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REGISTERED NUMBER: 13582105 (England and Wales)















LINTHWAITE TOPCO LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16 to 30


LINTHWAITE TOPCO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: David Raymond Merrick
Samantha Jane Merrick



REGISTERED OFFICE: Unit 9-11 Lower Road Trading Estate
Ledbury
HR8 2DJ



REGISTERED NUMBER: 13582105 (England and Wales)



AUDITORS: Azets Audit Services
Chartered Accountants
Statutory Auditor
Titanium 1
King's Inch Place
Renfrew
PA4 8WF



BANKERS: HSBC Bank PLC
The Cross
Gloucester
GL1 2AP

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

REVIEW OF BUSINESS
The results for the year and financial position of the group are as shown in the annexed financial statements.

The key financial highlights are as follows:

2024 2023 2022
£ £    £   
Turnover 24,104,567 24,703,941 nil
Profit/ (Loss) before tax 783,076 1,351,567 nil

The net assets of the group have increased from £7,915,045 at 31 December, 2023 to £8,357,775 at 31 December, 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
The market conditions are difficult given the current economic conditions, but the directors consider that the group is well placed to obtain contracts given its experience and business relationships. In addition, the directors seek to control overhead costs in order to maintain the profitability of the group.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

ENVIRONMENT
The group recognises the importance of its environmental responsibilities, and has policies in place to manage its impact on the environment.

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank balances, trade creditors and bank loans. The main purpose of these instruments is to finance the company's operations.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ON BEHALF OF THE BOARD:





David Raymond Merrick - Director


21 July 2025

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture and distribution of insulation and building plastic products as well as facilities management.

DIVIDENDS
The total distribution of dividends for the period ended 31 December 2024 will be £nil (2023 - £2,237,835).

DIRECTOR
David Raymond Merrick held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

Samantha Jane Merrick was appointed as a director after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





David Raymond Merrick - Director


21 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINTHWAITE TOPCO LIMITED

Opinion
We have audited the financial statements of Linthwaite Topco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINTHWAITE TOPCO LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LINTHWAITE TOPCO LIMITED


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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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
LINTHWAITE TOPCO 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.




Alex Webb BAcc FCCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
Titanium 1
King's Inch Place
Renfrew
PA4 8WF

21 July 2025

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31/12/24 31/12/23
Notes £    £   

TURNOVER 3 24,104,567 24,703,941

Cost of sales (15,413,798 ) (15,350,306 )
GROSS PROFIT 8,690,769 9,353,635

Distribution costs (2,269,618 ) (2,238,906 )
Administrative expenses (5,577,215 ) (5,738,901 )
843,936 1,375,828

Other operating income 1,776 6,997
OPERATING PROFIT 845,712 1,382,825

Interest receivable and similar income 37,264 33,994
882,976 1,416,819

Interest payable and similar expenses 5 (99,900 ) (65,252 )
PROFIT BEFORE TAXATION 6 783,076 1,351,567

Tax on profit 7 (272,936 ) (432,709 )
PROFIT FOR THE FINANCIAL YEAR 510,140 918,858
Profit attributable to:
Owners of the parent 510,140 918,858

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

31/12/24 31/12/23
Notes £    £   

PROFIT FOR THE YEAR 510,140 918,858


OTHER COMPREHENSIVE INCOME
Revaluation of plant (67,410 ) (70,559 )
Merger of subsidiaries - 804,581
Impairment of subsidiary - 2,000,000
Income tax relating to components of other
comprehensive income

-

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

(67,410

)

2,734,022
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

442,730

3,652,880

Total comprehensive income attributable to:
Owners of the parent 442,730 3,652,880

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

31/12/24 31/12/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 2,595,345 2,919,763
Tangible assets 11 4,077,563 3,697,762
Investments 12 - -
6,672,908 6,617,525

CURRENT ASSETS
Stocks 13 3,046,315 3,337,499
Debtors 14 5,187,865 5,308,231
Cash at bank and in hand 1,175,449 2,270,998
9,409,629 10,916,728
CREDITORS
Amounts falling due within one year 15 6,617,709 7,671,832
NET CURRENT ASSETS 2,791,920 3,244,896
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,464,828

9,862,421

CREDITORS
Amounts falling due after more than one
year

16

(524,754

)

(1,419,975

)

PROVISIONS FOR LIABILITIES 21 (580,904 ) (524,230 )

ACCRUALS AND DEFERRED INCOME 22 (1,395 ) (3,171 )
NET ASSETS 8,357,775 7,915,045

CAPITAL AND RESERVES
Called up share capital 23 6,500,000 6,500,000
Impairment of subsidiary 24 2,000,000 2,000,000
Revaluation reserve 24 85,887 153,297
Retained earnings 24 (228,112 ) (738,252 )
SHAREHOLDERS' FUNDS 8,357,775 7,915,045

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2025 and were signed on its behalf by:





David Raymond Merrick - Director


LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

COMPANY BALANCE SHEET
31 DECEMBER 2024

31/12/24 31/12/23
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 6,500,000 6,500,000
6,500,000 6,500,000
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,500,000

6,500,000

CAPITAL AND RESERVES
Called up share capital 23 6,500,000 6,500,000
SHAREHOLDERS' FUNDS 6,500,000 6,500,000

Company's profit for the financial year - 237,835

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2025 and were signed on its behalf by:





David Raymond Merrick - Director


LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

Called up Impairment
share Retained of Revaluation Total
capital earnings subsidiary reserve equity
£    £    £    £    £   
Balance at 1 January 2023 1 - - - 1

Changes in equity
Issue of share capital 6,499,999 - - - 6,499,999
Dividends - (2,237,835 ) - - (2,237,835 )
Total comprehensive income - 1,499,583 2,000,000 153,297 3,652,880
Balance at 31 December 2023 6,500,000 (738,252 ) 2,000,000 153,297 7,915,045

Changes in equity
Total comprehensive income - 510,140 - (67,410 ) 442,730
Balance at 31 December 2024 6,500,000 (228,112 ) 2,000,000 85,887 8,357,775

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 1 - 1

Changes in equity
Issue of share capital 6,499,999 - 6,499,999
Dividends - (237,835 ) (237,835 )
Total comprehensive income - 237,835 237,835
Balance at 31 December 2023 6,500,000 - 6,500,000

Changes in equity
Balance at 31 December 2024 6,500,000 - 6,500,000

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31/12/24 31/12/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,680,787 538,417
Interest paid (15,080 ) (59,455 )
Interest element of hire purchase payments
paid

(84,820

)

(5,797

)
Tax paid (351,432 ) -
Net cash from operating activities 1,229,455 473,165

Cash flows from investing activities
Purchase of intangible fixed assets - (3,244,181 )
Purchase of tangible fixed assets (1,217,190 ) (1,845,609 )
Sale of tangible fixed assets 82,309 2,733,659
Cash acquired on group reconstruction - (1,764,085 )
Interest received 37,264 33,994
Net cash from investing activities (1,097,617 ) (4,086,222 )

Cash flows from financing activities
Bank loan repayment in year (85,689 ) (204,649 )
Capital introduced in year - 1,397,106
Capital repayments in year (770,105 ) 436,815
Amount introduced by directors - 20,296
Amount withdrawn by directors (20,296 ) -
Share issue - 6,499,999
Loan to associated company (351,297 ) (65,494 )
Loan from Trust - 37,816
Equity dividends paid - (2,237,835 )
Net cash from financing activities (1,227,387 ) 5,884,054

(Decrease)/increase in cash and cash equivalents (1,095,549 ) 2,270,997
Cash and cash equivalents at beginning of
year

2

2,270,998

1

Cash and cash equivalents at end of year 2 1,175,449 2,270,998

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

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

31/12/24 31/12/23
£    £   
Profit before taxation 783,076 1,351,567
Depreciation charges 1,020,525 857,418
Profit on disposal of fixed assets (8,436 ) (230,943 )
Finance costs 99,900 65,252
Finance income (37,264 ) (33,994 )
1,857,801 2,009,300
Decrease/(increase) in stocks 291,184 (3,337,499 )
Decrease/(increase) in trade and other debtors 471,663 (4,593,161 )
(Decrease)/increase in trade and other creditors (939,861 ) 6,459,777
Cash generated from operations 1,680,787 538,417

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 December 2024
31/12/24 1/1/24
£    £   
Cash and cash equivalents 1,175,449 2,270,998
Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 2,270,998 1


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank and in hand 2,270,998 (1,095,549 ) 1,175,449
2,270,998 (1,095,549 ) 1,175,449
Debt
Finance leases (1,833,921 ) 770,105 (1,063,816 )
Debts falling due within 1 year (347,574 ) (36,834 ) (384,408 )
Debts falling due after 1 year (272,528 ) 122,522 (150,006 )
(2,454,023 ) 855,793 (1,598,230 )
Total (183,025 ) (239,756 ) (422,781 )

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

1. STATUTORY INFORMATION

Linthwaite Topco Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 13582105 and registered office address is 9-11 Lower Road Trading Estate, Ledbury, Herefordshire, HR8 2DJ.

The principal activity of the group in the period under review was that of the manufacture and distribution of insulation and building plastic products as well as facilities management.

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 as modified by the revaluation of certain assets.

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

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation
The accounts include the consolidated results of the company and its subsidiaries for the year to 31st December 2024. The group was formed on 13 June 2023, and the purchase method has been adopted in recognising the acquisition of group companies.

The combined entities are Linthwaite Group Limited, Linthwaite Holdings Limited, Linthwaite Limited, LMC Plastics Limited, Linthwaite Developments Limited, G.T. Insulations Limited and Linthwaite Manufacturing Limited.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Government Grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Rental Income
Rental income is included in the profit and loss account in the period in which it is receivable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 4% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Plant is carried at fair value and as such no depreciation is charged.

Assets that have an indefinite life are not subject to amortisation and are tested annually for impairment. Assets subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less disposal costs, and value in use.

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

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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

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

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

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


LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

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

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

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

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investments
Investments in group companies are accounted for at cost less provision for diminution in value which is regarded as permanent, should that be appropriate.

Investments in joint ventures where there is no controlling right exercised are accounted for at the group's share of the net assets or liabilities, which is regarded as being equivalent to fair value.

3. TURNOVER

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

An analysis of turnover by class of business is given below:

31/12/24 31/12/23
£    £   
Sale of goods and services 24,104,567 24,703,941
24,104,567 24,703,941

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

31/12/24 31/12/23
£    £   
United Kingdom 24,104,567 24,703,941
24,104,567 24,703,941

4. EMPLOYEES AND DIRECTORS
31/12/24 31/12/23
£    £   
Wages and salaries 3,109,325 3,431,672

The average number of employees during the year was as follows:
31/12/24 31/12/23

Administration 28 36
Production 6 7
Warehouse and drivers 68 75
102 118

The average number of employees by undertakings that were proportionately consolidated during the year was 102 (2023 - 118 ) .

31/12/24 31/12/23
£    £   
Director's remuneration 9,982 14,689

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/24 31/12/23
£    £   
Bank interest (25,096 ) 12,624
Bank loan interest 40,176 46,831
Hire purchase 84,820 5,797
99,900 65,252

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

31/12/24 31/12/23
£    £   
Hire of plant and machinery 146,205 170,347
Depreciation - owned assets 669,070 422,732
Depreciation - assets on hire purchase contracts 27,036 110,268
Profit on disposal of fixed assets (8,436 ) (230,943 )
Goodwill amortisation 324,418 324,418
Auditors' remuneration 28,500 21,312

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/24 31/12/23
£    £   
Current tax:
UK corporation tax 216,262 160,882

Deferred tax 56,674 271,827
Tax on profit 272,936 432,709

UK corporation tax has been charged at 25 % .

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:

31/12/24 31/12/23
£    £   
Profit before tax 783,076 1,351,567
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 24.324 %)

195,769

328,755

Effects of:
Expenses not deductible for tax purposes 31,725 22,539
Deferred tax rate changes 14,026 71,453
Group relief claimed (49,689 ) (68,950 )
Amortisation of goodwill 81,105 78,912
Total tax charge 272,936 432,709

Tax effects relating to effects of other comprehensive income

31/12/24
Gross Tax Net
£    £    £   
Revaluation of plant (67,410 ) - (67,410 )
Merger of subsidiaries
Impairment of subsidiary
(67,410 ) - (67,410 )

31/12/23
Gross Tax Net
£    £    £   
Revaluation of plant (70,559 ) - (70,559 )
Merger of subsidiaries 804,581 - 804,581
Impairment of subsidiary 2,000,000 - 2,000,000
2,734,022 - 2,734,022

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

8. INDIVIDUAL INCOME STATEMENT

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


9. DIVIDENDS
31/12/24 31/12/23
£    £   
Ordinary shares of £1 each
Interim - 2,237,835

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 3,244,181
AMORTISATION
At 1 January 2024 324,418
Amortisation for year 324,418
At 31 December 2024 648,836
NET BOOK VALUE
At 31 December 2024 2,595,345
At 31 December 2023 2,919,763

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

11. TANGIBLE FIXED ASSETS

Group
Improvements
to Plant and
Plant property machinery
£    £    £   
COST OR VALUATION
At 1 January 2024 192,008 579,547 5,044,133
Additions - 244,533 853,158
Disposals - - -
Revaluations (67,410 ) - -
At 31 December 2024 124,598 824,080 5,897,291
DEPRECIATION
At 1 January 2024 - 148,440 2,252,897
Charge for year - 23,177 600,161
Eliminated on disposal - - -
At 31 December 2024 - 171,617 2,853,058
NET BOOK VALUE
At 31 December 2024 124,598 652,463 3,044,233
At 31 December 2023 192,008 431,107 2,791,236

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 35,080 458,942 25,921 6,335,631
Additions - 115,519 3,980 1,217,190
Disposals - (128,348 ) - (128,348 )
Revaluations - - - (67,410 )
At 31 December 2024 35,080 446,113 29,901 7,357,063
DEPRECIATION
At 1 January 2024 35,080 182,534 18,918 2,637,869
Charge for year - 70,101 2,667 696,106
Eliminated on disposal - (54,475 ) - (54,475 )
At 31 December 2024 35,080 198,160 21,585 3,279,500
NET BOOK VALUE
At 31 December 2024 - 247,953 8,316 4,077,563
At 31 December 2023 - 276,408 7,003 3,697,762

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 December 2024 is represented by:

Improvements
to Plant and
Plant property machinery
£    £    £   
Valuation in 2023 192,008 - -
Valuation in 2024 (67,410 ) - -
Cost - 824,080 5,897,291
124,598 824,080 5,897,291

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2023 - - - 192,008
Valuation in 2024 - - - (67,410 )
Cost 35,080 446,113 29,901 7,232,465
35,080 446,113 29,901 7,357,063

The net book value of tangible fixed assets includes £1,953,165 (2023 - £2,294,947) in respect of assets held under hire purchase contracts.

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 6,500,000
NET BOOK VALUE
At 31 December 2024 6,500,000
At 31 December 2023 6,500,000

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

12. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Linthwaite Holdings Limited
Registered office: Units 9-11, Lower Road Trading Estate, Ledbury, Herefordshire, HR8 2DJ
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
31/12/24 31/12/23
£    £   
Aggregate capital and reserves 312,085 312,085
Profit for the year - 2,237,835

Linthwaite limited
Registered office: Units 9-11, Lower Road Trading Estate, Ledbury, Herefordshire, HR8 2DJ
Nature of business: Manufacturing and distribution
%
Class of shares: holding
Ordinary 100.00
31/12/24 31/12/23
£    £   
Aggregate capital and reserves 8,423,742 7,041,196
Profit for the year 1,382,546 1,847,511

LMC Plastics Limited
Registered office: Units 9-11 Lower Road Trading Estate, Ledbury, Herefordshire, HR8 2DJ
Nature of business: Manufacture of extruded plastic products
%
Class of shares: holding
Ordinary 100.00
31/12/24 31/12/23
£    £   
Aggregate capital and reserves (1,123,218 ) (507,821 )
Loss for the year (547,987 ) (604,236 )

Linthwaite Group Limited
Registered office: Units 9-11 Lower Road Trading Estate, Ledbury, Herefordshire, HR8 2DJ
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
31/12/24 31/12/23
£    £   
Aggregate capital and reserves 1,292,265 1,292,265
Profit for the year - 2,237,835

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

12. FIXED ASSET INVESTMENTS - continued

Joint venture

Linthwaite Manufacturing Limited
Registered office: Units 9-11, Lower Road Trading Estate, Ledbury, Herefordshire, HR8 2DJ
Nature of business: Holding company
%
Class of shares: holding
Ordinary 50.00
31/12/24 31/12/23
£    £   
Aggregate capital and reserves (236,950 ) (236,950 )


13. STOCKS

Group
31/12/24 31/12/23
£    £   
Finished goods 3,046,315 3,337,499

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31/12/24 31/12/23
£    £   
Trade debtors 3,916,612 4,044,021
Amounts owed by associates 1,066,367 715,070
Other debtors - 319,845
Prepayments 204,886 229,295
5,187,865 5,308,231

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31/12/24 31/12/23
£    £   
Bank loans and overdrafts (see note 17) 346,592 309,758
Other loans (see note 17) 37,816 37,816
Hire purchase contracts (see note 18) 689,068 686,474
Trade creditors 2,999,826 2,807,347
Corporation tax 25,712 160,882
Social security and other taxes 398,794 454,762
Other creditors 186,341 3,627
Directors' current accounts - 20,296
Accrued expenses 1,933,560 3,190,870
6,617,709 7,671,832

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31/12/24 31/12/23
£    £   
Bank loans (see note 17) 150,006 272,528
Hire purchase contracts (see note 18) 374,748 1,147,447
524,754 1,419,975

17. LOANS

An analysis of the maturity of loans is given below:

Group
31/12/24 31/12/23
£    £   
Amounts falling due within one year or on demand:
Bank loans 346,592 309,758
Other loans 37,816 37,816
384,408 347,574
Amounts falling due between one and two years:
Bank loans - 1-2 years 150,006 115,730
Amounts falling due between two and five years:
Bank loans - 2-5 years - 156,798

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase
contracts
31/12/24 31/12/23
£    £   
Net obligations repayable:
Within one year 689,068 686,474
Between one and five years 374,748 1,147,447
1,063,816 1,833,921

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

18. LEASING AGREEMENTS - continued

Group
Non-cancellable
operating leases
31/12/24 31/12/23
£    £   
Within one year 136,454 113,123
Between one and five years 211,416 54,925
In more than five years 7,579 -
355,449 168,048

19. SECURED DEBTS

The bank loans and overdraft are secured by a fixed and floating charge over the assets of the company.

The hire purchase and lease creditors are secured over the assets to which they relate.

20. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:


2024 2023
£ £
Financial assets
Financial assets that are debt instruments measured at amortised cost 9,409,629 10,916,728
Financial liabilities
Financial liabilities measured at amortised cost 7,143,858 9,094,978

21. PROVISIONS FOR LIABILITIES

Group
31/12/24 31/12/23
£    £   
Deferred tax 580,904 524,230

Group
Deferred
tax
£   
Balance at 1 January 2024 524,230
Accelerated capital allowance 56,674
Other timing differences
Balance at 31 December 2024 580,904

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

21. PROVISIONS FOR LIABILITIES - continued

Details of the provision for deferred taxation are given below:
2024 2023
£ £
Accelerated capital allowances 768,043 712,121
Other timing differences (187,139 ) (187,891 )
Provision for deferred tax liability 580,904 524,230

22. ACCRUALS AND DEFERRED INCOME

Group
31/12/24 31/12/23
£    £   
Accruals and deferred income 1,395 3,171

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/24 31/12/23
value: £    £   
6,500,000 Ordinary £1 6,500,000 6,500,000

24. RESERVES

Group
Impairment
Retained of Revaluation
earnings subsidiary reserve Totals
£    £    £    £   

At 1 January 2024 (738,252 ) 2,000,000 153,297 1,415,045
Profit for the year 510,140 510,140
Revaluation of plant - - (67,410 ) (67,410 )
At 31 December 2024 (228,112 ) 2,000,000 85,887 1,857,775

Company
Retained
earnings
£   

Profit for the year -
At 31 December 2024 -

Profit and loss account includes all current and prior period retained profits and losses.

Revaluation reserve represents historical fixed asset revaluations.

Impairment of subsidiary relates to adjustments arising on the reconstruction of the group.

LINTHWAITE TOPCO LIMITED (REGISTERED NUMBER: 13582105)

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

25. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the period the company received an interest free loan from the director, and the balance outstanding on this loan at the period end was £nil (2023 - £20,296).

26. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

The group operates from a property owned by one of the director for which the group pays a rent to him of £136,500 (2023 - £105,000).

Included within debtors is an amount due from G.T. Insulation Limited amounting to £1,066,367 (2023 - £701,163). G.T. Insulation Limited has the same ultimate controlling party as Linthwaite Topco Limited.

Included in debtors and creditors there are amounts due to/ from Davant Products Limited Directors Retirement Benefit Scheme on which interest is payable. The scheme members include one of the directors, D Merrick. The amount due from at the year end amounted to £nil (2023 - £11,743).

Included in creditors are other loans of £37,816 (2023 - £37,816) being amounts payable to the David Merrick Trust.

All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel. Total remuneration in respect of these individuals is £161,225 (2023 - £272,545).

27. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is David Raymond Merrick by virtue of his shareholding.