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Registration number: 07313572

Fitrite Fencing & Decking Limited

Annual Report and Consolidated Financial Statements

for the Period from 1 October 2022 to 31 March 2024

 

Fitrite Fencing & Decking Limited

Contents

Strategic Report

1 to 2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account and Statement of Retained Earnings

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Cash Flows

12

Notes to the Financial Statements

13 to 33

 

Fitrite Fencing & Decking Limited

Strategic Report for the period from 1 October 2022 to 31 March 2024

The directors present their strategic report for the period from 1 October 2022 to 31 March 2024.

Principal activity

The principal activity of the group is the sale of uPVC fencing and decking products to both residential and commercial sectors of the UK market.

Fair review of the business

The reporting period covers 18 months from 1 October 2022 to 31 March 2024, following a decision to align the company’s financial year end with wider group reporting timetables and to better reflect the seasonality of the decking sector. The extended period also captures the lead-up to a management buyout (MBO), which successfully completed in February 2025.

During the period, the group recorded a statutory loss of £3.97m, including exceptional costs of £3.52m. These exceptional charges primarily relate to a £2.8m provision against an intercompany balance now deemed irrecoverable. This charge is considered historic in nature and does not affect the ongoing profitability or operations of the business. A further £0.7m of restructuring costs were incurred as part of a wider strategic realignment of the business.

The broader economic environment remained challenging, particularly due to volatility in raw material and energy pricing, as well as a return to pre-Covid trading volumes following the exceptional “staycation” boom of recent years.

The Directors note that while headline results reflect an 18-month accounting period, some users may not see proportional movements when comparing to prior 12-month periods due to one-off adjustments, non-linear trading patterns, and timing differences related to the exceptional items.

Future developments

The MBO in February 2025 marked a significant milestone for the business, transferring ownership from Praesidian Capital to a newly appointed, experienced, leadership team. This transition has brought renewed focus, agility, and accountability to the organisation, with the management team now directly responsible for delivering performance improvements and driving long-term value creation. The new ownership structure has also enabled quicker decision-making, greater operational alignment, and a sharper strategic focus across the business.

Key elements of this restructure included the renewed focus on profitable domestic sales in core regions, and the development of a robust installer network. This was accompanied by consolidation of headcount, strengthening of the supply chain, and improved purchasing arrangements. These actions, combined with a simplification of the group structure and increased empowerment of the management team, position the business well for sustainable performance.

 

Fitrite Fencing & Decking Limited

Strategic Report for the period from 1 October 2022 to 31 March 2024

Principal risks and uncertainties

Market risk:
Increasing Inflation and interest rates in the UK economy have a negative effect on the company’s input and employment costs. In turn, these factors result in reduced disposable income among the company’s consumer base and with it, a general reduction in consumer confidence.

Market expectations is that inflation will normalise over the next 12 months and with it so will demand for staycations and home improvements.

The company diversifies market risk where possible by operating within multiple markets including but not limited to Leisure, Home Improvements, and Hospitality sectors.

The company is exposed to price risk as fluctuations in raw material prices can impact on suppliers.

Competition risk:
The company operates in a competitive market with other manufacturers and installers trying to win customers. While price is a key consideration, product quality and timeliness of supply are also important to our customers and these considerations lead to a decision based on the overall best value rather than price alone. The company has longstanding trading relationships with most of the national holiday park operators and enjoys preferred supplier status on many of their parks. These market leading service levels and strong customer relationships provide a significant competitive advantage.

Credit risk:
Credit risk is the potential exposure of the company to loss in the event of non-performance by a counter party. The company controls this risk through its insurance cover, credit approval checks for new customers and regular reviews of credit limits where applicable.

Cash flow and liquidity risk:
The decking industry is seasonal but predictable with cash flows being positive during the summer months and negative in the winter. Cash management is a key focus for the company to mitigate the liquidity risk caused by theses seasonal fluctuations.

The company arranged an overdraft facility in 2023 which is renewed annually. The overdraft is there to support working capital requirements particularly during the winter months and as thus far been unused.

Current forecasts and projections, accounting for reasonable changes in trading conditions are reviewed regularly to ensure the company can continue to operate within its working capital facilities for the foreseeable future.

Interest rate risk:
The company faces interest rate risk on its external debt. The company mitigates this risk by fixing the interest rates payable on its loans allowing for more accurate cashflow forecasts.

Approved and authorised by the Board on 10 July 2025 and signed on its behalf by:
 

.........................................
P M Allott
Director

 

Fitrite Fencing & Decking Limited

Directors' Report for the Period from 1 October 2022 to 31 March 2024

The directors present their report and the for the period from 1 October 2022 to 31 March 2024.

Directors of the group

The directors who held office during the period were as follows:

S Wright (resigned 7 April 2023)

J S Ross (resigned 7 April 2023)

A P Driscoll

P M Allott

T Duffy (appointed 7 April 2023)

J Drattell (appointed 7 April 2023)

K Burke (appointed 7 April 2023)

S Dede (appointed 7 April 2023)

Information included in the Strategic Report

All items required under Sch. 7 of Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors’ report are set out in the strategic report in accordance with s.414C(11) CA 2006.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 10 July 2025 and signed on its behalf by:
 

.........................................
P M Allott
Director

 

Fitrite Fencing & Decking Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Fitrite Fencing & Decking Limited

Independent Auditor's Report to the Members of Fitrite Fencing & Decking Limited

Opinion

We have audited the financial statements of Fitrite Fencing & Decking Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 1 October 2022 to 31 March 2024, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and parent company's affairs as at 31 March 2024 and of the group's loss for the period then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Fitrite Fencing & Decking Limited

Independent Auditor's Report to the Members of Fitrite Fencing & Decking Limited

Opinion on other matter 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Fitrite Fencing & Decking Limited

Independent Auditor's Report to the Members of Fitrite Fencing & Decking Limited

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the stock.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

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

We then performed audit procedures after consideration of the above risks which included the following:

obtaining a detailed understanding of the methodology adopted by management and key assumptions underpinning the calculation of stock;

enquiring of management concerning actual and potential litigation and claims;

reviewing correspondence with HMRC and the group's legal advisors;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

reading minutes of meetings of those charged with governance; and;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.

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

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

 

Fitrite Fencing & Decking Limited

Independent Auditor's Report to the Members of Fitrite Fencing & Decking 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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mark Wilcock FCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
Bradford

10 July 2025

 

Fitrite Fencing & Decking Limited

Consolidated Profit and Loss Account and Statement of Retained Earnings for the Period from 1 October 2022 to 31 March 2024

Note

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

Turnover

3

28,223,444

24,050,665

Cost of sales

 

(15,610,081)

(13,532,566)

Gross profit

 

12,613,363

10,518,099

Distribution costs

 

(4,758,314)

(3,293,659)

Administrative expenses

 

(8,425,431)

(4,035,601)

Operating (loss)/profit

4

(570,382)

3,188,839

Exceptional items

 

(3,515,930)

(858,724)

Interest payable and similar charges

6

(108,332)

(35,081)

(Loss)/profit before tax

 

(4,194,644)

2,295,034

Taxation

10

220,182

(410,500)

(Loss)/profit for the financial period

 

(3,974,462)

1,884,534

Profit/(loss) attributable to:

 

Owners of the company

 

(3,974,462)

1,884,534

Retained earnings brought forward

 

4,823,340

2,938,806

Retained earnings carried forward

 

848,878

4,823,340

 

Fitrite Fencing & Decking Limited

(Registration number: 07313572)
Consolidated Balance Sheet as at 31 March 2024

Note

31 March
2024
£

30 September
2022
£

           

Fixed assets

   

 

Intangible assets

11

 

1,416,472

 

1,888,833

Tangible assets

12

 

833,611

 

1,015,172

   

2,250,083

 

2,904,005

Current assets

   

 

Stocks

14

745,685

 

1,262,342

 

Debtors

15

2,397,465

 

6,610,780

 

Cash at bank and in hand

 

629,726

 

1,670,966

 

 

3,772,876

 

9,544,088

 

Creditors: Amounts falling due within one year

17

(4,656,813)

 

(6,313,208)

 

Net current (liabilities)/assets

   

(883,937)

 

3,230,880

Total assets less current liabilities

   

1,366,146

 

6,134,885

Creditors: Amounts falling due after more than one year

17

 

(213,212)

 

(927,489)

Provisions for liabilities

19

 

-

 

(80,000)

Net assets

   

1,152,934

 

5,127,396

Capital and reserves

   

 

Called up share capital

21

304,056

 

304,056

 

Retained earnings

22

848,878

 

4,823,340

 

Equity attributable to owners of the company

 

1,152,934

 

5,127,396

 

Shareholders' funds

   

1,152,934

 

5,127,396

Approved and authorised by the Board on 10 July 2025 and signed on its behalf by:
 

.........................................
P M Allott
Director

 

Fitrite Fencing & Decking Limited

(Registration number: 07313572)
Balance Sheet as at 31 March 2024

Note

31 March
2024

30 September
2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

11

 

1,417,082

 

1,889,443

Tangible assets

12

 

833,611

 

1,013,437

Investments

13

 

2,101

 

2,101

   

2,252,794

 

2,904,981

Current assets

   

 

Stocks

14

745,685

 

1,178,440

 

Debtors

15

2,397,465

 

6,592,070

 

Cash at bank and in hand

 

629,726

 

1,662,946

 

 

3,772,876

 

9,433,456

 

Creditors: Amounts falling due within one year

17

(4,658,914)

 

(6,504,209)

 

Net current (liabilities)/assets

   

(886,038)

 

2,929,247

Total assets less current liabilities

   

1,366,756

 

5,834,228

Creditors: Amounts falling due after more than one year

17

 

(213,212)

 

(927,489)

Provisions for liabilities

19

 

-

 

(80,000)

Net assets

   

1,153,544

 

4,826,739

Capital and reserves

   

 

Called up share capital

21

304,056

 

304,056

 

Profit and loss account

849,488

 

4,522,683

 

Shareholders' funds

   

1,153,544

 

4,826,739

The exemption under section 408 of the Companies Act has been taken therefore a Company Profit and Loss Account is not included. The company made a loss after tax for the financial period of £3,673,195 (2022 - profit of £1,915,714).

Approved and authorised by the Board on 10 July 2025 and signed on its behalf by:
 

.........................................
P M Allott
Director

 

Fitrite Fencing & Decking Limited

Consolidated Statement of Cash Flows for the Period from 1 October 2022 to 31 March 2024

Note

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

Cash flows from operating activities

(Loss)/profit for the period

 

(3,974,462)

1,884,534

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

988,767

543,199

Loss on disposal of tangible assets

42,850

-

Finance costs

6

108,492

31,727

Corporation tax expense

10

(220,182)

410,500

 

(3,054,535)

2,869,960

Working capital adjustments

 

Decrease in stocks

14

516,657

40,039

Decrease/(increase) in trade debtors

15

4,353,497

(1,894,706)

(Decrease)/increase in trade creditors

17

(1,710,409)

602,786

Cash generated from operations

 

105,210

1,618,079

Corporation taxes paid

 

(581,324)

(83,508)

Net cash flow from operating activities

 

(476,114)

1,534,571

Cash flows from investing activities

 

Acquisitions of tangible assets

(365,819)

(244,564)

Proceeds from sale of tangible assets

 

284,968

-

Net cash flows from investing activities

 

(80,851)

(244,564)

Cash flows from financing activities

 

Interest paid

6

(108,492)

(31,727)

Payments to finance lease creditors

 

(375,783)

(52,978)

Net cash flows from financing activities

 

(484,275)

(84,705)

Net (decrease)/increase in cash and cash equivalents

 

(1,041,240)

1,205,302

Cash and cash equivalents at 1 October

 

1,670,966

465,664

Cash and cash equivalents at 31 March

 

629,726

1,670,966

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

1

General information

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

The address of its registered office is:
Unit F
St Mowden Park Spinners Road
Wheatley Hall Road
Doncaster
DN2 4LT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Disclosure of long or short period

The financial statements are for the period 1 October 2022 to 29 March 2024, the long period is to align the year end with fellow group companies.

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount is £833,611 (2022 -£1,015,172).

Revenue recognition

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

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current corporation 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 group operates and generates taxable income.

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

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

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

Tangible assets

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

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

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

Depreciation

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

Asset class

Depreciation method and rate

Leasehold property improvements

10% straight line

Plant and machinery

10-33.3% straight line

Furniture, fittings & equipment

33% straight line

Office equipment

33% straight line

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

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

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

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

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

Borrowings

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

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

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

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

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

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

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

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

Defined contribution pension obligation

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

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

Share capital

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

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Turnover

The analysis of the group's Turnover for the period from continuing operations is as follows:

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

Sale of goods

2,837,922

2,548,346

Rendering of services

25,385,522

21,502,319

28,223,444

24,050,665

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

4

Operating (loss)/profit

Arrived at after charging/(crediting)

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

Depreciation expense

516,406

228,749

Amortisation expense

472,361

314,450

Operating lease expense - plant and machinery

1,243,635

579,138

Loss on disposal of property, plant and equipment

42,850

-

5

Exceptional items

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

Exceptional items

3,515,930

858,724

Exceptional costs in the period relate primarily to the writedown of an historic intercompany balance deemed irrecoverable following a group restructure, alongside costs associated with the operational realignment of the business.

6

Interest payable and similar expenses

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

Interest on obligations under finance leases and hire purchase contracts

55,813

34,637

Interest expense on other finance liabilities

52,679

(2,910)

Foreign exchange (losses)/gains

(160)

3,354

108,332

35,081

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

Wages and salaries

9,465,725

5,942,131

Social security costs

1,061,150

602,441

Pension costs, defined contribution scheme

186,320

133,287

10,713,195

6,677,859

The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:

1 October 2022 to 31 March
2024
No.

1 October 2021 to 30 September
2022
No.

Manufacturing and installation

128

139

Office and management

30

32

Selling and distribution

32

26

190

197

8

Directors' remuneration

The directors' remuneration for the period was as follows:

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

Remuneration

474,761

209,250

Contributions paid to money purchase schemes

16,443

5,678

491,204

214,928

During the period the number of directors who were receiving benefits and share incentives was as follows:

1 October 2022 to 31 March
2024
No.

1 October 2021 to 30 September
2022
No.

Accruing benefits under money purchase pension scheme

3

2

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

In respect of the highest paid director:

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

Remuneration

232,000

122,250

9

Auditors' remuneration

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

Audit of these financial statements

21,000

17,000

Audit of the financial statements of subsidiaries of the company pursuant to legislation

-

5,400

21,000

22,400

Other fees to auditors

Taxation compliance services

1,750

1,400


 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

Current taxation

UK corporation tax

(140,182)

389,500

Deferred taxation

Arising from origination and reversal of timing differences

(80,000)

21,000

Tax (receipt)/expense in the income statement

(220,182)

410,500

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

1 October 2022 to 31 March
2024
£

1 October 2021 to 30 September
2022
£

(Loss)/profit before tax

(4,194,644)

2,295,034

Corporation tax at standard rate

(1,048,661)

436,056

Tax decrease from effect of capital allowances and depreciation

(3,779)

(101,170)

Tax (decrease)/increase from other short-term timing differences

(24,408)

14,894

Effect of expense not deductible in determining taxable profit (tax loss)

43,725

60,720

Deferred tax expense from unrecognised temporary difference from a prior period

812,941

-

Total tax (credit)/charge

(220,182)

410,500

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated capital allowances

-

123,000

Other provisions

-

(123,000)

-

-

2022

Asset
£

Liability
£

Accelerated capital allowances

-

83,000

Other provisions

-

(3,000)

-

80,000

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £99,974 (2022 - £89,456).

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

11

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

3,147,548

3,147,548

At 31 March 2024

3,147,548

3,147,548

Amortisation

At 1 October 2022

1,258,715

1,258,715

Amortisation charge

472,361

472,361

At 31 March 2024

1,731,076

1,731,076

Carrying amount

At 31 March 2024

1,416,472

1,416,472

At 30 September 2022

1,888,833

1,888,833

Company

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

3,149,072

3,149,072

At 31 March 2024

3,149,072

3,149,072

Amortisation

At 1 October 2022

1,259,629

1,259,629

Amortisation charge

472,361

472,361

At 31 March 2024

1,731,990

1,731,990

Carrying amount

At 31 March 2024

1,417,082

1,417,082

At 30 September 2022

1,889,443

1,889,443

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

12

Tangible assets

Group

Land and buildings
£

Plant and machinery
 £

Furniture, fittings and equipment
 £

Office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

135,279

859,883

2,372

355,074

700,637

2,053,245

Additions

-

83,689

-

150,932

428,042

662,663

Disposals

-

(19,232)

-

(4,256)

(564,270)

(587,758)

At 31 March 2024

135,279

924,340

2,372

501,750

564,409

2,128,150

Depreciation

At 1 October 2022

28,143

587,736

2,372

164,691

255,131

1,038,073

Charge for the period

20,292

171,216

-

155,472

169,426

516,406

Eliminated on disposal

-

(8,160)

-

(608)

(251,172)

(259,940)

Impairment

-

-

-

4,501

-

4,501

Foreign exchange movements

-

-

-

(4,501)

-

(4,501)

At 31 March 2024

48,435

750,792

2,372

319,555

173,385

1,294,539

Carrying amount

At 31 March 2024

86,844

173,548

-

182,195

391,024

833,611

At 30 September 2022

107,136

272,147

-

190,383

445,506

1,015,172

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

31 March
2024
£

30 September
2022
£

Vehicles, plant and machinery

320,078

397,627

   

Restriction on title and pledged as security

Vehicles, plant and machinery with a carrying amount of £320,078 (2022 - £397,627) has been pledged as security for finance lease liabilities..

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

Company

Land and buildings
£

Plant and machinery
 £

Furniture, fittings and equipment
 £

Office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

135,279

859,883

791

350,420

700,637

2,047,010

Revaluations

-

-

-

6,236

-

6,236

Additions

-

83,689

-

150,932

428,042

662,663

Disposals

-

(19,232)

-

(4,256)

(564,270)

(587,758)

At 31 March 2024

135,279

924,340

791

503,332

564,409

2,128,151

Depreciation

At 1 October 2022

28,143

587,736

791

161,771

255,132

1,033,573

Charge for the period

20,292

171,216

-

155,472

169,426

516,406

Eliminated on disposal

-

(8,160)

-

(608)

(251,172)

(259,940)

Impairment

-

-

-

4,501

-

4,501

At 31 March 2024

48,435

750,792

791

321,136

173,386

1,294,540

Carrying amount

At 31 March 2024

86,844

173,548

-

182,196

391,023

833,611

At 30 September 2022

107,136

272,147

-

188,649

445,505

1,013,437

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

31 March
2024
£

30 September
2022
£

Vehicles, plant and machinery

320,078

397,627

   

Restriction on title and pledged as security

Vehicles, plant and machinery with a carrying amount of £320,078 (2022 - £397,627) has been pledged as security for finance lease liabilities.

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

13

Investments

Company

31 March
2024
£

30 September
2022
£

Investments in subsidiaries

2,101

2,101

Subsidiaries

£

Cost or valuation

At 1 October 2022

2,101

Carrying amount

At 31 March 2024

2,101

At 30 September 2022

2,101

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2022

Subsidiary undertakings

Fitrite East Coast Ltd

Unit F, St Mowden Park, Spinners Road, Wheatley Hall Road, Doncaster, DN2 4LT

Ordinary

100%

100%

Fitrite East Anglia Limited

Unit F, St Mowden Park, Spinners Road, Wheatley Hall Road, Doncaster, DN2 4LT

Ordinary

100%

100%

Caledonian Decking & Fencing Limited

Unit F, St Mowden Park, Spinners Road, Wheatley Hall Road, Doncaster, DN2 4LT

Ordinary

100%

100%

Fitrite South Limited

Unit F, St Mowden Park, Spinners Road, Wheatley Hall Road, Doncaster, DN2 4LT

Ordinary

100%

100%

Fitrite South West Limited *

Unit F, St Mowden Park, Spinners Road, Wheatley Hall Road, Doncaster, DN2 4LT

Ordinary

100%

100%

* denotes a sub-subsidiary.

For the period ending 31 March 2024 the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:
Fitrite South Limited (registered number: 12502113)

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

14

Stocks

 

Group

Company

31 March
2024
£

30 September
2022
£

31 March
2024
£

30 September
2022
£

Other stocks

745,685

1,262,342

745,685

1,178,440

15

Debtors

   

Group

Company

Current

Note

31 March
2024
£

30 September
2022
£

31 March
2024
£

30 September
2022
£

Trade debtors

 

1,663,967

3,777,642

1,663,967

3,777,642

Amounts owed by related parties

25

-

1,933,289

-

1,933,289

Other debtors

 

108,385

253,209

108,385

250,054

Prepayments

 

484,931

646,640

484,931

631,085

Corporation tax asset

10

140,182

-

140,182

-

   

2,397,465

6,610,780

2,397,465

6,592,070

16

Cash and cash equivalents

 

Group

Company

31 March
2024
£

30 September
2022
£

31 March
2024
£

30 September
2022
£

Cash on hand

21,973

13,661

21,973

12,061

Cash at bank

607,753

1,657,305

607,753

1,650,885

629,726

1,670,966

629,726

1,662,946

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

17

Creditors

   

Group

Company

Note

31 March
2024
£

30 September
2022
£

31 March
2024
£

30 September
2022
£

Due within one year

 

Loans and borrowings

18

84,065

162,803

84,065

162,803

Trade creditors

 

1,902,615

1,844,381

1,902,615

1,838,096

Amounts due to related parties

25

160,930

161,968

163,031

673,309

Social security and other taxes

 

1,300,204

2,285,112

1,300,204

2,050,538

Outstanding defined contribution pension costs

 

41,337

31,901

41,337

30,991

Other creditors

 

913,257

960,689

913,257

959,969

Accruals

 

254,405

285,030

254,405

276,047

Corporation tax liability

10

-

581,324

-

512,456

 

4,656,813

6,313,208

4,658,914

6,504,209

Due after one year

 

Loans and borrowings

18

213,212

927,489

213,212

927,489

18

Loans and borrowings

Current loans and borrowings

 

Group

Company

31 March
2024
£

30 September
2022
£

31 March
2024
£

30 September
2022
£

Hire purchase contracts

75,321

99,265

75,321

99,265

Other borrowings

8,744

63,538

8,744

63,538

84,065

162,803

84,065

162,803

Non-current loans and borrowings

 

Group

Company

31 March
2024
£

30 September
2022
£

31 March
2024
£

30 September
2022
£

Hire purchase contracts

213,212

268,207

213,212

268,207

Other borrowings

-

659,282

-

659,282

213,212

927,489

213,212

927,489

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

Group and company

Other borrowings

Hire purchase contracts are denominated in sterling with a nominal interest rate of various commercial rates, and the final instalment is due on 30 September 2026. The carrying amount at year end is £288,533 (2022 - £367,472).

Tangible assets with a net book value of £320,078 (2022 - £397,627) are pledged as collateral against hire purchase contracts.

19

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 October 2022

80,000

80,000

Increase (decrease) in existing provisions

(80,000)

(80,000)

At 31 March 2024

-

-

Company

Deferred tax
£

Total
£

At 1 October 2022

80,000

80,000

Increase (decrease) in existing provisions

(80,000)

(80,000)

At 31 March 2024

-

-

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £186,320 (2022 - £133,287).

Contributions totalling £41,337 (2022 - £31,901) were payable to the scheme at the end of the period and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

31 March
2024

30 September
2022

No.

£

No.

£

Ordinary share capital of £1 each

304,056

304,056

304,056

304,056

       
 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

22

Reserves

Group and company

Share capital

Represents the nominal value of shares issued.

Profit and loss account

Includes all current and prior periods distributable profits and losses.

23

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

31 March
2024
£

30 September
2022
£

Not later than one year

75,321

99,265

Later than one year and not later than five years

213,212

268,207

288,533

367,472

Operating leases

The total of future minimum lease payments is as follows:

31 March
2024
£

30 September
2022
£

Not later than one year

1,022,283

1,061,374

Later than one year and not later than five years

1,925,161

2,188,451

Later than five years

1,462,313

1,305,464

4,409,757

4,555,289

The amount of non-cancellable operating lease payments recognised as an expense during the period was £1,913,016 (2022 - £953,396).

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

Company

Finance leases

The total of future minimum lease payments is as follows:

31 March
2024
£

30 September
2022
£

Not later than one year

75,321

99,265

Later than one year and not later than five years

213,212

268,207

288,533

367,472

Operating leases

The total of future minimum lease payments is as follows:

31 March
2024
£

30 September
2022
£

Not later than one year

1,022,283

987,871

Later than one year and not later than five years

1,925,161

2,040,951

Later than five years

1,462,313

1,305,464

4,409,757

4,334,286

The amount of non-cancellable operating lease payments recognised as an expense during the period was £1,871,816 (2022 - £874,990).

24

Commitments

Company

The Company has given unlimited guarantees to the primary funder in respect of the indebtedness to the lender of the related company, Vesso Limited. At 31 March 2024 the indebtedness amounted to £13,177,736 (2022 - £13,689,737).

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

25

Related party transactions

Group

Summary of transactions with other related parties

Fellow subsidiary undertakings
 

Income and receivables from related parties

2024

Parent
£

Amounts receivable from related party

-

2022

Parent
£

Amounts receivable from related party

1,933,289

Expenditure with and payables to related parties

2024

Parent
£

Other related parties
£

Rendering of services

200,000

-

Amounts payable to related party

-

160,930

2022

Parent
£

Other related parties
£

Rendering of services

180,000

-

Amounts payable to related party

-

161,968

 

Fitrite Fencing & Decking Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 March 2024

Company

Summary of transactions with other related parties

Fellow subsidiary undertakings
 

Income and receivables from related parties

2024

Parent
£

Amounts receivable from related party

-

2022

Parent
£

Amounts receivable from related party

1,933,289

Expenditure with and payables to related parties

2024

Other related parties
£

Amounts payable to related party

160,930

2022

Parent
£

Other related parties
£

Rendering of services

180,000

-

Amounts payable to related party

-

161,968

26

Parent and ultimate parent undertaking

The company's immediate parent is Praesidian Capital Luxco 2 S.A.R.L, incorporated in Luxembourg.

 The most senior parent entity producing publicly available financial statements is Praesidian Capital Europe LLP.

On 6 February 2025, Fitrite Group Limited became the ultimate parent of Fitrite Fencing & Decking Limited.