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

I.G. Doors Limited specialises in the manufacturing of high-quality Glass Reinforced Polymer (GRP) and Steel-Faced Entrance Doors, including thermal-efficient, fire-rated, and standard models. Serving the new build and social housing refurbishment sectors, the company offers a comprehensive range of services from product manufacturing to full installation and contract management.

Our products adhere to industry regulations and meet the Police Preferred Specification under the Secured by Design Scheme (PAS24), ensuring the highest standards of safety and quality. I.G. Doors stands out in a competitive market dominated by a few key players by offering superior products, manufactured in-house at our UK facility. This domestic manufacturing not only guarantees the highest quality control but also significantly reduces supply chain risks for our customers. By managing production locally, we can minimize potential disruptions from global supply chain fluctuations, ensuring more reliable delivery times and greater flexibility to meet client needs.

In addition to our focus on quality, I.G. Doors is committed to sustainability. We prioritise the use of sustainable materials to minimise environmental impact, with the goal of achieving carbon neutrality. This aligns with our broader strategy to support both our customers’ and our own environmental goals.

The company’s success is built on strong partnerships with customers, emphasising best practices, compliance, and KPI-driven results. Our dedication to giving exceptional customer support and technical ability is coupled with a market-competitive pricing strategy.

In recent years, I.G. Doors has put a key focus on expanding its reach and solidifying its position as a trusted supplier to both new construction and refurbishment projects. This will be achieved by increasing our reputation for quality, reliability, and innovative solutions, enabling us to secure long-term contracts and build lasting client relationships.

To enhance results and address rising costs, I.G. Doors has implemented cost control measures. These include optimising supply chain management, negotiating better terms with suppliers, and improving operational efficiency through streamlined production processes. By manufacturing locally, we further reduce dependency on external suppliers and mitigate the risks associated with volatile global supply chains.

Despite external challenges such as geopolitical instability, inflation, and rising raw material costs, I.G. Doors stays focused on supporting operational efficiency. With robust cost control strategies and a strong commitment to local manufacturing, the company is well-positioned to manage risks, improve profitability, and sustain growth in an increasingly competitive and unpredictable market.

The company’s overriding philosophy and objective is to achieve attractive and sustainable rates of growth and returns through a combination of organic growth and manufacturing innovation:

Key focus on delivering the highest standard of product and service with flexibility to support the individual needs and aspirations of our customers.

Investment in effective training and development of employees to retain a highly skilled and engaged workforce to become the employer of choice.

Building lasting relationships with its supply chain and customer partnerships whilst ensuring a secure business model for its stakeholders.

Continuous improvement and innovation in its product range to identify manufacturing advantage, compliance, and quality improvements with focus on “getting it right first time.”

Committed to reducing its carbon emissions and recovery of waste for future use.

Grow capacity of our operational business with improved cycle times and efficiencies with technology and process improvements.

Turnover: £27,455k (2024: £29,574k)

Turnover Decrease of 7.2% (2024: decrease of 2.1%)

This has decreased due to a lag effect of contract intake during previous years.

Gross profit %: 31.1% (2024: 31.7%)

This has remained in line with the prior year due to continued production efficiency gains throughout the year.

Operating loss: £3,948k (2024: £3,186k)

The operating loss has increased due to the reduced turnover during the year and increased subcontract labour as the company grows its external company fitters base.

Loss before tax: £4,360k (2024: £3,594k)

This like operating loss has increased due to the reduced turnover during the year and increased subcontract labour as the company grows its external company fitters base.

The management of the business and the execution of the company's strategy are subject to several risks and uncertainties.

Risks are reviewed by the board and appropriate processes put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect such events would compound the possible adverse effects of the company. The key business risk affecting the company are set out below.

The main financial risks arising from the company's activities are credit, interest rate, price risk and liquidity risks. These are monitored by the board of directors and were not considered to be significant at the balance sheet date.

The company's policy in respect of credit risk is to conduct appropriate credit checks on potential customers before opening a new debtor account. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually by the board of directors.

The company's policy in respect of interest rate risk and liquidity risk is to maintain a mixture of long term and short-term debt finance and readily accessible bank deposit accounts to ensure the company has sufficient funds for operations. The cash deposits are held in a mixture of short-term deposits and current accounts which earn interest at a floating rate. Debt is maintained at fixed interest rates.

The company is exposed to commodity price risk because of its operations. The company enters into annual fixed price agreements to mitigate significant risks in this area. The directors will revisit the appropriateness of this policy should the company’s operations change in size or nature. The company has no exposure to equity securities price risk as it holds no listed equity investments.

Cash balances retained and exposure to movements in the Euro are monitored and acted upon regularly. Support from the Hörmann Group remains solid.

Employees

The company’s performance depends on its managers and local staff. The loss of key individuals and the inability to recruit people with the right experience and skills from the local community could adversely impact the company’s results. To mitigate these risks, the business continues to review the organisation, while seeking to maintain a core employee base that are suitably rewarded and incentivised.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of the manufacture and sale of internal and external domestic doors.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The auditor, Moore, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible 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 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;

• 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 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of I.G. Doors Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 December 2025 and of its loss 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.

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's 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.

Material uncertainty relating to going concern

We draw attention to note 1.2 in the financial statements, which explains the company's continued losses and reliance on financial support from the parent undertaking. Whilst the parent undertaking has indicated that it will continue to support the company, there is no contractual obligation in place and so such support is not guaranteed. As stated in note 1.2 these conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not qualified in respect of this matter.

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.

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 director is 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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.

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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 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.

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.

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

* Please see note 25 for details of the restatement.

The notes on pages 13 to 27 form part of these financial statements.

* Please see note 25 for details of the restatement.

The notes on pages 13 to 27 form part of these financial statements.

* Please see note 25 for details of the restatement.

The notes on pages 13 to 27 form part of these financial statements.

I.G. Doors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lon Gellideg, Oakdale Business Park, Blackwood, NP12 4AE.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has recorded a loss for the financial year of £3,910k, and the previous year of £3,003k. As a result the company is reporting a deficiency on profit and loss reserves of £19,228k at 31 December 2025 and a deficiency on total equity of £340k.

At 31 December 2025 the company owed its parent company, Hörmann International Beteiligungs GmbH, £23,966k (2024 - £23,176k). The parent company has provided confirmation that for the foreseeable future they will continue to offer I.G. Doors Limited financial support. Due to this the directors have considered it appropriate to prepare the financial statements on the going concern basis. However, whilst the parent undertaking has indicated that it will continue to support the company, there is no contractual obligation in place and so such support is not guaranteed. This position creates a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue from the following major sources:

• Sale of goods

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where 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 have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

Included in land and buildings is freehold land cost of £371k (2024 - £371k) which is not depreciated.

Assets under construction are included at cost. Depreciation on these is not charged until they are brought into use.

The following were subsidiary undertakings for the company:

I.G. Doors (Scotland) Limited. 100% holding of Ordinary class of shares. The company is a dormant company and its registered office is in the England & Wales.

Watson Dallas Limited. 100% holding of Ordinary class of shares. The company is a dormant company and its registered office is in the England & Wales.

A provision of £278k (2024: £278k) has been recognised against stock during the year due to slow moving and obsolete stock.

Prior year figures have been restated. See note 25 for further details.

Prior year figures have been restated. See note 25 for further details.

Prior year figures have been restated. See note 25 for further details.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The remuneration of key management personnel is as follows.

During the year the company entered into the following transactions with related parties:

At the year end, the company owed Hormann UK Limited, a fellow group company, £450k (2024 - £Nil) in relation to a loan which is unsecured, repayable on demand and with no interest charged. At the year end, there is a trading balance of £46k (2024 - £32k) owing to I.G. Doors Limited.

At the year end, the company owed Hörmann International Beteiligungs GmbH, the immediate parent company £23,966k (2024 - £23,176k). £18,000k of this balance relates to a loan agreement which is unsecured, repayable at £750k per annum and with interest charged at the UK base rate plus 0.5%. Of this £18,000k (2024 - £17,250k) of the loan is due after more than one year. During the year, interest charged was £323k (2024 - £323k).

At the year end, the company owed Garador Limited, a fellow group company, £2,590k (2024 - £2,951k). £3,500k (2024 - £3,500k) of this balance relates to a loan agreement which is unsecured, repayable on demand and with an interest rate of 2.5% per annum. Interest of £89k (2024 - £85k) was charged on the loan during the year. Compensation for losses surrendered under group relief was received during the year of £450k (2024 - £537k). At the year end, there is a trading balance of £1k (2024 - £Nil) owing to I.G. Doors Limited.

The company has provided a guarantee to its bankers in respect of any monies owed by its subsidiary company, I.G. Doors (Scotland) Limited. At 31 December 2025, there were no outstanding balances due to its banker.

Other Information

Transactions between companies in a wholly owned group are not disclosed, as permitted by FRS 102 Section 33.

The immediate parent company of I.G. Doors Limited is Hormann International Beteiligungs GmbH. The company is incorporated in Germany. The ultimate beneficial owners are members of the Hormann family.

The smallest and largest group for which consolidated accounts are prepared is that headed by Hormann Vermogensverwaltungs GmbH. Consolidated accounts are not publicly available.

Two separate historical stock valuation errors have been identified in which finished goods stock was overstated by £3,314k and work in progress stock was overstated by £2,676k due to stock accounting system errors. This had a significant impact on the profit and loss reserves brought forward and stock in the Balance Sheet. The tax impact is increased unrelieved tax losses and no deferred tax asset is recognised in the financial statements.

An intercompany balance error has been identified in which amounts owed to group undertakings was understated by £246k. This had a impact on the profit and loss reserves brought forward and creditors in the Balance Sheet. The tax impact is increased unrelieved tax losses and no deferred tax asset is recognised in the financial statements.