uncertainties.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information. Page 4
FURNESS HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
Auditors
The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ Mrs K W Diggle Director
Date: 7 July 2026
Page 5
FURNESS HOLDINGS LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
FURNESS HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURNESS HOLDINGS LIMITED
Opinion
We have audited the financial statements of FURNESS HOLDINGS LIMITED (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company'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; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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. Page 7
FURNESS HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURNESS HOLDINGS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group 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 Group 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 set out on page 6, 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. Page 8
FURNESS HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURNESS HOLDINGS LIMITED (CONTINUED)
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 an Auditors' 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 Group financial statements. 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 identified the greatest risk of material impact on the financial statements from irregularities including fraud to: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and health and safety legislation; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; and ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; and ∙enquiring of management as to actual and potential litigation and claims. Page 9
FURNESS HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURNESS HOLDINGS LIMITED (CONTINUED) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 Auditors' report.
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 an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Sarah Frith (Senior statutory auditor) for and on behalf of AAB Audit & Accountancy Limited Statutory Auditor Carlyle House 78 Chorley New Road Bolton 7 July 2026 Page 10
FURNESS HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 11,182,531 | 10,634,799
Cost of sales |  | (8,324,914) | (7,856,693)
Gross profit |  | 2,857,617 | 2,778,106
Distribution costs |  | (1,186,730) | (1,117,942)
Administrative expenses |  | (1,477,552) | (1,457,337)
Operating profit | 5 | 193,335 | 202,827
Interest receivable and similar income | 9 | 82,933 | 93,370
Interest payable and similar expenses | 10 | (20,252) | (22,745)
Other finance income |  | 536 | (1,767)
Profit before taxation |  | 256,552 | 271,685
Tax on profit | 11 | (96,643) | (68,305)
Profit for the financial year |  | 159,909 | 203,380
Profit for the year attributable to: |  |  |
Non-controlling interests |  | - | 7,486
Owners of the Parent Company |  | 159,909 | 195,894
|  | 159,909 | 203,380
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 18 to 37 form part of these financial statements.
Page 11
FURNESS HOLDINGS LIMITED REGISTERED NUMBER: 04482537 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 556,762 |  | 438,502
Investments | 15 |  | 16,089 |  | 15,553
Investment property | 16 |  | - |  | 200,000
|  |  | 572,851 |  | 654,055
Current assets |  |  |  |  |
Stocks | 17 | 119,685 |  | 131,416 |
Debtors: amounts falling due within one year | 18 | 1,919,840 |  | 1,792,793 |
Cash at bank and in hand |  | 3,471,803 |  | 4,032,902 |
|  | 5,511,328 |  | 5,957,111 |
Creditors: amounts falling due within one year | 19 | (2,503,647) |  | (2,753,258) |
Net current assets |  |  | 3,007,681 |  | 3,203,853
Total assets less current liabilities |  |  | 3,580,532 |  | 3,857,908
Creditors: amounts falling due after more than one year | 20 |  | (150,723) |  | (43,565)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 23 | (69,516) |  | (48,959) |
|  |  | (69,516) |  | (48,959)
Net assets |  |  | 3,360,293 |  | 3,765,384
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 10,500 |  | 10,000
Profit and loss account | 26 |  | 3,349,793 |  | 3,780,405
Equity attributable to owners of the Parent Company |  |  | 3,360,293 |  | 3,790,405
Non-controlling interests |  |  | - |  | (25,021)
|  |  | 3,360,293 |  | 3,765,384
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 July 2026.
................................................ Mrs K W Diggle
Director
The notes on pages 18 to 37 form part of these financial statements. Page 12
FURNESS HOLDINGS LIMITED REGISTERED NUMBER: 04482537 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 70,409 |  | 3,000
Investments | 15 |  | 10,001 |  | 9,501
Investment Property | 16 |  | - |  | 200,000
|  |  | 80,410 |  | 212,501
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 34,007 |  | 100,375 |
Cash at bank and in hand |  | 1,608,074 |  | 2,169,732 |
|  | 1,642,081 |  | 2,270,107 |
Creditors: amounts falling due within one year | 19 | (44,653) |  | (184,104) |
Net current assets |  |  | 1,597,428 |  | 2,086,003
Total assets less current liabilities |  |  | 1,677,838 |  | 2,298,504
Provisions for liabilities |  |  |  |  |
Deferred taxation | 23 | (421) |  | - |
|  |  | (421) |  | -
Net assets |  |  | 1,677,417 |  | 2,298,504
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 10,500 |  | 10,000
Profit and loss account brought forward |  | 2,288,504 |  | 2,334,852 |
Loss/(profit) for the year |  | (71,587) |  | 53,652 |
Dividends paid |  | - |  | (100,000) |
Capital contribution to EOT |  | (550,000) |  | - |
Profit and loss account carried forward |  |  | 1,666,917 |  | 2,288,504
|  |  | 1,677,417 |  | 2,298,504
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 July 2026.
................................................ Mrs K W Diggle
Director
The notes on pages 18 to 37 form part of these financial statements. Page 13

|  | FURNESS HOLDINGS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
|  | Called up share capital | Profit and loss account | Equity attributable to owners of Parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £
| At 1 January 2024 | 10,000 | 3,684,511 | 3,694,511 | (2,507) | 3,692,004
| Profit for the year | - | 195,894 | 195,894 | 7,486 | 203,380
| Dividends: Equity capital | - | (100,000) | (100,000) | (30,000) | (130,000)
| At 1 January 2025 | 10,000 | 3,780,405 | 3,790,405 | (25,021) | 3,765,384
| Profit for the year | - | 159,909 | 159,909 | - | 159,909
| Dividends: Equity capital | - | (15,000) | (15,000) | - | (15,000)
| Shares issued to acquire NCI | 500 | (25,521) | (25,021) | 25,021 | -
| Capital contribution to EOT | - | (550,000) | (550,000) | - | (550,000)
| At 31 December 2025 | 10,500 | 3,349,793 | 3,360,293 | - | 3,360,293
| The notes on pages 18 to 37 form part of these financial statements.
Page 14

FURNESS HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 10,000 | 2,334,852 | 2,344,852
Profit for the year | - | 53,652 | 53,652
Dividends: Equity capital | - | (100,000) | (100,000)
At 1 January 2025 | 10,000 | 2,288,504 | 2,298,504
Loss for the year | - | (71,587) | (71,587)
Capital contribution to EOT | - | (550,000) | (550,000)
Issue of share capital | 500 | - | 500
At 31 December 2025 | 10,500 | 1,666,917 | 1,677,417
| The notes on pages 18 to 37 form part of these financial statements.
Page 15
FURNESS HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 159,909 | 203,380
Adjustments for: |  |
Amortisation of intangible assets | - | 6,614
Depreciation of tangible assets | 241,387 | 280,947
Profit on disposal of tangible assets | (61,658) | (3,809)
Gift of shares | 500 | -
Interest paid | 20,252 | 22,745
Interest received | (82,228) | (93,370)
Taxation charge | 96,643 | 68,305
Decrease in stocks | 11,731 | 20,229
(Increase) in debtors | (127,047) | (86,914)
Fair value movement in investments | (536) | 1,767
(Decrease)/increase in creditors | (234,199) | 868,797
Dividends received | (705) | (645)
Corporation tax (paid) | (102,319) | (109,628)
Net cash generated from operating activities | (78,270) | 1,178,418
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (136,221) | (63,471)
Sale of tangible fixed assets | 83,740 | 30,000
Sale of investment properties | 200,000 | -
Interest received | 82,228 | 93,370
Dividends received | 705 | 645
Net cash from investing activities | 230,452 | 60,544
Page 16
FURNESS HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Issue of ordinary shares | (500) | -
Repayment of/new finance leases | (127,529) | (221,493)
Dividends paid | - | (100,000)
Capital contribution to EOT | (550,000) | -
Non-controlling interest dividends paid | (15,000) | (30,000)
Interest paid | (20,252) | (22,745)
Net cash used in financing activities | (713,281) | (374,238)
Net (decrease)/increase in cash and cash equivalents | (561,099) | 864,724
Cash and cash equivalents at beginning of year | 4,032,902 | 3,168,178
Cash and cash equivalents at the end of year | 3,471,803 | 4,032,902
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,471,803 | 4,032,902
| 3,471,803 | 4,032,902
The notes on pages 18 to 37 form part of these financial statements.
Page 17
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Furness Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Carlyle House, 78 Chorley New Road, Bolton. The group consists of Furness Holdings Limited and all of its subsidiaries. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Furness Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Carlyle House, 78 Chorley New Road, Bolton, BL1 4BY.
| 2.3 | Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Page 18
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Furness Holdings Limited together with all entities controlled by the parent company (its subsidiaries. All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
| 2.5 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group and the parent company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
| 2.6 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.7 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 19
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Leased assets: the Group as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
| 2.11 | Retirements benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Page 20
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.13 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases:
|  |  |  | Software | - | 20% | straight line
Page 21
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Land and buildings leasehold | - | Straight line over the remainder of the lease
|  |  |  | Plant and machinery | - | 25% straight line
|  |  |  | Motor vehicles | - | 25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.15 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.16 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.17 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 22
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.18 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.19 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at their transaction price including transactions costs and are subsequently carried at their amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 23
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
Basic financial liabilities 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 in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.20 | Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group. Page 24
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities 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 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Supply and distribution of garage doors | 11,182,531 | 10,634,799
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 304,086 | 279,023
| Depreciation of owned tangible fixed assets | 146,984 | 120,678
| Depreciation of tangible fixed assets held under finance leases | 94,403 | 160,269
| Profit on disposal of tangible fixed assets | (61,658) | (3,809)
| Amortisation of intangible assets | - | 6,614
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements | 8,500 | 8,300
| Fees payable to the Company's auditors in respect of: |  |
| The auditing of accounts of the subsidiaries of the Company | 16,500 | 14,851
| All non-audit services not included above | 1,103 | 1,074
Page 25
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 1,936,037 | 1,814,721 | 159,822 | 161,964
| Social security costs | 204,043 | 151,845 | 21,987 | 19,839
| Cost of defined contribution scheme | 45,775 | 45,253 | 11,000 | 12,000
|  | 2,185,855 | 2,011,819 | 192,809 | 193,803
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Administration | 11 | 13 | 2 | 2
|  | Sales and warehouse | 53 | 41 | - | -
|  |  | 64 | 54 | 2 | 2
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Remuneration for qualifying services | 189,821 | 186,266
| The directors are also considered to be the key management personnel.
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends received | 705 | 645
| Interest on bank deposits | 82,228 | 92,725
|  | 82,933 | 93,370
Page 26
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 6,899 | 5,004
| Finance leases and hire purchase contracts | 13,353 | 17,741
|  | 20,252 | 22,745
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 76,086 | 102,321
|  | 76,086 | 102,321
| Total current tax | 76,086 | 102,321
| Deferred tax |  |
| Origination and reversal of timing differences | 20,557 | (34,016)
| Total deferred tax | 20,557 | (34,016)
| Tax on profit | 96,643 | 68,305
Page 27
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 256,552 | 271,685
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 64,139 | 67,921
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,843 | 2,478
| Timing differences on capital allowances and depreciation | 29,661 | (1,933)
| Dividends from UK companies | - | (161)
| Total tax charge for the year | 96,643 | 68,305
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 15,000 | 100,000
Page 28
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Intangible assets
| Group
|  | Computer software
|  | £
| Cost |
| At 1 January 2025 | 154,691
| At 31 December 2025 | 154,691
| Amortisation |
| At 1 January 2025 | 154,691
| At 31 December 2025 | 154,691
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
| The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.
Page 29
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
| Group
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 59,134 | 405,171 | 1,123,752 | 1,588,057
| Additions | - | 39,051 | 342,679 | 381,730
| Disposals | - | - | (263,289) | (263,289)
| At 31 December 2025 | 59,134 | 444,222 | 1,203,142 | 1,706,498
| Depreciation |  |  |  |
| At 1 January 2025 | 59,134 | 270,280 | 820,141 | 1,149,555
| Charge for the year on owned assets | - | 41,546 | 199,841 | 241,387
| Disposals | - | - | (241,206) | (241,206)
| At 31 December 2025 | 59,134 | 311,826 | 778,776 | 1,149,736
| Net book value |  |  |  |
| At 31 December 2025 | - | 132,396 | 424,366 | 556,762
| At 31 December 2024 | - | 134,891 | 303,611 | 438,502
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 352,455 | 283,285
Page 30
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14.Tangible fixed assets (continued)
| Company
|  | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 | 75,601 | 78,933 | 154,534
| Additions | - | 81,491 | 81,491
| Disposals | - | (52,094) | (52,094)
| At 31 December 2025 | 75,601 | 108,330 | 183,931
| Depreciation |  |  |
| At 1 January 2025 | 75,601 | 75,933 | 151,534
| Charge for the year on owned assets | - | 14,082 | 14,082
| Disposals | - | (52,094) | (52,094)
| At 31 December 2025 | 75,601 | 37,921 | 113,522
| Net book value |  |  |
| At 31 December 2025 | - | 70,409 | 70,409
| At 31 December 2024 | - | 3,000 | 3,000
15. | Fixed asset investments
| Group
|  | Listed investments
|  | £
| Cost or valuation |
| At 1 January 2025 | 15,553
| Revaluations | 536
| At 31 December 2025 | 16,089
Page 31
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 9,501
| Additions | 500
| At 31 December 2025 | 10,001
16. | Investment property
| Group and Company
|  | Freehold investment property
|  | £
| At 1 January 2025 | 200,000
| Disposals | (200,000)
| At 31 December 2025 | -
17. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Finished goods and goods for resale | 119,685 | 131,416 | - | -
Page 32
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 1,679,175 | 1,548,818 | - | -
| Amounts owed by group undertakings | - | - | - | 30,000
| Other debtors | 146,701 | 134,649 | 1,793 | 15,000
| Prepayments and accrued income | 93,964 | 109,326 | 32,214 | 34,659
| Deferred taxation | - | - | - | 20,716
|  | 1,919,840 | 1,792,793 | 34,007 | 100,375
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 1,951,949 | 2,267,515 | - | -
| Amounts owed to group undertakings | - | - | 30,000 | -
| Corporation tax | 76,087 | 102,321 | 1 | 17,384
| Other taxation and social security | 44,549 | 44,944 | 6,152 | 14,456
| Net obligations under finance leases and hire purchase contracts | 110,575 | 99,753 | - | -
| Other creditors | 21,642 | 150,378 | - | 144,414
| Accruals and deferred income | 298,845 | 88,347 | 8,500 | 7,850
|  | 2,503,647 | 2,753,258 | 44,653 | 184,104
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Net obligations under finance leases and hire purchase contracts | 150,723 | 43,565
Page 33
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 110,575 | 99,753
| Between 1-5 years | 150,723 | 43,565
|  | 261,298 | 143,318
| Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Finance lease liabilities are secured against the assets to which they relate.
22. | Financial instruments
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Carrying amount of financial assets |  |
| Debt Instruments measured at amortised cost | 5,329,728 | 5,631,184
| Equity instruments measured at cost less impairment | 16,089 | 15,553
| Carrying amount of financial liabilities |  |
| Measured at amortised cost | 2,272,436 | 2,649,558
| Financial assets measured at fair value through profit or loss comprise of trade debtors, other debtors and cash at bank and in hand.
| Financial liabilities measured at fair value through profit or loss held as part of a trading portfolio comprise of trade creditors, accruals, hire purchase liabilities and other creditors.
As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of company only financial instruments. Page 34
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Deferred taxation
| Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
| Group
|  | 2025
|  | £
| At beginning of year | (48,959)
| Charged to profit or loss | (20,557)
| At end of year | (69,516)
| Company
|  | 2025
|  | £
| At beginning of year | 20,716
| Charged to profit or loss | (21,137)
| At end of year | (421)
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (69,516) | (48,959) | (421) | 20,716
|  | (69,516) | (48,959) | (421) | 20,716
24. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 10,500 (2024 - 10,000) Ordinary shares shares of £1.00 each | 10,500 | 10,000
During the year 500 £1 shares were issued Page 35
FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
25. | Retirement Benefit Schemes
| A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
26. | Reserves
Profit and loss account The profit and loss reserves represent total accumulated undistributed profit held.
27. | Commitments under operating leases
| At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 66,980 | 67,571
| Later than 1 year and not later than 5 years | 33,842 | 58,393
|  | 100,822 | 125,964
28. | Related party transactions
| Group Land and buildings at Scot Lane, Blackrod, are leased from the directors' pension fund at an annual rent of £184,050 (2024: £184,744). There was no balance outstanding at the year end (2024: £Nil). Company Loans owed to the company from the directors were fully paid in the year (2024: £144,414). No interest was paid on the loan. Immediate family members of directors of the company have received employee benefits of £11,000 (2024: £12,000) during the year.
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FURNESS HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
29. | Subsidiary undertakings
| Direct subsidiary undertakings
| The following were a direct subsidiary undertaking of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Chamberlain Doors Ltd. | Carlyle House, 78 Chorley New Road, Bolton | Supply and installation of garage doors | Ordinary | 100%
| Auto-Over Limited | Carlyle House, 78 Chorley New Road, Bolton | Dormant | Ordinary | 100%
| Indirect subsidiary undertaking
| The following was an indirect subsidiary undertaking of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Rollover Doors Limited | Carlyle House, 78 Chorley New Road, Bolton | Dormant | Ordinary | 100%
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