Linear Building Innovations Limited

Contents
	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—7
Profit and Loss Account	8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Statement of Cash Flows	13
Notes to the Financial Statements	14—21

The directors present their strategic report for the year ended 31 December 2024.

Review of the Business

Linnear Building Innovations Limited trades under the brand Selo and supplies a range of doorsets to the UK construction industry including mainly riser doors, sliding pocket doors, timber doorsets and temporary fire doors.

During the year, the company acquired the business and assets of Modulo, a business manufacturing and supplying timber doorsets. The acquisition allows the business to extend its product offering to the same market sector.

Whilst revenue increased in the year to £20,058,151, up 16.3% in comparison to the previous year, the gross profit percentage declined to 38.9% from 39.3% in 2023. The fall reflects the challenging economic environment affecting suppliers into the construction industry resulting in increased competition.

The results of the Company for the year, as set out on pages 9 and 10, show a profit on ordinary activities after tax of £985,207 (2023: £1,503,715).

Key performance indicators

2024 2023

Turnover £20,058,151 £17,240,784

Gross profit £7,808,864 £6,785,582

EBITDA £1,648,374 £2,050,183

At the end of 2024, the business was operating from three main sites in Milton Keynes, Atherstone and Yeovil. In order to improve efficiency and provide the capacity to meet the growth targets, the business was consolidated into one new site in Milton Keynes and a total of £1.6m invested in the production equipment and leasehold improvements. In addition, a further £0.5m has been invested in inventory mainly to provide customers with shortened lead times and also support the launch of new products.

This investment has resulted in the business being well placed to take advantage of growth opportunities which would not otherwise have been open to the Company. At the time of signing the accounts, the order book turnover was 16.7% ahead of the equivalent period in the previous year. In addition, the order book of unfulfilled orders 11.1% with the average time to fulfil orders also improving.

The investment in fixed assets and working capital has been financed by a combination of a new invoice discounting facility of £3.5m and equipment finance.

In undertaking this going concern assessment the Directors have given due consideration to the above investment, the company’s net current assets at the year end, banking facilities, historical and current trading, together with forward looking projections.

The directors have taken all of the above into consideration and have concluded that the Company will have sufficient financing for the next twelve months.

Page 1

Page 2

Linear Building Innovations Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

Principal Risks and Uncertainties

The main risks result from the economic uncertainty in the construction market and the impact this has on the competitive environment. The Company manages competitive risks through providing a responsive customer service and offering a diverse range of products to its customer base that aim to simplify bespoke and complex building methods.

In addition to the market risks, the financial risks faced by the business include credit, reliance on key suppliers and liquidity.

Credit Risk

The Company’s credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers, obtaining credit insurance and by monitoring payments against contractual agreements.

Suppliers

The company relies upon a number of key suppliers. Failure of one of these suppliers will adversely affect the company’s ability to deliver its products. Where practical the company avoids reliance upon a single supplier and closely monitors their performance.

Liquidity Risk

The Company monitors cash flow as part of its day to day control procedures. The Board considers cash flow projections on a regular basis and ensures that appropriate facilities are available to be drawn upon as necessary.

On behalf of the board

Mr Hans Purdom

Director

24/09/2025

Page 2

Page 3

Linear Building Innovations Limited

Company No. 09247787

Directors' Report For The Year Ended 31 December 2024

Directors' Report

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

Principal Activity

The company's principal activity continues to be that of manufacturing and supplying door systems.

Dividends

The value of dividends paid amounted to £271,774 .

The directors recommended a final dividend of £271,774 .

Directors

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

Mr Hans Purdom

Mr Andrew Purdom

Mr Harry Purdom

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 3

Page 4

Linear Building Innovations Limited

Directors' Report (continued)

For The Year Ended 31 December 2024

Independent Auditors

The auditors, Riverside Accountancy Lancaster Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Hans Purdom

Director

24/09/2025

Page 4

Page 5

Independent Auditor's Report

to the Members of

Linear Building Innovations Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Linear Building Innovations Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year 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.

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

Linear Building Innovations Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or 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 Directors' Responsibilities Statement set out on page 3—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's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Review of directors’ minutes and review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that the company must follow in the year and to the date of signing the financial statements.

- The assessment of fraud was considered as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the company to its shareholders.

- A review of journal entries and consideration of their appropriateness was carried out through the audit.

- During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair.

- Challenging assumptions made by management in making their significant accounting estimates.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

The comparative figures have not been audited as there was no statutory requirement to do so.

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 that 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.

Page 6

Page 7

Independent Auditor's Report (continued)

to the Members of

Linear Building Innovations Limited

Lyndsay Nicholson FCA (Senior Statutory Auditor)

for and on behalf of Riverside Accountancy Lancaster Limited , Statutory Auditor

24/09/2025

Riverside Accountancy Lancaster Limited

Suite 2, 2 Mannin Way

Lancaster Business Park

Caton Road

Lancaster

LA1 3SU

Page 7

Page 8

Linear Building Innovations Limited

Profit and Loss Account

For The Year Ended 31 December 2024

Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	2	20,058,151	17,240,784
Cost of sales		(12,249,287 )	(10,455,202 )

GROSS PROFIT		7,808,864	6,785,582

Distribution costs		-	-
Administrative expenses		(6,611,169 )	(4,803,842 )

OPERATING PROFIT	3	1,197,695	1,981,740
Exceptional items		(163,011)	-
Loss on disposal of fixed assets		(1,553 )	-
Other interest receivable and similar income	8	14,485	7,650
Interest payable and similar charges	9	(1,674 )	-

PROFIT BEFORE TAXATION		1,045,942	1,989,390
Tax on Profit	10	(60,735 )	(485,675 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		985,207	1,503,715

The notes on pages 13 to 21 form part of these financial statements.

Page 8

Page 9

Linear Building Innovations Limited

Statement of Comprehensive Income

For The Year Ended 31 December 2024

Statement of Comprehensive Income

	2024	2023
	£	£
Profit for the financial year	985,207	1,503,715

Other comprehensive income for the year	-	-

Total comprehensive income for the year	985,207	1,503,715

Page 9

Page 10

Linear Building Innovations Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 09247787

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	11		499,513		506,879
Tangible Assets	12		899,391		103,949

			1,398,904		610,828
CURRENT ASSETS
Stocks	13	1,986,054		747,070
Debtors	14	4,881,382		3,019,043
Cash at bank and in hand		1,690,176		1,837,554

		8,557,612		5,603,667
Creditors: Amounts Falling Due Within One Year	15	(3,362,574 )		(1,610,183 )

NET CURRENT ASSETS (LIABILITIES)			5,195,038		3,993,484

TOTAL ASSETS LESS CURRENT LIABILITIES			6,593,942		4,604,312

Creditors: Amounts Falling Due After More Than One Year	16		(134,798 )		-

PROVISIONS FOR LIABILITIES
Deferred Taxation	19		(213,428 )		(22,029 )

NET ASSETS			6,245,716		4,582,283

CAPITAL AND RESERVES
Called up share capital	21		1,105		994
Share premium account			949,889		-
Profit and Loss Account			5,294,722		4,581,289

SHAREHOLDERS' FUNDS			6,245,716		4,582,283

On behalf of the board

Mr Hans Purdom

Director

24/09/2025

The notes on pages 13 to 21 form part of these financial statements.

Page 10

Page 11

Linear Building Innovations Limited

Statement of Changes in Equity

For The Year Ended 31 December 2024

Statement of Changes in Equity

	Share Capital	Share Premium	Profit and Loss Account	Total
	£	£	£	£
As at 1 January 2023	994	-	3,475,400	3,476,394
Profit for the year and total comprehensive income	-	-	1,503,715	1,503,715

Dividends paid	-	-	(397,826)	(397,826)

As at 31 December 2023 and 1 January 2024	994	-	4,581,289	4,582,283


Profit for the year and total comprehensive income	-	-	985,207	985,207

Dividends paid	-	-	(271,774)	(271,774)
Arising on shares issued during the period	-	949,889	-	949,889

As at 31 December 2024	1,105	949,889	5,294,722	6,245,716

Page 11

Page 12

Linear Building Innovations Limited

Statement of Cash Flows

For The Year Ended 31 December 2024

Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	509,019	1,560,412
Interest paid		(1,672 )	-
Tax paid		(271,851 )	(100,439 )

Net cash generated from operating activities		235,496	1,459,973

Cash flows from investing activities
Purchase of intangible assets		(399,720 )	(111,225 )
Proceeds from disposal of intangible assets		34,114	-
Purchase of tangible assets		(879,378 )	(36,026 )
Proceeds from disposal of tangible assets		4,676	250
Interest received		14,485	7,650

Net cash used in investing activities		(1,225,823 )	(139,351 )

Cash flows from financing activities
Proceeds from issue of share capital		949,998	-
Equity dividends paid		(271,774 )	(397,826 )
Repayment of finance leases		165,205	-

Net cash generated from/(used in) financing activities		843,429	(397,826 )



(Decrease)/increase in cash and cash equivalents		(146,898 )	922,796
Cash and cash equivalents at beginning of year	2	1,837,074	914,278

Cash and cash equivalents at end of year	2	1,690,176	1,837,074

Page 12

Page 13

Linear Building Innovations Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023
	£	£
Profit for the financial year	985,207	1,503,715
Adjustments for:
Tax on profit	60,735	485,675
Interest expense	1,674	-
Interest income	(14,485 )	(7,650 )
Amortisation of intangible assets	50,438	30,930
Depreciation of tangible assets	62,392	37,513
Impairment of tangible assets	337,849	-
Profit on disposal of intangible assets	(15,315)	-
Loss on disposal of tangible assets	16,868	-
Movements in working capital:
(Increase)/decrease in stocks	(1,238,984 )	237,882
(Increase)/decrease in trade and other debtors	(1,862,339 )	535,437
Increase/(decrease) in trade and other creditors	2,124,979	(1,263,090 )

Net cash generated from operations	509,019	1,560,412

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	1,690,176	1,837,554
Overdraft facilities repayable on demand	-	(480 )

Cash and cash equivalents as stated in the Statement of Cash Flows	1,690,176	1,837,074

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	1,837,554	(147,378)	1,690,176
Overdraft facilities repayable on demand	(480)	480	-

Cash and cash equivalents	1,837,074	(146,898)	1,690,176
Finance leases	-	(165,205)	(165,205)

	1,837,074	(312,103)	1,524,971

Page 13

Page 14

Linear Building Innovations Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and 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 are presented in prounds sterling (£), which is the company's functional and presentational currency. Amounts have been rounded to the nearest £1.

1.2. Exemption From Preparing Consolidated Financial Statements

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

The results of the company are included in the consolidated financial statements of Selo Holdings Limited, which are available from Companies House under company number 12516490.

1.3. Significant judgements and estimations

The following judgements and estimations have been made in the process of applying the company's accounting polices that have had the most significant effect on amounts recognised in the financial statements.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where it affects only that period or in both current and future periods.

Useful economic lives of tangible fixed assets

The annual deprecation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. These are assessed by the directors on an annual basis.

Stock provisions

The ongoing stock value is reviewed for impairment based on orders in place and also stock holding days. These are assessed by the directors on an annual basis.

1.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 5 years.

1.6. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets is software and product development. They are amortised to the profit and loss account over their estimated economic life of 6 years.

1.7. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to the profit and loss account on a straight line basis over their expected useful economic life of 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

Page 14

Page 15

Linear Building Innovations Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

1.8. Intangible Fixed Assets and Amortisation - Intellectual Property

Intellectual property assets are trade marks and patents. It is amortised to the profit and loss account over its estimated economic life of 6 years

1.9. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	20% straight line
Plant & Machinery	20% straight line
Motor Vehicles	20% straight line
Fixtures & Fittings	20% straight line
Computer Equipment	20% straight line

1.10. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

1.11. Stocks and Work in Progress

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

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

1.12. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

1.13. Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised

Page 15

Page 16

Linear Building Innovations Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

1.14. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

1.15. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2. Turnover by Geographic Analysis

Analysis of turnover by geographical market is as follows:

	2024	2023
	£	£
United Kingdom	20,058,151	17,235,784

	20,058,151	17,235,784

3. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Bad debts	26,651	115
Research and Development Costs	763,071	551,806
Depreciation of tangible fixed assets	62,392	37,513
Amortisation of intangible fixed assets	50,438	30,930
Impairment losses - intangible fixed assets	337,849	-

4. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	8,000	-

Page 16

Page 17

Linear Building Innovations Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	3,039,735	2,391,664
Social security costs	265,309	214,188
Other pension costs	54,267	37,153

	3,359,311	2,643,005

6. Average Number of Employees

Average number of employees, including directors, during the year was as follows: 61 (2023: 35)

7. Directors' remuneration

	2024	2023
	£	£
Emoluments	18,000	18,000

	18,000	18,000

8. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	14,485	7,650

	14,485	7,650

9. Interest Payable

	2024	2023
	£	£
Finance charges payable under finance leases and hire purchase contracts	1,674	-

	1,674	-

10. Tax on Profit

	Tax Rate		2024	2023
	2024	2023	£	£
UK Corporation Tax	25.0%	25.0%	72,240	474,755
Prior period adjustment			(202,904 )	-

Total Current Tax Charge			(130,664 )	474,755
Deferred taxation RT			191,399	10,920

Total tax charge for the period			60,735	485,675


			2024	2023
			£	£
Profit before tax			1,045,942	1,989,390

Breakdown of tax charge is:
Tax on profit at 25% (UK standard rate)			261,485	497,347
Goodwill/depreciation not allowed for tax			20,193	17,111

...CONTINUED

Page 17

Page 18

Linear Building Innovations Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Expenses not deductible for tax purposes	2,771	35
Capital allowances	(212,209 )	(9,876 )
Short term timing differences	191,399	10,920
Prior period adjustment	(202,904 )	-
Difference in tax rates	-	(29,862 )

Total tax charge for the period	60,735	485,675

11. Intangible Assets

	Goodwill	Other	Development Costs	Intellectual Property	Total
	£	£	£	£	£
Cost
As at 1 January 2024	-	121,598	337,849	135,889	595,336
Additions	182,318	212,456	-	4,946	399,720
Disposals	-	(27,227 )	-	-	(27,227 )

As at 31 December 2024	182,318	306,827	337,849	140,835	967,829

Amortisation
As at 1 January 2024	-	12,451	-	76,006	88,457
Provided during the period	18,382	23,948	-	8,108	50,438
Impairment losses	-	-	337,849	-	337,849
Disposals	-	(8,428 )	-	-	(8,428 )

As at 31 December 2024	18,382	27,971	337,849	84,114	468,316

Net Book Value
As at 31 December 2024	163,936	278,856	-	56,721	499,513

As at 1 January 2024	-	109,147	337,849	59,883	506,879

12. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	-	98,743	62,276	50,627
Additions	15,878	770,716	31,530	19,782
Disposals	-	(9,066 )	(22,945 )	-

As at 31 December 2024	15,878	860,393	70,861	70,409

Depreciation
As at 1 January 2024	-	72,175	45,068	38,950
Provided during the period	1,852	29,092	5,186	5,771
Disposals	-	(907 )	(9,560 )	-

As at 31 December 2024	1,852	100,360	40,694	44,721

Net Book Value
As at 31 December 2024	14,026	760,033	30,167	25,688

As at 1 January 2024	-	26,568	17,208	11,677

Page 18

Page 19

Linear Building Innovations Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2024	221,334	432,980
Additions	41,472	879,378
Disposals	-	(32,011 )

As at 31 December 2024	262,806	1,280,347

Depreciation
As at 1 January 2024	172,838	329,031
Provided during the period	20,491	62,392
Disposals	-	(10,467 )

As at 31 December 2024	193,329	380,956

Net Book Value
As at 31 December 2024	69,477	899,391

As at 1 January 2024	48,496	103,949

13. Stocks

	2024	2023
	£	£
Stock	1,745,587	550,667
Work in progress	240,467	196,403

	1,986,054	747,070

14. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	2,750,489	1,984,686
Prepayments and accrued income	134,189	104,350
Other debtors	60,597	(35,246 )
Amounts owed by group undertakings	1,936,107	965,253

	4,881,382	3,019,043

15. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	30,407	-
Trade creditors	2,752,233	697,864
Bank loans and overdrafts	-	480
Other creditors	141,639	9,652
Corporation tax	72,240	474,755
Taxation and social security	109,559	297,929
Accruals and deferred income	256,496	129,503

	3,362,574	1,610,183

Page 19

Page 20

Linear Building Innovations Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

16. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	134,798	-

	134,798	-

The company's borrowings are secured against their assets by a charge registered at Companies House in favour of HSBC INVOICE FINANCE (UK) LTD dated 24th March 2025.

18. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The maturity of these amounts is as follows:
Within one year	30,407	-
Between one and five years	134,798	-

	165,205	-

	165,205	-

Loans are secured by a fixed and floating charge over the assets and undertakings of the company.

19. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Deferred Tax	213,428	22,029

20. Provisions for Liabilities

	Deferred Tax
	£
As at 1 January 2024	22,029
Additions	191,399

Balance at 31 December 2024	213,428

21. Share Capital

	2024	2023
Allotted, called up but not fully paid	£	£
1,105 Ordinary Shares of £ 1.00 each	1,105	994

During the year the company alloted further shares, increasing the total issued share capital to 1,105 shares across various share classes.

22. Financial Instruments

The company holds certain financial instruments which are measured at fair value through the profit or loss in accordance with FRS 102. Changes in fair value are recognised in the profit and loss account as they arise.

Page 20

Page 21

Linear Building Innovations Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

23. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	Land and buildings
	2024	2023
	£	£
Within 1 year	856,851	254,806
Between 1 and 5 years	6,130,957	758,201

	6,987,808	1,013,007

24. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £54,267 (2023: £37,153).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

25. Dividends

	2024	2023
	£	£
On equity shares:
Final dividend paid	271,774	397,826

	271,774	397,826

26. Reserves

Called up share capital represents the nominal value of shares that have been issued and are fully paid.

Share premium account represents the excess received over the nominal value of shares issued, less any costs directly attributable to the issue of the shares.

Profit and loss account represents cumulative profits and losses retained by the company, net of dividends paid.

27. Related Party Disclosures

The company is a wholly owned subsidiary of Selo Holdings Ltd and as such has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

28. Controlling Parties

The company's ultimate controlling party is Selo Holdings Ltd by virtue of their interest in the share capital of the company.

29. General Information

Linear Building Innovations Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09247787 . The registered office is Selo House, 3b Michigan Drive, Tongwell, Milton Keynes, MK15 8HQ.

Page 21