Joedan Holdings Limited - Limited company accounts 25.1

REGISTERED NUMBER: 03477583 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2025

for

Joedan Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

15

DIRECTORS:

Mrs N J Purcaro

Mr J A Purcaro

SECRETARY:

Mr J D A Purcaro

REGISTERED OFFICE:

Unit 3 Joedan Park

Northway Gate

Ashchurch

Tewkesbury

Gloucestershire

GL20 8JP

REGISTERED NUMBER:

03477583 (England and Wales)

AUDITORS:

Griffiths Marshall Business Advisory Limited

Floor 4

Llanthony Warehouse

The Docks

Gloucester

Gloucestershire

GL1 2EH

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

REVIEW OF BUSINESS

We are pleased to present the report and accounts of Joedan Holdings Limited and its subsidiary for the year ended 31 December 2025.

As ever, we are grateful for the continued support of our employees, clients, suppliers and business partners.

PRINCIPAL RISKS AND UNCERTAINTIES

The group had no financial instruments at the balance sheet date other than cash and financial instruments such as debtors and creditors that arise from its operations.

The group is exposed to a variety of financial risks which result from its operating activities. The board is responsible for coordinating the company's risk management and focuses on securing the company's short to medium term cash flows.

The group does not actively engage in the trading of financial assets and has no financial derivatives.

The group seeks to manage risks to ensure sufficient liquidity is available to meet its foreseeable needs. Regular contact is maintained with the company's bankers to ensure that sufficient funding is available for the company's needs if required.

KEY PERFORMANCE INDICATORS

The group measures its performance on a number of key performance indicators, including revenue, gross profit as well as net cash from operations. Individual job profitability is very closely monitored by the directors as this is key to the operation of the group.

The Group's ley financial and other performance indicators during the current period and prior period are:

2025

2024

Revenue

15,105,288

14,033,099

Gross profit

5,309,305

5,157,133

Operating profit/(loss)

56,614

220,004

Gross profit margin %

35%

37%

Net profit margin %

(3%

)

0.75%

ON BEHALF OF THE BOARD:

Mr J A Purcaro - Director

24 September 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the design, manufacture and sale of doors, windows and conservatories and the design and supply of bespoke aluminium extrusions.

DIVIDENDS

Dividends of £130,000 (2024: £nil) were paid in the year.

DIRECTORS

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

Mrs N J Purcaro

Mr J A Purcaro

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditor, Griffiths Marshall Business Advisory Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr J A Purcaro - Director

24 September 2026

Opinion

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

In our opinion the financial statements:

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We gained an understanding of the legal and regulatory framework applicable to Joedan Holdings Limited and the industry in which it operates and, considered the risk of acts by Management and directors of Joedan Holdings Limited which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006 and Employment Law. We made enquiries of the Directors to obtain further understanding of risks of non-compliance.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;

- enquiries of management regarding known or suspected instances of non-compliance with laws and regulations;

- review of minutes of the Board meetings throughout the year; and

- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Ian Price (Senior Statutory Auditor)

for and on behalf of Griffiths Marshall Business Advisory Limited

Floor 4

Llanthony Warehouse

The Docks

Gloucester

Gloucestershire

GL1 2EH

24 September 2026

Joedan Holdings Limited (Registered number: 03477583)

Consolidated Statement of Comprehensive Income

for the Year Ended 31 December 2025

31.12.25

31.12.24

as restated

Notes

£

TURNOVER

3

15,105,288

14,033,099

Cost of sales

9,795,983

8,875,966

GROSS PROFIT

5,309,305

5,157,133

Distribution costs

-

2,343

Administrative expenses

5,582,566

5,306,170

5,582,566

5,308,513

(273,261

)

(151,380

)

Other operating income

329,875

371,384

OPERATING PROFIT

5

56,614

220,004

Interest receivable and similar income

7

5,663

25,708

62,277

245,712

Amounts written off investments

8

61,913

-

364

245,712

Interest payable and similar expenses

9

180,364

105,339

(LOSS)/PROFIT BEFORE TAXATION

(180,000

)

140,373

Tax on (loss)/profit

10

201,055

33,888

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(381,055

)

106,485

OTHER COMPREHENSIVE INCOME

Revaluation of tangible fixed assets

190,652

100,000

Income tax relating to other
comprehensive income

-

OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

190,652

100,000

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(190,403

)

206,485

(Loss)/profit attributable to:

Owners of the parent

(381,055

)

106,485

Total comprehensive income attributable to:

Owners of the parent

(190,403

)

206,485

FIXED ASSETS

Intangible assets

15

1,257,853

1,204,461

Tangible assets

16

6,795,582

6,551,579

Investments

17

395,100

775,090

8,448,535

8,531,130

CURRENT ASSETS

Stocks

18

1,088,036

1,413,269

Debtors

19

2,039,073

2,713,469

Cash at bank and in hand

720

1,064,210

3,127,829

5,190,948

CREDITORS

Amounts falling due within one year

20

1,874,806

3,770,541

NET CURRENT ASSETS

1,253,023

1,420,407

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,701,558

9,951,537

CREDITORS

Amounts falling due after more than one
year

21

(2,555,777

)

(2,568,612

)

PROVISIONS FOR LIABILITIES

25

(515,191

)

(431,932

)

NET ASSETS

6,630,590

6,950,993

CAPITAL AND RESERVES

Called up share capital

26

100,100

Share premium

25,239

Revaluation reserve

2,011,013

1,820,361

Retained earnings

4,494,238

5,005,293

SHAREHOLDERS' FUNDS

6,630,590

6,950,993

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2026 and were signed on its behalf by:

Mr J A Purcaro - Director

FIXED ASSETS

Intangible assets

15

-

Tangible assets

16

7,038,947

6,736,372

Investments

17

2,574,437

3,732,204

9,613,384

10,468,576

CURRENT ASSETS

Debtors

19

619,593

874,014

CREDITORS

Amounts falling due within one year

20

239,381

516,388

NET CURRENT ASSETS

380,212

357,626

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,993,596

10,826,202

CREDITORS

Amounts falling due after more than one
year

21

(2,385,021

)

(2,564,012

)

PROVISIONS FOR LIABILITIES

25

(327,502

)

(261,290

)

NET ASSETS

7,281,073

8,000,900

CAPITAL AND RESERVES

Called up share capital

26

100,100

Share premium

25,239

Revaluation reserve

2,011,013

1,820,361

Retained earnings

5,144,721

6,055,200

SHAREHOLDERS' FUNDS

7,281,073

8,000,900

Company's (loss)/profit for the financial
year

(780,479

)

453,416

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2026 and were signed on its behalf by:

Mr J A Purcaro - Director

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

Balance at 1 January 2024

100,100

4,898,808

25,239

1,720,361

6,744,508

Changes in equity

Total comprehensive income

-

106,485

-

100,000

206,485

Balance at 31 December 2024

100,100

5,005,293

25,239

1,820,361

6,950,993

Changes in equity

Dividends

-

(130,000

)

-

(130,000

)

Total comprehensive income

-

(381,055

)

-

190,652

(190,403

)

Balance at 31 December 2025

100,100

4,494,238

25,239

2,011,013

6,630,590

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

Balance at 1 January 2024

100,100

5,601,784

25,239

1,720,361

7,447,484

Changes in equity

Total comprehensive income

-

453,416

-

100,000

553,416

Balance at 31 December 2024

100,100

6,055,200

25,239

1,820,361

8,000,900

Changes in equity

Dividends

-

(130,000

)

-

(130,000

)

Total comprehensive income

-

(780,479

)

-

190,652

(589,827

)

Balance at 31 December 2025

100,100

5,144,721

25,239

2,011,013

7,281,073

Cash flows from operating activities

Cash generated from operations

1

(1,480,893

)

2,098,559

Interest paid

(142,395

)

(62,422

)

Interest element of hire purchase
payments paid

(37,969

)

(42,917

)

Finance costs paid

-

25,499

Tax paid

(176,274

)

(211,677

)

Net cash from operating activities

(1,837,531

)

1,807,042

Cash flows from investing activities

Purchase of tangible fixed assets

(1,039,273

)

(2,162,951

)

Purchase of fixed asset investments

-

(1,267,767

)

Sale of tangible fixed assets

841,202

39,457

Sale of fixed asset investments

379,990

410,000

Interest received

5,663

25,708

Net cash from investing activities

187,582

(2,955,553

)

Cash flows from financing activities

Repayment of bank loans

530,032

924,958

Payment of finance lease obligations

(34,439

)

45,319

Equity dividends paid

(130,000

)

-

Net cash from financing activities

365,593

970,277

Decrease in cash and cash equivalents

(1,284,356

)

(178,234

)

Cash and cash equivalents at
beginning of year

2

1,064,210

1,242,444

Cash and cash equivalents at end of
year

2

(220,146

)

1,064,210

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

as

restated

£

(Loss)/profit before taxation

(180,000

)

140,373

Depreciation charges

337,573

336,274

Profit on disposal of fixed assets

(114,396

)

(81

)

Finance costs

180,364

105,339

Finance income

(5,663

)

(25,708

)

217,878

556,197

Decrease/(increase) in stocks

325,233

(518,891

)

Decrease/(increase) in trade and other debtors

51,433

(621,372

)

(Decrease)/increase in trade and other creditors

(2,075,437

)

2,682,625

Cash generated from operations

(1,480,893

)

2,098,559

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31.12.25

1.1.25

£

Cash and cash equivalents

720

1,064,210

Bank overdrafts

(220,866

)

-

(220,146

)

1,064,210

Year ended 31 December 2024

31.12.24

1.1.24

as restated

£

Cash and cash equivalents

1,064,210

1,242,444

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

Net cash

Cash at bank and in hand

1,064,210

(1,063,490

)

720

Bank overdrafts

-

(220,866

)

(220,866

)

1,064,210

(1,284,356

)

(220,146

)

Debt

Finance leases

(359,071

)

34,439

(324,632

)

Debts falling due within 1 year

(76,158

)

(5,710

)

(81,868

)

Debts falling due after 1 year

(1,718,503

)

(524,322

)

(2,242,825

)

(2,153,732

)

(495,593

)

(2,649,325

)

Total

(1,089,522

)

(1,779,949

)

(2,869,471

)

1.	STATUTORY INFORMATION

Joedan Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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, modified to include the revaluation of freehold properties. 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 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;

Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;

Section 33 'Related Party Disclosures' - Compensation for key management personnel.

Basis of consolidation

The consolidated financial statements incorporate those of Joedan Holdings Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All financial statements are made up to 31 December 2025.

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.

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.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

Judgements and key sources of estimation and uncertainty

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 main areas of accounting estimates are:

- Revenue and margin recognition on long term contracts

- Stock provision

- Recoverability of trade debtors

Turnover

Turnover 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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs of that contract.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Intangible assets other than goodwill

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

Software

33.33% straight line

Development costs

25% straight line

Tangible fixed assets

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

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

Freehold land and buildings

1% straight line

Showroom

15% and 25% straight line

Office refurbishment

5% straight line

Plant and equipment

5% - 25% straight line and 15% reducing balance

Office equipment and computers

33.33% straight line

Motor vehicles

25% reducing balance

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.

Stocks

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.

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.

Financial instruments

Financial instruments are recognised in the group's statement of financial position 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

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.

Impairment of financial assets

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.

Derecognition of financial assets

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.

Classification of financial liabilities

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

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, 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 receipts discounted at a market rate of interest.

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

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled

Cash and cash equivalents

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.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Equity instruments

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.

Foreign exchange

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.

Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 and retirement benefits

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.

Impairment of fixed assets

At each reporting 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).

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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 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 prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Fixed asset investments

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 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.

Other fixed asset investments 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.

3.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.12.25

31.12.24

as

restated

£

Windows and doors

15,105,288

14,033,099

15,105,288

14,033,099

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

as

restated

£

Wages and salaries

5,088,793

3,395,647

Social security costs

348,751

395,316

Other pension costs

161,194

224,099

5,598,738

4,015,062

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

31.12.25

31.12.24

as

restated

Directors

3

Management

63

54

Production/distribution

78

121

144

178

31.12.25

31.12.24

as

restated

£

Directors' remuneration

726,367

721,990

Directors' pension contributions to money purchase schemes

62,400

142,400

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

Defined benefit schemes

1

Information regarding the highest paid director is as follows:

31.12.25

31.12.24

as

restated

£

Emoluments etc

121,546

5.	OPERATING PROFIT

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

31.12.25

31.12.24

as

restated

£

Hire of plant and machinery

36,575

51,824

Other operating leases

510,714

786,408

Depreciation - owned assets

259,116

417,780

Profit on disposal of fixed assets

(114,396

)

(81

)

Goodwill amortisation

79,119

65,868

Foreign exchange differences

52,303

25,688

6.	AUDITORS' REMUNERATION

31.12.25

31.12.24

Fees payable to the company's auditor and associates:

£

For audit services

Audit of the financial statements of the group and company

3,600

Audit of the financial statements of the company's subsidiaries

8,000

11,600

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.25

31.12.24

as

restated

£

Interest received

5,663

25,708

8.

AMOUNTS WRITTEN OFF INVESTMENTS

31.12.25

31.12.24

as

restated

£

Amounts w/o invs

61,913

-

The subsidiary company ceased trading on 31 August 2025. Following a review for impairment, the directors considered the carrying value of the investment to be unrecoverable and the investment was fully written off in the year.

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

as

restated

£

Bank interest

-

476

Bank loan interest

2,705

-

Other interest

139,690

61,946

Hire purchase

37,969

42,917

180,364

105,339

10.

TAXATION

Analysis of the tax charge

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

31.12.25

31.12.24

as

restated

£

Current tax:

UK corporation tax

107,474

83,274

Adjustment in respect of prior

periods

-

(93,076

)

Total current tax

107,474

(9,802

)

Deferred tax

93,581

43,690

Tax on (loss)/profit

201,055

33,888

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:

31.12.25

31.12.24

as

restated

£

(Loss)/profit before tax

(180,000

)

140,373

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

(45,000

)

35,093

Effects of:

Expenses not deductible for tax purposes

177,438

66,722

Income not taxable for tax purposes

16,650

19,360

Capital allowances in excess of depreciation

(35,610

)

-

Depreciation in excess of capital allowances

-

5,976

Taxation prior year

-

(93,076

)

Chargeable gain

37,509

-

Deferred Tax

102,756

-

Group relief

(52,688

)

-

respect of prior years

CT hybrid rate adjustment

-

(187

)

Total tax charge

201,055

33,888

Tax effects relating to effects of other comprehensive income

31.12.25

Gross

Tax

Net

£

Revaluation of tangible fixed assets

190,652

-

190,652

31.12.24

Gross

Tax

Net

£

Revaluation of tangible fixed assets

100,000

-

100,000

11.	INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

12.

DIVIDENDS

31.12.25

31.12.24

as

restated

£

Ordinary shares of 1 each

Final

130,000

-

13.	PRIOR YEAR ADJUSTMENT

During the year, the company identified that a provision of £375,000 relating to costs associated with larger contracts had not been appropriately recognised in the prior year. The comparative figures have therefore been restated to recognise the provision in the period to which it relates.

14.	RETIREMENT BENEFIT SCHEMES

A defined contribution pension scheme is in operation for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes in the year ended 31st December 2025 was £161,194 (2024: £224,099).

15.	INTANGIBLE FIXED ASSETS

On 23 October 2024, Tracker Marine Limited became a wholly owned subsidiary of Joedan Holdings Limited. Net assets were £910,288 which resulted in negative goodwill of £132,511. Negative goodwill is being written off over the estimated life of 10 years in common until its depreciation policy.

16.	TANGIBLE FIXED ASSETS

Group

Freehold

Short

Plant and

property

leasehold

machinery

£

COST OR VALUATION

At 1 January 2025

6,203,072

203,388

2,008,577

Additions

680,556

-

48,002

Disposals

(516,247

)

-

(345,194

)

Revaluations

190,652

-

At 31 December 2025

6,558,033

203,388

1,711,385

DEPRECIATION

At 1 January 2025

802,888

203,388

1,281,410

Charge for year

70,946

-

38,663

Eliminated on disposal

(3,704

)

-

(157,739

)

At 31 December 2025

870,130

203,388

1,162,334

NET BOOK VALUE

At 31 December 2025

5,687,903

-

549,051

At 31 December 2024

5,400,184

-

727,167

Motor

Computer

vehicles

equipment

Totals

£

COST OR VALUATION

At 1 January 2025

1,065,915

696,229

10,177,181

Additions

305,619

5,096

1,039,273

Disposals

(153,632

)

-

(1,015,073

)

Revaluations

-

190,652

At 31 December 2025

1,217,902

701,325

10,392,033

DEPRECIATION

At 1 January 2025

657,426

680,490

3,625,602

Charge for year

144,545

4,962

259,116

Eliminated on disposal

(126,824

)

-

(288,267

)

At 31 December 2025

675,147

685,452

3,596,451

NET BOOK VALUE

At 31 December 2025

542,755

15,873

6,795,582

At 31 December 2024

408,489

15,739

6,551,579

Cost or valuation at 31 December 2025 is represented by:

Freehold

Short

Plant and

property

leasehold

machinery

£

Valuation in 2024

100,000

-

Valuation in 2025

190,652

-

Cost

6,267,381

203,388

1,711,385

6,558,033

203,388

1,711,385

Motor

Computer

vehicles

equipment

Totals

£

Valuation in 2024

-

100,000

Valuation in 2025

-

190,652

Cost

1,217,902

701,325

10,101,381

1,217,902

701,325

10,392,033

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts:

Group

Company

31.12.25

31.12.24

31.12.25

31.12.24

£

Plant and equipment

-

Motor vehicles

29,397

51,536

-

29,937

51,536

-

Company

Freehold

Motor

Computer

property

vehicles

equipment

Totals

£

COST OR VALUATION

At 1 January 2025

6,923,478

17,750

4,499

6,945,727

Additions

680,557

-

680,557

Disposals

(500,000

)

-

(500,000

)

Revaluations

190,652

-

190,652

At 31 December 2025

7,294,687

17,750

4,499

7,316,936

DEPRECIATION

At 1 January 2025

193,643

13,713

1,999

209,355

Charge for year

69,828

1,010

1,500

72,338

Eliminated on disposal

(3,704

)

-

(3,704

)

At 31 December 2025

259,767

14,723

3,499

277,989

NET BOOK VALUE

At 31 December 2025

7,034,920

3,027

1,000

7,038,947

At 31 December 2024

6,729,835

4,037

2,500

6,736,372

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been £4,790,016 (2024 - £4,658,649), being cost £5,289,326 (2024 - £5,108,770) and depreciation £499,310 (2024 - £450,121).

The freehold properties held at valuation of £1,825,000 on 10 March 2015 were revalued on 14 May 2021 at £2,620,000 by Alder King LLP, independent property surveyors. The directors believe that the 14 May 2021 valuation of the freehold properties held at 10 March 2015 accurately reflects the value of these freehold properties at both 31 December 2020 and 31 December 2021. The year end balance includes the properties valued at £2,955,652 and additions since 10 March 2015 at cost.

17.	FIXED ASSET INVESTMENTS

Group

Unlisted

investments

£

COST

At 1 January 2025

775,090

Disposals

(379,990

)

At 31 December 2025

395,100

NET BOOK VALUE

At 31 December 2025

395,100

At 31 December 2024

775,090

Company

Shares in

group

Unlisted

undertakings

investments

Totals

£

COST

At 1 January 2025

2,957,114

775,090

3,732,204

Disposals

(777,777

)

(379,990

)

(1,157,767

)

At 31 December 2025

2,179,337

395,100

2,574,437

NET BOOK VALUE

At 31 December 2025

2,179,337

395,100

2,574,437

At 31 December 2024

2,957,114

775,090

3,732,204

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Coastline Home Improvements IOW Limited

Registered office: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Joedan Manufacturing (UK) Limited

Registered office: England & Wales

Nature of business: Manufacturing

%

Class of shares:

holding

Ordinary

100.00

Micron Aluminium Doors Limited

Registered office: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Micron Conservatories, Windows & Doors Limited

Registered office: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Micron Home Improvements Limited

Registered office: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Wessex Window Systems Limited

Registered office: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Micron Holdings Ltd

Registered office: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Tracker Marine Limited

Registered office: England & Wales

Nature of business: Manufacture of doors and windows of metal

%

Class of shares:

holding

Ordinary

100.00

18.

STOCKS

Group

31.12.25

31.12.24

as

restated

£

Stocks

801,633

914,879

Work-in-progress

286,403

498,390

1,088,036

1,413,269

19.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31.12.25

31.12.24

31.12.25

31.12.24

as
restated

£

Trade debtors

1,369,360

1,560,786

-

Amounts owed by group undertakings

-

576,000

10,804

588,500

Other debtors

511,584

325,287

434,771

151,932

Directors' current accounts

83,184

130,147

83,184

130,147

VAT

-

90,629

3,230

Prepayments

74,945

121,249

205

2,039,073

2,713,469

619,593

874,014

20.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31.12.25

31.12.24

31.12.25

31.12.24

as
restated

£

Bank loans and overdrafts (see note 22)

302,734

76,158

166,136

164,997

Hire purchase contracts (see note 23)

71,686

109,944

6,875

96,387

Payments on account

427,142

397,713

-

Trade creditors

736,315

1,828,061

-

Amounts owed to participating interests

-

576,000

25,000

Tax

14,523

83,323

14,386

27,954

Social security and other taxes

160,568

170,780

10,872

10,502

VAT

126,957

155,086

-

Other creditors

169

302,809

-

179,476

Accrued expenses

34,712

70,667

16,112

12,072

1,874,806

3,770,541

239,381

516,388

21.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

Company

31.12.25

31.12.24

31.12.25

31.12.24

as
restated

£

Bank loans (see note 22)

2,242,825

1,718,503

2,242,825

1,718,503

Hire purchase contracts (see note 23)

252,946

249,127

82,190

249,127

Other creditors

60,006

600,982

60,006

596,382

2,555,777

2,568,612

2,385,021

2,564,012

22.

LOANS

An analysis of the maturity of loans is given below:

Group

Company

31.12.25

31.12.24

31.12.25

31.12.24

as
restated

£

Amounts falling due within one year or

on demand:

Bank overdrafts

220,866

-

84,268

88,839

Bank loans

81,868

76,158

81,868

76,158

302,734

76,158

166,136

164,997

Amounts falling due between one and

two years:

Bank loans - over 1 year

2,242,825

1,718,503

2,242,825

1,718,503

The bank loan is secured by legal charges over the freehold property owned by the company, by debenture over the company's assets and by way of an intercompany guarantee.

23.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

31.12.25

31.12.24

Future minimum lease payments due under finance leases:

£

Within one year

81,487

140,105

In two to five years

262,068

274,752

343,556

414,857

Less: future finance charges

(18,934

)

(55,786

)

324,622

359,071

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The finance leases are secured against the assets to which they relate.

Company

31.12.25

31.12.24

Future minimum lease payments due under finance leases:

£

Within one year

16,565

126,419

In two to five years

87,438

274,752

89,055

401,171

Less: future finance charges

(14,948

)

(55,657

)

89,055

345,514

Finance lease payments represent rentals payable by the company for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 43 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments

Group

Non-cancellable

operating leases

31.12.25

31.12.24

as

restated

£

Within one year

25,017

149,716

Between one and five years

8,622

27,582

33,639

177,298

24.	FINANCIAL INSTRUMENTS

Group

Company

31.12.25

31.12.24

31.12.25

31.12.24

£

Carrying amount of financial assets

Instruments measured at fair value
through

profit or loss

395,100

775,090

725,100

25.	PROVISIONS FOR LIABILITIES

Group

Company

31.12.25

31.12.24

31.12.25

31.12.24

as
restated

£

Deferred tax

Accelerated capital allowances

165,236

169,030

(22,453

)

(1,612

)

Other timing differences

349,955

262,902

349,955

262,902

515,191

431,932

327,502

261,290

Group

Deferred

tax

£

Balance at 1 January 2025

431,932

Provided during year

83,259

Balance at 31 December 2025

515,191

Company

Deferred

tax

£

Balance at 1 January 2025

261,290

Provided during year

66,212

Balance at 31 December 2025

327,502

26.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

as
restated

£

100,100

Ordinary

1

100,100

27.	RELATED PARTY DISCLOSURES

The Group has taken advantage of the exemption in FRS102 section 33 from the requirement to disclose transactions with wholly owned group companies.

During the year the group paid £66,667 (2024: £153,333) to Groomberry Limited a related party by virtue of John Purcaro being a director and shareholder in both companies. At the year end the group was owed from Groomberry Limited £nil (2024: £nil). The amounts paid are in relation to rent payable to Groomberry Limited.

At 31 December 2025, an amount of £83,184 was due from the directors in respect of an overdrawndirector's loan account. The loan was unsecured, interest free and repayable on demand. The balance was repaid in full on 30 April 2026.

Company

The company has taken advantage of the exemption in FRS102 section 33 from the requirement to disclose transactions with wholly owned group companies.

Key management personnel does not include directors.

28.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is John Purcaro.