As Directors, we are pleased to present the Strategic Report for Vision Architectural Glazing Ltd for the year ended 31 March 2025. This year marked a significant milestone as we celebrated 25 years of delivering specialist building envelope solutions across the UK. Over this time, we have been proud to contribute to many iconic projects, including the Olympic Velodrome, Kew Gardens, National Maritime Museum, Edinburgh Botanic Gardens, and Hanover Bond, among others.

Throughout the past year, we have continued to provide high-performance, innovative façade systems that meet the evolving needs of the architectural and construction sectors. Our commitment to cutting-edge design, engineering excellence, and sustainability ensures that every project is delivered to the highest standards of quality and safety. We are also proud to operate as a Certified Carbon Neutral Business, reinforcing our commitment to environmental responsibility.

As a trusted partner in the building envelope industry, we are dedicated to driving growth and expanding our portfolio of bespoke façade solutions. This report highlights our key achievements, challenges, and strategic priorities as we position ourselves for long-term success in an increasingly competitive and dynamic market.

The Directors are pleased to report a positive financial performance for the year, reflecting the continued strength and resilience of Vision Architectural Glazing Ltd as a leading specialist contractor in the building envelope industry.

Turnover and Profitability

During the financial year, Vision Architectural Glazing Ltd achieved a turnover of £16,283,794 (2024: £13,504,211), representing a robust 19% increase on the prior year. This strong performance reflects the continued demand for our specialist glazing solutions and demonstrates the value of our expertise, innovation, and proven track record in delivering complex projects. The growth achieved is the result of our disciplined and carefully managed growth strategy, which has enabled us to strengthen existing client relationships while attracting new opportunities across the industry.

Although turnover fell marginally short of our original budget due to the administration of a key customer—which caused delays on two key projects—the business was able to respond swiftly and effectively. Through proactive engagement with other key clients, we ensured continuity of work, minimised disruption, and safeguarded future growth. Crucially, these delays have not impacted our forward pipeline, and we have secured a significant volume of work for the coming year, providing strong momentum into 2025/2026 and beyond.

The company delivered an operating profit of £685,222 (2023: £968,067). While lower than the prior year, this result underscores our ability to remain profitable in the face of external challenges. The reduction is primarily attributable to prudent decisions regarding retention recoverability and the rescheduling of projects following a key customer entering administration. Importantly, our financial performance demonstrates both resilience and adaptability, with the business continuing to operate efficiently and deliver high-quality outcomes for our clients.

In addition, the company has continued to make strategic investments to support long-term growth. These include strengthening our operational capabilities, investing in technology and systems to drive efficiency, and enhancing our workforce skills to meet evolving client and market demands. We continue to invest in our people, recognising that our success is driven by their expertise, commitment, and professionalism. These investments ensure we remain competitive, innovative, and well-positioned to capitalise on future opportunities while consistently delivering exceptional service.

Overall, the year under review highlights our ability to grow turnover, maintain profitability, and invest in the future, reinforcing our confidence in delivering sustainable and profitable growth in the years ahead.

Investment in Future Growth

Building on last year’s significant investment in our new production facility in Lakenheath, Vision Architectural Glazing Ltd has continued to strengthen its operational capabilities through further strategic investments during the year. These include securing a dedicated storage unit to streamline deliveries from our production facility, enabling us to manage logistics more efficiently and improve service to our clients.

In addition, we have invested in new machinery for the Lakenheath facility, expanding our in-house production capacity and enhancing both efficiency and precision in our manufacturing processes. These investments further reinforce our commitment to maintaining the highest quality standards while positioning the business to deliver larger and more complex projects with confidence.

Together, these enhancements to our infrastructure and production capabilities support our long-term growth strategy by driving efficiency, strengthening supply chain control, and ensuring we can continue to meet the evolving demands of the market. Vision Architectural Glazing Ltd remains firmly focused on sustainable growth, operational excellence, and consistently delivering outstanding value to our clients.

Balance Sheet and Net Worth    

The company’s balance sheet remains strong, with a net worth of £6,161,637 (2024: £5,513,195) at the end of the financial year. This increase demonstrates Vision Architectural Glazing Ltd’s continued financial resilience, prudent management, and capacity for sustainable growth. Our strengthened financial position provides a solid platform to support our strategic objectives and future investments, ensuring that the business remains well-capitalised to pursue opportunities and navigate market challenges.

This robust capital base enhances confidence among our clients, partners, and supply chain stakeholders, reinforcing our reputation as a reliable and long-term industry partner. The continued growth in net worth reflects our ability to consistently deliver high-quality projects while maintaining disciplined financial governance and investing in the ongoing expansion of our services, capabilities, and operational excellence.

Outlook

As at 31 March 2025, Vision Architectural Glazing Ltd holds a strong forward order book in excess of £29 million, providing a secure foundation for continued growth and profitability in 2026/2027. This solid pipeline gives us confidence in our ability to deliver another successful year while further strengthening our market position.

During the year, we have complemented our strong order book with strategic investments, including the addition of a dedicated storage unit to streamline deliveries from our Lakenheath production facility and the purchase of new machinery to expand production capacity. These enhancements will strengthen our operational efficiency, improve supply chain control, and ensure we remain well-placed to take on larger and more complex projects.

Our strategy remains focused on organically managed growth, achieved by deepening relationships with our valued clients, expanding our presence selectively within target markets, and building on our reputation for quality, innovation, and reliability. This approach, underpinned by disciplined financial and operational management, ensures that growth is sustainable and aligned with our long-term ambitions.

The experiences of recent years have reinforced our resilience, equipping us to manage risks effectively while continuing to capitalise on opportunities. We are particularly encouraged by our enduring relationships with Tier 1 blue-chip contractors, which continue to generate repeat business and provide a stable platform for long-term success.

Looking ahead, Vision Architectural Glazing Ltd is confident in its ability to deliver sustainable, profitable growth, supported by a robust order book, strengthened infrastructure, and an unwavering commitment to exceeding client expectations.

OPERATIONAL REVIEW

During the year, Vision Architectural Glazing Ltd continued to deliver a range of landmark projects for our valued repeat business clients. Notable completions included 7 Princess, Edinburgh Botanic Gardens, 41 Lothbury, and the National Maritime Museum. Working collaboratively with our partners and supply chain, we remain committed to delivering innovative, efficient, and technically complex glazing solutions to the highest standards of quality, safety, and expertise.

A particular highlight of the year was the recognition received for our work on Chancery House, which won the prestigious 2025 RIBA London Award. The project was praised for its elegant transformation and beautifully reimagined façade, with judges noting that it “breathes new life and elegance into a previously anonymous office building in The City.” Chancery House continues to attract industry acclaim, securing multiple accolades and reinforcing our reputation for design and technical excellence.

We are also proud to have seen 41 Lothbury shortlisted for the City Building of the Year Award, organised by the Worshipful Company of Chartered Architects and City of London Planners. This recognition highlights the project’s sensitive and innovative design, which successfully integrates modern glazing with the rich architectural heritage of the City.

These achievements underline our ability to deliver projects of national significance, earning industry recognition while strengthening long-term client relationships. They also demonstrate the dedication and expertise of our people, who continue to ensure that Vision Architectural Glazing Ltd is synonymous with quality, innovation, and excellence in every project we deliver.

As a specialist contractor in building envelopes, Vision Architectural Glazing Ltd faces several key risks, which we proactively manage to ensure the sustained success of our business. One of the primary risks is delivering projects to the highest quality standards, on schedule, and within budget. Our core principle is a commitment to continuous improvement, and to mitigate this risk, we maintain strict oversight of all contracts. This is supported by comprehensive management reviews and robust monitoring systems, which enable us to identify and address potential challenges early, ensuring projects are consistently delivered to the highest standards.

We have also placed a strengthened focus on corporate governance, particularly in relation to risk management. By integrating risk evaluation and mitigation into all areas of the business, we enhance our ability to respond effectively to emerging challenges. This strategic approach reinforces our long-term financial stability and overall business resilience, ensuring Vision Architectural Glazing Ltd remains well-positioned for sustained growth and success.

We are proud to have been awarded certifications for ISO 9001 (quality), ISO 14001 (environmental management), and ISO 45001 (health and safety) by TÜV SÜD. These certifications reflect our commitment to maintaining rigorous standards across all aspects of our operations. Furthermore, the health and safety of our employees, clients, and suppliers is a core principle of the company. The Directors and management teams place a high priority on safety, with safety performance reviewed comprehensively at every management meeting. This uncompromising focus helps us maintain a safe working environment and ensure compliance with all regulatory standards.

Regulatory Risk

Regulatory compliance is another key risk area, particularly within the construction sector, which is subject to evolving regulations and standards. Vision Architectural Glazing Ltd remains fully committed to adhering to all relevant regulatory frameworks, including those related to health and safety, environmental impact, and building standards. The Directors and management closely monitor changes in legislation to ensure the company remains compliant and proactive in its approach to regulatory risk. Our existing certifications, including ISO standards, demonstrate our compliance with industry best practices.

Liquidity Risk

Liquidity risk remains a key focus for Vision Architectural Glazing Ltd, as maintaining robust cash flow is vital to sustaining our operations. This is particularly important for supporting ongoing projects, meeting supplier obligations, and financing future investments. Although our year-end cash position was lower than expected due to significant payments being delayed and received post yearend reporting period, we are committed to strengthening our cash flow management. The Board convenes weekly to review cash flow requirements and forecasts. To further enhance liquidity, we have introduced more rigorous cash flow forecasting, with weekly, 3-month, and 6-month projections to closely monitor trends. Additionally, we have improved payment schedules and deepened relationships with key clients and suppliers to ensure a more stable and predictable inflow of funds.

Credit Risk

Vision Architectural Glazing Ltd does not carry credit insurance; however, we mitigate credit risk through a rigorous and comprehensive assessment of all clients prior to entering contracts. Any credit risk is assessed by the Board of Directors before undertaking contract agreements. Our robust due diligence process includes evaluating the financial stability, payment history, and creditworthiness of each client to ensure they have the capacity to meet their financial obligations. This proactive approach helps us minimise the risk of non-payment and maintain strong cash flow.

In addition, we manage our supply chain with equal diligence, fostering strong, transparent relationships with key suppliers. Regular reviews of supplier performance and financial health are conducted to ensure stability across the supply chain. This vigilance enables us to respond quickly to any signs of financial distress or potential risks, ensuring that we are well-positioned to take appropriate actions to protect the company's interests.

Market Risk

The building facade market is subject to economic fluctuations, changes in construction demand, and the rising cost of materials, which could impact profitability and growth. Vision Architectural Glazing Ltd mitigates these risks through diversification in our project portfolio, early engagement and fixed price agreements to mitigate price increases, maintaining strong relationships with suppliers, and investing in long-term contracts that provide stability in an uncertain market. Furthermore, our strategic investment in a new production facility in Lakenheath is designed to give us greater control over supply chains and costs, reducing reliance on external factors and positioning us to better withstand market volatility.

EMPLOYEES

This year, Vision Architectural Glazing Ltd continued to make significant investments in our people through the Investors in People (IIP) framework, demonstrating our commitment to building capability, engaging our teams, and ensuring sustainable success. We were especially proud to be nominated for the Best Newcomer award in the Investors in People Awards 2024, a testament to our dedication to fostering and supporting our workforce.

As part of our growth strategy, we have welcomed skilled new team members while also placing a strong emphasis on nurturing internal talent. This underscores our commitment to developing the next generation of industry professionals and ensuring a skilled and capable workforce for the future.

Effective communication and team engagement remain at the heart of our culture. This year, we proudly celebrated our 25th anniversary with employees at the iconic Newmarket Racecourse, a memorable event that brought the whole company together to reflect on our journey and celebrate our achievements. We also introduced the VisionarE Award, a new company-wide initiative designed to honour and recognise the exceptional talent and dedication that drive our success.

We are equally proud of our recognition at the BSG Health & Safety Awards, where we received Highly Commended in the Occupational Health Award category. This achievement highlights our ongoing commitment to promoting health, safety, and wellbeing in the workplace, ensuring that our employees are supported both personally and professionally.

As part of our commitment to corporate social responsibility, we have consolidated our charitable efforts into a structured programme, which includes charity days and support for causes nominated by employees. We continue to proudly sponsor BookTrust, the UK’s largest children’s reading charity, and to support East Anglia’s Children’s Hospices (EACH), helping families through every step of their journey.

Through these initiatives, Vision Architectural Glazing Ltd remains dedicated to creating an outstanding workplace where employees feel valued, engaged, and empowered to build fulfilling careers. Our focus on talent development, communication, wellbeing, and social responsibility ensures that we provide an environment where our people can thrive while contributing to the company’s long-term success.

Vision Architectural Glazing Ltd utilises several key financial performance indicators (KPIs) to evaluate and monitor the company’s financial health and operational efficiency. These KPIs offer valuable insights into our performance and support informed strategic decision-making. The main KPIs include: Health and Safety, Turnover, Operating Profit, Net Profit Margin, and Cash Flow. Regular reviews of these metrics by the Board of Directors and management ensure alignment with the strategic objectives outlined in the Company Business Plan. Our management systems, Simpro, CVRs and Conquest, play a crucial role in supporting these reviews.

On behalf of the board

As Directors we are pleased to present the Directors Report for Vision Architectural Glazing for the year ended 31st March 2025.

The principal activity of Vision Architectural Glazing Ltd is the design, supply, and installation of specialist building envelope solutions, including architectural glazing and facade systems. As a leading contractor in the sector, the company delivers high-quality, innovative solutions to clients across a range of industries, ensuring projects are completed to the highest standards of quality, safety, and sustainability. Our expertise and commitment to excellence enable us to meet the unique requirements of each project, maintaining our reputation as a trusted partner in the construction industry.

The profit for the year, after taxation, amounted to £1,059,022 (2023 - £585,100).

Ordinary dividends were paid amounting to £410,580. The directors do not recommend payment of a further dividend.

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

Vision Architectural Glazing Ltd is deeply committed to innovation and continuous improvement. We actively seek to enhance our working methods and explore new product development to expand our portfolio and reinforce our industry reputation. Our passion for creating innovative design solutions drives us to use glass in transformative ways, not only in design but also in improving on-site installation systems. Aligned with our vision of making architectural aspirations a reality, our focus on research and development allows us to deliver cutting-edge solutions to our clients, ensuring we stay competitive while enhancing efficiency and quality across all projects. This commitment to innovation fuels our long-term growth and strengthens our position as a leader in the specialist architectural façade and glazing sector.

We are dedicated to maintaining strong and transparent relationships with all our stakeholders, including clients, suppliers, and partners. Regular communication is a key component of this approach, ensuring that all parties are kept well-informed of our progress, project developments, and business updates. By fostering open dialogue, we strengthen trust and collaboration across our network, which is essential for the successful delivery of our projects.

Our proactive engagement with stakeholders helps address any potential challenges early, promotes alignment on goals and expectations, and supports the long-term success of our business partnerships. This commitment to effective communication ensures that we continue to meet the needs of our clients and supply chain, building a foundation for mutual growth and sustained success.

The outlook for 2026 is positive, with a growing order book and a strong, stable customer base. The company's robust financial position allows us to take a long-term approach to investment, ensuring sustainable growth and future success. Vision Architectural Glazing Ltd is well-positioned to manage business risks and achieve its financial targets effectively.

As Directors, we remain vigilant in monitoring market developments and potential challenges, with a focus on mitigating any risks that could impact our employees, customers, and supply chain. This proactive approach ensures the company remains adaptable and resilient in the face of evolving industry conditions.

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

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

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies regime.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

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

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

We have audited the financial statements of Vision Architectural Glazing Installations Ltd (the 'company') for the year ended 31 March 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

• the financial statements are not in agreement with the accounting records and returns; or

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

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the manufacturing sector;

• We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• Performed analytical procedures to identify any unusual or unexpected relationships;

• Tested journal entries to identify unusual transactions;

• Reviewed the internal controls in place, specifically around payroll and bank transactions; and

• Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

• Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• Agreeing financial statement disclosures to underlying supporting documentation;

• Reading the minutes of meetings of those charged with governance;

• Enquiring of management as to actual and potential litigation and claims; and

• Reviewing correspondence with HMRC and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Vision Architectural Glazing Installations Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Old Livery, Hildersham, Cambridge, CB21 6DD.

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

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

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

This 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:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Vision Arch Holdings Ltd. These consolidated financial statements are available from its registered office, The Old Livery, Hildersham, Cambridge, United Kingdom, CB21 6DD.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

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.

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

Revenue from contracts for the provision of construction services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by reference to the certified valuation certificates. Revenue is then billed based on these valuation certificates with any additional work being accrued for and held within amounts recoverable on contracts within the balance sheet.

All large contracts also contain a withheld retention. 50% of the retention is recognised as income at such point the works are deemed practically complete. The remaining 50% is recognised as it is billed, 12-24 months following this date.

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:

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

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

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

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

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

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

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

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

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

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

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

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

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

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

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

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

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

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

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

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

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

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

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The tax expense represents the sum of the tax currently payable and deferred tax.

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

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

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

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

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

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 leases asset are consumed.

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

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

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

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

As part of the year end reporting, the company makes estimates for the expected profit margins of each contract. The company uses these to estimate the levels of amounts recoverable on long term contracts and the corresponding contract accruals. Where a contract is expected to be loss making, the full loss is recognised at the point this is identified.

An analysis of the company's turnover is as follows:

All revenue is generated within the UK

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

Their aggregate remuneration comprised:

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

Amounts owed by group undertakings are interest free and repayable on demand.

The long-term loans are secured by fixed charges over all assets of the company with Lloyds Bank plc.

Finance lease payments represent rentals payable by the company 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 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax liability set out above is expected to reverse in the foresseable future and relates to accelerated capital allowances that are expected to mature within the same period.

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

E class shares were held by the company in treasury. These shares carried no voting or dividend rights.

On 20th June 2024, the company cancelled the E class shares via a reduction in capital.

Amounts below are included in other debtors & other creditors for 2025 and 2024, respectively. All amounts are interest free and repayable on demand.

The company is a subsidiary undertaking of Vision Arch Holdings Limited, which is also the ultimate parent undertaking and registered in England and Wales. Copies of the accounts are obtainable from Companies House and The Old Livery, Hildersham, Cambridge CB21 6DD.