REGISTERED NUMBER: 15439538 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 October 2025

for

George Roberts (North West) Trustee

Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

8

Report of the Independent Auditor

10

Consolidated Statement of Comprehensive Income

13

Consolidated Statement of Financial Position

14

Company Statement of Financial Position

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Statement of Cash Flows

18

Notes to the Consolidated Statement of Cash Flows

19

Notes to the Consolidated Financial Statements

20

DIRECTORS:

M Roach

Mrs O M Higgins

D Regan

G W Roberts

SECRETARY:

M Roach

REGISTERED OFFICE:

Unit D, Wakefield Road

Netherton

Liverpool

Merseyside

L30 6TZ

REGISTERED NUMBER:

15439538 (England and Wales)

AUDITOR:

DJH Audit Limited

Pacific Chambers

11-13 Victoria Street

Liverpool

L25QQ

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

vii. The company continues to operate certified Quality, Environment and Occupational Health and Safety Management Systems to ISO 9001:2015, ISO 45001, ISO 14001:2015:2018 standards. These are maintained through a UKAS accredited certifying body, BSI.

We are long-standing members and supporters of the National Access & Scaffolding Confederation (NASC), who are the recognised industry body for quality, safety and technical standards by the Health and Safety Executive. All our key products are audited and certified by the NASC, again creating a very strong marketing tool.

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.

ON BEHALF OF THE BOARD:

M Roach - Director

9 April 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of 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

Mrs O M Higgins

D Regan

G W Roberts

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 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;

-	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 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 auditor is unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditor is aware of that information.

AUDITOR

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

ON BEHALF OF THE BOARD:

M Roach - Director

9 April 2026

Opinion

I have audited the financial statements of George Roberts (North West) Trustee Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 my 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 October 2025 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

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

Conclusions relating to going concern

In auditing the financial statements, I 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 I have performed, I 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.

My 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 my Report of the Auditor thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

In my 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.

Matters on which I am 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, I have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:

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

-	I have not received all the information and explanations I require for my audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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.

Auditor's responsibilities for the audit of the financial statements

My 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 Auditor that includes my 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 my procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the operations of the company. We determined that the most significant laws and regulations included, but were not limited to, United Kingdom Generally Accepted Accounting Practice, Companies Act 2006, distributable profits legislation and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items. Our tests including agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and review of correspondence with external legal advisors.

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement including how fraud might occur. Audit procedures performed by the engagement team included:

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

- Inquiring of management and those charged with governance about any known actual, suspected or alleged 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;

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

- Identifying and testing journal entries, in particular any journal entries with unusual characteristics or posted by senior management.

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 my 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 my Report of the Auditor.

Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.

Michael Forshaw FCA (Senior Statutory Auditor)

for and on behalf of DJH Audit Limited

Pacific Chambers

11-13 Victoria Street

Liverpool

L25QQ

9 April 2026

TURNOVER

3

45,072,897

33,251,701

Cost of sales

35,293,008

25,955,479

GROSS PROFIT

9,779,889

7,296,222

Administrative expenses

5,686,884

3,753,814

OPERATING PROFIT

6

4,093,005

3,542,408

Exceptional item

7

-

9,042,280

4,093,005

12,584,688

Interest payable and similar expenses

8

356,321

212,661

PROFIT BEFORE TAXATION

3,736,684

12,372,027

Tax on profit

9

1,276,768

1,005,026

PROFIT FOR THE FINANCIAL YEAR

2,459,916

11,367,001

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,459,916

11,367,001

Profit attributable to:

Owners of the parent

2,132,970

11,136,840

Non-controlling interests

326,946

230,161

2,459,916

11,367,001

Total comprehensive income attributable to:

Owners of the parent

2,132,970

11,136,840

Non-controlling interests

326,946

230,161

2,459,916

11,367,001

FIXED ASSETS

Intangible assets

11

1,872,183

2,674,975

Tangible assets

12

3,871,808

3,892,664

Investments

13

-

-

5,743,991

6,567,639

CURRENT ASSETS

Stocks

14

27,455,531

29,577,708

Debtors

15

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

16

16,758,296

20,195,799

NET CURRENT ASSETS

26,347,535

26,843,701

TOTAL ASSETS LESS CURRENT LIABILITIES

32,091,526

33,411,340

CREDITORS

Amounts falling due after more than one year

17

(14,030,893

)

(17,913,078

)

PROVISIONS FOR LIABILITIES

19

(214,016

)

(111,561

)

NET ASSETS

17,846,617

15,386,701

RESERVES

Retained earnings

20

13,269,810

11,136,840

13,269,810

11,136,840

NON-CONTROLLING INTERESTS

21

4,576,807

4,249,861

TOTAL EQUITY

17,846,617

15,386,701

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

M Roach - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

27,135,020

27,135,020

27,135,020

27,135,020

CREDITORS

Amounts falling due within one year

16

6,000,000

6,000,000

NET CURRENT LIABILITIES

(6,000,000

)

(6,000,000

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,135,020

21,135,020

CREDITORS

Amounts falling due after more than one year

17

11,666,666

14,666,666

NET ASSETS

9,468,354

6,468,354

RESERVES

Retained earnings

20

9,468,354

6,468,354

9,468,354

6,468,354

Company's profit for the financial year

3,000,000

6,468,354

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

M Roach - Director

Retained

Non-controlling

Total

earnings

Total

interests

equity

£

£

£

£

Changes in equity

Total comprehensive income

11,136,840

11,136,840

230,161

11,367,001

11,136,840

11,136,840

230,161

11,367,001

Non-controlling interest arising on business combination

-

-

4,019,700

4,019,700

Balance at 31 October 2024

11,136,840

11,136,840

4,249,861

15,386,701

Changes in equity

Total comprehensive income

2,132,970

2,132,970

326,946

2,459,916

Balance at 31 October 2025

13,269,810

13,269,810

4,576,807

17,846,617

Retained

Total

earnings

equity

£

£

Changes in equity

Total comprehensive income

6,468,354

6,468,354

Balance at 31 October 2024

6,468,354

6,468,354

Changes in equity

Total comprehensive income

3,000,000

3,000,000

Balance at 31 October 2025

9,468,354

9,468,354

Cash flows from operating activities

Cash generated from operations

1

4,373,804

3,187,401

Interest paid

(356,321

)

(212,661

)

Tax paid

(1,500,000

)

(195,984

)

Net cash from operating activities

2,517,483

2,778,756

Cash flows from investing activities

Cash acquired on business combination

-

8,738,912

Purchase of tangible fixed assets

(149,915

)

(659,447

)

Net cash from investing activities

(149,915

)

8,079,465

Cash flows from financing activities

Loan repayments in year

(3,965,508

)

(6,468,354

)

Amount withdrawn by directors

(2,753

)

-

Net cash from financing activities

(3,968,261

)

(6,468,354

)

(Decrease)/increase in cash and cash equivalents

(1,600,693

)

4,389,867

Cash and cash equivalents at beginning of year

2

4,389,867

-

Cash and cash equivalents at end of year

2

2,789,174

4,389,867

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

Period

24.1.24

Year Ended

to

31.10.25

31.10.24

£

£

Profit before taxation

3,736,684

12,372,027

Depreciation charges

173,322

111,691

Amortisation charge

802,792

(8,507,285

)

Finance costs

356,321

212,661

5,069,119

4,189,094

Decrease/(increase) in stocks

2,122,177

(2,893,081

)

Decrease in trade and other debtors

210,799

70,366

(Decrease)/increase in trade and other creditors

(3,028,291

)

1,821,022

Cash generated from operations

4,373,804

3,187,401

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

2,789,174

4,389,867

Period ended 31 October 2024

31.10.24

24.1.24

£

£

Cash and cash equivalents

4,389,867

-

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

4,389,867

(1,600,693

)

2,789,174

4,389,867

(1,600,693

)

2,789,174

Debt

Debts falling due within 1 year

(1,077,354

)

83,323

(994,031

)

Debts falling due after 1 year

(3,246,412

)

882,185

(2,364,227

)

(4,323,766

)

965,508

(3,358,258

)

Total

66,101

(635,185

)

(569,084

)

1.	STATUTORY INFORMATION

George Roberts (North West) Trustee 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 General 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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group 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 requirement of paragraph 33.7.

Basis of consolidation

The consolidated group financial statement consist of the financial statements of the company, George Roberts (North West) Trustees Limited, together with its subsidiary undertaking, George Roberts (North West) Limited.

The financial statements for both the company and its subsidiary undertaking have been drawn up to 31 October 2024. Where necessary, adjustments have been made to the financial statements of the subsidiary undertaking to bring the accounting policies used and accounting periods in line with those used by the company.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date control commences until the date that control ceases.

Significant judgements and estimates

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.

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.

Goodwill

Goodwill arising on the acquisition of controlling interests in subsidiary undertakings are fully amortised in the period of acquisition.