Vicaima Limited - Limited company accounts 25.1

REGISTERED NUMBER: 02293275 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Vicaima Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Profit or Loss and Other

Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

A da Costa Leite

P M M Silva

F M T da Capela

P A King

SECRETARY:

F M T da Capela

REGISTERED OFFICE:

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

REGISTERED NUMBER:

02293275 (England and Wales)

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The company is a leading manufacturer and distributor of Interior timber doors, doorsets and associated timber products to the construction industry. An integral constituent of a larger European based group and having operated in the UK consistently for 37 years, its principal product portfolio encompasses performance solutions in fire, security and acoustics. These products are sold and channelled into multiple markets, including residential developments, senior living, student accommodation, education, healthcare and leisure.

Despite challenges posed by ongoing UK economic impediments, together with global geopolitics, undermining consumer confidence, sales throughout the year were in line with budget expectations. This enabled the company to consolidate its market position and continue to focus on quality, product suitability and its regulatory certificated proposition. As the year progressed into H2, this external market atmosphere necessitated additional actions to supplement the companies normal business with additional price promotional activity. This proved successful and enabled a stabilization in sales performance.

As the year ended, substantial investment in the UK production capability of high-pressure laminate products was agreed by the parent group. This occurred in recognition of a change in market trends, which saw developers favouring commercial and mixed-use projects over traditional housing in their medium-term plans.

PRINCIPAL RISKS AND UNCERTAINTIES

With the UK economic landscape having endured a protracted period of both stagnation and slow growth, and despite promising indicators on the horizon, signs indicate that recovery may take longer than originally forecast. The company will look to consolidate its own position, while at the same time explore new market opportunities for sales beyond its more traditional sphere of operations.

The fragility of the construction supply chain, evidenced by ongoing insolvencies is undoubtedly a factor hampering both growth and UK investment, thus causing further delays to prospective site projects. In addition to which the UK skills shortage, frequently cited by key segments throughout the industry could impede sustained growth as the market recovers.

The wider geopolitical potential instability, although not currently impacting upon UK Construction, is still an ever present factor and one that has the potential to present a risk to supply chains, materials and of course more general consumer confidence in 2026.

KEY PERFORMANCE INDICATORS

The company considers debtor days and stock days to be KPIs which it consistently monitors. At the end of 2025, the company's debtor days stood at 43 days (2024 - 57 days) and the company's stock days stood at 75 days (2024 - 72 days). These remain broadly in line with the company's expectations and reflect continued monitoring of working capital levels.

FUTURE OUTLOOK

As a consistent innovator in its markets, Vicaima will look to strengthen its resources and capabilities through the use of modernising procedures and technology.

Our long-standing adoption of Kaizen practices has enabled Vicaima to maintain progression throughout the business. The implementation of an AI customer service tools and our project journey towards product digitisation, positions Vicaima to meet expanding regulatory and technical performance requirements.

In addition, the research, development and design of new products to reflect ever-changing trends, coupled with new methods to communicate this to the companies cohort of specifiers, customers and clients will ensure it remains a key and influential player, leading to long term growth.

ON BEHALF OF THE BOARD:

F M T da Capela - Secretary

12 March 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of selling wood based panels, particularly internal doors and framing products, to allow installation within the built environment. In this capacity we operate as both a principal and as an agent for our parent company in Portugal.

DIVIDENDS

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

DIRECTORS

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

A da Costa Leite

P M M Silva

F M T da Capela

P A King

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors report. It has done so in respect of the company's future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 UK-adopted international accounting standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

F M T da Capela - Secretary

12 March 2026

Opinion

We have audited the financial statements of Vicaima Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:

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

-	have been properly prepared in accordance with IFRSs as adopted by the UK; and

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 a report of the auditors 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 material misstatement when it exists. Misstatement 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 industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. 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 to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of

non-compliance with laws and regulations and fraud;

-

Understanding of management's internal controls designed to prevent and detect irregularities, and

fraud;

-

Reviewing the Company's legal costs to check for non-compliance with laws and regulations and

fraud;

-

Review of tax compliance;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our

testing of expenses;

-

Testing transactions entered into outside of the normal course of the Company's business; and

-

Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as

journals with round numbers.

There are inherent limitations in the audit procedures described above and the further removed 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, for example, forgery or intentional misrepresentations, 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 Report of the Auditors.

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 a Report of the Auditors 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.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

17 March 2026

CONTINUING OPERATIONS

Revenue

3

22,013,693

26,987,765

Cost of sales

(18,348,239

)

(21,999,531

)

GROSS PROFIT

3,665,454

4,988,234

Other operating income

1,065

-

Administrative expenses

(3,065,310

)

(3,332,288

)

OPERATING PROFIT

601,209

1,655,946

Finance costs

5

(200

)

(21,869

)

Finance income

5

692

-

PROFIT BEFORE INCOME TAX

6

601,701

1,634,077

Income tax

7

(151,314

)

(443,747

)

PROFIT FOR THE YEAR

450,387

1,190,330

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

450,387

1,190,330

ASSETS

NON-CURRENT ASSETS

Owned

Intangible assets

8

-

Property, plant and equipment

9

4,517,137

4,374,631

Right-of-use

Property, plant and equipment

9, 17

4,717

11,006

4,521,854

4,385,637

CURRENT ASSETS

Inventories

10

3,759,600

4,328,488

Trade and other receivables

11

2,820,346

4,467,252

Tax receivable

72,082

-

Cash and cash equivalents

12

536,826

629,658

7,188,854

9,425,398

TOTAL ASSETS

11,710,708

13,811,035

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

13

1,000,000

Retained earnings

14

8,588,530

8,138,143

TOTAL EQUITY

9,588,530

9,138,143

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings

Lease liabilities

16, 17

-

4,637

Deferred tax

19

101,792

39,613

101,792

44,250

CURRENT LIABILITIES

Trade and other payables

15

2,015,749

4,412,127

Financial liabilities - borrowings

Lease liabilities

16, 17

4,637

6,428

Tax payable

-

210,087

2,020,386

4,628,642

TOTAL LIABILITIES

2,122,178

4,672,892

TOTAL EQUITY AND LIABILITIES

11,710,708

13,811,035

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2026 and were signed on its behalf by:

A da Costa Leite - Director

P M M Silva - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 January 2024

1,000,000

6,947,813

7,947,813

Changes in equity

Total comprehensive income

-

1,190,330

Balance at 31 December 2024

1,000,000

8,138,143

9,138,143

Changes in equity

Total comprehensive income

-

450,387

Balance at 31 December 2025

1,000,000

8,588,530

9,588,530

Cash flows from operating activities

Cash generated from operations

23

709,731

849,194

Interest paid

(52

)

(21,607

)

Lease interest paid

(148

)

-

Tax paid

(371,304

)

(541,047

)

Net cash from operating activities

338,227

286,540

Cash flows from investing activities

Purchase of tangible fixed assets

(431,751

)

(98,927

)

Sale of tangible fixed assets

-

4,805

Interest received

692

-

Net cash from investing activities

(431,059

)

(94,122

)

(Decrease)/increase in cash and cash equivalents

(92,832

)

192,418

Cash and cash equivalents at

beginning of year

24

629,658

437,240

Cash and cash equivalents at end of

year

24

536,826

629,658

1.	STATUTORY INFORMATION

Vicaima Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

New or revised Standards or Interpretations

At the date of authorisation of these financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB or IFRIC. None of these Standards or amendments to existing Standards have been adopted early by the company and no Interpretations have been issued that are applicable and need to be taken into consideration by the company at either reporting date.

Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the company's financial statements.

Critical accounting judgements and key sources of estimation uncertainty

The company makes judgements and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

(i) Useful economic life of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimates useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed 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.

(ii) Stock provisioning

The company's products are subject to changing industry demands and market trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock and work in progress.

(iii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for customer returns, rebates or other similar allowances and is net of value added taxes.

Revenue includes revenue earned from the sale of goods.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the company has transferred to the buyer the significant risks and rewards of ownership of the
goods;

-

the company retains neither continuing managerial involvement to the degree associated with
ownership

-

the amount of revenue can be measured reliably;

-

it is probable that the economic benefits associated with the transaction can be measured
reliably.

Specifically, revenue from the sale of goods is primarily recognised upon delivery of the goods to the customer.

Property, plant and equipment

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

(i) Depreciation and residual values

Asset depreciation is calculated, using the straight-line methods, to allocate the cost less residual values over their estimated useful lives, as follows:

Freehold property and improvements

- 2% on cost

Plant and machinery

- 10%-25% on straight line basis

Fixtures and fittings

- 25% on straight line basis

Motor vehicles

- 20% and 25% on straight line basis

The asset's residual values and their useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively.

(ii) Subsequent additions and major components

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over their useful lives.

Repairs and maintenance costs are expensed as incurred.

(iii) Assets in the course of construction

Assets in the course of construction are stated at cost. These assets are not depreciated until they are available for use.

(iv) Derecognition

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

The taxation expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Foreign currency

Functional currency

The company's functional and presentation currency is the pound sterling and is rounded to the nearest pound.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of transaction.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Employee benefit costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Financial instruments

Trade debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

The company recognises a loss allowance for expected credit losses in respect of trade debtors. The amount of expected credit losses (ECL) is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Impairment of non-financial assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For all other financial assets, objective evidence of impairment could include:

- significant financial difficulty of the issuer or counterparty; or

- breach of contract, such as a default or delinquency in interest or principal payments; or

- it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or

- the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venturer;

(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Provisions

Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

3.

REVENUE

Revenue

The revenue and profit before taxation are attributable to the one principle activity of the company being the provision of goods to customers.

Revenue from contracts with customers

An analysis of turnover by geographical market is given below:

2025

2024

£

United Kingdom

20,664,476

25,665,667

Republic of Ireland

1,231,863

1,307,950

Rest of the World

117,354

14,148

22,013,693

26,987,765

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

Wages and salaries

2,064,422

2,316,611

Social security costs

243,419

239,831

Other pension costs

113,200

125,750

2,421,041

2,682,192

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

2025

2024

Directors

4

Sales

11

16

Warehouse

31

33

Administration

19

65

72

The Company has no key management personnel other than the directors.

2025

2024

£

Directors' remuneration

155,277

177,031

Directors' pension contributions to money purchase schemes

17,119

24,279

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

Money purchase schemes

2

5.	NET FINANCE INCOME

2025

2024

£

Finance income:

Interest on overpaid CT

692

-

2025

2024

£

Finance costs:

Other interest

52

21,607

Leasing

148

262

200

21,869

Net finance income

492

(21,869

)

6.	PROFIT BEFORE INCOME TAX

The profit before income tax is stated after charging/(crediting):

2025

2024

£

Depreciation - owned assets

289,245

272,069

Depreciation - assets on finance leases

6,289

Profit on disposal of fixed assets

-

(4,805

)

Auditors' remuneration

26,857

26,632

Auditors' remuneration for non-audit services

10,078

9,387

Foreign exchange differences

(1,065

)

6,466

7.	INCOME TAX

Analysis of tax expense

2025

2024

£

Current tax:

Tax

89,135

456,647

Deferred tax

62,179

(12,900

)

Total tax expense in statement of profit or loss and other

comprehensive income

151,314

443,747

Factors affecting the tax expense

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

2025

2024

£

Profit before income tax

601,701

1,634,077

Profit multiplied by the standard rate of corporation tax in the UK of

25% (2024 - 25%)

150,425

408,519

Effects of:

Expenses not deductible for tax purposes

(11,743

)

21,195

Income not taxable for tax purposes

-

(6,603

)

Depreciation in excess of capital allowances

(49,547

)

34,378

Movement in deferred tax provision

62,179

(12,900

)

Reversal of deferred tax on IFRS transition adjustments

-

(842

)

Tax expense

151,314

443,747

8.	INTANGIBLE ASSETS

Computer

software

£

COST

At 1 January 2025

and 31 December 2025

14,445

AMORTISATION

At 1 January 2025

and 31 December 2025

14,445

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

9.	PROPERTY, PLANT AND EQUIPMENT

Freehold

property

Freehold

and

Plant and

land

improvements

machinery

£

COST

At 1 January 2025

2,229,096

2,206,438

1,169,833

Additions

-

32,154

390,919

At 31 December 2025

2,229,096

2,238,592

1,560,752

DEPRECIATION

At 1 January 2025

-

752,689

749,643

Charge for year

-

95,959

92,096

At 31 December 2025

-

848,648

841,739

NET BOOK VALUE

At 31 December 2025

2,229,096

1,389,944

719,013

At 31 December 2024

2,229,096

1,453,749

420,190

Fixtures

and

Motor

fittings

vehicles

Totals

£

COST

At 1 January 2025

312,632

576,624

6,494,623

Additions

8,678

-

431,751

At 31 December 2025

321,310

576,624

6,926,374

DEPRECIATION

At 1 January 2025

233,680

372,974

2,108,986

Charge for year

22,706

84,773

295,534

At 31 December 2025

256,386

457,747

2,404,520

NET BOOK VALUE

At 31 December 2025

64,924

118,877

4,521,854

At 31 December 2024

78,952

203,650

4,385,637

10.	INVENTORIES

2025

2024

£

Stocks

3,759,600

4,328,488

2025

2024

£

Stock recognised in cost of sales during the year as an expense
was

17,125,264

20,783,424

An impairment was recognised against stock at the year end of

30,001

2,489

11.	TRADE AND OTHER RECEIVABLES

2025

2024

£

Current:

Trade debtors

2,589,973

4,185,275

Amounts owed by group undertakings

-

5,831

Prepayments and accrued income

230,373

276,146

2,820,346

4,467,252

Impairments against trade and other debtors have been recorded as follows:

2025

2024

£

An impairment loss was recognised against trade debtors

12,119

15,542

12.	CASH AND CASH EQUIVALENTS

2025

2024

£

Cash in hand

485

445

Bank accounts

536,341

629,213

536,826

629,658

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

1,000,000

Ordinary

£1

1,000,000

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

14.

RESERVES

Profit and loss account - includes all current and prior period retained profits and losses.

15.	TRADE AND OTHER PAYABLES

2025

2024

£

Current:

Trade creditors

442,389

497,699

Social security and other taxes

263,021

529,292

Amounts owed to group undertakings

1,151,200

3,144,240

Accrued expenses

159,139

240,896

2,015,749

4,412,127

16.

FINANCIAL LIABILITIES - BORROWINGS

2025

2024

£

Current:

Leases (see note 17)

4,637

6,428

Non-current:

Leases (see note 17)

-

4,637

Terms and debt repayment schedule

1 year or

less

£

Leases

4,637

17.

LEASING

Right-of-use assets

Property, plant and equipment

2025

2024

£

COST

At 1 January 2025

23,584

DEPRECIATION

At 1 January 2025

12,578

6,289

Charge for year

6,289

18,867

12,578

NET BOOK VALUE

4,717

11,006

Lease liabilities

Minimum lease payments fall due as follows:

2025

2024

£

Gross obligations repayable:

Within one year

6,576

7,891

Between one and five years

-

6,576

14,467

Finance charges repayable:

Within one year

1,939

1,463

Between one and five years

-

1,939

3,402

Net obligations repayable:

Within one year

4,637

6,428

Between one and five years

-

4,637

11,065

18.	FINANCIAL RISK MANAGEMENT

Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arises in the normal course of the company's business. These risks are limited by the company's financial management policies and practices described below.

Foreign currency risk

The Company has limited exposure to foreign currency risk. Substantially all of the company's sales and purchases are denominated in sterling.

Credit risk and market risk

The Company is at risk from its customers defaulting in making payments for goods that have been supplied to them. The Company operates strict credit control and credit monitoring procedures in order to limit this risk.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking facilities and reserve borrowing facilities. They do this by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

Cash flow interest rate risk

The company is exposed to interest rate risk through the impact of rate changes on interest-bearing borrowings. The company's policy is to obtain the most favourable interest rates available for its borrowings.

The Company does not use any derivative instruments to reduce its economic exposure to changes in interest rates.

The company has no significant interest bearing assets.

2025

2024

£

Financial assets

At amortised cost

- Trade and other receivables

2,589,973

4,191,106

- Cash at bank and at hand

536,824

629,658

3,126,797

4,820,764

Financial liabilities

At amortised cost

- Trade and other payables and accruals

(1,752,728

)

(3,882,836

)

- Lease liabilities (current and non current)

(4,637

)

(11,065

)

(1,757,365

)

(3,893,901

)

Fair values of financial assets and financial liabilities

The carrying amounts of cash at bank and in hand, restricted cash, trade and other receivables and trade and other payables approximate their respective fair values due to the relatively short term maturity of these financial instruments.

19.	DEFERRED TAX

2025

2024

£

The balance comprises temporary differences attributable to:

Fixed Assets

101,792

38,771

IFRS Transitional Adjustments

-

842

Total deferred tax liabilities

101,792

39,613

20.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme, the assets of which are held separately from those of the company. The pension costs for the scheme represent contributions payable by the company as follows:-

2025

2024

£

Defined contribution scheme

113,200

125,750

There were outstanding amounts in relation to the above scheme as at 31 December 2025 of £15,238 (2024: £2,191).

21.	ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The company's ultimate parent company is Vicaima Madeiras SGPS, a company incorporated in Portugal.

22.	RELATED PARTY DISCLOSURES

During the year the following inter-company transactions occurred between Vicaima Limited and other group companies.

Purchases

2025

2024

£

Vicaima Industria

de Madeiras e

Derivados SA

14,857,020

17,778,098

Vicaima Madeiras

SGPS

-

Expenses recharged

to group company

Expenses recharged from

group company

2025

2024

2025

2024

£

Vicaima Industria

de Madeiras e

Derivados SA

132,078

15,754

578,701

633,546

Vicaima Madeiras

SGPS

-

155,515

182,279

At the year-end the following inter-company balances existed between Vicaima Limited and group companies.

Creditors

Debtors

2025

2024

2025

2024

£

Vicaima Industria de Madeiras de

Derivados SA

1,153,607

3,130,673

-

5,831

Vicaima Madeiras SGPS

2,408

13,567

-

Global Dis - Distribuicao Global de

Materiais SA

-

Vicaima Timbera

-

23.	RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

2025

2024

£

Profit before income tax

601,701

1,634,077

Depreciation charges

295,534

272,069

Profit on disposal of fixed assets

-

(4,805

)

Finance costs

200

21,869

Finance income

(692

)

-

896,743

1,923,210

Decrease in inventories

568,888

842,307

Decrease in trade and other receivables

1,646,906

655,708

Decrease in trade and other payables

(2,402,806

)

(2,572,031

)

Cash generated from operations

709,731

849,194

24.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

Cash and cash equivalents

536,826

629,658

Year ended 31 December 2024

31.12.24

1.1.24

£

Cash and cash equivalents

629,658

437,240