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REGISTERED NUMBER: 00229334 (England and Wales)

GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

WILLIAM FREER LIMITED

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31 December 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Directors' Report | 5 |

| Independent Auditors' Report | 7 |

| Consolidated Statement of Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 17 |

| WILLIAM FREER LIMITED |

COMPANY INFORMATION

for the year ended 31 December 2025

| DIRECTORS: | Mr R W Freer

| Mr G K Whitehead Smith

| SECRETARY: | Mr R W Freer

| REGISTERED OFFICE: | 360 Melton Road

| Leicester

| LE4 7SL

| REGISTERED NUMBER: | 00229334 (England and Wales)

| AUDITORS: | Magma Audit LLP (part of the Dains Group)

| Chartered Accountants

| Statutory Auditor

| Unit 2, Charnwood Edge Business Park

| Syston Road

| Leicestershire

| LE7 4UZ

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

GROUP STRATEGIC REPORT

for the year ended 31 December 2025

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

REVIEW OF BUSINESS

William Freer Limited:

William Freer Limited delivers multi-disciplinary planned and reactive maintenance services together with related installation works across complementary trades. The business supports public sector, education, commercial and industrial clients through a flexible operating model designed to provide responsive service delivery, minimise disruption and maintain compliance with relevant regulatory and operational standards.

The company continues to broaden its customer base while strengthening relationships with existing clients through the provision of integrated maintenance and installation solutions.

Duplus Architectural Systems Limited:

Duplus Architectural Systems Limited designs, engineers, manufactures and installs glazing solutions for contractors and developers operating in the construction sector. Projects are undertaken using both proprietary and third-party systems, enabling the business to provide solutions tailored to customer requirements.

The company's competitive advantage is derived from its in-house design expertise and manufacture of its curtain walling system, combined with the flexibility to utilise third-party systems where appropriate. In addition, the business continues to develop and manufacture ancillary products, including its domestic rooflight range, which provides diversification and helps reduce reliance on major contract activity.

OBJECTIVES AND STRATEGY

William Freer Limited:

Key strategic objectives include:

- |  | Growing market share across commercial, education and public sector sectors through account development and customer retention. |

- |  | Expanding direct installation works to complement the maintenance offering and strengthen customer relationships. |

- |  | Improving operational efficiency through enhanced scheduling, resource utilisation and first-time fix performance. |

- |  | Developing expertise in sustainable energy technologies and supporting customers' carbon reduction objectives. |

Duplus Architectural Systems Limited:

Key strategic objectives include:

- |  | Enhancing productivity through improved project controls and standardised design and manufacturing processes. |

- |  | Increasing production and sales of ancillary glazing products to diversify revenue streams. |

- |  | Continuing investment in manufacturing capability and digital technologies. |

- |  | Developing long-term collaborative relationships with customers and professional contractors to support future growth. |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

GROUP STRATEGIC REPORT

for the year ended 31 December 2025

BUSINESS PERFORMANCE

Group:

The Group delivered a profitable performance during the year despite continuing challenges within certain construction markets. William Freer Limited maintained profitability and continued to strengthen its market position, whilst Duplus Architectural Systems Limited returned to profitability following the challenges experienced in the previous year.

The directors remain focused on maintaining financial strength, improving operational performance and pursuing sustainable growth opportunities across the Group's core markets.

William Freer Limited:

The company continued to perform satisfactorily during the year and remained profitable. Relationships with major customers strengthened, while new customer relationships were established across key sectors. The company's green energy division achieved initial success through the completion of early-stage installations and provides a platform for future growth.

Duplus Architectural Systems Limited:

The company returned to profitability during the year following a challenging prior period. The previous year's performance was adversely affected by significant bad debts, including exposure arising from the administration of ISG, together with losses incurred on legacy contracts.

Management has focused on contract controls, risk management and operational performance, resulting in an improved financial outcome and a return to sustainable profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group operates in sectors that are subject to a range of commercial, operational and economic risks. The principal risks and uncertainties facing the Group are outlined below.

Market and Economic Conditions

Demand for the Group's services may be affected by changes in economic conditions, government spending, construction activity and customer confidence. The Group mitigates this risk through diversification across markets, customers and service offerings.

Contract Delivery Risk

The Group undertakes projects requiring effective cost control, resource management and programme delivery. Poor project performance could adversely affect profitability. Robust project review procedures and management oversight are maintained to manage this risk.

Credit Risk

The Group is exposed to the risk of customer default and insolvency. Credit assessments, monitoring procedures and regular reviews of debtor balances are performed to minimise potential losses.

Recruitment and Retention

The Group's success depends on attracting, developing and retaining skilled employees. Competitive remuneration, training and career development opportunities are provided to support employee retention and capability.

Health and Safety

The nature of the Group's activities requires employees to work in environments where health and safety risks exist. The Group maintains comprehensive health and safety policies, procedures and training programmes to minimise these risks.

Technology and Cyber Security

The Group relies on information technology systems to support its operations. Cyber threats and system failures could disrupt business activities. Appropriate security measures, controls and backup procedures are maintained to reduce exposure to these risks.

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

GROUP STRATEGIC REPORT

for the year ended 31 December 2025

KEY PERFORMANCE INDICATORS

William Freer Limited

| 2025 |  | 2024 |

Profit/(loss) |  | £201,054 |  | £515,405 |

Sales per employee |  | £81,589 |  | £80,392 |

Duplus Architectural Systems Limited

| 2025 |  | 2024 |

Profit/(loss) |  | £35,902 |  | (£438,612) |

Sales per employee |  | £144,636 |  | £141,954 |

FUTURE OUTLOOK

The directors remain cautiously optimistic regarding the Group's prospects. William Freer Limited is expected to continue benefiting from demand within education, public sector and commercial markets, together with opportunities arising from the transition towards lower-carbon technologies.

Duplus Architectural Systems Limited enters 2026 with an improved operating performance and a renewed focus on contract discipline, operational efficiency and profitable growth. The directors believe the actions implemented during the year position the business to deliver improved results over the medium term.

ON BEHALF OF THE BOARD:

Mr R W Freer - Director

30 July 2026

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

DIRECTORS' REPORT

for the year ended 31 December 2025

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

PRINCIPAL ACTIVITIES

William Freer Limited:

The principal activities of the company continue to be the provision of reactive and planned maintenance within the heating, catering, air conditioning, electrical and refrigeration industry and the installation of associated products.

Duplus Architectural Systems Limited:

The principal activities of the company during the year were the design, manufacture and installation of aluminium glazed roof structures, curtain walling, windows, doors and roof lights.

The group operates throughout the United Kingdom.

DIVIDENDS

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

Preference dividends of £406 (2024: £406) were paid. The directors do not recommend payment of a final dividend.

DIRECTORS

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

Mr R W Freer

Mr G K Whitehead Smith

FINANCIAL INSTRUMENTS

Financial risk management objectives and policies

The group's principal financial instrument is cash, the main purpose of which is to provide finance for its normal trading operations and for future investment. The group has various other financial instruments such as trade debtors and creditors that arise directly from its trading operations. The main risks arising from the group's financial instruments are liquidity, credit and interest risks. The group has clear policies for managing each of these risks as summarised below.

Liquidity risk

The group aims to mitigate liquidity risk by managing cash generation by its operations and closely monitoring debtor collection.

Credit risk

Managing cashflow and credit risk is a priority of the group. All customers are subject to continuous credit checks to reduce exposure to bad debts and to maintain cashflow to support the working capital required for the operations within the business

Interest rate risk

The group reviews its exposure to interest rates regularly and considers the benefit (or otherwise) of hedging against adverse interest rate movements as part of these reviews.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

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

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

DIRECTORS' REPORT

for the year ended 31 December 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Magma Audit LLP (part of the Dains Group), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R W Freer - Director

30 July 2026

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

WILLIAM FREER LIMITED

Opinion

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

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

WILLIAM FREER LIMITED

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

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

Based on our understanding of the company and the industry, we have identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and breaches with the General Data Protection Regulation, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006, employment law, health and safety and gas safety. We evaluated 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 inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included:

- enquiries with management for consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- challenging assumptions made by management in their accounting estimates, in particular in relation to the valuation and assumptions made by directors in relation to investment property and depreciation of fixed assets; and

- identifying and testing material journal entries, in particular those journal entries posted with unusual account combinations, journal entries crediting revenue, journal entries crediting cash and journal entries with specific defined descriptions.

There are inherent limitations in the audit procedures described above. The more remove non-compliance with laws and regulations is, from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by forgery or intentional misrepresentation, for example, or through collusion.

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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

WILLIAM FREER LIMITED

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.

Luke Turner FCA FCCA (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP (part of the Dains Group)

Chartered Accountants

Statutory Auditor

Unit 2, Charnwood Edge Business Park

Syston Road

Leicestershire

LE7 4UZ

30 July 2026

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

CONSOLIDATED

STATEMENT OF COMPREHENSIVE

INCOME

for the year ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 13,563,860 |  | 12,697,009 |  |

Cost of sales | (10,009,933 | ) | (9,716,373 | ) |

GROSS PROFIT | 3,553,927 |  | 2,980,636 |  |

Distribution costs | (30,535 | ) | (32,832 | ) |

Administrative expenses | (3,596,462 | ) | (3,337,317 | ) |

(73,070 | ) | (389,513 | ) |

Other operating income | 5 | 217,786 |  | 164,200 |  |

OPERATING PROFIT/(LOSS) | 7 | 144,716 |  | (225,313 | ) |

Interest receivable and similar income | - |  | 8 |  |

144,716 |  | (225,305 | ) |

Fair value gains and losses on

investment properties | - |  | 385,357 |  |

144,716 |  | 160,052 |  |

Interest payable and similar expenses | 8 | (406 | ) | (406 | ) |

PROFIT BEFORE TAXATION | 144,310 |  | 159,646 |  |

Tax on profit | 9 | 97,285 |  | (82,853 | ) |

PROFIT FOR THE FINANCIAL YEAR | 241,595 |  | 76,793 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 241,595 |  | 76,793 |  |

Profit attributable to:

Owners of the parent | 241,595 |  | 76,793 |  |

Total comprehensive income attributable to:

Owners of the parent | 241,595 |  | 76,793 |  |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

CONSOLIDATED BALANCE SHEET

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 247,239 |  | 309,653 |  |

Investments | 12 | - |  | - |  |

Investment property | 13 | 4,605,375 |  | 4,605,375 |  |

4,852,614 |  | 4,915,028 |  |

CURRENT ASSETS

Stocks | 14 | 529,986 |  | 458,271 |  |

Debtors | 15 | 3,127,356 |  | 4,310,218 |  |

Cash at bank and in hand | 749,908 |  | 151,830 |  |

4,407,250 |  | 4,920,319 |  |

CREDITORS

Amounts falling due within one year | 16 | (1,507,897 | ) | (2,169,468 | ) |

NET CURRENT ASSETS | 2,899,353 |  | 2,750,851 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,751,967 |  | 7,665,879 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (22,174 | ) | (72,174 | ) |

PROVISIONS FOR LIABILITIES | 21 | (500,833 | ) | (606,340 | ) |

NET ASSETS | 7,228,960 |  | 6,987,365 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 52,762 |  | 52,762 |  |

Share premium | 23 | 1,131,756 |  | 1,131,756 |  |

Capital redemption reserve | 23 | 30,312 |  | 30,312 |  |

Other reserves | 23 | 3,491,645 |  | 3,491,645 |  |

Retained earnings | 23 | 2,522,485 |  | 2,280,890 |  |

SHAREHOLDERS' FUNDS | 7,228,960 |  | 6,987,365 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

Mr R W Freer - Director

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

COMPANY BALANCE SHEET

31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 190,412 |  | 237,093 |  |

Investments | 12 | 816,132 |  | 816,132 |  |

Investment property | 13 | 4,605,375 |  | 4,605,375 |  |

5,611,919 |  | 5,658,600 |  |

CURRENT ASSETS

Stocks | 14 | 177,786 |  | 110,365 |  |

Debtors | 15 | 2,126,814 |  | 1,801,807 |  |

Cash at bank and in hand | 47,700 |  | 151,830 |  |

2,352,300 |  | 2,064,002 |  |

CREDITORS

Amounts falling due within one year | 16 | (652,297 | ) | (461,267 | ) |

NET CURRENT ASSETS | 1,700,003 |  | 1,602,735 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,311,922 |  | 7,261,335 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (22,174 | ) | (72,174 | ) |

PROVISIONS FOR LIABILITIES | 21 | (491,873 | ) | (592,340 | ) |

NET ASSETS | 6,797,875 |  | 6,596,821 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 52,762 |  | 52,762 |  |

Share premium | 1,131,756 |  | 1,131,756 |  |

Capital redemption reserve | 30,312 |  | 30,312 |  |

Other reserves | 3,491,645 |  | 3,491,645 |  |

Retained earnings | 2,091,400 |  | 1,890,346 |  |

SHAREHOLDERS' FUNDS | 6,797,875 |  | 6,596,821 |  |

Company's profit for the financial year | 201,054 |  | 515,405 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

Mr R W Freer - Director

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 January 2024 | 52,762 |  | 2,589,454 |  | 1,131,756 |  |

Changes in equity

Profit for the year | - |  | 76,793 |  | - |  |

Total comprehensive income | - |  | 76,793 |  | - |  |

Fair value gains on

investment property | - |  | (385,357 | ) | - |  |

Balance at 31 December 2024 | 52,762 |  | 2,280,890 |  | 1,131,756 |  |

Changes in equity

Profit for the year | - |  | 241,595 |  | - |  |

Total comprehensive income | - |  | 241,595 |  | - |  |

Balance at 31 December 2025 | 52,762 |  | 2,522,485 |  | 1,131,756 |  |

| Capital |

| redemption |  | Other |  | Total

| reserve |  | reserves |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 30,312 |  | 3,106,288 |  | 6,910,572 |  |

Changes in equity

Profit for the year | - |  | - |  | 76,793 |  |

Total comprehensive income | - |  | - |  | 76,793 |  |

Fair value gains on

investment property | - |  | 385,357 |  | - |  |

Balance at 31 December 2024 | 30,312 |  | 3,491,645 |  | 6,987,365 |  |

Changes in equity

Profit for the year | - |  | - |  | 241,595 |  |

Total comprehensive income | - |  | - |  | 241,595 |  |

Balance at 31 December 2025 | 30,312 |  | 3,491,645 |  | 7,228,960 |  |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

COMPANY STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 January 2024 | 52,762 |  | 1,760,298 |  | 1,131,756 |  |

Changes in equity

Profit for the year | - |  | 515,405 |  | - |  |

Total comprehensive income | - |  | 515,405 |  | - |  |

Fair value gains on

investment property | - |  | (385,357 | ) | - |  |

Balance at 31 December 2024 | 52,762 |  | 1,890,346 |  | 1,131,756 |  |

Changes in equity

Profit for the year | - |  | 201,054 |  | - |  |

Total comprehensive income | - |  | 201,054 |  | - |  |

Balance at 31 December 2025 | 52,762 |  | 2,091,400 |  | 1,131,756 |  |

| Capital |

| redemption |  | Other |  | Total

| reserve |  | reserves |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 30,312 |  | 3,106,288 |  | 6,081,416 |  |

Changes in equity

Profit for the year | - |  | - |  | 515,405 |  |

Total comprehensive income | - |  | - |  | 515,405 |  |

Fair value gains on

investment property | - |  | 385,357 |  | - |  |

Balance at 31 December 2024 | 30,312 |  | 3,491,645 |  | 6,596,821 |  |

Changes in equity

Profit for the year | - |  | - |  | 201,054 |  |

Total comprehensive income | - |  | - |  | 201,054 |  |

Balance at 31 December 2025 | 30,312 |  | 3,491,645 |  | 6,797,875 |  |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,314,298 |  | 158,683 |  |

Finance costs paid | (406 | ) | (406 | ) |

Tax paid | (3,336 | ) | (47,704 | ) |

Net cash from operating activities | 1,310,556 |  | 110,573 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (104,371 | ) | (106,730 | ) |

Sale of tangible fixed assets | 5,348 |  | 7,685 |  |

Interest received | - |  | 8 |  |

Net cash from investing activities | (99,023 | ) | (99,037 | ) |

Cash flows from financing activities

Loan repayments in year | (50,000 | ) | (50,000 | ) |

Net cash from financing activities | (50,000 | ) | (50,000 | ) |

Increase/(decrease) in cash and cash equivalents | 1,161,533 |  | (38,464 | ) |

Cash and cash equivalents at beginning of year | 2 | (411,625 | ) | (373,161 | ) |

Cash and cash equivalents at end of year | 2 | 749,908 |  | (411,625 | ) |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 December 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 144,310 |  | 159,646 |  |

| Depreciation charges | 166,785 |  | 176,122 |  |

| Profit on disposal of fixed assets | (5,348 | ) | (7,685 | ) |

| Gain on revaluation of fixed assets | - |  | (385,357 | ) |

| Tax paid | 3,336 |  | - |  |

| Finance costs | 406 |  | 406 |  |

| Finance income | - |  | (8 | ) |

309,489 |  | (56,876 | ) |

| (Increase)/decrease in stocks | (71,715 | ) | 431,659 |  |

| Decrease in trade and other debtors | 815,113 |  | 57,691 |  |

| Increase/(decrease) in trade and other creditors | 261,411 |  | (273,791 | ) |

| Cash generated from operations | 1,314,298 |  | 158,683 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 December 2025

| 31/12/25 |  | 1/1/25

£ | £ |

| Cash and cash equivalents | 749,908 |  | 151,830 |  |

| Bank overdrafts | - |  | (563,455 | ) |

749,908 |  | (411,625 | ) |

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 151,830 |  | 31,674 |  |

| Bank overdrafts | (563,455 | ) | (404,835 | ) |

(411,625 | ) | (373,161 | ) |

3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

| At 1/1/25 | Cash flow | At 31/12/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 151,830 |  | 598,078 |  | 749,908 |  |

| Bank overdrafts | (563,455 | ) | 563,455 |  | - |  |

(411,625 | ) | 1,161,533 |  | 749,908 |  |

| Debt

| Debts falling due within 1 year | (50,000 | ) | - |  | (50,000 | ) |

| Debts falling due after 1 year | (72,174 | ) | 50,000 |  | (22,174 | ) |

(122,174 | ) | 50,000 |  | (72,174 | ) |

| Total | (533,799 | ) | 1,211,533 |  | 677,734 |  |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

for the year ended 31 December 2025

1. | STATUTORY INFORMATION

| William Freer Limited is a group, limited by shares, registered in England and Wales. Its registered office address is 360 Melton Road, Leicester, LE4 7SL and the registered number is 00229334.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

| The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirement of paragraph 33.7.

| Basis of consolidation

| In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

| The consolidated financial statements incorporate those of William Freer Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

| All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

| All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

| Turnover

| Turnover represents amounts receivable for goods supplied and services rendered, net of VAT and trade discounts.

| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated , revenue is recognised only to the extent that expenses recognised are recoverable.

| In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Long leasehold property | - | 20% straight line

| Plant, equipment and tools | - | 20% straight line and 10% straight line

| Fixtures and fittings | - | 20% straight line and 10% straight line

| Motor vehicles | - | 50% straight line and 25% straight line

| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

| Fixed asset investments

| In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

| The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

| The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

| Financial instruments

| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| The tax expense for the year comprises current and deferred tax.

| Tax is recognised in profit or loss except that a change 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.

| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet 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.

| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Operating leases

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.

| Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

| Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Employee benefits

| The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

| The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

| Debtors

| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

| Cash and cash equivalents

| Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

| Creditors

| Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

3. | CRITICAL ACCOUNTING JUDGEMENTS 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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| 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.

| Useful economic lives of tangible assets

| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The annual amortisation charge for capital grants directly reflects the depreciation charge of such assets. See note 11 for the carrying amount of the tangible fixed assets, and note 2 for the useful economic lives for each class of assets.

| Fair value of investment properties

| The fair value of the investment properties is sensitive to the changes in the current rental market and the economic climate of the surrounding area. In the opinion of the directors, fair value can be measured reliably by the directors with periodic professional valuation reports obtained.

| Work in progress

| The group uses the percentage of completion method to account for its revenue on work in progress stock.

| Significant assumptions are required to estimate the total costs and the recoverable variation works that will affect the stage of completion and the revenue respectively.

| Deferred tax

| Deferred tax assets and liabilities are recognised in respect of temporary differences using tax rates enacted or substantively enacted at the balance sheet date. The recognition of deferred tax requires judgement over the timing of reversal of temporary differences. Changes in these assumptions could result in material adjustments to the amounts recognised.

4. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Installations and servicing | 3,583,951 |  | 3,611,923 |  |

| Roof lights & curtain walling | 9,979,909 |  | 9,085,086 |  |

13,563,860 |  | 12,697,009 |  |

5. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| Rents received | 179,658 |  | 177,682 |  |

| Rent receivable - other expenses | 38,128 |  | (13,482 | ) |

217,786 |  | 164,200 |  |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

6. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,243,998 |  | 3,928,342 |  |

| Social security costs | 455,262 |  | 382,869 |  |

| Other pension costs | 122,052 |  | 106,129 |  |

4,821,312 |  | 4,417,340 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Production staff | 71 |  | 68 |  |

| Administrative staff | 30 |  | 29 |  |

| Management staff | 12 |  | 12 |  |

113 |  | 109 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 180,188 |  | 185,782 |  |

| Directors' pension contributions to money purchase schemes | 3,225 |  | 3,194 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

7. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 170,294 |  | 173,553 |  |

| Depreciation - owned assets | 166,785 |  | 176,122 |  |

| Profit on disposal of fixed assets | (5,348 | ) | (7,685 | ) |

| Auditor`s remuneration | 29,500 |  | 28,100 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Preference dividend | 406 |  | 406 |  |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

9. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 11,558 |  | - |  |

| Adjustment to prior years | (3,336 | ) | - |  |

| Total current tax | 8,222 |  | - |  |

| Deferred tax | (105,507 | ) | 82,853 |  |

| Tax on profit | (97,285 | ) | 82,853 |  |

| Reconciliation of total tax (credit)/charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 144,310 |  | 159,646 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 36,078 |  | 39,912 |  |

| Effects of:

| Expenses not deductible for tax purposes | 785 |  | 1,427 |  |

| Income not taxable for tax purposes | - |  | (96,339 | ) |

| Depreciation in excess of capital allowances | - |  | 20,115 |  |

| Adjustments to tax charge in respect of previous periods | (3,336 | ) | - |  |

| Profit on disposal of fixed assets | - |  | (1,921 | ) |

| Marginal relief | (587 | ) | - |  |

| Losses carried forward | - |  | 36,806 |  |

| Deferred tax - origination and reversal of timing differences | (12,799 | ) | 82,853 |  |

| Deferred tax - adjustments in respect of prior years | (91,438 | ) | - |  |

| Group relief claimed | (25,988 | ) | - |  |

| Total tax (credit)/charge | (97,285 | ) | 82,853 |  |

10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Long |  | Plant, |  | Fixtures |

| leasehold |  | equipment |  | and |  | Motor |

| property |  | and tools |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 198,041 |  | 757,954 |  | 317,469 |  | 880,973 |  | 2,154,437 |  |

| Additions | 3,484 |  | - |  | 15,029 |  | 85,858 |  | 104,371 |  |

| Disposals | - |  | (122,333 | ) | (17,758 | ) | (49,546 | ) | (189,637 | ) |

| At 31 December 2025 | 201,525 |  | 635,621 |  | 314,740 |  | 917,285 |  | 2,069,171 |  |

| DEPRECIATION

| At 1 January 2025 | 192,052 |  | 683,900 |  | 287,789 |  | 681,043 |  | 1,844,784 |  |

| Charge for year | 2,693 |  | 21,695 |  | 11,780 |  | 130,617 |  | 166,785 |  |

| Eliminated on disposal | - |  | (122,333 | ) | (17,758 | ) | (49,546 | ) | (189,637 | ) |

| At 31 December 2025 | 194,745 |  | 583,262 |  | 281,811 |  | 762,114 |  | 1,821,932 |  |

| NET BOOK VALUE

| At 31 December 2025 | 6,780 |  | 52,359 |  | 32,929 |  | 155,171 |  | 247,239 |  |

| At 31 December 2024 | 5,989 |  | 74,054 |  | 29,680 |  | 199,930 |  | 309,653 |  |

| Company

| Long |  | Plant, |  | Fixtures |

| leasehold |  | equipment |  | and |  | Motor |

| property |  | and tools |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2025 | 45,419 |  | 36,309 |  | 206,379 |  | 880,973 |  | 1,169,080 |  |

| Additions | 3,484 |  | - |  | 8,899 |  | 85,858 |  | 98,241 |  |

| Disposals | - |  | (8,810 | ) | (17,758 | ) | (49,546 | ) | (76,114 | ) |

| At 31 December 2025 | 48,903 |  | 27,499 |  | 197,520 |  | 917,285 |  | 1,191,207 |  |

| DEPRECIATION

| At 1 January 2025 | 39,429 |  | 33,415 |  | 178,100 |  | 681,043 |  | 931,987 |  |

| Charge for year | 2,693 |  | 1,475 |  | 10,137 |  | 130,617 |  | 144,922 |  |

| Eliminated on disposal | - |  | (8,810 | ) | (17,758 | ) | (49,546 | ) | (76,114 | ) |

| At 31 December 2025 | 42,122 |  | 26,080 |  | 170,479 |  | 762,114 |  | 1,000,795 |  |

| NET BOOK VALUE

| At 31 December 2025 | 6,781 |  | 1,419 |  | 27,041 |  | 155,171 |  | 190,412 |  |

| At 31 December 2024 | 5,990 |  | 2,894 |  | 28,279 |  | 199,930 |  | 237,093 |  |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

12. | FIXED ASSET INVESTMENTS

| Company

| Investment

| in

| subsidiaries

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 816,132 |  |

| NET BOOK VALUE

| At 31 December 2025 | 816,132 |  |

| At 31 December 2024 | 816,132 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| Duplus Architectural Systems Limited

| Registered office: 370 Melton Road, Leicester, LE4 7SL, England and Wales

| Nature of business: Roof lights, curtain walling, windows & doors

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

13. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 January 2025

| and 31 December 2025 | 4,605,375 |  |

| NET BOOK VALUE

| At 31 December 2025 | 4,605,375 |  |

| At 31 December 2024 | 4,605,375 |  |

| Fair value at 31 December 2025 is represented by:

£ |

| Valuation in 1982 | 398,404 |  |

| Valuation in 2014 | 2,019,013 |  |

| Valuation in 2015 | 332,417 |  |

| Valuation in 2016 | 88,518 |  |

| Valuation in 2018 | 267,936 |  |

| Valuation in 2024 | 385,357 |  |

| Cost | 1,113,730 |  |

4,605,375 |  |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

13. | INVESTMENT PROPERTY - continued

| Company

| Total

£ |

| FAIR VALUE

| At 1 January 2025

| and 31 December 2025 | 4,605,375 |  |

| NET BOOK VALUE

| At 31 December 2025 | 4,605,375 |  |

| At 31 December 2024 | 4,605,375 |  |

| Investment property comprises of residential and commercial properties. The fair value of the investment property has been arrived at using a combination of professional RICs valuations and directors valuations who review the property values on an annual basis making adjustments to them to reflect changes in economic conditions and improvements to them.

| Fair value at 31 December 2025 is represented by:

£ |

| Valuation in 1982 | 398,404 |  |

| Valuation in 2014 | 2,019,013 |  |

| Valuation in 2015 | 332,417 |  |

| Valuation in 2016 | 88,518 |  |

| Valuation in 2018 | 267,936 |  |

| Valuation in 2024 | 385,357 |  |

| Cost | 1,113,730 |  |

4,605,375 |  |

14. | STOCKS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Raw materials and consumables | 290,939 |  | 328,259 |  | - |  | 4,843 |  |

| Work-in-progress | 239,047 |  | 130,012 |  | 177,786 |  | 105,522 |  |

529,986 |  | 458,271 |  | 177,786 |  | 110,365 |  |

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 927,094 |  | 953,585 |  | 835,933 |  | 756,999 |  |

| Amounts owed by group undertakings | - |  | - |  | 1,132,578 |  | 929,665 |  |

| Amount recoverable on contracts | 2,002,459 |  | 2,987,299 |  | - |  | - |  |

| Other debtors | 29,504 |  | 173,497 |  | 28,745 |  | - |  |

| Prepayments | 168,299 |  | 195,837 |  | 129,558 |  | 115,143 |  |

3,127,356 |  | 4,310,218 |  | 2,126,814 |  | 1,801,807 |  |

| At the year end the Group had deposited £Nil (2024: £173,497) with Evolution Insurance Company Limited as a guarantee against the Group failing to fulfill its obligations under a contract in place. The balance is not available to the Group until the contract is completed.

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 50,000 |  | 613,455 |  | 49,999 |  | 50,000 |  |

| Trade creditors | 710,777 |  | 1,101,430 |  | 224,960 |  | 178,017 |  |

| Corporation tax | 11,558 |  | 3,336 |  | 10,470 |  | 3,336 |  |

| Social security and other taxes | 111,809 |  | 110,023 |  | 41,620 |  | 35,056 |  |

| VAT | 46,893 |  | 56,405 |  | 94,330 |  | 96,427 |  |

| Other creditors | 57,507 |  | 72,825 |  | 38,280 |  | 30,815 |  |

| Accruals and deferred income | 519,353 |  | 211,994 |  | 192,638 |  | 67,616 |  |

1,507,897 |  | 2,169,468 |  | 652,297 |  | 461,267 |  |

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 18) | 12,500 |  | 62,500 |  | 12,500 |  | 62,500 |  |

| Preference shares (see note 18) | 9,674 |  | 9,674 |  | 9,674 |  | 9,674 |  |

22,174 |  | 72,174 |  | 22,174 |  | 72,174 |  |

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Bank overdrafts | - |  | 563,455 |  | - |  | - |  |

| Bank loans | 50,000 |  | 50,000 |  | 49,999 |  | 50,000 |  |

50,000 |  | 613,455 |  | 49,999 |  | 50,000 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 12,500 |  | 50,000 |  | 12,500 |  | 50,000 |  |

| Preference shares | 9,674 |  | 9,674 |  | 9,674 |  | 9,674 |  |

22,174 |  | 59,674 |  | 22,174 |  | 59,674 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | - |  | 12,500 |  | - |  | 12,500 |  |

| Details of shares shown as liabilities are as follows:

| Allotted and issued:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 9,674 | Pref shares - share type 2 | £1 | 9,674 |  | 9,674 |  |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

18. | LOANS - continued

| The company has in issue 9,674 (2024 - 9,674) 6% redeemable cumulative preference shares of £1 each, classified as liabilities. These may be redeemed in whole or in part at any time by the directors out of undistributed profits on giving six months notice in writing to the members.

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Lessee

| Operating lease payments represent rentals payable by the group for certain of its properties. Leases are negotiated for 10 years.

| At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases as follows:

|  | Group |  | Company |  |

|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |

|  | £ |  | £ |  | £ |  | £ |  |

| Within one year |  | 185,000 |  | 190,000 |  | - |  | - |  |

| Between one and five years |  | 92,500 |  | 277,500 |  | - |  | - |  |

| In more than five years |  | - |  | - |  | - |  | - |  |

| Total |  | 277,500 |  | 467,500 |  | - |  | - |  |

| Duplus Architectural Systems Limited has outstanding operating lease commitments to the value of £142,500 (2024 - £237,500) on behalf of it's parent company William Freer Limited.

| Lessor

| The operating leases represent leases to third parties on the rental of commercial and residential properties. The leases are negotiated over terms of 1-9 years.

| At the reporting end date the group had contracted with tenants for the following minimum lease payments under non-cancellable operating leases as follows:

|  | Group |  | Company |  |

|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |

|  | £ |  | £ |  | £ |  | £ |  |

| Within one year |  | 141,604 |  | 160,317 |  | 141,604 |  | 160,317 |  |

| Between one and five years |  | 156,304 |  | 112,368 |  | 156,304 |  | 112,368 |  |

| In more than five years |  | - |  | 4,418 |  | - |  | 4,418 |  |

| Total |  | 297,908 |  | 277,103 |  | 297,908 |  | 277,103 |  |

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

20. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank overdraft | - |  | 563,455 |  | - |  | - |  |

| Bank loans | 62,500 |  | 112,500 |  | 62,499 |  | 112,500 |  |

62,500 |  | 675,955 |  | 62,499 |  | 112,500 |  |

| Duplus Architectural Systems Limited have an overdraft facility with Barclays Bank PLC. The overdraft is repayable on demand and is secured with fixed and floating charges over the company's assets.

| The bank loan held within William Freer Limited relates to a Coronavirus Business Interruption Loan secured by a debenture over all assets of the company (dated 11 March 2021). The loan attracts interest of 3.3% per annum, with the first 12 months subsidised by the government, and is repayable in instalments over 5 years commencing in April 2022 and being fully repayable in March 2027.

21. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax | 500,833 |  | 606,340 |  | 491,873 |  | 592,340 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 606,340 |  |

| Credit to Statement of Comprehensive Income during year | (105,507 | ) |

| Balance at 31 December 2025 | 500,833 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 592,340 |  |

| Credit to Statement of Comprehensive Income during year | (100,467 | ) |

| Balance at 31 December 2025 | 491,873 |  |

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 52,762 | Ordinary | £1 | 52,762 |  | 52,762 |  |

| The company has one class of ordinary shares which carry no right to fixed income.

| WILLIAM FREER LIMITED (REGISTERED NUMBER: 00229334) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

for the year ended 31 December 2025

23. | RESERVES

| Group and Company

| Share premium account - This reserve records the amount above the nominal value received or shares sold less transaction costs.

| Other reserve - This reserve is non-distributable arising on the revaluation of the group's investment properties.

| Capital redemption reserve - This reserve records the nominal value of shares repurchased by the group.

| Profit and loss reserves - This represents accumulated comprehensive income for the year and prior periods less dividends paid.

24. | PENSION COMMITMENTS

| A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions totalling £122,052 (2024 - £106,129) were paid in the the year in respect of the defined contribution scheme. As at 31 December 2025 £22,306 (2024 - £18,080) was due to the scheme.

25. | OTHER FINANCIAL COMMITMENTS

| At the year end the Group had deposited £Nil (2024: £173,497) with Evolution Insurance Company Limited as a guarantee against the subsidiary Duplus Architectural Systems Limited failing to fulfill its obligations under a contract in place. The amount is held within other debtors within the balance sheet in these financial statements. The cash is not available for general use whilst the guarantee is in place.

26. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

27. | ULTIMATE CONTROLLING PARTY

| The company is controlled by Mr R W Freer, a director throughout the current and previous year. Mr R W Freer owns 55.7% of the company's ordinary share capital.