REGISTERED NUMBER: 02851575 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2025

for

STAIRWAYS (HOLDINGS) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

Mr N C Stevens

K J Wood

SECRETARY:

K J Wood

REGISTERED OFFICE:

Southam Drive

Southam

Warwickshire

CV470FA

REGISTERED NUMBER:

02851575 (England and Wales)

SENIOR STATUTORY AUDITOR:

Adele Lawton

AUDITORS:

Lawton Bradford Accountants Ltd

Chartered Certified Accountants and

Statutory Auditors

7 Marconi Gate

Stafford

Staffordshire

ST18 0FZ

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

REVIEW OF BUSINESS

The Directors are satisfied with the 2025 performance of the group and have continued optimism for 2026, turnover saw a 10% increase compared with 2024 although it has been a challenging thought-provoking year. Raw material cost were steady throughout the year, however increased labour and utility costs have contributed to reduced gross margin and profitability. Pipeline has seen an improvement going into 2026 however with the interest rate remaining high and new build house sales remaining low the construction industry has endured a challenging few years. The government incentives introduced will see an improvement in demand across the industry and we are confident our strategies will continue to increase our market share.

As important as ever, the group remains a strong advocator of KPI's which are deployed to monitor and manage the daily operations, as well as provide the business with clear direction and benchmarks when assessing annual performance, growth, profitability and returns on investments. Non-financial performance indicators are percentage measures for customer growth, movements in customer accounts and debtor days.

The Directors are realistic about 2026 performance and are looking to mitigate risk by increasing due diligence with new and existing customers, regular supplier reviews, investment in employees and maintaining our reputable high-quality service and product delivery.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks identified by the directors are credit risk. The company manages these risks by trading with creditworthy customers and financing its operations through retained profits.

Reputation, competition and market conditions risks are managed by continuous improvement and innovation, ensuring we deliver on quality and service securing new and recurring contracts. The current economic climate creates uncertainty that could potentially impact on the level of demand whilst this presents a risk to the business the directors will continue to closely monitor the position as the implications become more known to ensure that the group will continue to trade successfully.

Recruitment and employee retention risks are managed by employee engagement, continuous training and ensuring a safe working environment. Employee initiatives are explored on a regular basis as well as benchmarking salaries to ensure we remain competitive.

ON BEHALF OF THE BOARD:

K J Wood - Director

13 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the manufacture of timber and joinery products for the construction industry

The principal activities of the company continued to be that of a holding company and property management company.

DIVIDENDS

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

RESEARCH AND DEVELOPMENT

The group carries out research and development with the aim of modernising and stream lining the sales systems and processes for the bespoke products manufactured.

FUTURE DEVELOPMENTS

The group continues to develop its strategy of researching the availability and feasibility of new building materials and the development of the manufacturing processes with the aim to improve quality and subsequently profitability.

The directors remain confident that the strategy implemented to increase sales and improve profitability will have a positive effect and are committed to invest into its continued success.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr N C Stevens

K J Wood

FINANCIAL INSTRUMENTS

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

Credit risk arises from customers failing to meet their obligation under contracts of sale to pay. In order to minimise this risk, deferred terms are only granted to those customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. The company also maintains strong relationships with its key customers through its sales team.

Creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Lawton Bradford Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K J Wood - Director

13 July 2026

Opinion

We have audited the financial statements of Stairways (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

- We obtain an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

- We obtain an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance.

- Identify which laws and regulations are of significance in the context of the entity;

- We obtain an understanding of the entity’s risk assessment process, including the risk of fraud;

- We assess the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur;

- Identify and test unusual or unexpected journal entries;

- Use Data Analytics to review the client data for unusual trends/anomalies;

- Evaluate the assumptions and judgements used by management within significant accounting estimates and assess if these indicate evidence of management bias;

- Test significant transactions, in particular evaluate the business rationale for any which appear unusual or outside the company’s normal course of business;

- Review the financial statements and test the disclosures against supporting documentation;

- Communicate relevant matters (including those above) to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these.

In order to ascertain the above and relative to the specific risks identified, the procedures followed included:

Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;

Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

Review of financial statement disclosures and test to supporting documentation to assess compliance with applicable laws and regulations.

Perform audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Adele Lawton (Senior Statutory Auditor)

for and on behalf of Lawton Bradford Accountants Ltd

Chartered Certified Accountants and

Statutory Auditors

7 Marconi Gate

Stafford

Staffordshire

ST18 0FZ

13 July 2026

TURNOVER

3

10,156,284

9,248,588

Cost of sales

6,754,765

5,894,960

GROSS PROFIT

3,401,519

3,353,628

Administrative expenses

3,370,245

3,326,298

31,274

27,330

Other operating income

4

261,570

253,834

OPERATING PROFIT

6

292,844

281,164

Interest receivable and similar income

139,694

205,946

432,538

487,110

Gain/loss on revaluation of assets

80,025

530,305

512,563

1,017,415

Interest payable and similar expenses

7

4,224

7,323

PROFIT BEFORE TAXATION

508,339

1,010,092

Tax on profit

8

160,730

139,989

PROFIT FOR THE FINANCIAL YEAR

347,609

870,103

Profit attributable to:

Owners of the parent

334,907

857,058

Non-controlling interests

12,702

13,045

347,609

870,103

PROFIT FOR THE YEAR

347,609

870,103

OTHER COMPREHENSIVE INCOME

Revaluation of property

-

(261,022

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

(261,022

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

347,609

609,081

Total comprehensive income attributable to:

Owners of the parent

334,907

596,037

Non-controlling interests

12,702

13,044

347,609

609,081

FIXED ASSETS

Intangible assets

11

173,326

346,652

Tangible assets

12

5,293,579

5,499,333

Investments

13

2

2

Investment property

14

4,264,192

4,264,192

9,731,099

10,110,179

CURRENT ASSETS

Stocks

15

972,967

776,400

Debtors

16

1,708,787

1,499,170

Investments

17

1,211,721

1,131,696

Cash at bank and in hand

4,478,023

4,192,503

8,371,498

7,599,769

CREDITORS

Amounts falling due within one year

18

1,035,632

942,340

NET CURRENT ASSETS

7,335,866

6,657,429

TOTAL ASSETS LESS CURRENT LIABILITIES

17,066,965

16,767,608

PROVISIONS FOR LIABILITIES

20

950,387

998,639

NET ASSETS

16,116,578

15,768,969

CAPITAL AND RESERVES

Called up share capital

21

1,000

1,000

Revaluation reserve

22

3,112,386

3,223,631

Retained earnings

22

11,797,971

11,351,819

SHAREHOLDERS' FUNDS

14,911,357

14,576,450

NON-CONTROLLING INTERESTS

23

1,205,221

1,192,519

TOTAL EQUITY

16,116,578

15,768,969

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2026 and were signed on its behalf by:

Mr N C Stevens - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

5,189,704

5,445,215

Investments

13

82

82

Investment property

14

4,264,192

4,264,192

9,453,978

9,709,489

CURRENT ASSETS

Debtors

16

1,525,656

884,190

Cash at bank

52,929

71,233

1,578,585

955,423

CREDITORS

Amounts falling due within one year

18

318,718

343,354

NET CURRENT ASSETS

1,259,867

612,069

TOTAL ASSETS LESS CURRENT LIABILITIES

10,713,845

10,321,558

PROVISIONS FOR LIABILITIES

20

924,383

985,110

NET ASSETS

9,789,462

9,336,448

CAPITAL AND RESERVES

Called up share capital

21

1,000

1,000

Revaluation reserve

22

3,112,386

3,223,631

Retained earnings

22

6,676,076

6,111,817

SHAREHOLDERS' FUNDS

9,789,462

9,336,448

Company's profit for the financial year

453,014

971,372

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2026 and were signed on its behalf by:

Mr N C Stevens - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

1,000

10,975,743

3,039,671

Changes in equity

Dividends

-

(36,000

)

-

Total comprehensive income

-

412,076

183,960

Balance at 31 December 2024

1,000

11,351,819

3,223,631

Changes in equity

Total comprehensive income

-

446,152

(111,245

)

Balance at 31 December 2025

1,000

11,797,971

3,112,386

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2024

14,016,414

1,179,475

15,195,889

Changes in equity

Dividends

(36,000

)

-

(36,000

)

Total comprehensive income

596,036

13,044

609,080

Balance at 31 December 2024

14,576,450

1,192,519

15,768,969

Changes in equity

Total comprehensive income

334,907

12,702

347,609

Balance at 31 December 2025

14,911,357

1,205,221

16,116,578

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

1,000

5,621,427

3,039,671

8,662,098

Changes in equity

Dividends

-

(36,000

)

-

(36,000

)

Total comprehensive income

-

526,390

183,960

710,350

Balance at 31 December 2024

1,000

6,111,817

3,223,631

9,336,448

Changes in equity

Total comprehensive income

-

564,259

(111,245

)

453,014

Balance at 31 December 2025

1,000

6,676,076

3,112,386

9,789,462

Cash flows from operating activities

Cash generated from operations

1

568,684

394,573

Interest paid

(4,224

)

(7,323

)

Tax paid

(343,720

)

(269,550

)

Net cash from operating activities

220,740

117,700

Cash flows from investing activities

Purchase of tangible fixed assets

(74,914

)

(371,192

)

Sale of fixed asset investments

-

(100

)

Interest received

139,694

205,946

Net cash from investing activities

64,780

(165,346

)

Cash flows from financing activities

Amount withdrawn by directors

-

(110,000

)

Equity dividends paid

-

(36,000

)

Net cash from financing activities

-

(146,000

)

Increase/(decrease) in cash and cash equivalents

285,520

(193,646

)

Cash and cash equivalents at beginning of year

2

4,192,503

4,386,149

Cash and cash equivalents at end of year

2

4,478,023

4,192,503

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

31.12.25

31.12.24

£

£

Profit before taxation

508,339

1,010,092

Depreciation charges

453,993

459,231

Loss on disposal of fixed assets

-

100

Gain on revaluation of fixed assets

(80,025

)

(530,305

)

Finance costs

4,224

7,323

Finance income

(139,694

)

(205,946

)

746,837

740,495

Increase in stocks

(196,567

)

(68,236

)

(Increase)/decrease in trade and other debtors

(209,616

)

147,127

Increase/(decrease) in trade and other creditors

228,030

(424,813

)

Cash generated from operations

568,684

394,573

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

4,478,023

4,192,503

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

4,192,503

4,386,149

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

4,192,503

285,520

4,478,023

4,192,503

285,520

4,478,023

Liquid resources

Current asset investments

1,131,696

80,025

1,211,721

1,131,696

80,025

1,211,721

Total

5,324,199

365,545

5,689,744

1.	STATUTORY INFORMATION

Stairways (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in profit or loss from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirers interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted b the group. Non-controlling interest in the net assets of consolidated subsidiaries are identified separately from the group's equity therein.

The companies subsidiaries MDF Profiles Limited, Brankbrook Limited and Pastrad Limited are not included in these group financial statements as the exemption relating to the exclusion of dormant companies has been claimed under S477 and S479A of the Companies Act 2006.

Pastrad Limited was dissolved at Companies House on 30 April 2024.

Significant judgements and estimates

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. Management considers that certain accounting assumptions relating to investments and provisions are its critical accounting policies.