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

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

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

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.

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.

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

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.

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

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.

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.

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

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

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

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

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

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

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

)