REGISTERED NUMBER: 02728193 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2025

for

George Roberts (North West) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Statement of Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

M Roach

G W Roberts

A Roscoe

R C Tyler

SECRETARY:

M Roach

REGISTERED OFFICE:

Unit D

Wakefield Road

Netherton

Liverpool

Merseyside

L30 6TZ

REGISTERED NUMBER:

02728193 (England and Wales)

AUDITORS:

DJH Audit Limited

Statutory Auditor

3rd Floor Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ

SOLICITORS:

Weightmans LLP

100 Old Hall Street

Liverpool

L3 9QJ

The directors present their strategic report for the year ended 31st October 2025.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

We are pleased with the 2025 results, in what has been has a challenging year. Economic conditions have been stagnant

and uncertainty seems to have hindered investment in many of the sectors we operate in. The George Roberts brand remains strong and our performance illustrates our resilience and customer loyalty.

Turnover is down slightly year on year, some of this is explained again by inflationary pressures reducing compared to the previous year, and commodity prices continuing to fall.

i. We pride ourselves on our consistent stock availability, having extensive supply chains, we are always well positioned to even out any volatility that occurs in the market.

ii. The Board of Directors again wish to thank all our employees for their continued loyal support and hard work. Their effort and team work are so important in helping us achieve our objectives. The board continue to do everything in its power to ensure the health, safety and welfare of its employees is maintained at the highest level. We have an excellent record of providing long term employment and low turnover of staff.

iv. It is important to highlight a key strength of the business is the variety of products supplied and the spread and split of different market sectors. These include housing, commercial, defence, nuclear, major construction, petrochemical, leisure, sports, eventing, rail and export. We are never exposed to reliance on a single market and this reduces the risk of the company being impacted by a turn down in a specific market and consequential bad debts. Despite another excellent year of trading, bad debts were less than 1% of turnover. This is remarkable and without a doubt one of the best in the industry.

v. Exports continued to be steady throughout the year and we continue to supply into established markets including Eire, Africa, Canada, the Middle East and the Caribbean. The export orders are low risk transactions, generally with reputable blue-chip companies. Payment terms on exports require advanced payment before delivery or with an irrevocable letter of credit, meaning the monies are 100% secure.

vi. We maintain a strong relationship with our bankers Barclays, who continue to support the required facilities for strategic investment and extensive working capital, which in turn provides opportunities to comfortably fund and hold extensive volumes of various stock lines.

Health and Safety is paramount in our business and we continue to invest in the infrastructure to achieve a safe working environment. Cashflow remains very positive.

The business has successfully retained Fleet Operators Recognition Scheme (FORS) Silver certification for the eleventh year running. The scheme recognises those that excel in health, safety and environmental management in its transport operations.

Our business has attained FSC/PEFC certification for its timber scaffold boards and battens, upholding a commitment to operate sustainably and responsibly.

PRINCIPAL RISKS AND UNCERTAINTIES

The company uses various financial instruments. These include loans, cash and various other items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.

All transactions in derivatives are undertaken to manage the risks arising from underlying business activities and no transactions of a speculative nature are undertaken.

The main risks arising from the company's financial instruments are currency risk, liquidity risk, interest rate risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below.

Currency risk

The company is exposed to transaction foreign exchange risk. The sales are priced in sterling and invoiced in either Euro or US Dollars. Transactions are managed with derivatives to eliminate currency exchange risk.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company adopts policies to ensure continuity of funding.

The company has operating leases on larger plant requirements, i.e. commercial vehicles and the fork lift truck fleet Financing of stock, plant and IT equipment is generally funded from the business's profitability, our invoice discounting facility provides the necessary working capital for peak cashflow demands.

Interest rate risk

The company finances its operations through a mixture of retained profits, invoice discounting and bank borrowings. The company exposure to interest rate fluctuation on its borrowings is managed by the use of both fixed and floating facilities. It is company policy to achieve competitive rates on the invoice discounting facility which is reviewed annually.

Supply chain risk

The company hold significant stock of manufactured products and has sufficient stock for all ongoing trading operations. The directors consider this further mitigates any impact on the business from a disrupted supply chain/ imports.

Competitor / Customer Retention Risk

The economic climate in 2025 has put pressure on prices and we appreciate customers are looking at their margins and cost savings, which means we have to stay competitive. We believe the combination of service, stock availability and price offering helps us maintain our customer base whilst remaining competitive.

Cyber Security Risk

We treat this risk seriously and invest heavily in preventative software and a comprehensive cyber insurance policy

Business Disruption Risk

There are some key areas of business disruption risk identified and mitigated in the business:

We have contingency computer servers in one of our office locations, separate to the main office building

In the event of for e.g. a fire in the main offices, we are in a position to get computers and systems up and running in a separate location to minimise operational disruption

Under our Commercial Combined policy there is a Business Interruption section. The basis of cover is for Increased Cost of Working cover which covers reasonable extra costs you incur after an insured damage loss (e.g. fire, flood) to keep the business running or reduce the loss of gross profit/revenue. Examples: temporary premises, overtime, sub contracting, hire of machinery, extra freight, additional advertising to retain customers.

As the business is equipment rental and supply business, Increased Cost of Working is the appropriate basis of Our income depends on the continued ability to supply and hire equipment. Following insured damage, the most effective way to protect revenue is by incurring additional expenses - such as sub hiring kit, renting temporary premises, outsourcing repair or logistics, and expediting replacements - in order to maintain service to customers and avoid cancellation of hire contracts. ICOW is specifically designed to cover these reasonable and economic extra costs, where they reduce the Business Interruption loss and impact of Gross Profit.

The financial strength of the business is another mitigating factor in reducing disruption risk

The business does have a "business interruption contingency plan/policy"

SECTION 172(1) STATEMENT

George Roberts (North West) Limited is one of the largest independent suppliers of scaffolding and access equipment in the UK, stakeholder interests are integral to our strategic thinking and planning. The company regularly supports local charities and clubs as well as good causes overseas.

Company Employees

The company year on year acknowledges the loyalty and hard work of our employees through recognition and reward. The company looks to provide and promote job security, accountability, structure, a safe work environment, training/knowledge, communication (decision making / products / software / equipment / consideration of values and perceptions), safe working culture and working time arrangement. The directors consider as we have always had a relatively low turnover of staff, in the main our employee objectives are met and long may this continue.

The company promotes a strong positive Health and Safety culture through its sturdy policies, procedures and safe systems of work.In recent years we have expanded the premises to accommodate safer working in the yard/operations area. All relevant risk assessments are up to date and regularly reviewed

There is a comprehensive training plan in place for all employees, internal training is regularly carried out by the HSEQ Manager and we work closely with our training provider who offer regulatory and bespoke training modules. We are audited biannually against ISO 45001, and carry out internal auditing which allows the company to effectively measure and monitor business requirements. The management and promotion of Health and Safety across the business is positively reflected in our KPI's.

Company directors, management and employees fully understand the importance of a robust Health and Safety management system for the benefit of employee sand continued development of the business.

Employee benefits and welfare have always been important to the business offering benefits such as death in service benefit and a workplace pension scheme, as well as two bonus payments per annum when profitability allows.

Since forming the EOT, this has led to further reviews on employee benefits and welfare, we have been able to provide private healthcare access to all employees and employees also now benefit from tax free elements on earnings

Line managers are invited to Trust meetings, they will represent their staff and there is also an Employee Trustee on the Trust board

Dividends

There will be no dividend payments for the short to medium term, now the Employee Ownership Trust is in place.

Customers and Suppliers

A great deal of effort is invested in achieving mutually beneficial relationships with customers, suppliers and professional bodies we engage with, striving for continuity of business harnessing good relations and values. We focus on quality, price, delivery of products, information, business resilience, continuity and key drivers and trends in the industry which may impact the organisation.

Local Community and Environment

We regularly make donations to several local charitable organisations and sponsor local youth sport clubs. Donations in the past twelve months have been very well received by the charities who are always struggling for funds. We also support international causes with some of our overseas customers operating out of developing nations.

The Directors will continue to support good causes locally and further afield wherever they can.

We are wholly committed to caring for and protecting the environment that we operate in, by pursuing a responsible and proactive attitude to improving environmental performance across all of our business activities. We aim to contribute to sustainable development by balancing business aims with environmental considerations and will encourage our business partners to join us in this effort.

George Roberts (NW) Ltd recognises that our day to day business activities have an impact on the environment in terms of the use of raw materials, emissions to air and water and waste generation and seek to minimise this as far as is reasonably practicable.

Corporate Conduct

At George Roberts we strive for sustained profitability, transparency, governance and accountability. The business establishes suitable and achievable objectives supported by strategic direction. We endeavour to provide a positive safe working culture, adhering to standards and legal compliance.

STREAMLINED ENERGY AND CARBON REPORTING

This is the fourth financial year that the company have reported under SECR reporting framework, and in future years plan to incorporate the objectives of SECR into business plans and in turn, expand on the detail provided in the carbon report.

The below results have been calculated using DEFRA and other internationally recognised metrics:

- The company's total carbon footprint is 834.38 tonnes CO2e.

- Carbon intensity (tonnes CO2/employees) = 9.48

Throughout the year the company purchased 210,538 litres of diesel. This equates to 560.36 CO2e.

Power costs usage within the company premises amounted to:

- 388,244 kwh of electricity

- 26,369kwh of natural gas

DONATIONS

During the year, the company made £3,104 (2024: £10,368) of charitable donations.

The company also supports charities through organised collections and fundraising events, complementing its own donations.

FINANCIAL PERFORMANCE

The company monitors its performance throughout the year using the following key financial indicators:

- Weekly/monthly sales and hire revenues compared to budget;

- Gross profit margin and customers account profitability;

- Monitoring key customers accounts - analysing adverse trends on turnover expectation and debtor days of sale; and

- Liquidity analysis/invoice discounting covenant monitoring.

Non financial key performance indicators, which are also monitored on a regular basis are:

- Customer satisfaction rates;

- Product quality & returns;

- Quality control of products.

PROPERTY VALUATION

The company's freehold property was professionally valued in early 2020. The revaluation was incorporated into the accounts for the year ended 31st October 2019. In the director's opinion there would have been no material difference between the professional valuation which was undertaken in February 2020, and 31st October 2025.

ENVIRONMENTAL POLICIES

The company takes seriously all issues regarding recycling and the environment. Site waste is recycled wherever possible. A full comprehensive sorting of waste products is undertaken prior to recycling. The company's premises and site is maintained so as to have minimal impact in terms of noise levels for local residents.

The company follows best practice in terms of environmental issues wherever possible.

The company is aiming to move towards a paperless environment within the next few years, with initial steps being taken in 2021, and progressing in 2025.

RISK OF BUSINESS INTERRUPTION

The Directors believe that there are adequate funds in place to meet all financial commitments as they fall due for a minimum of 12 months from the date of signing the accounts.

THIS REPORT WAS APPROVED BY THE BOARD ON:

G W Roberts - Director

9 April 2026

The directors present their report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The company is principally engaged in the worldwide sale and hire of scaffolding equipment and ancillary non mechanical plant.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

M Roach

G W Roberts

A Roscoe

R C Tyler

DISCLOSURE IN THE STRATEGIC REPORT

Business review, future developments, engagement with employees, suppliers, customers and others and streamlined energy and carbon reporting have been included in the separate Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, DJH Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

THIS REPORT WAS APPROVED BY THE BOARD ON:

G W Roberts - Director

9 April 2026

Opinion

We have audited the financial statements of George Roberts (North West) Limited (the 'company') for the year ended 31 October 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations;

- Identifying and testing journal entries, in particular any journal entries posted with unusual

account combinations.

- Challenging assumptions and judgements made by management in its significant accounting estimates in particular:

Accruals - we reviewed post year end activity to determine whether the accrual balance was materially understated.

Tax provisions - we carried out a review of the tax computations and calculations to ensure tax provisions were not materially understated.

Bad debt provision - we reviewed the bad debt provision and bad debts provided for and ensured that the bad debt policy was applied consistency.

Stock provision - we carried out a review of the stock provision to assess its appropriateness for inclusion within the financial statements.

Our audit did not identify any significant matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Forshaw FCA (Senior Statutory Auditor)

for and on behalf of DJH Audit Limited

Statutory Auditor

3rd Floor Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ

9 April 2026

TURNOVER

3

45,072,897

49,877,551

Cost of sales

35,293,008

38,933,218

GROSS PROFIT

9,779,889

10,944,333

Administrative expenses

4,884,092

4,843,636

OPERATING PROFIT

6

4,895,797

6,100,697

Interest payable and similar expenses

7

356,321

318,993

PROFIT BEFORE TAXATION

4,539,476

5,781,704

Tax on profit

8

1,276,768

1,503,688

PROFIT FOR THE FINANCIAL YEAR

3,262,708

4,278,016

OTHER COMPREHENSIVE INCOME

Transfer to Ownership Trust

(3,000,000

)

(6,468,354

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(3,000,000

)

(6,468,354

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

262,708

(2,190,338

)

FIXED ASSETS

Tangible assets

9

3,871,808

3,892,664

CURRENT ASSETS

Stocks

10

27,455,531

29,577,708

Debtors

11

12,861,126

13,071,925

Cash at bank and in hand

2,789,174

4,389,867

43,105,831

47,039,500

CREDITORS

Amounts falling due within one year

12

10,758,296

14,195,799

NET CURRENT ASSETS

32,347,535

32,843,701

TOTAL ASSETS LESS CURRENT LIABILITIES

36,219,343

36,736,365

CREDITORS

Amounts falling due after more than one year

13

(2,364,227

)

(3,246,412

)

PROVISIONS FOR LIABILITIES

16

(214,016

)

(111,561

)

NET ASSETS

33,641,100

33,378,392

CAPITAL AND RESERVES

Called up share capital

17

210,309

210,309

Revaluation reserve

18

345,762

345,762

Other reserves

18

(9,468,354

)

(6,468,354

)

Retained earnings

18

42,553,383

39,290,675

33,641,100

33,378,392

The financial statements were approved by and authorised for issue by the Board of Directors and authorised for issue on 9 April 2026 and were signed on its behalf by:

M Roach - Director

Called up

share

Retained

Revaluation

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 November 2023

200,000

35,012,659

345,762

-

35,558,421

Changes in equity

Issue of share capital

10,309

-

-

-

10,309

Total comprehensive income

-

4,278,016

-

(6,468,354

)

(2,190,338

)

Balance at 31 October 2024

210,309

39,290,675

345,762

(6,468,354

)

33,378,392

Changes in equity

Total comprehensive income

-

3,262,708

-

(3,000,000

)

262,708

Balance at 31 October 2025

210,309

42,553,383

345,762

(9,468,354

)

33,641,100

1.	STATUTORY INFORMATION

George Roberts (North West) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Critical accounting judgements and key sources of estimation uncertainty

Management has applied its own judgement to assess the appropriateness of the key accounting policies, and to ensure that they are compliant with FRS102.

Management has determined that the areas subject to judgement are the bad debt provision and stock. They conclude that their assessment is prudent and accurate, with the treatment in line with reporting standards.

Stock

The stock valuation is determined managements knowledge and experience of stock movements and material prices. An appropriate valuation is then applied and is based on value management would expect to sell the stock.

Turnover

Turnover is the total amount receivable by the company for sale and hire of scaffolding equipment excluding VAT and trade discounts. Turnover is recognised in the accounts when title to the goods passes to the customer upon delivery.

Rentals payable for the hire of scaffolding equipment are recognised as turnover on a straight line basis over the period of hire.

Rentals received under operating leases are recognised as turnover on a straight line basis over the period of the lease.

Tangible fixed assets

Tangible fixed assets are stated at historical cost or valuation, less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated.

Property is periodically revalued to ensure the presentation better reflects market value.

Depreciation on assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land - NIL

Freehold property - 2% straight line

Long leasehold - 10% straight line

Plant and machinery - 10-50% straight line

Motor vehicles - 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price.Stock cost is equal to the purchase price paid for the item. Stock is considered to have been sold on a first in first out basis and stocks at the year end are representative of the most recent purchase.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income and retained earnings.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into.

A financial liability exists where there is a contractual obligation to deliver cash or another financial asset to another entity, or to exchange financial assets or financial liabilities under potentially unfavourable conditions. In addition, contracts which result in the entity delivering a variable number of its own equity instruments are financial liabilities. Shares containing such obligations are classified as financial liabilities.

Financial instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Financial instruments constituting a financing transaction are measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.Finance costs are charged to the profit and loss account over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The Company holds derivative financial instruments which have the effect of fixing the interest rate payable on bank borrowings. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in statement of income and retained earnings in finance costs or finance income as appropriate.

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Foreign currencies

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'.

Hire purchase and leasing commitments

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

Operating leases

Rentals paid under the operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Bad debt provision

The entity provides against debtors when the directors are made aware of specific issues.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs

Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3.

TURNOVER

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

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

31.10.25

31.10.24

£

£

Sale of scaffolding

33,830,680

38,229,850

Hire of scaffolding

11,242,217

11,647,701

45,072,897

49,877,551

4.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

3,581,968

3,495,477

Social security costs

418,139

354,852

Other pension costs

175,731

173,321

4,175,838

4,023,650

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

31.10.25

31.10.24

Employee numbers

84

88

5.	DIRECTORS' EMOLUMENTS

31.10.25

31.10.24

£

£

Directors' remuneration

353,832

359,153

Directors' pension contributions to money purchase schemes

92,167

92,558

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

31.10.25

31.10.24

£

£

Emoluments etc

189,296

181,317

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.10.25

31.10.24

£

£

Hire of plant and machinery

54,413

76,984

Depreciation - owned assets

170,771

167,537

Auditors remuneration

30,000

30,000

Other non- audit services

27,500

30,555

Hire of motor vehicles

339,466

396,969

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

£

£

Directors loan interest

-

41

HP Interest

-

539

Other interest payable

356,321

318,413

356,321

318,993

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.10.25

31.10.24

£

£

Current tax:

UK corporation tax

1,174,313

1,512,842

Deferred tax

102,455

(9,154

)

Tax on profit

1,276,768

1,503,688

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.25

31.10.24

£

£

Profit before tax

4,539,476

5,781,704

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

1,134,869

1,445,426

Effects of:

Expenses not deductible for tax purposes

36,280

37,806

Depreciation in excess of capital allowances

3,164

29,610

Deferred tax

102,455

(9,154

)

Total tax charge

1,276,768

1,503,688