REGISTERED NUMBER: 10111570 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31st December 2025

for

Kwiktuf Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

J P Bradley

P Myers

D Pinkney

M Saville

SECRETARY:

J P Bradley

REGISTERED OFFICE:

264 Wincolmlee

Hull

East Yorkshire

HU2 0PZ

REGISTERED NUMBER:

10111570 (England and Wales)

AUDITORS:

Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

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

REVIEW OF BUSINESS

The key financial performance indicators of turnover, gross profit and net profit before taxation communicate the financial performance of the group as a whole.

The key financial performance indicators for the current and prior year, for the group, are as follows:

2025

2024

2023

2022

£

£

£

£

Turnover

11,737,564

10,985,918

11,819,379

12,623,788

Turnover growth

6.8%

(7.1%)

(6.4%)

16%

Gross Profit Margin

28.13%

29.04%

26.86%

28.2%

Net Profit, before Taxation

678,014

674,608

833,129

1,149,416

Net Profit Margin

5.78%

6.14%

7.05%

9.10%

The directors are pleased with the overall financial performance of the business for the year despite it being a challenging year in terms of supressed demand and rising costs. One of the most significant cost increases was the rise in Employers NI contributions enforced by the government in April 2025, at a level which could not simply be passed on to customers. This contributed to a slight reduction in margin.

This was the first full year of Employee Ownership and the directors happy with the positive impact this structure change has had on the staff within the business and also very pleased with how the change was positively received within the customer base.

PRINCIPAL RISKS AND UNCERTAINTIES

The groups principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the groups operations.

Price and availability risk

The same risks present in 2025, supressed demand and rising costs, continue into 2026. Our approach to this remains unchanged due to its success in recent years.

Ongoing activity levels;

The market continues to be relatively flat as we head into 2026, however the directors remain confident that budgeted volumes will be achieved.

Manufacturing costs and Margin;

The business experienced a margin reduction in 2025 following a conscious decision made early in the year when we were challenged with maintaining volume despite facing significant cost increases. This decision recovered the cash effect of the cost increases and contributed to an increase in turnover of 6.8%.

Foreign exchange risk

Whilst not directly affected by foreign exchange, the buoyancy of the European market has resulted in a reduced desire for the European arms of the UK facilities to support UK production.

Credit risk

Credit checks are carried out on all customers and a comprehensive insurance policy is also in place.

Liquidity risk

The groups liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk

The group had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.

FUTURE DEVELOPMENTS

There are no significant development plans in place for 2026. We will continue our program of continuous investment in asset renewal to keep us well positioned to provide a quality product and excellent customer service.

ON BEHALF OF THE BOARD:

J P Bradley - Director

9th September 2026

The directors present their report with the financial statements of the company and group for the year ended 31st December 2017.

During the previous period the company financial statements was for a short period as the parent company was incorporated on the 6th April 2016.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of glass processing specialists.

DIVIDENDS

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

FUTURE DEVELOPMENTS

See strategic report.

DIRECTORS

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

J P Bradley

P Myers

D Pinkney

M Saville

FINANCIAL INSTRUMENTS

The group's principal financial instruments comprise of bank balances. trade debtors, trade creditors and invoice discounting. The main purpose of these instruments is to raise funds and finance the group's operations.

Revenue maintenance

The group actively markets and manages its portfolio of products to focus on revenue building and maintenance which, over the life cycle of the products can contribute to the future profits of the business.

Risks and uncertainties

These details have been provided in the group's strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

J P Bradley - Director

9th September 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of a holding company.

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation, and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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.

Alan Brocklehurst (Senior Statutory Auditor)

for and on behalf of Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

9th September 2026

TURNOVER

11,737,564

10,985,918

Cost of sales

8,436,062

7,795,666

GROSS PROFIT

3,301,502

3,190,252

Administrative expenses

2,533,473

2,501,942

768,029

688,310

Other operating income

500

14,070

OPERATING PROFIT

4

768,529

702,380

Interest receivable and similar income

57

-

768,586

702,380

Interest payable and similar expenses

5

90,572

27,772

PROFIT BEFORE TAXATION

678,014

674,608

Tax on profit

6

253,451

284,734

PROFIT FOR THE FINANCIAL YEAR

424,563

389,874

Profit attributable to:

Owners of the parent

424,563

389,874

PROFIT FOR THE YEAR

424,563

389,874

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

424,563

389,874

Total comprehensive income attributable to:

Owners of the parent

424,563

389,874

FIXED ASSETS

Intangible assets

9

163,525

490,570

Tangible assets

10

2,191,359

2,125,854

Investments

11

-

-

2,354,884

2,616,424

CURRENT ASSETS

Stocks

12

428,816

420,691

Debtors

13

2,100,239

1,652,218

Cash at bank and in hand

39,877

11,766

2,568,932

2,084,675

CREDITORS

Amounts falling due within one year

14

2,923,042

2,293,428

NET CURRENT LIABILITIES

(354,110

)

(208,753

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,000,774

2,407,671

CREDITORS

Amounts falling due after more than one year

15

(1,142,206

)

(1,245,370

)

PROVISIONS FOR LIABILITIES

19

(278,181

)

(255,901

)

NET ASSETS

580,387

906,400

CAPITAL AND RESERVES

Called up share capital

20

100,080

100,080

Revaluation reserve

285,183

285,183

Retained earnings

195,124

521,137

SHAREHOLDERS' FUNDS

580,387

906,400

The financial statements were approved by the Board of Directors and authorised for issue on 9th September 2026 and were signed on its behalf by:

J P Bradley - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

5,320,610

5,320,610

5,320,610

5,320,610

CURRENT ASSETS

Cash at bank

1,493

2,662

CREDITORS

Amounts falling due within one year

14

1,858,652

1,770,242

NET CURRENT LIABILITIES

(1,857,159

)

(1,767,580

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,463,451

3,553,030

CREDITORS

Amounts falling due after more than one year

15

1,079,632

1,130,635

NET ASSETS

2,383,819

2,422,395

CAPITAL AND RESERVES

Called up share capital

20

100,080

100,080

Retained earnings

2,283,739

2,322,315

SHAREHOLDERS' FUNDS

2,383,819

2,422,395

Company's profit for the financial year

712,000

679,298

The financial statements were approved by the Board of Directors and authorised for issue on 9th September 2026 and were signed on its behalf by:

J P Bradley - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2024

100,080

1,722,046

285,183

2,107,309

Changes in equity

Capital contributions to EOT

-

(1,366,133

)

-

(1,366,133

)

Dividends

-

(224,650

)

-

(224,650

)

Total comprehensive income

-

389,874

-

389,874

Balance at 31st December 2024

100,080

521,137

285,183

906,400

Changes in equity

Capital contributions to EOT

-

(750,576

)

-

(750,576

)

Total comprehensive income

-

424,563

-

424,563

Balance at 31st December 2025

100,080

195,124

285,183

580,387

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2024

100,080

3,233,800

3,333,880

Changes in equity

Capital contributions to EOT

-

(1,366,133

)

(1,366,133

)

Dividends

-

(224,650

)

(224,650

)

Total comprehensive income

-

679,298

679,298

Balance at 31st December 2024

100,080

2,322,315

2,422,395

Changes in equity

Capital contributions to EOT

-

(750,576

)

(750,576

)

Total comprehensive income

-

712,000

712,000

Balance at 31st December 2025

100,080

2,283,739

2,383,819

Cash flows from operating activities

Cash generated from operations

1

1,488,834

1,402,546

Interest paid

(83,076

)

(19,463

)

Interest element of hire purchase payments paid

(7,496

)

(8,309

)

Tax paid

(276,686

)

(290,011

)

Net cash from operating activities

1,121,576

1,084,763

Cash flows from investing activities

Purchase of tangible fixed assets

(237,893

)

(165,730

)

Interest received

57

-

Net cash from investing activities

(237,836

)

(165,730

)

Cash flows from financing activities

New loans in year

-

1,184,000

Loan repayments in year

(47,104

)

(538,883

)

New hire purchase agreements in year

40,584

103,134

Capital contributions to EOT

(750,576

)

(1,366,133

)

Hire purchase repayments in year

(98,533

)

(90,588

)

Equity dividends paid

-

(224,650

)

Net cash from financing activities

(855,629

)

(933,120

)

Increase/(decrease) in cash and cash equivalents

28,111

(14,087

)

Cash and cash equivalents at beginning of year

2

11,766

25,853

Cash and cash equivalents at end of year

2

39,877

11,766

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

2025

2024

£

£

Profit before taxation

678,014

674,608

Depreciation charges

499,433

483,125

Finance costs

90,572

27,772

Finance income

(57

)

-

1,267,962

1,185,505

Increase in stocks

(8,125

)

(30,070

)

(Increase)/decrease in trade and other debtors

(448,021

)

26,718

Increase in trade and other creditors

677,018

220,393

Cash generated from operations

1,488,834

1,402,546

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31st December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

39,877

11,766

Year ended 31st December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

11,766

25,853

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank and in hand

11,766

28,111

39,877

11,766

28,111

39,877

Debt

Finance leases

(197,090

)

57,949

(139,141

)

Debts falling due within 1 year

(44,612

)

(3,899

)

(48,511

)

Debts falling due after 1 year

(1,130,635

)

51,003

(1,079,632

)

(1,372,337

)

105,053

(1,267,284

)

Total

(1,360,571

)

133,164

(1,227,407

)

1.	STATUTORY INFORMATION

Kwiktuf Holdings 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

not provided

Plant and machinery

-

20% on cost, 15% on reducing balance and 10% on cost

Fixtures and fittings

-

20% on cost and 15% on reducing balance

Motor vehicles

-

25% on reducing balance, 25% on cost and 20% on cost

Computer equipment

-

33% on cost and 20% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.