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Belgrade Insulations Limited Registered number: 01249578 Annual report and audited financial statements For the year ended 28 February 2026
BELGRADE INSULATIONS LIMITED COMPANY INFORMATION
Directors | R A Khan
| G A Fallon
| A M Khan
| P A Khan
| S McLean
| P J P Newman
Registered number | 01249578
Registered office | Unit 4
| Plantation Way
| Leeds
| West Yorkshire
| LS27 7FP
Independent auditor | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| 5th Floor
| 3 Wellington Place
| Leeds
| LS1 4AP
BELGRADE INSULATIONS LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditor's Report | 6 - 9
Statement of Comprehensive Income | 10
Statement of Financial Position | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 28
BELGRADE INSULATIONS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 28 FEBRUARY 2026
Introduction
The directors present their Strategic Report for the year ended 28 February 2026.
Principal Activity
The principal activity of the Company is the supply and wholesale of Insulation, Drylining and other associated building products to a variety of business types.
Business review
The Company has maintained tight controls over its overheads and working capital levels throughout the year and accordingly, despite the continuing challenging trading environment, the Company has been able to operate within its Bank facilities throughout the period and expects to be able to continue to do so for the foreseeable future.
Principal risks and uncertainties
The principal risk to the Company is demand from the UK construction industry. The industry continues to face significant uncertainty from both global and domestic headwinds which have a direct impact on UK monetary policy and ultimately UK growth. The Company works closely with its customers to meet and exceed customers' expectations and requirements, enabling them to work without fear of disruption. Prices are closely monitored and benchmarked and we engage with our suppliers to support us if possible. The Company has solid reporting systems and produces timely and accurate management information, which is regularly reviewed by the directors. Information systems are constantly reviewed and improved if it is felt they can add to the business. Financial risks are managed through internal management controls and by careful monitoring of sales and margins. Debtors and cash are closely monitored and vigorously pursued to ensure payments are made in accordance with terms.
Financial key performance indicators
The directors consider the financial KPI’s of the business to be: ∙Turnover; ∙Gross margin; ∙Operational costs; and ∙Cash flow including debt levels. These are monitored on a monthly basis and resultant actions are taken as and when necessary. In addition non-financial KPI’s are: ∙High standard of customer service; ∙Health & safety compliance; and ∙Environmental issues. - 1 -
BELGRADE INSULATIONS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026
Going concern
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the Company, its cash flows, liquidity position and borrowing facilities are also described in the Strategic Report. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt a going concern basis of accounting in preparing the annual financial statements. Economic impact of global events UK businesses are currently facing many uncertainties such as the consequences of Brexit, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine, the war in the Middle East and global tariff tensions. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment. Belgrade Insulations Limited continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
S172 Disclosures
The directors, in line with their duties under s172 of the Companies Act 2006, must act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its stakeholders as a whole and in doing so have regard to a range of matters including: ∙The likely consequences of any decisions in the long term; ∙The interests of the Company’s employees; ∙The need to foster the Company’s business relationships with suppliers, customers and others; ∙The impact of the Company’s operations on the community and the environment; ∙The desirability of the Company maintaining a reputation for high standards of business conduct; and ∙The need to act fairly between members of the Company. The following paragraphs summarise how the directors fulfil their duty to promote the success of the Company: Our people and values Our employees are fundamental to the delivery of our business goals. For our business to succeed we need to manage our people’s performance, develop and nurture talent, and listen and act on employee feedback. We have a comprehensive appraisal and development process in place to meet these needs. The health, safety and well-being of our employees is one of our primary considerations in the way we do business, reinforced through management performance objectives and visual notice boards and displays across all our operating sites. The Company is committed to being a responsible business. Our behaviours are aligned with the expectations of our people, customers, suppliers and society as a whole. We must also ensure we share common values that inform and guide our behaviours, so we achieve our business goals in the right way. - 2 -
BELGRADE INSULATIONS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026 Business relationships The strategy of the Company targets organic growth, driven by cross-selling and up-selling to existing customers alongside new customer acquisition. To do this we focus on developing and maintaining strong customer relationships, investing as time in developing our service offering as well as product ranges. We value all our suppliers, many of whom we have been in partnership with for over 10 years, and commit to engaging responsibly and fairly at all times. It is the policy of the Company to pay suppliers promptly to agreed terms. Community and environment The Company considers the impact of its operations on the community and environment, targeting sustainability and environmental improvements when implementing our operations. The Company participates in waste reduction and local recycling schemes in order to further benefit the environments in which we operate. Shareholders The Company is privately owned with all directors taking an active role in the strategy and objectives setting. Strategy is deployed through the Company via the annual budget setting process which seeks to promote the long-term growth and success of the business. This report was approved by the board on 30 July 2026 and signed on its behalf.
R A Khan Director
- 3 -
BELGRADE INSULATIONS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 28 FEBRUARY 2026 The directors present their report and the financial statements for the year ended 28 February 2026.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £461,762 (2025 - £1,198,605). Dividends declared during the year amounted to £390,000 (2025 - £2,595,263)
Directors
The directors who served during the year were:
R A Khan
G A Fallon
A M Khan
P A Khan
S McLean
P J P Newman
Engagement with suppliers, customers and others
Consideration of the engagement with suppliers, customers and others are discussed within the S172 statement within the Company's Strategic Report. - 4 -
BELGRADE INSULATIONS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2026
Future Developments
The Group remains focused on strengthening its position as a leading specialist wholesaler of insulation and drylining products within the UK construction market. While the macroeconomic environment presents ongoing challenges, the Directors are confident that the company's resilient business model, deep supply chain relationships, and technical expertise position it well for sustainable, long-term growth. Key strategic priorities and developments for the forthcoming financial year include: ∙Driving growth by expanding our customer portfolio in key growth sectors: Updates to UK building regulations and the legislative push toward remediation schemes are expected to sustain robust demand for energy-efficient and protective building materials. ∙Market Share Expansion: Actively exploring opportunities to expand our market share within the UK through organic growth with existing customers while identifying and working hard to win new customers alongside developing the market sectors we serve.
Energy and carbon reporting
The Carbon Reporting results are disclosed within the Parent Company, KAAM Holdings Limited's, financial statements. The Company has therefore taken the subsidiary exemption.
Matters covered in the Strategic Report
Certain information not shown in the Director's Report is shown in the Strategic Report instead in accordance with Section 414C(11) of the Companies Act 2006. This includes a business review, financial and non-financial KPIs and principal risks and uncertainties.
Disclosure of information to auditor
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's auditor is 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's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 30 July 2026 and signed on its behalf.
R A Khan Director
- 5 -
BELGRADE INSULATIONS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELGRADE INSULATIONS LIMITED Opinion We have audited the financial statements of Belgrade Insulations Limited (the '‘Company’') for the year ended 28 February 2026 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: ∙give a true and fair view of the state of the Company’s affairs as at 28 February 2026 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information 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. - 6 -
BELGRADE INSULATIONS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELGRADE INSULATIONS LIMITED 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. - 7 -
BELGRADE INSULATIONS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELGRADE INSULATIONS LIMITED Responsibilities of Directors As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, and health and safety regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006. - 8 -
BELGRADE INSULATIONS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELGRADE INSULATIONS LIMITED In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates, stock rebates, revenue recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of the audit 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed. Ashley Barraclough (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 5th Floor 3 Wellington Place Leeds LS1 4AP 30 July 2026 - 9 -
BELGRADE INSULATIONS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2026
| 2026 | 2025
Note | £ | £
Turnover | 4 | 72,308,577 | 75,929,647
Cost of sales |  | (56,603,584) | (59,334,108)
Gross profit |  | 15,704,993 | 16,595,539
Administrative expenses |  | (14,493,636) | (14,291,278)
Operating profit | 5 | 1,211,357 | 2,304,261
Interest payable and similar expenses | 9 | (515,788) | (615,680)
Profit before tax |  | 695,569 | 1,688,581
Tax on profit | 10 | (233,807) | (489,976)
Profit for the financial year |  | 461,762 | 1,198,605
There were no recognised gains and losses for 2026 or 2025 other than those included in the Statement of Comprehensive Income.
There was no other comprehensive income for 2026 (2025: £Nil).
The notes on pages 13 to 28 form part of these financial statements.
- 10 -
BELGRADE INSULATIONS LIMITED REGISTERED NUMBER: 01249578 STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 773,026 |  | 791,825
|  |  | 773,026 |  | 791,825
Current assets |  |  |  |  |
Stocks | 13 | 4,152,488 |  | 3,833,398 |
Debtors: amounts falling due within one year | 14 | 21,128,312 |  | 22,568,621 |
Cash at bank and in hand | 15 | 384,164 |  | 189,841 |
|  | 25,664,964 |  | 26,591,860 |
Creditors: amounts falling due within one year | 16 | (20,754,862) |  | (21,556,988) |
Net current assets |  |  | 4,910,102 |  | 5,034,872
Total assets less current liabilities |  |  | 5,683,128 |  | 5,826,697
Creditors: amounts falling due after more than one year | 17 |  | - |  | (200,000)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 |  | (85,916) |  | (101,247)
Net assets |  |  | 5,597,212 |  | 5,525,450
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 2 |  | 2
Capital redemption reserve | 21 |  | 12 |  | 12
Profit and loss account | 21 |  | 5,597,198 |  | 5,525,436
|  |  | 5,597,212 |  | 5,525,450
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2026.
R A Khan
Director
The notes on pages 13 to 28 form part of these financial statements. - 11 -
BELGRADE INSULATIONS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2026
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 March 2024 | 2 | 12 | 6,922,094 | 6,922,108
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,198,605 | 1,198,605
Total comprehensive income for the year | - | - | 1,198,605 | 1,198,605
Contributions by and distributions to owners |  |  |  |
Dividends | - | - | (2,595,263) | (2,595,263)
Total transactions with owners | - | - | (2,595,263) | (2,595,263)
At 1 March 2025 | 2 | 12 | 5,525,436 | 5,525,450
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 461,762 | 461,762
Total comprehensive income for the year | - | - | 461,762 | 461,762
Contributions by and distributions to owners |  |  |  |
Dividends | - | - | (390,000) | (390,000)
Total transactions with owners | - | - | (390,000) | (390,000)
At 28 February 2026 | 2 | 12 | 5,597,198 | 5,597,212
- 12 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
1. | General information
Belgrade Insulations Limited ("the Company") is a private company, limited by shares, incorporated in the United Kingdom, and registered in England and Wales with registered number 01249578. The address of its registered office is Unit 4, Plantation Way, Leeds, West Yorkshire, England, LS27 7FP. The principal activity of the Company continued to be the supply of building products. 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Reduced disclosure exemptions
The 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; and ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated statements of KAAM Holdings Limited as at 28 February 2026 and these financial statements may be obtained from Unit 4, Plantation Way, Leeds, West Yorkshire, England, LS27 7FP.
| 2.3 | Going concern
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report. The financial position of the Company, its cash flows, liquidity position and borrowing facilities are also described in the Strategic Report. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt a going concern basis of accounting in preparing the annual financial statements. - 13 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, rounded to the nearest £1. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company 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 Company 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.
| 2.6 | Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. - 14 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. - 15 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.10 | 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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.
| 2.11 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Leasehold property improvements | - | 15% |
|  |  |  | Plant & machinery | - | 33% |
|  |  |  | Fixtures & fittings | - | 15% |
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. Depreciation is charged to administrative expenses in the Statement of Comprehensive Income. - 16 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.12 | 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. 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 the statement of comprehensive income.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | 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.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Financial instruments
The Company 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 Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. - 17 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. 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. 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled. - 18 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026 2.Accounting policies (continued)
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Critical judgments in applying the Company’s accounting policies The critical judgments that the directors have made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. (i) Assessing indicators of impairment In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairments identified during the current financial year. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (ii) Estimating value in use Where an indication of impairment exists, the directors have carried out an impairment review to determine the recoverable amount of the asset, which is the higher of fair value less cost to sell and value in use. The value in use calculation has required the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and determine a suitable discount rate in order to calculate present value. (iii) Recoverability of receivables The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers. (iv) Tangible fixed assets Judgment is also applied, when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices. - 19 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Insulation and other building products | 72,308,577 | 75,929,647
Analysis of turnover by country of destination:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| United Kingdom | 72,191,969 | 75,749,411
| Rest of Europe | 116,608 | 180,236
|  | 72,308,577 | 75,929,647
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other operating lease rentals | 1,269,593 | 1,266,712
| Depreciation of tangible fixed assets | 133,014 | 131,704
| Defined contribution pension cost | 304,421 | 267,873
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 35,700 | 34,500
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
- 20 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 6,105,828 | 5,900,247
| Social security costs | 736,342 | 583,341
| Cost of defined contribution scheme | 304,421 | 267,873
|  | 7,146,591 | 6,751,461
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  | Administrative and operations | 144 | 149
8. | Directors' remuneration
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Directors' emoluments | 540,013 | 556,877
| Company contributions to defined contribution pension schemes | 30,767 | 50,815
|  | 570,780 | 607,692
| During the year retirement benefits were accruing to 5 directors (2025 - 5) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £138,523 (2025 - £146,823).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,994 (2025 - £11,988).
9. | Interest payable and similar expenses
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other loan interest payable | 515,788 | 615,680
- 21 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
10. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 233,968 | 470,855
| Adjustments in respect of previous periods | 15,170 | 15,536
| Total current tax | 249,138 | 486,391
| Deferred tax |  |
| Origination and reversal of timing differences | (10,939) | 3,683
| Adjustments in respect of prior periods | (4,392) | (98)
| Total deferred tax | (15,331) | 3,585
| Tax on profit on ordinary activities | 233,807 | 489,976
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 -25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 695,569 | 1,688,581
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | 173,892 | 422,145
| Effects of: |  |
| Expenses not deductible for tax purposes | 50,696 | 46,159
| Fixed asset differences | (1,559) | 8,857
| Income not taxable for tax purposes | - | (1,908)
| Adjustments to tax charge in respect of previous periods - deferred tax | (4,392) | (98)
| Adjustments to tax charge in respect of prior periods | 15,170 | 15,536
| Other differences leading to a (decrease) in the tax charge | - | (715)
| Total tax charge for the year | 233,807 | 489,976
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. - 22 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
11. | Dividends
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Dividends paid | 390,000 | 2,595,263
12. | Tangible fixed assets
|  | Leasehold property improvements | Plant & machinery | Fixtures & fittings | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 March 2025 | 714,014 | 3,430 | 796,030 | 1,513,474
| Additions | 60,902 | - | 88,519 | 149,421
| Disposals | (36,560) | - | - | (36,560)
| At 28 February 2026 | 738,356 | 3,430 | 884,549 | 1,626,335
| Depreciation |  |  |  |
| At 1 March 2025 | 264,250 | 2,558 | 454,841 | 721,649
| Charge for the year | 66,213 | 250 | 66,551 | 133,014
| Disposals | (1,354) | - | - | (1,354)
| At 28 February 2026 | 329,109 | 2,808 | 521,392 | 853,309
| Net book value |  |  |  |
| At 28 February 2026 | 409,247 | 622 | 363,157 | 773,026
| At 28 February 2025 | 449,764 | 872 | 341,189 | 791,825
- 23 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
13. | Stocks
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Finished goods | 4,152,488 | 3,833,398
14. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 15,475,092 | 16,163,290
| Amounts owed by group undertakings | 2,470,861 | 2,470,861
| Other debtors | 20,425 | 36,971
| Prepayments and accrued income | 3,161,934 | 3,897,499
|  | 21,128,312 | 22,568,621
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
15. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 384,164 | 189,841
| Less: corporate credit card | (54,827) | -
|  | 329,337 | 189,841
- 24 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporate credit card | 54,827 | -
| Bank loan | 200,000 | 800,000
| Financing facility | 8,371,838 | 8,606,671
| Trade creditors | 9,021,746 | 9,273,688
| Corporation tax | 111,468 | 248,570
| Other taxation and social security | 1,146,868 | 669,452
| Other creditors | 1,848,115 | 1,958,607
|  | 20,754,862 | 21,556,988
| The invoice discounting facility is secured on trade debtors. The bank loan is secured against the assets of the Company.
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loan | - | 200,000
- 25 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
18. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 200,000 | 800,000
| Financing facility | 8,371,838 | 8,606,671
|  | 8,571,838 | 9,406,671
| Amounts falling due 1-2 years |  |
| Bank loans | - | 200,000
|  | 8,571,838 | 9,606,671
19. | Deferred taxation
|  | 2026 | 2025
|  | £ | £
| At beginning of year | (101,247) | (97,662)
| Charged to profit or loss | 15,331 | (3,585)
| At end of year | (85,916) | (101,247)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Accelerated capital allowances | (112,971) | (125,876)
| Short term timing differences | 27,055 | 24,629
|  | (85,916) | (101,247)
- 26 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
20. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 20 (2025 - 20) Ordinary shares of £0.10 each | 2 | 2
| The ordinary shares have full rights in the Company with respect to voting, dividends and distributions.
21. | Reserves
Capital redemption reserve This reserve represents amounts transferred following the purchase of own shares. Profit & loss account This reserve represents cumulative profits and losses.
22. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £304,421 (2025 - £267,873). Contributions totaling £48,223 (2025 - £38,516) were payable to the fund at the balance sheet date and are included in creditors.
23. | Commitments under operating leases
| At 28 February 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 2,545,767 | 2,596,699
| Later than 1 year and not later than 5 years | 7,477,177 | 7,983,265
| Later than 5 years | 5,063,646 | 6,392,672
|  | 15,086,590 | 16,972,636
24. | Related party transactions
| The Company has taken advantage of the exemption available in section 33 of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" related party disclosures from the requirement to disclose transactions with wholly owned group companies.
- 27 -
BELGRADE INSULATIONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2026
25. | Post balance sheet events
There have been no post balance sheet events noted.
26. | Controlling party
The Company's immediate parent is Belgrade Trading Limited registered in England and Wales. The ultimate parent company is KAAM Holdings Limited, a company incorporated in England and Wales and is the smallest and largest group into which the Company is consolidated. The consolidated financial statements of KAAM Holdings Limited as at 28 February 2026 may be obtained from Unit 4 Plantation Way, Leeds, West Yorkshire, England, LS27 7FP. There is no single ultimate controlling party.
- 28 -