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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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FURNESS HOLDINGS LIMITED
COMPANY INFORMATION
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FURNESS HOLDINGS LIMITED
CONTENTS
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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.
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.
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FURNESS HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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
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.
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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.
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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.
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.
The directors who served during the year were:
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.
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.
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FURNESS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
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.
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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.
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FURNESS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURNESS HOLDINGS LIMITED
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 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.
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FURNESS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURNESS HOLDINGS LIMITED (CONTINUED)
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.
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.
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.
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FURNESS HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FURNESS HOLDINGS LIMITED (CONTINUED)
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.
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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.
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.
for and on behalf of
Statutory Auditor
Carlyle House
78 Chorley New Road
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FURNESS HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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FURNESS HOLDINGS LIMITED
REGISTERED NUMBER: 04482537
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 July 2026.
The notes on pages 18 to 37 form part of these financial statements.
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FURNESS HOLDINGS LIMITED
REGISTERED NUMBER: 04482537
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 37 form part of these financial statements.
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