Registered number: 06061318
FOR THE YEAR ENDED 31 DECEMBER 2025
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Strategic Report and financial statements for the year ended 31 December 2025.
The principal activities of the company are the design, development, manufacture and distribution of innovative, resin-mineral decking and cladding. Architects and designers for domestic, commercial and public projects frequently specify Millboard products, particularly those discerning customers and specifiers who demand the highest standards of performance, durability and environmental responsibility. Patents, registered designs and registered trademarks protect the company's principal products. Further information is available at www.millboard.com.
2025 demonstrated a significant step forward in the company's performance. During the year the company increased turnover to £70,721,257 (2024: £60,462,983). The increase of 17% was driven by growth in the sales of cladding products within the UK market and general market growth in the US, as a result of strategic investments made in prior years.
Profit before taxation increased to £8,911,932 (2024: £6,686,661). The company increased cash at bank at year end to £2,975,081 (2024: £915,940), maintaining strong liquidity to meet its commitments and to take advantage of business opportunities. Dividends totalling £6,000,000 (2024: £8,500,000) were paid during the year.
Profit before taxation increased to £8,911,932 (2024: £6,686,661). The company increased cash at bank at year end to £2,975,081 (2024: £915,940), maintaining strong liquidity to meet its commitments and to take advantage of business opportunities. Dividends totalling £6,000,000 (2024: £8,500,000) were paid during the year.
Net assets of the company at the year end increased to £12,590,688 (2024: £11,084,806) which are adequate to finance the planned growth.
As most of the fixed assets used by the company are owned by its parent company Elmdene Group Limited, the directors recommend referring to the consolidated accounts of that company for meaningful information on the financial position of the group.
The key performance indicator used to assess the progress of the company is turnover, which in 2025 was £70,721,257 (2024: £60,462,983).
The company's achievements gained external recognition in early 2026, being recognised as one of the most influential decking suppliers by Pro Landscaper magazine and receiving the Global Player award from Coventry and Warwickshire Chamber of Commerce. These awards reflect the combination of innovation, quality, and international growth that characterises the business.
The company continued to build on the revenue gains of previous years, with the Envello cladding range and the USA market experiencing particularly strong growth, a trend that has continued into 2026. This is a direct result of past investment, hiring and development of specifier relationships in the region. This performance is particularly encouraging considering the background of weaker demand resulting from the geopolitical events and macroeconomic uncertainties. There is ongoing investment in development, production quality control, efficiency and consistency.
Significant growth opportunities remain, and the company has continued to invest in the people, development, marketing and infrastructure required to establish Millboard as a truly global brand. Production capacity is already in place to achieve such growth.
As most of the fixed assets used by the company are owned by its parent company Elmdene Group Limited, the directors recommend referring to the consolidated accounts of that company for meaningful information on the financial position of the group.
The key performance indicator used to assess the progress of the company is turnover, which in 2025 was £70,721,257 (2024: £60,462,983).
The company's achievements gained external recognition in early 2026, being recognised as one of the most influential decking suppliers by Pro Landscaper magazine and receiving the Global Player award from Coventry and Warwickshire Chamber of Commerce. These awards reflect the combination of innovation, quality, and international growth that characterises the business.
The company continued to build on the revenue gains of previous years, with the Envello cladding range and the USA market experiencing particularly strong growth, a trend that has continued into 2026. This is a direct result of past investment, hiring and development of specifier relationships in the region. This performance is particularly encouraging considering the background of weaker demand resulting from the geopolitical events and macroeconomic uncertainties. There is ongoing investment in development, production quality control, efficiency and consistency.
Significant growth opportunities remain, and the company has continued to invest in the people, development, marketing and infrastructure required to establish Millboard as a truly global brand. Production capacity is already in place to achieve such growth.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 performance and dividends (continued)
The company continues to invest in research and development and has focused on product refinement, sustainability and manufacturing process improvement. During the year, the Modello product range was launched to great acclaim, new colours were introduced across the cladding ranges, maintaining the breadth and freshness of the product offer.
The company has also been proactive in future-proofing its intellectual property position through the registration of a substantial portfolio of new patents covering both product composition and manufacturing process. These new patents provide significant protection for these innovations across multiple jurisdictions. This multi-faceted approach ensures the company can robustly protect its intellectual property and designs.
The company has also been proactive in future-proofing its intellectual property position through the registration of a substantial portfolio of new patents covering both product composition and manufacturing process. These new patents provide significant protection for these innovations across multiple jurisdictions. This multi-faceted approach ensures the company can robustly protect its intellectual property and designs.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The company employed an average of 171 people during the year (2024: 180). Recruiting and retaining capable, committed people remains central to the company's ability to grow, and considerable attention is given to ensuring the working environment and culture support that aim.
Appropriate training and development are provided to all employees from the point of joining and on an ongoing basis, drawing on both internal expertise and external provision to build capability across the business.
The company holds regular all-employee communication events to keep the workforce informed of business performance and strategic priorities. The directors consider open communication an important part of maintaining an engaged and motivated team.
Colleague wellbeing is taken seriously, with the business providing an Employee Assistance Programme.
Appropriate training and development are provided to all employees from the point of joining and on an ongoing basis, drawing on both internal expertise and external provision to build capability across the business.
The company holds regular all-employee communication events to keep the workforce informed of business performance and strategic priorities. The directors consider open communication an important part of maintaining an engaged and motivated team.
Colleague wellbeing is taken seriously, with the business providing an Employee Assistance Programme.
The company's approach to business conduct is rooted in its four core values: Empowerment, Performance, Integrity and Care. These are not aspirational statements but practical standards that inform how the business operates day to day, from the way it treats its people to the way it engages with customers, suppliers and the wider community.
The company’s vision is to Live.Life.Outside.® enabling people to effortlessly enjoy the outdoors, by creating safe, low-maintenance products that allow our customers to focus on what truly matters: creating memorable moments, meaningful connections and joyful experiences.
The company takes its compliance obligations seriously across all jurisdictions in which it operates. The group holds accreditation from the Fair Tax Foundation and the Living Wage Foundation, reflecting a broader commitment to responsible business that goes beyond minimum legal requirements.
The company’s vision is to Live.Life.Outside.® enabling people to effortlessly enjoy the outdoors, by creating safe, low-maintenance products that allow our customers to focus on what truly matters: creating memorable moments, meaningful connections and joyful experiences.
The company takes its compliance obligations seriously across all jurisdictions in which it operates. The group holds accreditation from the Fair Tax Foundation and the Living Wage Foundation, reflecting a broader commitment to responsible business that goes beyond minimum legal requirements.
The health and safety of employees and all those affected by the company's activities is a board-level priority. The company operates on the principle that safety is a matter of choice, not chance, and has long-since made that choice in shaping both its culture and its processes. All injuries and incidents are investigated thoroughly, with root causes identified and corrective measures put in place to prevent recurrence.
All employees have access to the Employee Assistance Programme, providing confidential support on welfare and mental health matters. Defibrillators are installed at the headquarters and production sites.
The company welcomes inspection from independent external bodies as a means of verifying its legal and compliance position. The outcomes of those inspections feed into the company's annual Health, Safety and Environment plans, which are subject to regular board review. The company is certified to ISO9001 (Quality), ISO14001 (Environmental) and ISO45001 (Health and Safety).
All employees have access to the Employee Assistance Programme, providing confidential support on welfare and mental health matters. Defibrillators are installed at the headquarters and production sites.
The company welcomes inspection from independent external bodies as a means of verifying its legal and compliance position. The outcomes of those inspections feed into the company's annual Health, Safety and Environment plans, which are subject to regular board review. The company is certified to ISO9001 (Quality), ISO14001 (Environmental) and ISO45001 (Health and Safety).
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The company maintains close working relationships with its key suppliers, paying within agreed terms and agreeing forward supply schedules where appropriate. Supplier due diligence has been strengthened during the year, with more structured assessment of supply chain partners covering financial stability, ethical trading standards and regulatory compliance. These relationships and the rigour applied to them are considered an important part of operational resilience, particularly as the company continues to scale internationally.
The company's Information Technology function has continued to modernise and consolidate its systems during the year, migrating file servers and software to cloud-based platforms to improve security, resilience and efficiency. Standardising systems across the company is an ongoing priority as the business grows internationally. Cybersecurity remains an area of active management, with regular employee training in place to maintain awareness and reduce exposure to threat.
The company's Information Technology function has continued to modernise and consolidate its systems during the year, migrating file servers and software to cloud-based platforms to improve security, resilience and efficiency. Standardising systems across the company is an ongoing priority as the business grows internationally. Cybersecurity remains an area of active management, with regular employee training in place to maintain awareness and reduce exposure to threat.
The directors understand the need to act fairly between stakeholders of the company. They receive regular key performance indicators, attend board meetings and receive minutes of those meetings.
One of the strategic goals of the company is to create long-term financial security and stability for employees, owners and other stakeholders.
One of the strategic goals of the company is to create long-term financial security and stability for employees, owners and other stakeholders.
The directors consider the impact of the company's operations on the community. The majority of the company's employees live in the area surrounding its premises. Millboard products enhance many public areas and are frequently specified for spaces open to the public.
The parent company makes significant donations to UK registered charities. Employees are also encouraged and supported in their own fundraising initiatives.
The parent company makes significant donations to UK registered charities. Employees are also encouraged and supported in their own fundraising initiatives.
The company is required to report under SECR due to legislation introduced in 2018. Disclosures relate only to The Millboard Company Limited as that is the only entity within scope. Information relevant to SECR is included below:
We have calculated our carbon conversion using the government conversion factors for company reporting of greenhouse gas emissions. Efforts continue across the company to reduce its environmental impact, with initiatives underway to increase the use of renewable energy.
The company's production processes are carried out in accordance with an environmental licence issued by the local government authority, which includes regular onsite testing and monitoring.
The company's production processes are carried out in accordance with an environmental licence issued by the local government authority, which includes regular onsite testing and monitoring.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Sustainability
Sustainability is embedded in the company's planning and operations rather than treated as a separate workstream. The company's electricity supply is 100% backed by renewable energy certificates, and the company continues to work with suppliers and advisers to reduce the environmental impact of its manufacturing processes and improve the lifecycle credentials of its products.
The company has obtained Environmental Product Declarations for its principal manufactured products and has added FDES to this as an equivalent for the French market.
During the year the company achieved Ecovadis Silver accreditation, reflecting an independently assessed standard of performance across environment, labour, ethics and sustainable procurement. Product environmental credentials are communicated to customers and specifiers through Ethy badges, providing accessible, verified sustainability information at product level.
The company has submitted a Communication of Progress to the UN Global Compact, reaffirming its commitment to internationally recognised principles of responsible business.
A significant proportion of the company's customers operate in the construction and related sectors and it is increasingly trading globally. The company is therefore exposed to risks inherent in those markets, including geopolitical conflicts, macroeconomic uncertainties, cyclical fluctuations in construction activity, movements in currency exchange rates, supply chain disruption, input cost inflation, competitive pressure and increasing regulatory requirements.
The company carries a warranty provision in the financial statements representing its best estimate of the cost of meeting future claims. The provision covers all claims notified prior to the approval of this report and a further amount assessed against the likely incidence of claims arising over the remaining warranty periods in force. The directors consider the provision adequate and the company remains fully committed to honouring its warranty obligations.
The directors keep the company's risk profile under active review. Notwithstanding the uncertainties outlined above, they retain confidence in the company's strategic direction and its ability to manage the challenges ahead.
The company carries a warranty provision in the financial statements representing its best estimate of the cost of meeting future claims. The provision covers all claims notified prior to the approval of this report and a further amount assessed against the likely incidence of claims arising over the remaining warranty periods in force. The directors consider the provision adequate and the company remains fully committed to honouring its warranty obligations.
The directors keep the company's risk profile under active review. Notwithstanding the uncertainties outlined above, they retain confidence in the company's strategic direction and its ability to manage the challenges ahead.
Financial risk management objectives and policies
The risks faced by the company are kept under continuous review and actively managed. The principal financial risks are those of cash flow, credit and liquidity.
Cash flow risk
The company funds its operations primarily through retained profits, supplemented where appropriate by borrowings to support expansion or capital investment. The directors are aware that the company's sales have a seasonal dimension, which gives rise to a cyclical working capital requirement that is actively managed throughout the year. This is gradually being softened by changing sales profile and increase in international revenues.
Credit risk
The company's principal financial assets are bank balances, trade receivables and stock. Exposure on liquid funds is limited given that counterparties are banks with strong credit ratings. Trade receivable exposure is spread across a broad customer base, the majority of which carry good credit ratings. The company holds credit insurance against the risk of significant bad debt and operates disciplined credit screening and cash collection processes.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties (continued)
Liquidity risk
The company's objective is to maintain sufficient liquid resources to meet its obligations as they fall due, limit exposure to interest rate movements and align the repayment profile of any external borrowings with anticipated future cash flows from trading.
The company has clear plans to make fuller use of its production capacity in support of continued sales growth, alongside ongoing development of the product range. Brand investment is a priority, as is the continued development of international markets. The USA remains the single largest strategic opportunity given the scale of the addressable market, with France and Germany representing important near-term growth priorities as those operations mature.
The directors confirm that in making decisions during the year ended 31 December 2025, they have acted in the way they consider would be most likely to promote the long-term success of the company for the benefit of its members as a whole, having proper regard to the matters set out in section 172(1)(a)-(f) of the Companies Act 2006 and the interests of the company's wider stakeholders.
The board is mindful of both the Companies Act and the UK Corporate Governance Code. The directors' intention is to act responsibly and to ensure that management operates the business to high standards of conduct and governance. Strategic decisions are taken with a view to their long-term consequences, including for employees, suppliers, customers, the environment and the communities in which the company operates.
The board is mindful of both the Companies Act and the UK Corporate Governance Code. The directors' intention is to act responsibly and to ensure that management operates the business to high standards of conduct and governance. Strategic decisions are taken with a view to their long-term consequences, including for employees, suppliers, customers, the environment and the communities in which the company operates.
On 22nd July 2026 the company paid an interim dividend in respect of 2025 on ordinary 'A' shares (£250,000 per share). There are no other material post balance sheet events.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £7,505,882 (2024: £5,491,869).
A dividend of £6,000,000 was paid in the year (2024: £8,500,000).
The directors who served during the year, and up to the date of signing this report, were:
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THE MILLBOARD COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The financial statements have been prepared on the going concern basis which the directors believe to be appropriate for the following reasons.
The company has prepared cash flow forecasts covering the period to December 2027 in assessing the company's ability to continue as a going concern. These forecasts have been sensitised to reflect key assumptions, including turnover growth by region, cost inflation across raw materials, labour and overheads, working capital movements, and planned capital expenditure. A reverse stress test was also performed to identify the combination of adverse events that would need to occur for the company to exhaust its available resources, and the directors consider such a scenario to be remote.
The company has prepared cash flow forecasts covering the period to December 2027 in assessing the company's ability to continue as a going concern. These forecasts have been sensitised to reflect key assumptions, including turnover growth by region, cost inflation across raw materials, labour and overheads, working capital movements, and planned capital expenditure. A reverse stress test was also performed to identify the combination of adverse events that would need to occur for the company to exhaust its available resources, and the directors consider such a scenario to be remote.
The auditor, Grant Thornton UK LLP, was appointed during the period and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MILLBOARD COMPANY LIMITED
We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the directors' conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as the ongoing conflict in the Middle East, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MILLBOARD COMPANY LIMITED (CONTINUED)
Conclusions relating to going concern (continued)
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.
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MILLBOARD COMPANY LIMITED (CONTINUED)
Matters on which we are required to report by exception
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MILLBOARD COMPANY LIMITED (CONTINUED)
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MILLBOARD COMPANY LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Use of 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 Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 33 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Millboard Company Limited is a private company limited by shares, incorporated in England and Wales. Its registered number is 06061318, and its registered head office is located at 1 Argosy Court, Scimitar Way, Coventry, CV3 4GA.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 4 Statement of Financial Position - Reconciliation of the opening and closing number of shares;
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); and
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Douglass Joint Holdings Limited as at 31 December 2025 and these financial statements may be obtained from 1 Argosy Court, Scimitar Way, Coventry, CV3 4GA and Companies House.
The company has prepared cash flow forecasts covering the period to December 2027 in assessing the company's ability to continue as a going concern. These forecasts have been sensitised to reflect key assumptions, including turnover growth by region, cost inflation across raw materials, labour and overheads, working capital movements, and planned capital expenditure. A reverse stress test was also performed to identify the combination of adverse events that would need to occur for the company to exhaust its available resources, and the directors consider such a scenario to be remote.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
The company operates a defined contribution pension plan for its employees. Under this arrangement, the company pays fixed contributions into a separate fund administered by a third party. Once the contributions have been paid, the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current and deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is not discounted.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.
Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:
Warranty provision (see note 18)
A provision is recognised for potential warranty claims on products sold. The directors have made key assumptions regarding future anticipated costs having due regards for costs incurred historically, knowledge of the business and work not yet completed at the reporting date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by geographical market:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The company's shares have unrestricted voting rights together with unrestricted rights to participate in distributions of dividends and capital.
The company's capital and reserves are as follows:
Profit and loss account
Following a review by management, a prior period adjustment has been made. The adjustment relates to a restatement of cost of sales that were previously categorised as administrative expenses.
The effects of the prior year adjustment on the prior year financial statements are as follows:
The effects of the prior year adjustment on the prior year financial statements are as follows:
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Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company operates a defined contributions pension scheme . The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £599,050 (2024: £630,433 ). Contributions totalling £44,895 (2024: £49,658 ) were payable to the fund at the reporting date and are included in other creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company's immediate parent company at the year end was Elmdene Group Limited whose registered office is 1 Argosy Court, Scimitar Way, Coventry, CV3 4GA . This is the smallest group for which consolidated accounts that include the company's results are prepared.
The ultimate parent company at the year end wasDouglass Joint Holdings Limited whose registered office is 1 Argosy Court, Scimitar Way, Coventry, United Kingdom, CV3 4GA . This is the largest group for which consolidated accounts that include the company's results are prepared. The ultimate controlling party are the shareholders of Douglass Joint Holdings Limited .
The ultimate parent company at the year end was
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