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Registered number: 05155573 ROOFING & CLADDING MATERIALS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ROOFING & CLADDING MATERIALS LIMITED COMPANY INFORMATION
Directors | L M Jones
| A B Robb
| I P J Wilson
| K P Ruane
Registered number | 05155573
Registered office | Lonsdale Chambers
| Lonsdale Street
| Stoke-on-Trent
| Staffordshire
| ST4 4BT
Independent auditors | WR Partners
| Chartered Accountants & Statutory Auditors
| 3 Royal Court
| Gadbrook Way
| Gadbrook Park
| Northwich
| Cheshire
| CW9 7UT
ROOFING & CLADDING MATERIALS LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Statement of financial position | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 24
ROOFING & CLADDING MATERIALS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present the strategic report for the year ended 31 December 2025. The company, a member of the Benx Group, is a leading UK supplier of rain screen façade systems, specialist building boards and related products to the UK construction industry. The company’s principal customers are specialist façade installers, operating in both the offsite and traditional site-based segments. In addition, the company provides fabrication and coating services to its customers.
Business review
The results for the year are set out on page 9. The company achieved turnover of £19,601,112 (2024: £21,963,467) and recorded profit before taxation of £1,489,138 (2024: £3,230,176). During the year, turnover decreased by 10.8%, reflecting greater competition in core markets and a slowdown in the construction sector overall, including significant delays to project starts caused by an ongoing backlog at the building safety regulator. Most market sectors declined, although others held steady or grew slightly. Operating margin during the period also decreased due to a combination of factors including changes in the sales mix, higher freight rates on key routes, price competition, inflation, and a reduction in scale. The company maintained its focus on a high level of customer service and continued to invest in product development, testing and certification to reinforce our position in core markets. In addition, the business continued to invest in fabrication capabilities. Our commitment to our employees remains a priority through a range of training and development initiatives. The directors are content with the results for the year given a more challenging trading environment which is, mostly in line with well-publicised macroeconomic pressures arising domestically, globally and more specifically to our market sectors. The company is in a strong financial position and the directors believe the risks identified below are well managed. Page 1
ROOFING & CLADDING MATERIALS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
The directors recognise that the company operates in a changing risk environment and reviews the risks to the business on an ongoing basis. The main risk categories are as follows: - Economic climate - Customer Strategies - Health and Safety - Supply chain - Market conditions - Goverment policy and regularions - Operational factors - Geopolitical instability - Customer credit - Foregin currency exposures - Breach of data security and confidentiality These risks are mitigated by a combination of internal processes and controls, resilience planning, management and board oversight, effective communication and timely and accurate management information.
Financial key performance indicators
Financial key performance indicators 2025 2024 £'000 £,000 Turnover 19,601 21,963 Operating profit 1,467 3,197 Operating margin 7.5% 14.6% These results reflect a challenging trading environment arising from sector specific factors and macroeconomic pressures more generally.
This report was approved by the board on 5 August 2026 and signed on its behalf.
I P J Wilson Director
Page 2
ROOFING & CLADDING MATERIALS 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.
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; ∙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.
Principal activity
The princiapal activity of the company is the supply of rain screen façade systems, specialist building boards and related products to the UK construction industry, together with the provision of fabrication and coating services.
Directors
The directors who served during the year were:
L M Jones
A B Robb
I P J Wilson
K P Ruane
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 3
ROOFING & CLADDING MATERIALS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditors
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 5 August 2026 and signed on its behalf.
I P J Wilson Director
Page 4
ROOFING & CLADDING MATERIALS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROOFING & CLADDING MATERIALS LIMITED
Opinion
We have audited the financial statements of Roofing & Cladding Materials Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
ROOFING & CLADDING MATERIALS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROOFING & CLADDING MATERIALS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, 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 either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
ROOFING & CLADDING MATERIALS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROOFING & CLADDING MATERIALS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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: The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Page 7
ROOFING & CLADDING MATERIALS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROOFING & CLADDING MATERIALS LIMITED (CONTINUED) Fran Johnson BSc BFP FCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors 3 Royal Court Gadbrook Way Gadbrook Park Northwich Cheshire CW9 7UT 12 August 2026 Page 8
ROOFING & CLADDING MATERIALS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 19,601,112 | 21,963,467
Cost of sales |  | (13,213,216) | (13,906,655)
Gross profit |  | 6,387,896 | 8,056,812
Administrative expenses |  | (4,931,718) | (4,859,328)
Other operating income |  | 11,000 | -
Operating profit | 6 | 1,467,178 | 3,197,484
Interest receivable and similar income | 10 | 27,443 | 32,692
Profit before tax |  | 1,494,621 | 3,230,176
Tax on profit | 11 | (294,884) | (817,232)
Profit for the financial year |  | 1,199,737 | 2,412,944
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 24 form part of these financial statements.
Page 9
ROOFING & CLADDING MATERIALS LIMITED REGISTERED NUMBER: 05155573 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 3,194,762 |  | 1,974,813
|  |  | 3,194,762 |  | 1,974,813
Current assets |  |  |  |  |
Stocks | 14 | 2,871,267 |  | 2,761,855 |
Debtors: amounts falling due within one year | 15 | 3,385,951 |  | 3,837,088 |
Cash at bank and in hand | 16 | 2,020,769 |  | 2,757,143 |
|  | 8,277,987 |  | 9,356,086 |
Creditors: amounts falling due within one year | 17 | (5,308,953) |  | (6,646,501) |
Net current assets |  |  | 2,969,034 |  | 2,709,585
Total assets less current liabilities |  |  | 6,163,796 |  | 4,684,398
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (715,655) |  | (435,994) |
|  |  | (715,655) |  | (435,994)
Net assets |  |  | 5,448,141 |  | 4,248,404
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 1 |  | 1
Profit and loss account |  |  | 5,448,140 |  | 4,248,403
|  |  | 5,448,141 |  | 4,248,404
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2026.
I P J Wilson
Director
The notes on pages 12 to 24 form part of these financial statements. Page 10
ROOFING & CLADDING MATERIALS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1 | 5,835,459 | 5,835,460
Comprehensive income for the year |  |  |
Profit for the year | - | 2,412,944 | 2,412,944
Dividends: Equity capital | - | (4,000,000) | (4,000,000)
At 1 January 2025 | 1 | 4,248,403 | 4,248,404
Comprehensive income for the year |  |  |
Profit for the year | - | 1,199,737 | 1,199,737
At 31 December 2025 | 1 | 5,448,140 | 5,448,141
| The notes on pages 12 to 24 form part of these financial statements.
Page 11
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Roofing & Cladding Materials Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lonsdale Chambers, Lonsdale Street, Stoke-on-Trent, Staffordshire, ST4 4BT. 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 | Financial Reporting Standard 102 - 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; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Benx Holdings Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Page 12
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. 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 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 13
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | 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 accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | 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. Page 14
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 10% | (Certain assets are depreciated at 25%)
|  |  |  | Motor vehicles | - | 25% |
|  |  |  | Fixtures and fittings | - | 25% |
|  |  |  | Computer equipment | - | 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. The basis of valuation is FIFO. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
| 2.12 | 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.
| 2.13 | 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. Page 15
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | 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
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both the current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Provision against bad and doubtful amounts receivable There are specific provisions in respect of bad debts, which are netted against the trade debtors balance. These provisions are based on a calculation using the age profile of the trade debtors balance. The level of the provisions increases with age. Provision against slow-moving, obsolete or irrecoverable stock Stock is reviewed on an ongoing basis and a provision made where the directors are of the opinion that the full cost may not be recoverable. Stock provisions are calculated based on the age of the stock and days since the stock was last used. The resulting provision is netted off the cost of the stock. Page 16
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 19,131,382 | 21,740,623
| Rest of Europe | 469,730 | 222,844
|  | 19,601,112 | 21,963,467
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| RDEC tax credit | 11,000 | -
|  | 11,000 | -
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research & development charged as an expense | 55,000 | 55,000
| Exchange differences | 8,450 | 59,559
| Other operating lease rentals | 75,870 | 61,368
| Auditors' remuneration | 14,140 | 13,660
| Depreciation of owned tangible fixed assets | 310,604 | 271,964
| The research and development activities undertaken during the year relate to development, testing and certification of innovative new façade systems.
Page 17
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 14,140 | 13,660
| 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.
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,392,007 | 1,402,646
| Social security costs | 177,137 | 173,200
| Cost of defined contribution scheme | 34,735 | 92,015
|  | 1,603,879 | 1,667,861
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management and administration | 13 | 14
|  | Sales | 9 | 9
|  | Operations | 12 | 13
|  |  | 34 | 36
Page 18
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | - | 71,295
| Company contributions to defined contribution pension schemes | - | 58,682
|  | - | 129,977
| During the year retirement benefits were accruing to no directors (2024 - 1) in respect of defined contribution pension schemes.
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 27,443 | 32,692
|  | 27,443 | 32,692
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 71,441 | 640,003
| Adjustments in respect of previous periods | (56,218) | 7,366
|  | 15,223 | 647,369
| Total current tax | 15,223 | 647,369
| Deferred tax |  |
| Origination and reversal of timing differences | 279,661 | 163,901
| Adjustments in respect of prior periods | - | 5,962
| Total deferred tax | 279,661 | 169,863
| Taxation on profit on ordinary activities | 294,884 | 817,232
Page 19
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,494,621 | 3,230,176
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 373,655 | 807,544
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 6,672 | 8,185
| Adjustments to tax charge in respect of prior periods - deferred tax | 996 | 5,962
| Adjustment in research and development tax credit leading to a decrease in the tax charge | - | (11,825)
| Group relief | (30,221) | -
| Under/(over) provided in prior years | (56,218) | 7,366
| Total tax charge for the year | 294,884 | 817,232
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interim paid | - | 4,000,000
|  | - | 4,000,000
Page 20
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 2,454,024 | 269,641 | 232,210 | 109,604 | 3,065,479
| Additions | 1,295,053 | - | 216,080 | 19,420 | 1,530,553
| At 31 December 2025 | 3,749,077 | 269,641 | 448,290 | 129,024 | 4,596,032
| Depreciation |  |  |  |  |
| At 1 January 2025 | 829,080 | 62,212 | 105,242 | 94,132 | 1,090,666
| Charge for the year on owned assets | 177,918 | 53,829 | 71,402 | 7,455 | 310,604
| At 31 December 2025 | 1,006,998 | 116,041 | 176,644 | 101,587 | 1,401,270
| Net book value |  |  |  |  |
| At 31 December 2025 | 2,742,079 | 153,600 | 271,646 | 27,437 | 3,194,762
| At 31 December 2024 | 1,624,944 | 207,429 | 126,968 | 15,472 | 1,974,813
Page 21
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 2,871,267 | 2,761,855
|  | 2,871,267 | 2,761,855
| Stock recognised in cost of sales during the year as an expense was £8,340,055 (2024 - £9,113,278).
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,643,861 | 3,374,497
| Amounts owed by group undertakings | 93,213 | 44,217
| Other debtors | 409,195 | 81,385
| Prepayments and accrued income | 239,682 | 336,989
|  | 3,385,951 | 3,837,088
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,020,769 | 2,757,143
|  | 2,020,769 | 2,757,143
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 773,889 | 489,899
| Amounts owed to group undertakings | 3,747,226 | 4,688,802
| Other taxation and social security | 221,978 | 481,401
| Other creditors | 9,192 | 186,283
| Accruals and deferred income | 556,668 | 800,116
|  | 5,308,953 | 6,646,501
Page 22
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (435,994)
| Charged to profit or loss | (279,661)
| At end of year | (715,655)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (717,337) | (436,720)
| Short term timing differences | 1,682 | 726
|  | (715,655) | (435,994)
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £1.00 | 1 | 1
20. | Pension commitments
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. In the year the company paid £34,735 to the defined contribution scheme (2024: £92,015). At 31 December 2025 contributions of £9,192 (2024: £8,676) were payable to the scheme. Page 23
ROOFING & CLADDING MATERIALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 39,606 | 28,014
| Later than 1 year and not later than 5 years | - | 15,277
|  | 39,606 | 43,291
22. | Related party transactions
| Entities related by virtue of having directors in common - Sales £111,824 (2024 £35,687), purchases £26,024 (2024 £482). Amounts due from the related parties £9,616 (2024 £4,352)
23. | Controlling party
RCM Holdings Limited is the immediate parent company. Benx Holdings Limited, incorporated in England and Wales, is the ultimate parent company and controlling party. Benx Holdings Limited is the smallest and largest group in which the results of the company are consolidated.
Page 24