The directors present the strategic report for the year ended 31 December 2025.
Activities
The group has maintained its primary business focus on the design, marketing, sales, survey, manufacturing, and installation of bespoke secondary glazing products. Serving a diverse clientele across the UK, our commitment to customer satisfaction remains pivotal to our operational success.
Objectives
Our strategic objective is to bolster the sales of our core product range within key markets. We aim to enhance our market presence through intensified marketing initiatives, particularly targeting the Retro First market by emphasizing the advantages of secondary glazing. Concurrently, we are dedicated to elevating customer service standards and operational productivity, with a comprehensive upgrade of our IT infrastructure.
Revenue and Profitability
Despite the challenging trading conditions, the group has seen growth in turnover of 15%, amounting to £10.6m. Our gross margin remained robust at 65%, and through diligent cost management, we realised a pre-tax profit of £2.0m.
Financial Commitments
As reported in 2024 as a post year end event in 2024, the group reached “Financial Freedom” in February when the balance of the vendor debt necessitated by the transition to an employee-owned trust was repaid in full 2 ½ years ahead of the scheduled time scale.
Customer Satisfaction
Customer feedback, gauged through surveys, yielded an impressive satisfaction score of +62% NPS. The group enjoys substantial customer retention, with 45% of enquiries originating from repeat business.
Employee Welfare
The group's governance and ownership framework remain unaltered, with 85% of shares vested in an employee trust. This year, we distributed £374,372 as profit share to our employees. Our commitment to fair compensation is reflected in our adherence to the real living wage and our participation in the 5% club, with 10% of our workforce engaged in 'earn and learn' roles.
Sustainability Achievements
We proudly continue our affiliation with the Planet Mark Certification, having further reduced our carbon footprint again in 2025, we also continue our affiliation with Net Zero International, with a full assessment of a scopes 1 to 3 carbon. Investment in improved factory heating is anticipated to reduce our use of natural gas and we continue to review our fleet to reduce our mobile fuel impact.
Investment in R&D remains a cornerstone of our strategy, as we continue to refine and diversify our product offerings.
These investments are not only crucial for our growth but also align with the rising demand for sustainable and energy-efficient retrofit solutions in the construction sector.
Acquisition of a business
On 19 November 2025, the group acquired 100% of the issued share capital of the Alban Group, the group of companies that owns the freehold property from which Selectaglaze Limited operates. The acquisition secures ownership of the Company's principal operating site and is considered a strategically important investment, providing greater long term stability, control over its operating facilities and supporting the sustainable future growth of the business for the benefit of its employee owners and other stakeholders.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the group are as follows:
Economic Risks
- Potential business insolvency within our customer base.
- Prevailing economic volatility undermining industry confidence and activity.
- Project downscaling by clients to curtail expenses.
Competitive Risks
- A market tendency to prioritize cost over quality and specifications.
The board diligently monitors these risks and engages with specialists as needed to mitigate our exposure.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £2,440,000. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mercer & Hole LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006. The auditor, Mercer & Hole LLP, is deemed reappointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom 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 group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Selectaglaze Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
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 group's and 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 parent company or to cease operations, or have no realistic alternative but to do so.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches under health and safety and GDPR regulations and we considered the extent to which non-compliance may have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act and tax legislation.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principle risks were related to posting inappropriate entries including journals to understate revenue or overstate expenditure, and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
· discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;
· evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities;
· challenging assumptions and judgements made by management in its significant accounting estimates;
· identifying and testing journal entries.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,440,000 (2024 - £393,750 profit).
Selectaglaze Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Alban Park, Hatfield Road, St Albans, Hertfordshire, AL4 0JJ.
The group consists of Selectaglaze Holdings Limited and all of its subsidiaries as listed in note 15.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Selectaglaze Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
The company meets its day-to-day working capital requirements through careful management of working capital positions. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate without any third party support. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT, trade discounts, settlement discounts and volume rebates.
Revenue is derived from contracts to manufacture and install secondary window systems in the United Kingdom. Revenue is recognised by reference to the stage of completion of each contract at the report date when the outcome of the contract can be estimated reliably. Where glazing units have been manufactured but have not been installed at the reporting date, an appropriate proportion of contract revenue is recognised by reference to the costs incurred relative to total estimated contract costs, excluding the estimated costs attributable to installation not yet performed. Amounts receivable are recognised in 'Amounts recoverable on contracts' within debtors. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Revenue earned in respect of glazing units installed but not invoiced at the year-end is accrued for and included in 'Prepayments and accrued income' within debtors.
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 recognised in the profit and loss account.
Where the residual value of a property is considered to be equal to or greater than cost no depreciation charge is applied.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group 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. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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 group 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 group 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
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 group’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 if, and only if, there is 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 leased asset are consumed.
Employee ownership trust
Selectaglaze EOT Limited holds the majority of shares in Selectaglaze Holdings Limited on trust for the Selectaglaze Employee Ownership Trust. The Selectaglaze Employee Ownership Trust holds the shares in Selectaglaze Holdings Limited for the benefit of all employees of Selectaglaze Holdings Limited and its group undertakings. The trust was set up on 2022 in accordance with the requirements of Section 37 to the Finance Act 2014 as an 'Employee Ownership Trust' (EOT) and consequently is not required to be consolidated in the financial statements of Selectaglaze Holdings Limited or Selectaglaze Limited.
The former owners of Selectaglaze Holdings Limited sold the majority of their shares to the EOT, and the EOT is required to pay the consideration to the former owners in accordance with an agreed payment timetable. As the sponsoring company for the EOT, Selectaglaze Holdings Limited has a responsibility to settle the EOT's liability to former owners to the extent that it has the reserves available, and to include the EOT's operating costs in its profit and loss account. Since Selectaglaze Limited is the only trading entity in the group, it includes the EOT's operating costs in its profit and loss account, and the payments it makes to the former shareholders on behalf of the EOT are classified as distributions to Selectaglaze Holdings Limited in the Statement of Changes in Equity. Selectaglaze Holdings Limited recognises the distribution received from Selectaglaze Limited in its profit and loss account and contributions paid to the EOT in its Statement of Changes in Equity.
In the application of the group’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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
At the year end the group reviews its ongoing contracts and recognises a portion of the total contract value within turnover. This is based on the proportion of glazing units produced but not installed, less estimated turnover receivable for installation. The directors believe this is a reasonably accurate method for measuring turnover and for valuing completed glazing units for contracts ongoing at the year end.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The group depreciates tangible fixed assets over their estimated economic useful lives. The useful lives are estimated by reference to historic performance as well as expectations about future use and benefit and are reviewed on an annual basis to ensure policies remain appropriate.
The annual amortisation of goodwill is sensitive to changes in its estimated useful life. The useful economic value of goodwill is re-assessed annually.
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile and historical experience.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The group has chosen to reclassify freehold property previously held as investment property as the property is leased between entities under the common control of Selectaglaze Holdings Limited.
On transfer from investment property to tangible fixed assets the carrying amount at the date of transfer has been adopted as deemed cost. Historic unrealised fair value gains recognised while the asset was classified as investment property continue to be identified separately within non-distributable reserves. The transfer does not constitute a revaluation of property, plant and equipment and no new revaluation reserve has been created upon transfer.
As detailed in note 13, freehold property previously held as investment property was transferred to tangible fixed assets during the year.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Albangroup Limited, Albansky Holdings Limited and Albansky Properties Limited have claimed exemption from the requirements relating to the audit of their financial statements under section 479A of the Companies Act 2006. Selectaglaze Holdings Limited, as parent company of these subsidiaries, has provided the statutory guarantees required by section 479C of the Companies Act 2006, and the members of each subsidiary have consented to the exemption from audit.
Other loans represent an unsecured loan which bears interest at 5.91% and is repayable by monthly instalments. The loan is due to be fully repaid by 31 March 2028.
The following are the major deferred tax liabilities and assets recognised by the group and company:
The deferred tax liability attributable to accelerated capital allowances set out above is not expected to reverse within 12 months.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The profit and loss reserves include all current and prior period retained profits and losses.
On 19 November 2025 the group acquired 100 percent of the issued capital of The Albangroup.
The goodwill arising on the acquisition of the business is attributable to the anticipated cost savings of future operating synergies from the combination.
Amounts contracted for but not provided in the financial statements:
On 20 February 2026, the Company issued 1,016,000 A Ordinary shares of £0.01 each.
The Company has taken advantage of the exemptions available in FRS 102 paragraph 33.1A not to disclose transactions with wholly owned members of the group.