Registration number: 06822348

KCW Windows Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 12

KCW Windows Ltd

Company Information

Directors

Mr David Cunningham Mrs Amanda Cunningham

Registered office

25A Shuttleworth Road Bedford Bedfordshire MK41 0HS

Accountants

Red Shoes Accounting Services Unit 7 E-Space North 181 Wisbech Road Littleport Ely Cambridgeshire CB6 1RA

KCW Windows Ltd

(Registration number: 06822348)
Balance Sheet as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	5	212,971	223,930
Current assets
Stocks	6	137,525	128,461
Debtors	7	740,045	638,209
Cash at bank and in hand		79,960	20,857
		957,530	787,527
Creditors: Amounts falling due within one year	8	(452,966)	(350,047)
Net current assets		504,564	437,480
Total assets less current liabilities		717,535	661,410
Creditors: Amounts falling due after more than one year	8	(135,869)	(146,328)
Net assets		581,666	515,082
Capital and reserves
Called up share capital	9	6	6
Retained earnings		581,660	515,076
Shareholders' funds		581,666	515,082

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 October 2026 and signed on its behalf by:
 

Mr David Cunningham Director

KCW Windows Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
25A Shuttleworth Road
Bedford
Bedfordshire
MK41 0HS

These financial statements were authorised for issue by the Board on 15 October 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

KCW Windows Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor Vehicles	25% reducing balance
Computer Equipment	33% straight line
Furniture & Office Equipment	20% reducing balance
Plant & Machinery	20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

KCW Windows Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

KCW Windows Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2025 - 16).

KCW Windows Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2025	30,000	30,000
At 31 March 2026	30,000	30,000
Amortisation
At 1 April 2025	30,000	30,000
At 31 March 2026	30,000	30,000
Carrying amount
At 31 March 2026	-	-

KCW Windows Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2025	15,151	38,030	312,356	365,537
Additions	-	4,070	47,816	51,886
Disposals	-	-	(11,300)	(11,300)
At 31 March 2026	15,151	42,100	348,872	406,123
Depreciation
At 1 April 2025	15,148	32,525	93,934	141,607
Charge for the year	-	2,183	60,195	62,378
Eliminated on disposal	-	-	(10,833)	(10,833)
At 31 March 2026	15,148	34,708	143,296	193,152
Carrying amount
At 31 March 2026	3	7,392	205,576	212,971
At 31 March 2025	3	5,505	218,422	223,930

Included within the net book value of land and buildings above is £3 (2025 - £3) in respect of long leasehold land and buildings.
 

6

Stocks

	2026 £	2025 £
Work in progress	70,391	59,703
Other inventories	67,134	68,758
	137,525	128,461

KCW Windows Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

7

Debtors

Current	Note	2026 £	2025 £
Trade debtors		174,014	168,549
Amounts owed by related parties	13	500,056	337,792
Prepayments		1,837	1,818
Other debtors		64,138	130,050
		740,045	638,209

KCW Windows Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

8

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	10	40,184	36,502
Trade creditors		263,982	201,925
Taxation and social security		67,558	49,166
Accruals and deferred income		2,811	4,454
Other creditors		78,431	58,000
		452,966	350,047

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Due after one year
Loans and borrowings	10	135,869	146,328

9	Share capital

Allotted, called up and fully paid shares

	2026		2025
	No.	£	No.	£
Ordinary Share of £1 each	6	6	6	6

10	Loans and borrowings

Non-current loans and borrowings

	2026 £	2025 £
Hire purchase contracts	135,869	146,328

Current loans and borrowings

	2026 £	2025 £
Hire purchase contracts	40,184	36,502

KCW Windows Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

11

Dividends

Interim dividends paid

		2026 £		2025 £
Interim dividend of £15,417.00 (2025 - £12,567.00) per each Ordinary Share		92,500		75,400

12	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £145,000 (2025 - £145,000). The company is party to cross-guarantee arrangements supporting lending facilities made available to its immediate parent, Halcyon KCW SPV 1 Ltd, in connection with the acquisition of KCW Windows Ltd. At the time the facilities were granted, the company guaranteed two loans of up to £180,000 in total. The guarantee and associated charge of one loan was fully satisfied and released in the prior year.

At year end, a guarantee of £145,000 remains in place. No liability has been recognised in these financial statements as the directors consider that it is not probable that the guarantee will be called upon, and the exposure is therefore treated as a contingent liability.

The loans are further supported by personal guarantees from the directors and by guarantees from Halcyon 10 Group Ltd and KCW Windows Ltd in favour of the lender.

Based on the current financial position and forecasts for Halcyon KCW SPV 1 Ltd, the directors consider the likelihood of the guarantee being enforced to be remote.

13	Related party transactions

Transactions with directors

2026	At 1 April 2025 £	Advances to director £	Repayments by director £	At 31 March 2026 £
Mr David Cunningham
Directors Loan Account	5,933	500	(5,933)	500

2025	At 1 April 2024 £	Advances to director £	Repayments by director £	At 31 March 2025 £
Mr David Cunningham
Directors Loan Account	-	13,183	(7,250)	5,933

KCW Windows Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

Directors' remuneration

The directors' remuneration for the year was as follows:

	2026 £	2025 £
Remuneration	25,140	25,140
Contributions paid to money purchase schemes	380	506
	25,520	25,646

Summary of transactions with parent

Transactions with Halcyon KCW SPV 1 Ltd
The company undertook transactions with the parent company in the normal course of business. At the reporting date, the company had an interest-free, unsecured balance of £500,056 (2025 - £337,792) receivable from its parent company.

14	Parent and ultimate parent undertaking

The company's immediate parent is Halcyon KCW SPV 1 Ltd, incorporated in England & Wales.

 The ultimate parent is Halcyon 10 group Ltd, incorporated in England & Wales.