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REGISTERED NUMBER: 02582463 (England and Wales)







GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

FRONTIER-PITTS LIMITED

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


FRONTIER-PITTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: G R Liddle
S S Gaffer
A L Catlow
E R Hussen





SECRETARY: S S Gaffer





REGISTERED OFFICE: Crompton House
Crompton Way
Crawley
West Sussex
RH10 9QZ





REGISTERED NUMBER: 02582463 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
Corner Oak
1 Homer Road
Solihull
B91 3QG

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024


The directors present their strategic report of the company and the group for the year ended 31 July 2024.

REVIEW OF BUSINESS
Frontier-Pitts Limited is a leading manufacturer and installer of perimeter security products. The products are sold worldwide and are installed in over 100 countries. 2023-2024 was a successful year for the Frontier-Pitts Limited Group, both with increased turnover and increased profit before tax.

The directors are reviewing the overall path of the business. Turnover has increased significantly this year. Some of this has been as a result of having to increase prices to counteract the continued cost pressure of materials and wages. Unfortunately, coating prices and component prices have continued to rise almost without pause. Customers continue to be demanding with regard to the specification and performance of the products. A review of the latest 12 months has shown that the continued trend towards bespoke products mentioned last year has continued. This may have the advantage of good margins, but require significant overhead resources such as engineering design and production control to deliver them. Payments by clients were generally on schedule. However, the trend of construction industry clients trying to pass back costs for any reason imaginable has continued to get worse. As a result robust measures are in place to deal with these issues.

The balance sheet remains strong with net assets in excess of £7m. Further expansion will not require the use of any borrowing facilities. The cash position remains strong owing to stringent credit control criteria and a customer base of blue chip clients. This should allow the company to continue to weather the continued headwinds within the economy.

Payments to suppliers are up to date. We firmly believe it is in our interests to support our suppliers with prompt payment.

PRINCIPAL RISKS AND UNCERTAINTIES
There are five main risks which may affect the business in the coming year.

1. Material costs are still marching upwards. Particular concerns this year have been coating costs and
hydraulic systems.
2. Brexit continues to offer some challenges. Freight costs have increased and there are constant
issues with shipments being held at customs. Whilst these problems are frustrating, they are more of
an inconvenience as opposed to a major risk to the business.
3. Whilst bad debts have been much improved this year, there still remains a feeling of many
construction companies operating with some degree of distress.
4. Whilst better planning has eased some of the pressure of available space, it is still anticipated that
further controls will be required to allow future growth. Strict management of clients and their sites will
be a particular challenge to ensure completed products are despatched as soon as manufacture is
complete.
5. New entrants to the market place continue to appear from Ukraine and India.


FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

ANALYSIS BASED ON KEY PERFORMANCE INDICATORS
The Board of directors had set some growth targets, but this has been somewhat derailed by rising costs. Whilst it is obvious these additional costs need to be passed along the supply chain, there is continued resistance to any new price increases to our clients.

The company has a range of quality KPIs both in terms of delivered product and of service to our clients. In all categories, the indicators are showing positive improvement, which is particularly satisfying bearing in mind all of the recent turmoil. Remedial works have diminished significantly this year.

A new 5 year plan will be issued within the next financial year, with key targets for all areas of the business.

Frontier-Pitts Limited is in a strong position to continue to withstand the current uncertain climate. A new range of gates continues to satisfy a new industry standard giving Frontier-Pitts Limited a clear lead over its competition. Further new products will be tested during the next financial year. Frontier-Pitts Limited is strongly positioned for the next 5 years.

ON BEHALF OF THE BOARD:





G R Liddle - Director


26 April 2025

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of manufacturer of perimeter security equipment.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2024 was £920,000 (2023: £525,000).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

G R Liddle
S S Gaffer
A L Catlow
E R Hussen

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.

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


AUDITORS
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G R Liddle - Director


26 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FRONTIER-PITTS LIMITED


Opinion
We have audited the financial statements of Frontier-Pitts Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 July 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FRONTIER-PITTS LIMITED


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 four, 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:

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 industry 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 and 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;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FRONTIER-PITTS LIMITED


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;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- 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;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

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 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.




Kevin Johns BSc FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
Corner Oak
1 Homer Road
Solihull
B91 3QG

28 April 2025

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £    £    £   

TURNOVER 3 14,134,933 13,190,290

Cost of sales 7,393,466 6,128,002
GROSS PROFIT 6,741,467 7,062,288

Administrative expenses 5,319,379 5,481,952
OPERATING PROFIT 5 1,422,088 1,580,336

Income from fixed asset investments 103,033 29,977
Interest receivable and similar income 16,272 4,727
119,305 34,704
1,541,393 1,615,040
Change in market value 6 (105,565 ) (14,961 )
PROFIT BEFORE TAXATION 1,646,958 1,630,001

Tax on profit 7 360,806 318,432
PROFIT FOR THE FINANCIAL YEAR 1,286,152 1,311,569
Profit attributable to:
Owners of the parent 1,303,099 1,296,153
Non-controlling interests (16,947 ) 15,416
1,286,152 1,311,569

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,286,152 1,311,569


OTHER COMPREHENSIVE INCOME
Exchange rate differences (7,392 ) 7,758
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(7,392

)

7,758
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,278,760

1,319,327

Total comprehensive income attributable to:
Owners of the parent 1,295,707 1,303,910
Non-controlling interests (16,947 ) 15,417
1,278,760 1,319,327

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

CONSOLIDATED BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 5 (14,800 )
Tangible assets 11 253,945 276,451
Investments 12 - -
253,950 261,651

CURRENT ASSETS
Stocks 13 1,161,665 1,437,242
Debtors 14 3,297,012 2,926,800
Investments 15 2,297,672 2,267,794
Cash at bank and in hand 4,145,919 3,948,847
10,902,268 10,580,683
CREDITORS
Amounts falling due within one year 16 4,133,646 4,175,503
NET CURRENT ASSETS 6,768,622 6,405,180
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,022,572

6,666,831

PROVISIONS FOR LIABILITIES 17 17,026 20,045
NET ASSETS 7,005,546 6,646,786

CAPITAL AND RESERVES
Called up share capital 18 34,800 34,800
Capital redemption reserve 19 8,700 8,700
Retained earnings 19 6,857,246 6,481,539
SHAREHOLDERS' FUNDS 6,900,746 6,525,039

NON-CONTROLLING INTERESTS 20 104,800 121,747
TOTAL EQUITY 7,005,546 6,646,786

The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2025 and were signed on its behalf by:





G R Liddle - Director


FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

COMPANY BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 5 5
Tangible assets 11 238,880 257,996
Investments 12 2,934 2,934
241,819 260,935

CURRENT ASSETS
Stocks 13 1,012,189 1,336,397
Debtors 14 2,631,154 2,592,085
Investments 15 2,297,672 2,267,794
Cash at bank and in hand 4,104,502 3,632,666
10,045,517 9,828,942
CREDITORS
Amounts falling due within one year 16 3,731,248 3,966,855
NET CURRENT ASSETS 6,314,269 5,862,087
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,556,088

6,123,022

PROVISIONS FOR LIABILITIES 17 17,026 20,045
NET ASSETS 6,539,062 6,102,977

CAPITAL AND RESERVES
Called up share capital 18 34,800 34,800
Capital redemption reserve 19 8,700 8,700
Retained earnings 19 6,495,562 6,059,477
SHAREHOLDERS' FUNDS 6,539,062 6,102,977

Company's profit for the financial year 1,356,085 1,219,682

The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2025 and were signed on its behalf by:





G R Liddle - Director


FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 August 2022 34,800 5,702,628 8,700

Changes in equity
Dividends - (525,000 ) -
Total comprehensive income - 1,303,911 -
Balance at 31 July 2023 34,800 6,481,539 8,700

Changes in equity
Dividends - (920,000 ) -
Total comprehensive income - 1,295,707 -
Balance at 31 July 2024 34,800 6,857,246 8,700
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 August 2022 5,746,128 106,330 5,852,458

Changes in equity
Dividends (525,000 ) - (525,000 )
Total comprehensive income 1,303,911 15,417 1,319,328
Balance at 31 July 2023 6,525,039 121,747 6,646,786

Changes in equity
Dividends (920,000 ) - (920,000 )
Total comprehensive income 1,295,707 (16,947 ) 1,278,760
Balance at 31 July 2024 6,900,746 104,800 7,005,546

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2022 34,800 5,364,795 8,700 5,408,295

Changes in equity
Dividends - (525,000 ) - (525,000 )
Total comprehensive income - 1,219,682 - 1,219,682
Balance at 31 July 2023 34,800 6,059,477 8,700 6,102,977

Changes in equity
Dividends - (920,000 ) - (920,000 )
Total comprehensive income - 1,356,085 - 1,356,085
Balance at 31 July 2024 34,800 6,495,562 8,700 6,539,062

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,218,341 2,838,700
Tax paid (310,809 ) (97,608 )
Net cash from operating activities 907,532 2,741,092

Cash flows from investing activities
Purchase of tangible fixed assets (118,932 ) (166,680 )
Sale of tangible fixed assets 5,500 2,917
Effects of currency translation on cash (7,313 ) 7,259
Purchase of short term investments (1,382,224 ) (520,240 )
Sales of short term investments 1,593,204 688,615
Interest received 16,272 4,727
Dividends received 103,033 29,977
Net cash from investing activities 209,540 46,575

Cash flows from financing activities
Equity dividends paid (920,000 ) (525,000 )
Net cash from financing activities (920,000 ) (525,000 )

Increase in cash and cash equivalents 197,072 2,262,667
Cash and cash equivalents at
beginning of year

2

3,948,847

1,686,180

Cash and cash equivalents at end of
year

2

4,145,919

3,948,847

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,646,958 1,630,001
Depreciation charges 126,554 136,455
(Profit)/loss on disposal of fixed assets (145,915 ) 20,910
Change in market value of investments (97,270 ) (119,650 )
Unrealised (gain)/loss on investments (3,173 ) 17,028
Finance income (119,305 ) (34,704 )
1,407,849 1,650,040
Decrease/(increase) in stocks 275,577 (55,018 )
(Increase)/decrease in trade and other debtors (370,212 ) 3,882
(Decrease)/increase in trade and other creditors (94,873 ) 1,239,796
Cash generated from operations 1,218,341 2,838,700

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 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 4,145,919 3,948,847
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 3,948,847 1,686,180


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 3,948,847 197,072 4,145,919
3,948,847 197,072 4,145,919

Liquid resources
Current asset investments 2,267,794 29,878 2,297,672
2,267,794 29,878 2,297,672
Total 6,216,641 226,950 6,443,591

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

Frontier-Pitts 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.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group profit and loss account includes the trading results of the company together with the trading results of the subsidiary company. All inter group transactions have been eliminated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured
at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences
Patents and licences are not amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.


FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Current asset investments
Current asset investments are initially measured at cost and are subsequently re-measured at their fair value.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 9,821,784 9,467,811
Europe 2,767,495 2,278,780
United States of America 21,182 31,367
Middle East and Far East 878,157 1,119,668
Africa 577,272 283,855
Australia 69,043 8,809
14,134,933 13,190,290

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,289,995 5,179,569
Social security costs 737,943 634,009
Other pension costs 118,471 186,540
7,146,409 6,000,118

The average number of employees during the year was as follows:
2024 2023

Engineering 43 44
Finance 7 6
Production 58 50
Research and development 3 3
Sales 12 13
123 116

2024 2023
£    £   
Directors' remuneration 1,003,617 720,727
Directors' pension contributions to money purchase schemes 25,267 101,755

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

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 460,796 336,678

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 141,359 151,260
(Profit)/loss on disposal of fixed assets (145,915 ) 20,910
Goodwill amortisation (14,805 ) (14,805 )
Auditors' remuneration 39,514 36,595
Auditors' remuneration for non audit work 10,032 5,884
Pensions 118,471 186,540

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


6. CHANGE IN MARKET VALUE
2024 2023
£    £   
Change in market value
of current asset investment (97,270 ) (119,650 )
Foreign exchange gain (8,295 ) 104,689
(105,565 ) (14,961 )

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 363,825 310,809
Overseas taxation - 13,920
Total current tax 363,825 324,729

Deferred tax (3,019 ) (6,297 )
Tax on profit 360,806 318,432

UK corporation tax has been charged at 25 % (2023 - 21 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,646,958 1,630,001
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 21 %)

411,740

342,300

Effects of:
Expenses not deductible for tax purposes (42,108 ) (2,913 )
Depreciation in excess of capital allowances 4,395 3,812

Overseas taxation at differing rate of tax to UK - 13,920
Bonus accrual movement - (1,050 )
Deferred tax (3,019 ) (6,297 )
Dividends taxed at source (25,758 ) (6,295 )
Change in market value of investments (24,318 ) (25,127 )
Capital gain on disposal of investments 39,874 -
Effect of marginal rate of tax - 82
Total tax charge 360,806 318,432

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Exchange rate differences (7,392 ) - (7,392 )

2023
Gross Tax Net
£    £    £   
Exchange rate differences 7,758 - 7,758

The rate of corporation tax was 19% until 31 March 2023. From 1 April 2023 this increased to 25%. The marginal rate of tax for the year ended 2023 was therefore 21%.

8. INDIVIDUAL INCOME STATEMENT

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


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 920,000 525,000

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 (148,050 ) 5 (148,045 )
AMORTISATION
At 1 August 2023 (133,245 ) - (133,245 )
Amortisation for year (14,805 ) - (14,805 )
At 31 July 2024 (148,050 ) - (148,050 )
NET BOOK VALUE
At 31 July 2024 - 5 5
At 31 July 2023 (14,805 ) 5 (14,800 )

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


10. INTANGIBLE FIXED ASSETS - continued

Company
Patents
and
licences
£   
COST
At 1 August 2023
and 31 July 2024 5
NET BOOK VALUE
At 31 July 2024 5
At 31 July 2023 5

11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2023 74,177 223,539 385,682 920,678 1,604,076
Additions - 4,373 2,380 112,179 118,932
Disposals - - - (73,164 ) (73,164 )
Exchange differences - (1,010 ) - - (1,010 )
At 31 July 2024 74,177 226,902 388,062 959,693 1,648,834
DEPRECIATION
At 1 August 2023 74,177 201,268 369,941 682,239 1,327,625
Charge for year - 9,593 5,019 126,747 141,359
Eliminated on disposal - - - (73,164 ) (73,164 )
Exchange differences - (931 ) - - (931 )
At 31 July 2024 74,177 209,930 374,960 735,822 1,394,889
NET BOOK VALUE
At 31 July 2024 - 16,972 13,102 223,871 253,945
At 31 July 2023 - 22,271 15,741 238,439 276,451

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


11. TANGIBLE FIXED ASSETS - continued

Company
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2023 74,177 156,562 385,681 920,678 1,537,098
Additions - - 2,380 112,179 114,559
Disposals - - - (73,164 ) (73,164 )
At 31 July 2024 74,177 156,562 388,061 959,693 1,578,493
DEPRECIATION
At 1 August 2023 74,177 152,744 369,942 682,239 1,279,102
Charge for year - 1,909 5,019 126,747 133,675
Eliminated on disposal - - - (73,164 ) (73,164 )
At 31 July 2024 74,177 154,653 374,961 735,822 1,339,613
NET BOOK VALUE
At 31 July 2024 - 1,909 13,100 223,871 238,880
At 31 July 2023 - 3,818 15,739 238,439 257,996

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 2,934
NET BOOK VALUE
At 31 July 2024 2,934
At 31 July 2023 2,934

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

Subsidiary

Frontier Pitts France SARL
Registered office: 226 Rue Georges Besse,30000 Nîmes, France
Nature of business: Manufacture and sale of perimeter fencing
%
Class of shares: holding
Ordinary 78.04


FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


13. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 814,786 847,248 814,786 847,248
Raw materials 149,476 100,845 - -
Work-in-progress 197,403 489,149 197,403 489,149
1,161,665 1,437,242 1,012,189 1,336,397

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,039,465 2,543,434 1,450,530 1,863,738
Amounts owed by group undertakings 247,143 - 247,143 381,634
Other debtors 864,498 262,933 787,575 226,280
Prepayments 145,906 120,433 145,906 120,433
3,297,012 2,926,800 2,631,154 2,592,085

15. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Other 2,297,672 2,267,794 2,297,672 2,267,794

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 1,136,904 933,240 862,921 892,606
Tax 363,825 310,809 363,825 310,809
Other creditors 207,241 368,957 196,723 342,809
Deferred income 661,371 1,110,415 661,371 1,110,415
Social security and other
taxes 481,278 502,979 363,381 361,113
Directors' current accounts 32,623 32,623 32,623 32,623
Accrued expenses 1,250,404 916,480 1,250,404 916,480
4,133,646 4,175,503 3,731,248 3,966,855

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


17. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 17,026 20,045 17,026 20,045

Group
Deferred
tax
£   
Balance at 1 August 2023 20,045
Provided during year (3,019 )
Balance at 31 July 2024 17,026

Company
Deferred
tax
£   
Balance at 1 August 2023 20,045
Provided during year (3,019 )
Balance at 31 July 2024 17,026

The deferred tax provision consists of accelerated capital allowances.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
34,800 Ordinary £1 34,800 34,800

The company has one class of ordinary share capital which carries full rights to voting, dividends and return of capital on wind up of the company. The ordinary shares do not carry any right to fixed income.

19. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 August 2023 6,481,539 8,700 6,490,239
Profit for the year 1,303,099 1,303,099
Dividends (920,000 ) (920,000 )
Exchange rate adjustments (7,392 ) - (7,392 )
At 31 July 2024 6,857,246 8,700 6,865,946

FRONTIER-PITTS LIMITED (REGISTERED NUMBER: 02582463)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


19. RESERVES - continued

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 August 2023 6,059,477 8,700 6,068,177
Profit for the year 1,356,085 1,356,085
Dividends (920,000 ) (920,000 )
At 31 July 2024 6,495,562 8,700 6,504,262


20. NON-CONTROLLING INTERESTS

The minority interest holding in the subidiary Frontier Pitts France is 21.96%.

21. RELATED PARTY DISCLOSURES

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Sales 474,647 634,046
Purchases - (857 )
Amount due from related party 247,108 382,491
Amount due to related party (35 ) (857 )

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Dividends 920,000 525,000
Amount due to related party 32,623 32,623

22. POST BALANCE SHEET EVENTS

On 21 October 2024 there was a group restucture whereby Frontier Pitts Holdings Limited became the parent company. The registered office address of this company is Crompton House, Crompton Way, Crawley, West Sussex, RH10 9QZ.

From this date G Liddle became the ultimate contolling party. S Gaffer resigned as director and ceased to be a person of significant control in the group.

23. ULTIMATE CONTROLLING PARTY

During the year, the ultimate controlling parties were G Liddle and S Gaffer.