| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 October 2024 |
| for |
| George Roberts (North West) Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 October 2024 |
| for |
| George Roberts (North West) Limited |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 6 |
| Report of the Independent Auditors | 8 |
| Statement of Comprehensive Income | 11 |
| Balance Sheet | 12 |
| Statement of Changes in Equity | 13 |
| Cash Flow Statement | 14 |
| Notes to the Cash Flow Statement | 15 |
| Notes to the Financial Statements | 16 |
| George Roberts (North West) Limited |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 3rd Floor Pacific Chambers |
| 11-13 Victoria Street |
| Liverpool |
| Merseyside |
| L2 5QQ |
| SOLICITORS: |
| 100 Old Hall Street |
| Liverpool |
| L3 9QJ |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Strategic Report |
| for the Year Ended 31 October 2024 |
| The directors present their strategic report for the year ended 31st October 2024. |
| REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS |
| We have had another excellent year of trading in 2024. |
| In February 2024, we formed an Employee Ownership Trust. The board recognised the need to plan for succession within the business and the Employee Ownership Trust model facilitates this objective, also allowing continuity of exceptional service standards to our customers and safeguarding employment here. This has been well received by our staff and customers. |
| Turnover is down slightly year on year, some of this is explained again by inflationary pressures reducing on the previous year, and commodity prices falling, as well as certain markets declining especially housebuilding, however we are now seeing an upturn in this sector, partially explained by the new government push to increase housebuilding in the UK |
| Payroll costs are up year on year, this is explained by wage inflationary pressures coupled with improved labour-intensive processes and strengthening of management and personnel. The directors are again very happy with the set of results we are delivering |
| i. We pride ourselves on our consistent stock availability, having extensive supply chains, we are always well positioned to even out any volatility that occurs in the market. |
| ii. The 'George Roberts' registered brand continues to influence the growth of the business and is recognised both nationally and internationally. |
| iii. The Board of Directors again wish to thank all our employees for their continued loyal support and hard work. Their effort and team work are so important in helping us achieve our objectives. The board continue to do everything in its power to ensure the health, safety and welfare of its employees is maintained at the highest level. We have an excellent record of providing long term employment. |
| iv. It is important to highlight a key strength of the business is the variety of products supplied and the spread and split of different market sectors. These include housing, commercial, defence, nuclear, major construction, petrochemical, leisure, sports, eventing, rail and export. We are never exposed to reliance on a single market and this reduces the risk of the company being impacted by a turn down in a specific market and consequential bad debts. Despite another excellent year of trading, bad debts were less than 1% of turnover. This is remarkable and without a doubt one of the best in the industry. |
| v. Exports continued to be steady throughout the year and we continue to supply into established markets including Eire, Africa, Canada, the Middle East and the Caribbean. The export orders are low risk transactions, generally with reputable blue-chip companies. Payment terms on exports require advanced payment before delivery or with an irrevocable letter of credit, meaning the monies are 100% secure. |
| vi. We maintain a strong relationship with our bankers Barclays, who continue to support the required facilities for strategic investment and extensive working capital, which in turn provides opportunities to comfortably fund and hold extensive volumes of various stock lines. |
| Health and Safety is paramount in our business and we continue to invest in the infrastructure to achieve a safe working environment. Cashflow remains very positive. |
| vii. The company continues to operate certified Quality, Environment and Occupational Health and Safety Management Systems to ISO 9001:2015, ISO 45001, ISO 14001:2015:2018 standards. These are maintained through a UKAS accredited certifying body, BSI. |
| We are long-standing members and supporters of the National Access & Scaffolding Confederation (NASC), who are the recognised industry body for quality, safety and technical standards by the Health and Safety Executive. All our key products are audited and certified by the NASC, again creating a very strong marketing tool. |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Strategic Report |
| for the Year Ended 31 October 2024 |
| The business has successfully retained Fleet Operators Recognition Scheme (FORS) Silver certification for the tenth year running. The scheme recognises those that excel in health, safety and environmental management in its transport operations. |
| Our business has attained FSC/PEFC certification for its timber scaffold boards and battens, upholding a commitment to operate sustainably and responsibly. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company uses various financial instruments. These include loans, cash and various other items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. |
| The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. |
| All transactions in derivatives are undertaken to manage the risks arising from underlying business activities and no transactions of a speculative nature are undertaken. |
| The main risks arising from the company's financial instruments are currency risk, liquidity risk, interest rate risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. |
| Currency risk |
| The company is exposed to transaction foreign exchange risk. The sales are priced in sterling and invoiced in either Euro or US Dollars. Transactions are managed with derivatives to eliminate currency exchange risk. For the year ending 2024, the majority of purchases were made in sterling. |
| Liquidity risk |
| The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company adopts policies to ensure continuity of funding. |
| The company employ shorter term borrowing on operating assets such as vehicles, stock, plant and IT equipment, typically over 3 years. This ensures payments for the assets are complete before the end of the assets' useful life. Shorter term flexibility is achieved by overdraft facilities and invoice discounting. |
| Interest rate risk |
| The company finances its operations through a mixture of retained profits, invoice discounting and bank borrowings. The company exposure to interest rate fluctuation on its borrowings is managed by the use of both fixed and floating facilities. It is company policy to achieve competitive rates on the invoice discounting facility which is reviewed annually. |
| Supply chain risk |
| The company hold significant stock of manufactured products and has sufficient stock for all ongoing trading operations. The directors consider this further mitigates any impact on the business from a disrupted supply chain/ imports. |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Strategic Report |
| for the Year Ended 31 October 2024 |
| SECTION 172(1) STATEMENT |
| George Roberts (North West) Limited is one of the largest independent suppliers of scaffolding and access equipment in the UK, stakeholder interests are integral to our strategic thinking and planning. The company regularly supports local charities and clubs as well as good causes overseas. |
| Company Employees |
| The company year on year acknowledges the loyalty and hard work of our employees through recognition and reward. The company looks to provide and promote job security, accountability, structure, a safe work environment, training/knowledge, communication (decision making / products / software / equipment / consideration of values and perceptions), safe working culture and working time arrangement. The directors consider as we have always had a relatively low turnover of staff, in the main our employee objectives are met and long may this continue. |
| Dividends |
| There will be no dividend payments for the short to medium term, now the Employee Ownership Trust is in place. |
| Customers and Suppliers |
| A great deal of effort is invested in achieving mutually beneficial relationships with customers, suppliers and professional bodies we engage with, striving for continuity of business harnessing good relations and values. We focus on quality, price, delivery of products, information, business resilience, continuity and key drivers and trends in the industry which may impact the organisation. |
| Local Community and Environment |
| We regularly make donations to several local charitable organisations and sponsor local youth sport clubs. Donations in the past twelve months have been very well received by the charities who have struggled for funds during the Pandemic. We also support international causes with some of our overseas customers operating out of developing nations. |
| The Directors will continue to support good causes locally and further afield wherever they can. |
| We are wholly committed to caring for and protecting the environment that we operate in, by pursuing a responsible and proactive attitude to improving environmental performance across all of our business activities. We aim to contribute to sustainable development by balancing business aims with environmental considerations and will encourage our business partners to join us in this effort. |
| George Roberts (NW) Ltd recognises that our day to day business activities have an impact on the environment in terms of the use of raw materials, emissions to air and water and waste generation and seek to minimise this as far as is reasonably practicable. |
| Corporate Conduct |
| At George Roberts we strive for sustained profitability, transparency, governance and accountability. The business establishes suitable and achievable objectives supported by strategic direction. We endeavour to provide a positive safe working culture, adhering to standards and legal compliance. |
| STREAMLINED ENERGY AND CARBON REPORTING |
| This is the third financial year that the company have reported under SECR reporting framework, and in future years plan to incorporate the objectives of SECR into business plans and in turn, expand on the detail provided in the carbon report. |
| The below results have been calculated using DEFRA and other internationally recognised metrics: |
| - The company's total carbon footprint is 891.64 tonnes CO2e. |
| - Carbon intensity (tonnes CO2/employees) = 10.13 |
| Throughout the year the company purchased 209,631 litres of diesel. This equates to 557.42 CO2e. |
| Power costs usage within the company premises amounted to: |
| - 325,714 kwh of electricity |
| - 52,367 kwh of natural gas |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Strategic Report |
| for the Year Ended 31 October 2024 |
| DONATIONS |
| During the year, the company made £10,368 (2023: £11,201) of charitable donations. |
| FINANCIAL PERFORMANCE |
| The company monitors its performance throughout the year using the following key financial indicators: |
| - Weekly/monthly sales and hire revenues compared to budget; |
| - Gross profit margin and customers account profitability; |
| - Monitoring key customers accounts - analysing adverse trends on turnover expectation and debtor days of sale; and |
| - Liquidity analysis/invoice discounting covenant monitoring. |
| Non financial key performance indicators, which are also monitored on a regular basis are: |
| - Customer satisfaction rates; |
| - Product quality & returns; |
| - Quality control of products. |
| PROPERTY VALUATION |
| The company's freehold property was professionally valued in early 2020. The revaluation was incorporated into the accounts for the year ended 31st October 2019. In the director's opinion there would have been no material difference between the professional valuation which was undertaken in February 2020, and 31st October 2024. |
| ENVIRONMENTAL POLICIES |
| The company takes seriously all issues regarding recycling and the environment. Site waste is recycled wherever possible. A full comprehensive sorting of waste products is undertaken prior to recycling. The company's premises and site is maintained so as to have minimal impact in terms of noise levels for local residents. |
| The company follows best practice in terms of environmental issues wherever possible. |
| The company is aiming to move towards a paperless environment within the next few years, with initial steps being taken in 2021, and progressing in 2024. |
| RISK OF BUSINESS INTERRUPTION |
| The Directors believe that there are adequate funds in place to meet all financial commitments as they fall due for a minimum of 12 months from the date of signing the accounts. |
| THIS REPORT WAS APPROVED BY THE BOARD ON: |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Report of the Directors |
| for the Year Ended 31 October 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 October 2024. |
| PRINCIPAL ACTIVITY |
| The company is principally engaged in the worldwide sale and hire of scaffolding equipment and ancillary non mechanical plant. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 October 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| DISCLOSURE IN THE STRATEGIC REPORT |
| Business review, future developments, engagement with employees, suppliers, customers and others and streamlined energy and carbon reporting have been included in the separate Strategic Report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the 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 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; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The 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. |
| 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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Report of the Directors |
| for the Year Ended 31 October 2024 |
| AUDITORS |
| The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| THIS REPORT WAS APPROVED BY THE BOARD ON: |
| Report of the Independent Auditors to the Members of |
| George Roberts (North West) Limited |
| Opinion |
| We have audited the financial statements of George Roberts (North West) Limited (the 'company') for the year ended 31 October 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 October 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| George Roberts (North West) Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the 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, 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. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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. |
| 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: |
| - Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
| - Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| - Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations; |
| - Identifying and testing journal entries, in particular any journal entries posted with unusual |
| account combinations. |
| - Challenging assumptions and judgements made by management in its significant accounting estimates in particular: |
| Accruals - we reviewed post year end activity to determine whether the accrual balance was materially understated. |
| Tax provisions - we carried out a review of the tax computations and calculations to ensure tax provisions were not materially understated. |
| Bad debt provision - we reviewed the bad debt provision and bad debts provided for and ensured that the bad debt policy was applied consistency. |
| Stock provision - we carried out a review of the stock provision to assess its appropriateness for inclusion within the financial statements. |
| Our audit did not identify any significant matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls. |
| 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. |
| Report of the Independent Auditors to the Members of |
| George Roberts (North West) Limited |
| 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. |
| for and on behalf of |
| Statutory Auditor |
| 3rd Floor Pacific Chambers |
| 11-13 Victoria Street |
| Liverpool |
| Merseyside |
| L2 5QQ |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Statement of Comprehensive Income |
| for the Year Ended 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 6 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME |
| Transfer to Ownership Trust | ( |
) |
| Income tax relating to other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Balance Sheet |
| 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Revaluation reserve | 18 |
| Other reserves | 18 | ( |
) |
| Retained earnings | 18 |
| The financial statements were approved by and authorised for issue by the Board of Directors and authorised for issue on |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Statement of Changes in Equity |
| for the Year Ended 31 October 2024 |
| Called up |
| share | Retained | Revaluation | Other | Total |
| capital | earnings | reserve | reserves | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 November 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Issue of share capital | - | - | - |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 October 2024 | ( |
) |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Cash Flow Statement |
| for the Year Ended 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year |
| Loan repayments in year | ( |
) | ( |
) |
| Capital repayments in year | ( |
) | ( |
) |
| Amount withdrawn by directors | (96,911 | ) | (414,036 | ) |
| Share issue |
| Transfer to EOT | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
760,712 |
| Cash and cash equivalents at end of year | 2 | 4,389,867 | 5,389,180 |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 October 2024 |
| 1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Profit for the financial year |
| Depreciation charges |
| Finance costs | 318,993 | 177,473 |
| Taxation |
| 6,268,234 | 6,979,554 |
| (Increase)/decrease in stocks | ( |
) |
| Decrease in trade and other debtors |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 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 October 2024 |
| 31.10.24 | 1.11.23 |
| £ | £ |
| Cash and cash equivalents | 4,389,867 | 5,389,180 |
| Year ended 31 October 2023 |
| 31.10.23 | 1.11.22 |
| £ | £ |
| Cash and cash equivalents | 5,389,180 | 760,712 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.11.23 | Cash flow | At 31.10.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 5,389,180 | (999,313 | ) | 4,389,867 |
| 5,389,180 | ( |
) | 4,389,867 |
| Debt |
| Finance leases | (7,067 | ) | 7,067 | - |
| Debts falling due within 1 year | (396,539 | ) | (680,815 | ) | (1,077,354 | ) |
| Debts falling due after 1 year | (632,647 | ) | (2,613,765 | ) | (3,246,412 | ) |
| (1,036,253 | ) | (3,287,513 | ) | (4,323,766 | ) |
| Total | 4,352,927 | (4,286,826 | ) | 66,101 |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| George Roberts (North West) Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 £. |
| Critical accounting judgements and key sources of estimation uncertainty |
| Management has applied its own judgement to assess the appropriateness of the key accounting policies, and to ensure that they are compliant with FRS102. |
| Management has determined that the areas subject to judgement are the bad debt provision and stock. They conclude that their assessment is prudent and accurate, with the treatment in line with reporting standards. |
| Stock |
| The stock valuation is determined managements knowledge and experience of stock movements and material prices. An appropriate valuation is then applied and is based on value management would expect to sell the stock. |
| Turnover |
| Turnover is the total amount receivable by the company for sale and hire of scaffolding equipment excluding VAT and trade discounts. Turnover is recognised in the accounts when title to the goods passes to the customer upon delivery. |
| Rentals payable for the hire of scaffolding equipment are recognised as turnover on a straight line basis over the period of hire. |
| Rentals received under operating leases are recognised as turnover on a straight line basis over the period of the lease. |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at historical cost or valuation, less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Land is not depreciated. |
| Property is periodically revalued to ensure the presentation better reflects market value. |
| Depreciation on assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
| Depreciation is provided on the following basis: |
| Land - NIL |
| Freehold property - 2% straight line |
| Long leasehold - 10% straight line |
| Plant and machinery - 10-50% straight line |
| Motor vehicles - 25% straight line |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings. |
| Stocks |
| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price.Stock cost is equal to the purchase price paid for the item. Stock is considered to have been sold on a first in first out basis and stocks at the year end are representative of the most recent purchase. |
| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income and retained earnings. |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. |
| A financial liability exists where there is a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities under potentially unfavourable conditions. In addition, contracts which result in the entity delivering a variable number of its own equity instruments are financial liabilities. Shares containing such obligations are classified as financial liabilities. |
| Financial instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. |
| Financial instruments constituting a financing transaction are measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.Finance costs are charged to the profit and loss account over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings. |
| Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
| The Company holds derivative financial instruments which have the effect of fixing the interest rate payable on bank borrowings. 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 statement of income and retained earnings in finance costs or finance income as appropriate. |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Current and deferred taxation |
| The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
| The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. |
| Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
| - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
| - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
| Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
| Foreign currencies |
| Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges. |
| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'. |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
| Operating leases |
| Rentals paid under the operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term. |
| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate. |
| Pensions |
| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations. |
| The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Bad debt provision |
| The entity provides against debtors when the directors are made aware of specific issues. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Finance costs |
| Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.10.24 | 31.10.23 |
| Employee numbers |
| 5. | DIRECTORS' EMOLUMENTS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Emoluments etc |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Auditors remuneration |
| Other non- audit services |
| Hire of motor vehicles |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Directors loan interest |
| HP Interest |
| Other interest payable |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation in excess of capital allowances |
| Deferred tax | (9,154 | ) | (1,262 | ) |
| Effect of changes in tax rate | - | (170,696 | ) |
| Total tax charge | 1,503,688 | 1,551,766 |
| Tax effects relating to effects of other comprehensive income |
| 31.10.24 |
| Gross | Tax | Net |
| £ | £ | £ |
| Transfer to Ownership Trust | ( |
) | - | (6,468,354 | ) |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Freehold | Long | Plant and | Motor |
| property | leasehold | machinery | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Reclassification/transfer | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Reclassification/transfer | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Freehold property is represented from a revaluation undertaken in 2020 on an existing use basis. The valuation of the property was carried out by a professional independent valuer. |
| 10. | STOCKS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Stocks |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Called up share capital not paid |
| Prepayments and accrued income |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Bank loans and overdrafts (see note 14) |
| Hire purchase contracts (see note 15) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 708,380 | 1,015,822 |
| Other creditors |
| Amounts due to shareholders | - | 46,460 |
| Directors' current accounts | 2,753 | 99,664 |
| Accruals and deferred income |
| The bank loans and overdrafts are secured by fixed and floating charge over the company's freehold land and property. The company's banking facilities are covered by a debenture issued on 15 May 2019. |
| Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate to. |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Bank loans (see note 14) |
| The bank loans and overdrafts are secured by fixed and floating charge over the company's freehold land and property. The company's banking facilities are covered by a debenture issued on 15 May 2019. |
| Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate to. |
| 14. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 153,255 | - |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable |
| operating leases |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Operating lease costs recognised during the year as an expense amounted to £422,502 (2023:£433,722) |
| 16. | PROVISIONS FOR LIABILITIES |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Deferred tax | 111,561 | 120,715 |
| Deferred tax |
| £ |
| Balance at 1 November 2023 |
| Credit to Statement of Comprehensive Income during year | ( |
) |
| Balance at 31 October 2024 |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| 31.10.24 | 31.10.23 |
| Shares classified as equity | £ | £ |
| Allotted, called up and fully paid |
| 0 (2023: 87,690) A Ordinary shares of £1 each | 0 | 87,690 |
| 0 (2023: 40,690) B Ordinary shares of £1 each | 0 | 40,690 |
| 0 (2023: 51,000) C Ordinary shares of £1 each | 0 | 51,000 |
| 0 (2023: 10,310) E Ordinary shares of £1 each | 0 | 10,310 |
| 0 (2023: 10,310) F Ordinary shares of £1 each | 0 | 10,310 |
| 210,309 (2023: 0) Ordinary share of £1 each | 210,309 | 0 |
| 210,309 | 200,000 |
| On 21 February 2024, 10,309 of ordinary shares were issued at a nominal value of £1 per share. |
| On 26 February 2024, all existing share classes - being A Ordinary, B Ordinary, C Ordinary, D Ordinary, E Ordinary and F Ordinary shares were reclassified into a single class of Ordinary shares. |
| As a result of this reclassification the company’s entire issued share capital now comprises one class of Ordinary shares. |
| Called up shares capital - Represents the nominal value of shares that have been issued. |
| 18. | RESERVES |
| Retained | Revaluation | Other |
| earnings | reserve | reserves | Totals |
| £ | £ | £ | £ |
| At 1 November 2023 | 35,358,421 |
| Profit for the year |
| Transfer to Ownership Trust | - | - | (6,468,354 | ) | (6,468,354 | ) |
| At 31 October 2024 | ( |
) | 33,168,083 |
| Retained earnings - Accumulated profits and losses achieved. |
| Revaluation reserve - Freehold property revaluation in 2019. |
| 19. | PENSION COMMITMENTS |
| The company operates a defined contribution scheme for the benefit of certain directors and employees. The assets of the scheme are administered by trustees in a fund independent from those of the company. Defined pension contributions recognised during the year as an expense amounted to £92,558 (2023: £143,551). At 31 October 2024 pension contributions of £7,490 (2023: £7,226) were payable and included within creditors. |
| George Roberts (North West) Limited (Registered number: 02728193) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 20. | RELATED PARTY DISCLOSURES |
| During the year, shareholder loans are held by I Roberts, J Cawley and D Cawley. |
| The balances outstanding to the shareholders at the year end totalled: |
| J Cawley: £NIL (2023: £40,000) |
| D Cawley: £NIL (2023: £6,460) |
| During the year, interest chargeable on each loan amounted to: |
| I Roberts: £NIL (2023: £119) |
| J Cawley: £508 (2023: £8,063) |
| D Cawley: £19 (2023: £3,239) |
| During the year, directors' loans are held by G Roberts and R C Tyler. |
| The balances outstanding to the shareholders at the year end totalled: |
| G Roberts: £2,720 (2023: £6,658) |
| R C Tyler: £NIL (2023: £93,000) |
| During the year, interest chargeable on each loan amounted to: |
| G Roberts: £730 (2023: £12,474) |
| R C Tyler: £1,512 (2023: £22,995) |
| During the year, the company paid rent of £85,800 (2023: £72,875) to the George Roberts (North West) Limited (1993) pension fund. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by George Roberts (North West) Trustees Limited. |
| Up to 31st January 2024 the ultimate controlling party is considered to be Mr G W Roberts, by reference to his direct and indirect shareholding in the company. |
| From 1st February 2024 George Roberts (North West) Trustee Limited purchased 90% of the share capital of George Roberts (North West) Limited. Following this, George Roberts (North West) Trustee Limited, a company incorporated in England became the ultimate parent company. |
| The Employee Ownership Trust (EOT) is regarded as the ultimate controlling party by way of its ownership of George Roberts (North West) Trustees Limited. |