Camel Glass & Joinery (Holdings) Limited

Contents

Company Information	1
Strategic Report	2 to 3
Directors' Report	4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 9
Consolidated Profit and Loss Account	10
Consolidated Balance Sheet	11
Balance Sheet	12
Consolidated Statement of Changes in Equity	13
Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16 to 33

Camel Glass & Joinery (Holdings) Limited

Company Information

Directors

Mr M Jones Mr T J Jones Mr A Oakes Mr M Oakes

Registered office

Palmers Way Trenant Industrial Estate Wadebridge Cornwall PL27 6HB

Auditors

PKF Francis Clark Statutory AuditorMelville Building East Unit 18, 23 Royal William Yard Plymouth Devon PL1 3GW

Camel Glass & Joinery (Holdings) Limited

Strategic Report

Year Ended 31 March 2026

The directors present their strategic report for the year ended 31 March 2026.

Principal activity

The principal activity of the group is glaziers and joiners.

Fair review of the business

During the year, the group continued to provide a broad range of fenestration supply and installation services to both domestic and commercial customers. Despite ongoing economic uncertainty, inflationary cost pressures, and challenging market conditions within the construction and retail sector, the group maintained stable trading activity throughout the year.

Management remained focused on maintaining profitability, customer satisfaction, and operational efficiency. The group continued to develop relationships with suppliers and customers whilst closely monitoring installation schedules and labour costs.

During the year, the group maintained gross margins through a successful pricing model and cost management. Cashflow remained under review, and overheads were managed prudently in response to fluctuations in material and labour costs with efficiencies delivered by processes and systems.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2026	2025
Turnover	£000	14,943	14,012
Gross profit margin	%	24	27

The directors also review other Key Performance Indicators (KPIs) such as customer satisfactiom, installation lead times and debtor collection performance. These indicators help the directors to maintain profitability and positive operating cash flows. The disclosure of these KPIs is deemed to be prejudicial to the interests of the group.

Camel Glass & Joinery (Holdings) Limited

Strategic Report

Year Ended 31 March 2026

Principal risks and uncertainties

The principal risks and uncertainties facing the company include:

• Fluctuations in demand within the construction and home improvement market
• Increases in material costs, particularly Aluminium as this has a volatile nature, glass (closely linked
to energy), and hardware components
• Availability and retention of skilled installation staff
• Delays in supply chains and product availability
• Increased competition within the local market
• Customer credit risk and delayed payments
• Changes in health and safety or construction regulations
• Availability of fuel and transportation costs

The directors regularly monitor these risks and review business operations to minimise potential disruption and maintain profitability.

Approved by the Board on 9 September 2026 and signed on its behalf by:

......................................... Mr M Jones Director

Camel Glass & Joinery (Holdings) Limited

Directors' Report

Year Ended 31 March 2026

The directors present their report and the for the year ended 31 March 2026.

Directors of the group

The directors who held office during the year were as follows:

Mr M Jones

Mr T J Jones

Mr A Oakes

Mr M Oakes

Going Concern

The directors have assessed the company’s ability to continue as a going concern for a period of at least 24 months from the date of approval of the financial statements. In making this assessment, the directors have reviewed current trading performance, anticipated future sales, cashflow forecasts, and available working capital facilities. The directors are satisfied that the company has adequate resources to continue trading for the foreseeable future and accordingly continue to adopt the going concern basis in preparing the financial statements.

Financial risk management objectives and policies

The company’s activities expose it to several financial risks including price and liquidity risk. The directors have implemented procedures to manage these risks effectively.

Price risk, credit risk, liquidity risk and cash flow risk

The company regularly reviews supplier pricing and seeks to maintain strong relationships with key suppliers to manage fluctuations in material costs. Customer quotations are reviewed frequently to reflect changing market conditions.

Liquidity risk is managed through careful monitoring of working capital and maintaining sufficient cash reserves to meet operational commitments and supplier payments as they fall due.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 9 September 2026 and signed on its behalf by:

......................................... Mr M Jones Director

Camel Glass & Joinery (Holdings) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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). 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 group and the company 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 apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Camel Glass & Joinery (Holdings) Limited

Independent Auditor's Report to the Members of Camel Glass & Joinery (Holdings) Limited

Opinion

We have audited the financial statements of Camel Glass & Joinery (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated 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 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 the parent company's affairs as at 31 March 2026 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 auditor 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 director's 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s 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.

Camel Glass & Joinery (Holdings) Limited

Independent Auditor's Report to the Members of Camel Glass & Joinery (Holdings) Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and 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 our 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 and 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 page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Camel Glass & Joinery (Holdings) Limited

Independent Auditor's Report to the Members of Camel Glass & Joinery (Holdings) Limited

Auditor’s 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company.

As part of this, we reviewed the company’s website for indication of any regulations and certification in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”) . 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, the reporting framework (FRS 102), and relevant tax compliance regulations in the UK.

We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The key incentive identified is to meet the targets set by the group and we determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

- Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud, of which there were none.
- Review of the group’s GDPR policy and enquiries to the Data Protection Officer as to the occurrence and outcome of any reportable breaches;
- Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
- Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

Camel Glass & Joinery (Holdings) Limited

Independent Auditor's Report to the Members of Camel Glass & Joinery (Holdings) Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. 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 omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available 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.

......................................
James Barrett (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

9 September 2026

Camel Glass & Joinery (Holdings) Limited

Consolidated Profit and Loss Account

Year Ended 31 March 2026

	Note	2026 £	2025 £
Turnover	3	14,943,329	14,012,215
Cost of sales		(11,454,395)	(10,221,039)
Gross profit		3,488,934	3,791,176
Administrative expenses		(2,916,993)	(2,867,571)
Other operating income	4	30,634	27,455
Operating profit	5	602,575	951,060
Other interest receivable and similar income	9	232,334	198,362
Share of profit of equity accounted investees		493,170	461,420
Profit before tax		1,328,079	1,610,842
Tax on profit	10	(249,017)	(310,534)
Profit for the financial year		1,079,062	1,300,308
Profit attributable to:
Owners of the company		1,079,062	1,300,308

The group has no recognised gains or losses for the year other than the results above.

Camel Glass & Joinery (Holdings) Limited

Consolidated Balance Sheet

31 March 2026

	Note	2026 £	2025 £
Fixed assets
Intangible assets	11	689,044	775,175
Tangible assets	12	682,240	727,327
Investments	13	1,572,539	1,079,369
		2,943,823	2,581,871
Current assets
Stocks	14	487,676	558,289
Debtors	15	3,236,595	2,605,183
Cash at bank and in hand		5,947,848	6,725,819
		9,672,119	9,889,291
Creditors: Amounts falling due within one year	16	(3,386,939)	(3,541,809)
Net current assets		6,285,180	6,347,482
Total assets less current liabilities		9,229,003	8,929,353
Provisions for liabilities	18	(548,088)	(497,832)
Net assets		8,680,915	8,431,521
Capital and reserves
Called up share capital	21	615,484	615,484
Capital redemption reserve		2,584,632	2,584,632
Profit and loss account		5,480,799	5,231,405
Equity attributable to owners of the company		8,680,915	8,431,521
Shareholders' funds		8,680,915	8,431,521

Approved and authorised by the Board on 9 September 2026 and signed on its behalf by:
 

......................................... Mr M Jones Director

Company Registration Number: 08959161

Camel Glass & Joinery (Holdings) Limited

Balance Sheet

31 March 2026

	Note	2026 £	2025 £
Fixed assets
Investments	13	3,200,116	3,200,116
Capital and reserves
Called up share capital	21	615,484	615,484
Capital redemption reserve		2,584,632	2,584,632
Shareholders' funds		3,200,116	3,200,116

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £829,668 (2025 - profit of £131,453).

Approved and authorised by the Board on 9 September 2026 and signed on its behalf by:
 

......................................... Mr M Jones Director

Company Registration Number: 08959161

Camel Glass & Joinery (Holdings) Limited

Consolidated Statement of Changes in Equity

Year Ended 31 March 2026

	Share capital £	Capital redemption reserve £	Profit and loss account £	Total £
At 1 April 2025	615,484	2,584,632	5,231,405	8,431,521
Profit for the year	-	-	1,079,062	1,079,062
Dividends	-	-	(829,668)	(829,668)
At 31 March 2026	615,484	2,584,632	5,480,799	8,680,915