REGISTERED NUMBER: 00789871 (England and Wales)

WESTWARD BUILDING SERVICES LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTOR:

W C Cox

REGISTERED OFFICE:

Burraton Road

Saltash

Cornwall

PL12 6LU

REGISTERED NUMBER:

00789871 (England and Wales)

AUDITORS:

WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

The director presents his strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The company has completed another successful year of trading, with significant profit levels delivered.

During 2025 the company has continued to focus on increasing its market presence and growing its market share, which has been a successful strategy.

Despite the tough economic conditions, with market competition putting pressure on margins, the business remains resilient and strong profit levels continue to be reported (2025: £4.92m, 2024: £4.65m.)

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk to the company is an increase in competition in the industry of the supply of power tools and materials to the building and DIY trade as well as any disruptions to the supply chain. The reputation of the company has grown over many years of trading and the company consider themselves to be in a strong market position to deal with the increasing competition.

SECTION 172(1) STATEMENT

The director is aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders.

The director considers it crucial that the company maintains a reputation for high standards of business conduct. The director is responsible for setting, monitoring and upholding the culture, values, standards, ethics, brand and reputation of the company. Management drives the embedding of the desired culture throughout the organisation.

GROUP STRUCTURE

Westward Building Services Limited is the 100% owned subsidiary of Coxco Holdings Limited, which is the 100% subsidiary of Coxcocapital Limited.

For the year ended 31st December 2025, Group accounts have been prepared by Coxcocapital Limited.

FINANCIAL KEY PERFORMANCE INDICATORS

Westward Building Services Limited is the trading entity of the group, trading as a supplier to the building trades. As a supplier to the building trades, sales growth is of particular importance in order to maintain healthy margins.

The company considers two key performance indicators to be as follows:

Turnover - the financial statements report an increase of 9% for 2025 (2024: 10.79% increase on 2023). The increase in turnover comes from the efforts to strengthen the group's online presence.

Gross profit margin - reported at 20% (2024: 19%). Which is supported by the increased sales activity that drove the rise in turnover.

ENVIRONMENT AND SUSTAINABILITY

The company continues with their sustainable approach to business, maintaining their drive to use environmentally friendly or recyclable products where possible. Reducing plastic consumption onsite is something the management team are actively working to achieve.

The company is now keeping a record of tonnes of packaging used so that it can be monitored and targets are set to reduce this.

EMPLOYEE INVOLVEMENT AND EQUAL OPPORTUNITY

All team members undergo a continuous training programme, relevant to their role, to ensure the safety of all customers, suppliers and employees.

The company is committed to non-discriminatory recruitment procedures and practices and all job offers are based on merit taking into account aptitude and capability to carry out the roles as defined in the job specification.

CREDITOR PAYMENT POLICY AND PRACTICE

It is the Group's policy that payments to suppliers are made in accordance with those terms and conditions agreed between the Group and its suppliers, provided that all trading terms and conditions have been complied with. At the year end, creditor days totalled 8.19 (2024: 34.71) this reduction reflects the timing of settling a significant volume of supplier balances shortly before the year end, rather than any change in the Group’s payment terms.

ON BEHALF OF THE BOARD:

W C Cox - Director

14 September 2026

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of building supplies.

DIVIDENDS

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

FUTURE DEVELOPMENTS

Following a period of significant online sales growth up since the year ended 31st December 2021, the company is continuing to develop its online sales offering, focussing on the availability of product ranges to maintain its current market position within the supply of building tools and materials industry.

DIRECTOR

W C Cox held office during the whole of the period from 1 January 2025 to the date of this report.

STAKEHOLDER RELATIONSHIPS & ENGAGEMENTS

The director is responsible for overseeing meaningful engagements with stakeholders, including the workforce, and having regard to their views when taking decisions.

Customer safety and satisfaction are pivotal to the success of the business. The needs, behaviours, and feedback of the customers are collected, assessed and used to develop the long-term strategy of the business.

The director regularly engages directly with suppliers and also receives frequent reporting regarding the business interactions. The director considers the impact to suppliers when making key strategic decisions relating to product ranges or supply and logistics.

The director recognises that the implementation of an effective people strategy and strong culture underpin the effective delivery of the company's strategy and drive strong performance. The director acknowledges the importance of retaining talent and considering the views of the workforce when making decisions and considering the impact of those decisions on said workforce.

DISCLOSURE IN THE STRATEGIC REPORT

Information regarding business performance, risk and KPIs is reported in the strategic report.

ENERGY AND CARBON REPORT

The annual quantity of emissions arising from different sources are as follows:

Scope 1 direct emissions from the burning of fuels for purposes of transport - 8.44 tonnes of C02e (2024: 13.93 tonnes).

Scope 2 indirect emissions from the purchase of electricity or gas for own use - 30.15 tonnes of C02e (2024: 36.05 tonnes).

Total emissions in the year amount to 186,893 kWh (38.32 tCO2e), 2024: 244,675 kWh (49.98 tC02e). This can be analysed as 1.06 tonnes of CO2e per full time employee (2024: 1.79 tonnes) or 0.61 tonnes of CO2e per million pound of turnover (2024: 0.87 tonnes).

The conversion factors used for the current year have been obtained from the Department for Business, Energy and Industrial Strategy available at: https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2025.

The conversion factors used for the prior year have been obtained from the Department for Business, Energy and Industrial Strategy available at: https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2024.

The Company is committed to reducing any negative environmental impact resulting from their activities and continue to promote this ethos throughout their employees by encouraging recycling of all possible materials, reducing usage of single use plastics and encouraging employees to build on their understanding of green matters.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, WP Audit Services LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W C Cox - Director

14 September 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 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.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director 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 in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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, 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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Objectives

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.

Audit approach

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 Consumer Rights Act, the Consumer Protection (Distance Selling) Regulations, the Companies Act 2006, FRS 102, 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, as well a review of relevant correspondence and certifications.

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

- We used our knowledge of the Company and the industry in which it operates to determine if management's explanations were consistent with our own conclusions.

- Based on our understanding developed from the above, we designed specific appropriate audit procedures to identify instances of non-compliance with the key laws and regulations which may result in potential fraud. This included making enquiries of management and those charged with governance, investigating unusual or unexpected relationships or movements in figures disclosed in the accounts and remaining alert for any transactions that appeared to be outside the normal course of business.

- Furthermore, as required by auditing standards, and taking into account our overall knowledge of the control environment, we have performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition. Procedures such as a review of journal entries and assessing estimates for management bias have enabled us to conclude in this area.

No instances of fraud were identified from the above procedures.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control environment relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Context of the ability of the audit to detect fraud or breaches of law or regulation

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 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 remains a risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

Stephanie Williams (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

14 September 2026

TURNOVER

5

62,679,665

57,740,532

Cost of sales

(50,011,379

)

(46,968,470

)

GROSS PROFIT

12,668,286

10,772,062

Distribution costs

(5,400,413

)

(4,192,869

)

Administrative expenses

(2,364,465

)

(1,977,092

)

OPERATING PROFIT

8

4,903,408

4,602,101

Interest receivable and similar income

14,725

49,725

4,918,133

4,651,826

Interest payable and similar expenses

9

(1,619

)

-

PROFIT BEFORE TAXATION

4,916,514

4,651,826

Tax on profit

10

(1,231,003

)

(1,167,688

)

PROFIT FOR THE FINANCIAL YEAR

3,685,511

3,484,138

PROFIT FOR THE YEAR

3,685,511

3,484,138

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,685,511

3,484,138

FIXED ASSETS

Tangible assets

12

283,301

338,283

CURRENT ASSETS

Stocks

13

8,246,063

9,558,087

Debtors

14

9,459,492

6,996,217

Cash at bank and in hand

532,507

997,881

18,238,062

17,552,185

CREDITORS

Amounts falling due within one year

15

2,112,508

5,154,124

NET CURRENT ASSETS

16,125,554

12,398,061

TOTAL ASSETS LESS CURRENT LIABILITIES

16,408,855

12,736,344

PROVISIONS FOR LIABILITIES

18

47,000

60,000

NET ASSETS

16,361,855

12,676,344

CAPITAL AND RESERVES

Called up share capital

19

1,125

1,125

Capital redemption reserve

20

4,875

4,875

Retained earnings

20

16,355,855

12,670,344

SHAREHOLDERS' FUNDS

16,361,855

12,676,344

The financial statements were approved by the director and authorised for issue on 14 September 2026 and were signed by:

W C Cox - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

1,125

12,686,216

4,875

12,692,216

Changes in equity

Dividends

-

(3,500,010

)

-

(3,500,010

)

Total comprehensive income

-

3,484,138

-

3,484,138

Balance at 31 December 2024

1,125

12,670,344

4,875

12,676,344

Changes in equity

Total comprehensive income

-

3,685,511

-

3,685,511

Balance at 31 December 2025

1,125

16,355,855

4,875

16,361,855

1.	STATUTORY INFORMATION

Westward Building Services 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 Company Information page.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied, to all the years presented, unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Coxcocapital Limited and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned companies within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer, which is on delivery. Delivery is deemed to have taken place on the earlier of:

- Delivery to agent or carrier

- Delivery to the customer

- Collection from site

- Dispatch of goods in the post

Customers are able to return goods within 30 days of delivery and such returns are debited to sales once the return has been issued.

Purchase rebates

Purchase rebates from suppliers are recognised in the period in which they were earned and are credited to the profit & loss against the value of purchases.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at a historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Leasehold improvements

10 years

Plant and machinery

8 years

Fixtures and fittings

10 years

Motor vehicles

4 years

Computer equipment

5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the effective interest method.

Stocks

Stocks are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Whilst stock is sold on a First In First Out basis, the cost of stock is derived using an average purchase price where applicable. This applies to stock purchased where a certain amount of stock is provided by the supplier free of charge when certain purchasing volumes are met.

The total value of stock is adjusted at year end to account for the estimate of the impact of purchase rebates received and recorded as a credit to purchases.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability ain the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Provisions for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises.

Dividends

Equity dividends are recognised when they become legally payable.

4.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for the assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The estimates and assumptions made by management in the course of preparing the financial statements are set out below:

(i) Useful economic life of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Stock provisioning

The Company's products are subject to changing industry demands and market trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock.

(iii) Supplier rebates

Purchase rebates from suppliers are recognised in the period in which they were earned and are credited to the profit or loss account, against purchases. The estimated accrued amount in the accounts is based on the most recent and up to date estimates provided by suppliers based on their knowledge of purchasing volumes and other criteria required to hit the rebate targets.

(iv) Impact of accrued purchase rebates on stock

In line with general industry practice, at times the company receives rebates from some suppliers in relation to purchases made. At any one time there is stock held on which rebates have or are due to be received, which would reduce the actual unit cost of this stock below the initial amount invoiced. To reflect the impact of these rebates on the stock value, and properly record stock at the lower of cost and net realisable value, an adjustment has been made to lower the value of stock reported. The director has estimated the impact of the purchase rebates on stock by looking at ratios of rebates, purchases and stock.

5.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

62,648,503

57,683,232

Channel Islands

31,162

57,300

62,679,665

57,740,532

6.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

836,773

682,853

Social security costs

97,627

96,973

Other pension costs

23,734

19,187

958,134

799,013

The average number of employees during the year was as follows:

2025

2024

Administration

3

4

Warehouse

22

14

Selling

11

10

36

28

7.	DIRECTORS' EMOLUMENTS

There are no Director wages costs in the company. The Director is remunerated through Coxco Holdings Limited.

The director received benefits in kind during the 2025 year, paid by Westward Building Services Limited, to the value of £33,210 (2024: £24,935).

8.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

95,070

104,881

Profit on disposal of fixed assets

(12,500

)

(944

)

Auditors' remuneration

9,600

17,000

Taxation compliance services

750

750

Other non- audit services

65,952

41,620

Management fees

1,100,000

420,000

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

VAT interest

1,619

-

10.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

1,244,000

1,168,100

Over/under provision of CT

3

10

Total current tax

1,244,003

1,168,110

Deferred tax

(13,000

)

(422

)

Tax on profit

1,231,003

1,167,688

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

4,916,514

4,651,826

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

1,229,129

1,162,957

Effects of:

Expenses not deductible for tax purposes

3,251

14,733

Capital allowances in excess of depreciation

-

(9,590

)

Depreciation in excess of capital allowances

11,647

-

Adjustments to tax charge in respect of previous periods

(24

)

10

Deferred tax

(13,000

)

(422

)

Total tax charge

1,231,003

1,167,688

11.

DIVIDENDS

2025

2024

£

£

Ordinary B shares of 1 each

Interim

-

3,500,010

12.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

improvements

machinery

fittings

£

£

£

COST

At 1 January 2025

58,742

315,172

114,430

Additions

8,700

7,333

-

Disposals

-

-

-

At 31 December 2025

67,442

322,505

114,430

DEPRECIATION

At 1 January 2025

19,027

177,958

82,407

Charge for year

6,344

27,753

5,282

Eliminated on disposal

-

-

-

At 31 December 2025

25,371

205,711

87,689

NET BOOK VALUE

At 31 December 2025

42,071

116,794

26,741

At 31 December 2024

39,715

137,214

32,023