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REGISTERED NUMBER: 02728193 (England and Wales)















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: M Roach
G W Roberts
A Roscoe
R C Tyler



SECRETARY: M Roach



REGISTERED OFFICE: Unit D
Wakefield Road
Netherton
Liverpool
Merseyside
L30 6TZ



REGISTERED NUMBER: 02728193 (England and Wales)



AUDITORS: Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ



SOLICITORS: Weightmans LLP
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:





G W Roberts - Director


9 May 2025

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.

M Roach
G W Roberts
A Roscoe
R C Tyler

Other changes in directors holding office are as follows:

D Wood - resigned 31 December 2023

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:





G W Roberts - Director


9 May 2025

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.




Michael Forshaw FCA
for and on behalf of Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

9 May 2025

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 49,877,551 52,781,549

Cost of sales 38,933,218 40,818,298
GROSS PROFIT 10,944,333 11,963,251

Administrative expenses 4,843,636 5,103,465
OPERATING PROFIT 6 6,100,697 6,859,786


Interest payable and similar expenses 7 318,993 177,473
PROFIT BEFORE TAXATION 5,781,704 6,682,313

Tax on profit 8 1,503,688 1,551,766
PROFIT FOR THE FINANCIAL YEAR 4,278,016 5,130,547

OTHER COMPREHENSIVE INCOME
Transfer to Ownership Trust (6,468,354 ) -
Income tax relating to other comprehensive
income

-

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


(6,468,354


)


-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(2,190,338

)

5,130,547

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 3,892,664 3,400,754

CURRENT ASSETS
Stocks 10 29,577,708 25,238,087
Debtors 11 13,071,925 13,208,348
Cash at bank and in hand 4,389,867 5,389,180
47,039,500 43,835,615
CREDITORS
Amounts falling due within one year 12 14,195,799 10,924,586
NET CURRENT ASSETS 32,843,701 32,911,029
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,736,365

36,311,783

CREDITORS
Amounts falling due after more than one
year

13

(3,246,412

)

(632,647

)

PROVISIONS FOR LIABILITIES 16 (111,561 ) (120,715 )
NET ASSETS 33,378,392 35,558,421

CAPITAL AND RESERVES
Called up share capital 17 210,309 200,000
Revaluation reserve 18 345,762 345,762
Other reserves 18 (6,468,354 ) -
Retained earnings 18 39,290,675 35,012,659
33,378,392 35,558,421

The financial statements were approved by and authorised for issue by the Board of Directors and authorised for issue on 9 May 2025 and were signed on its behalf by:





G W Roberts - Director


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 200,000 29,882,112 345,762 - 30,427,874

Changes in equity
Total comprehensive income - 5,130,547 - - 5,130,547
Balance at 31 October 2023 200,000 35,012,659 345,762 - 35,558,421

Changes in equity
Issue of share capital 10,309 - - - 10,309
Total comprehensive income - 4,278,016 - (6,468,354 ) (2,190,338 )
Balance at 31 October 2024 210,309 39,290,675 345,762 (6,468,354 ) 33,378,392

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 4,796,570 8,757,796
Interest paid (318,993 ) (177,473 )
Tax paid (1,550,000 ) (1,550,000 )
Net cash from operating activities 2,927,577 7,030,323

Cash flows from investing activities
Purchase of tangible fixed assets (659,447 ) (1,572,720 )
Net cash from investing activities (659,447 ) (1,572,720 )

Cash flows from financing activities
New loans in year 4,102,250 -
Loan repayments in year (807,670 ) (402,984 )
Capital repayments in year (7,067 ) (12,115 )
Amount withdrawn by directors (96,911 ) (414,036 )
Share issue 10,309 -
Transfer to EOT (6,468,354 ) -
Net cash from financing activities (3,267,443 ) (829,135 )

(Decrease)/increase in cash and cash equivalents (999,313 ) 4,628,468
Cash and cash equivalents at beginning of
year

2

5,389,180

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 4,278,016 5,130,547
Depreciation charges 167,537 119,768
Finance costs 318,993 177,473
Taxation 1,503,688 1,551,766
6,268,234 6,979,554
(Increase)/decrease in stocks (4,339,621 ) 3,861,000
Decrease in trade and other debtors 136,423 340,482
Increase/(decrease) in trade and other creditors 2,731,534 (2,423,240 )
Cash generated from operations 4,796,570 8,757,796

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 (999,313 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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
£ £
Sale of scaffolding 38,229,850 42,371,170
Hire of scaffolding 11,647,701 10,410,379
49,877,551 52,781,549

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 3,495,477 3,320,407
Social security costs 354,852 343,071
Other pension costs 173,321 143,551
4,023,650 3,807,029

The average number of employees during the year was as follows:
31.10.24 31.10.23

Employee numbers 88 85

5. DIRECTORS' EMOLUMENTS
31.10.24 31.10.23
£ £
Directors' remuneration 359,153 488,071
Directors' pension contributions to money purchase schemes 92,558 68,590

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

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
31.10.24 31.10.23
£ £
Emoluments etc 181,317 176,181

6. OPERATING PROFIT

The operating profit is stated after charging:

31.10.24 31.10.23
£ £
Hire of plant and machinery 76,984 69,923
Depreciation - owned assets 167,537 119,768
Auditors remuneration 30,000 30,000
Other non- audit services 30,555 34,992
Hire of motor vehicles 396,969 363,821

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.24 31.10.23
£ £
Directors loan interest 41 47,264
HP Interest 539 924
Other interest payable 318,413 129,285
318,993 177,473

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 1,512,842 1,553,028

Deferred tax (9,154 ) (1,262 )
Tax on profit 1,503,688 1,551,766

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 5,781,704 6,682,313
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

1,445,426

1,670,578

Effects of:
Expenses not deductible for tax purposes 39,825 42,129
Depreciation in excess of capital allowances 27,591 11,017
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 ) - (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 3,204,926 763,680 1,342,636 36,192 5,347,434
Additions 336,150 269,205 54,092 - 659,447
Reclassification/transfer (422,126 ) 76,792 345,334 - -
At 31 October 2024 3,118,950 1,109,677 1,742,062 36,192 6,006,881
DEPRECIATION
At 1 November 2023 - 656,395 1,276,713 13,572 1,946,680
Charge for year - 46,449 112,040 9,048 167,537
Reclassification/transfer - 116,156 (116,156 ) - -
At 31 October 2024 - 819,000 1,272,597 22,620 2,114,217
NET BOOK VALUE
At 31 October 2024 3,118,950 290,677 469,465 13,572 3,892,664
At 31 October 2023 3,204,926 107,285 65,923 22,620 3,400,754

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 29,577,708 25,238,087

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£ £
Trade debtors 12,922,957 13,087,205
Other debtors 40,911 43,319
Called up share capital not paid 10,309 -
Prepayments and accrued income 97,748 77,824
13,071,925 13,208,348

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) 1,077,354 396,539
Hire purchase contracts (see note 15) - 7,067
Trade creditors 10,914,875 7,709,494
Tax 815,145 852,303
Social security and other taxes 119,351 116,539
VAT 708,380 1,015,822
Other creditors 122,566 122,297
Amounts due to shareholders - 46,460
Directors' current accounts 2,753 99,664
Accruals and deferred income 435,375 558,401
14,195,799 10,924,586

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) 3,246,412 632,647

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 1,077,354 396,539

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,093,157 632,647

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 - 7,067

Non-cancellable
operating leases
31.10.24 31.10.23
£ £
Within one year 324,253 487,848
Between one and five years 895,509 396,488
In more than five years 143,000 220,458
1,362,762 1,104,794

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 120,715
Credit to Statement of Comprehensive Income during year (9,154 )
Balance at 31 October 2024 111,561

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 35,012,659 345,762 - 35,358,421
Profit for the year 4,278,016 4,278,016
Transfer to Ownership Trust - - (6,468,354 ) (6,468,354 )
At 31 October 2024 39,290,675 345,762 (6,468,354 ) 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.