REGISTERED NUMBER: 15968372 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 20 SEPTEMBER 2024 TO 31 JULY 2025

FOR

FRONTIER PITTS HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTOR:

G R Liddle

REGISTERED OFFICE:

Crompton House

Crompton Way

Crawley

West Sussex

RH10 9QZ

REGISTERED NUMBER:

15968372 (England and Wales)

AUDITORS:

Prime

Chartered Accountants

Statutory Auditor

Corner Oak

1 Homer Road

Solihull

B91 3QG

The director presents his strategic report of the company and the group for the period 20 September 2024 to 31 July 2025.

REVIEW OF BUSINESS

Frontier Pitts Limited Group is a leading manufacturer and installer of perimeter security products, supplying customers worldwide with installations in over 100 countries. The Group delivered a successful performance in 2024-2025, achieving a profit before tax approaching £0.5 million for the six month trading period since acquiring Froniter-Pitts Ltd.

During the year, the Group undertook a significant corporate restructuring. A new holding company was established to facilitate the acquisition of shares from the departing Sales Director and 50% shareholder, S. Gaffer. The transaction was funded entirely from existing cash resources within the business and did not require external borrowing.

A five-year business plan was introduced, targeting annual growth in turnover and profitability of 10%. As part of this strategy, changes were made to the sales and marketing leadership to strengthen the focus on sustainable growth and long-term value creation.

Turnover declined compared to the prior year on a like-for-like basis within the underlying trading business, as the Group deliberately repositioned its activities, moving away from lower-margin contracts and prioritising the development of long-term client relationships over a 5-10 year horizon. This strategic shift is expected to support improved margins and greater stability in future periods.

The Group continues to face cost pressures, particularly from rising wages and material prices, with the UK experiencing more pronounced increases relative to other advanced economies. In response, ongoing efforts are being made to standardise product design and improve operational efficiencies to enhance competitiveness.

A key area of focus has been securing product specification at the pre-order stage, working closely with specifiers and clients to deliver tailored solutions and strengthen early engagement in project lifecycles.

Client payment performance has generally remained in line with expectations. However, the ongoing trend within the construction sector of attempting to pass back costs has persisted. The Group has implemented robust commercial and contractual controls to mitigate these risks.

The Group’s balance sheet remains strong, with net assets exceeding £7.5 million. The business continues to operate without reliance on external borrowing and maintains a solid cash position, supported by disciplined credit control and a high-quality customer base. This financial strength provides resilience against ongoing economic headwinds and supports future growth initiatives.

The Group continues to prioritise prompt payment to suppliers and considers this an important element of maintaining strong and sustainable supply chain relationships.

PRINCIPAL RISKS AND UNCERTAINTIES

There are five main risks which may affect the Group in the coming year.

1. Material costs are still marching upwards. Particular concerns this year have been coating costs and hydraulic systems.

2. Brexit continues to offer some challenges. Freight costs have increased and there are constant issues with shipments being held at customs. Whilst these problems are frustrating, they are more of an inconvenience as opposed to a major risk to the business. Europe has recently announced that preferred status will be awarded to EU manufacturers, further adding to the difficulties of exporting there

3. Failures of construction companies appear to have slowed this year, but the press talks continuously about difficulties in the sector. Vigilance will be maintained to protect Frontier Pitts from client defaults

4. More sophisticated planning has resulted in better management of space. For further expansion the business is reviewing options to increase production capacity.

5. New entrants to the market place continue to appear from Ukraine, China and India.

KEY PERFORMANCE INDICATORS

The Board of Directors has set growth targets for the Group, which have proven challenging for this financial year. Measures have been implemented for the new financial year to improve turnover and profit.

The Group has a range of quality KPIs, both in terms of delivered product and service to clients. In all categories, the indicators are showing positive improvement, which is particularly satisfying bearing in mind the recent economic challenges. Remedial works have diminished significantly during the year.

The Group is in a strong position to continue to withstand the current uncertain climate. A new range of gates continues to satisfy a new industry standard, giving the Group a clear lead over its competition. Further new products will be tested during the next financial year. The Group is strongly positioned for the next five years.

ON BEHALF OF THE BOARD:

G R Liddle - Director

29 April 2026

The director presents his report with the financial statements of the company and the group for the period 20 September 2024 to 31 July 2025.

INCORPORATION

The group was incorporated on 20 September 2024 and became the holding company for Frontier-Pitts Group on 21 October 2024.

DIVIDENDS

The total distribution of dividends for the year ended 31 July 2025 was £55,000.

DIRECTOR

G R Liddle was appointed as a director on 20 September 2024 and held office during the whole of the period from then to the date of this report.

The director, being eligible, offers himself for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

G R Liddle - Director

29 April 2026

Opinion

We have audited the financial statements of Frontier Pitts Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 July 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2025 and of the group's profit for the period then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Director 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 Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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

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

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

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

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and other relevant parties.

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

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

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.

Kevin Johns BSc FCA (Senior Statutory Auditor)

for and on behalf of Prime

Chartered Accountants

Statutory Auditor

Corner Oak

1 Homer Road

Solihull

B91 3QG

29 April 2026

TURNOVER

3

13,475,246

Cost of sales

6,696,257

GROSS PROFIT

6,778,989

Administrative expenses

6,241,715

OPERATING PROFIT

5

537,274

Income from fixed asset investments

66,626

Interest receivable and similar income

11,269

77,895

615,169

Amounts written off investments

6

118,574

496,595

Interest payable and similar expenses

7

14,072

PROFIT BEFORE TAXATION

482,523

Tax on profit

8

373,051

PROFIT FOR THE FINANCIAL PERIOD

109,472

Profit attributable to:

Owners of the parent

83,889

Non-controlling interests

25,583

109,472

PROFIT FOR THE PERIOD

109,472

OTHER COMPREHENSIVE INCOME

Exchange rate differences

9,560

Income tax relating to other comprehensive income

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

9,560

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

119,032

Total comprehensive income attributable to:

Owners of the parent

93,449

Non-controlling interests

25,583

119,032

FIXED ASSETS

Intangible assets

11

7,691,845

Tangible assets

12

242,631

Investments

13

-

7,934,476

CURRENT ASSETS

Stocks

14

1,228,390

Debtors

15

2,983,896

Investments

16

2,140,042

Cash at bank and in hand

1,257,959

7,610,287

CREDITORS

Amounts falling due within one year

17

5,685,134

NET CURRENT ASSETS

1,925,153

TOTAL ASSETS LESS CURRENT LIABILITIES

9,859,629

CREDITORS

Amounts falling due after more than one year

18

(2,000,000

)

PROVISIONS FOR LIABILITIES

20

(28,198

)

NET ASSETS

7,831,431

CAPITAL AND RESERVES

Called up share capital

21

18,011

Share premium

22

7,749,388

Retained earnings

22

38,449

SHAREHOLDERS' FUNDS

7,805,848

NON-CONTROLLING INTERESTS

23

25,583

TOTAL EQUITY

7,831,431

The financial statements were approved by the director and authorised for issue on 29 April 2026 and were signed by:

G R Liddle - Director

FIXED ASSETS

Intangible assets

11

-

Tangible assets

12

-

Investments

13

15,343,895

15,343,895

CREDITORS

Amounts falling due within one year

17

5,576,496

NET CURRENT LIABILITIES

(5,576,496

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,767,399

CREDITORS

Amounts falling due after more than one year

18

2,000,000

NET ASSETS

7,767,399

CAPITAL AND RESERVES

Called up share capital

21

18,011

Share premium

7,749,388

SHAREHOLDERS' FUNDS

7,767,399

Company's profit for the financial year

55,000

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 29 April 2026 and were signed by:

G R Liddle - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Changes in equity

Issue of share capital

18,011

-

7,749,388

Dividends

-

(55,000

)

-

Total comprehensive income

-

93,449

-

Balance at 31 July 2025

18,011

38,449

7,749,388

Non-controlling

Total

Total

interests

equity

£

£

£

Changes in equity

Issue of share capital

7,767,399

-

7,767,399

Dividends

(55,000

)

-

(55,000

)

Total comprehensive income

93,449

25,583

119,032

Balance at 31 July 2025

7,805,848

25,583

7,831,431

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Changes in equity

Issue of share capital

18,011

-

7,749,388

7,767,399

Dividends

-

(55,000

)

-

(55,000

)

Total comprehensive income

-

55,000

-

55,000

Balance at 31 July 2025

18,011

-

7,749,388

7,767,399

Cash flows from operating activities

Cash generated from operations

1

2,242,185

Tax paid

(427,692

)

Net cash from operating activities

1,814,493

Cash flows from investing activities

Purchase of tangible fixed assets

(191,757

)

Purchase of fixed asset investments

(4,718,246

)

Purchase of current asset investments

(4,635,322

)

Sale of tangible fixed assets

14,221

Sale of current asset investments

4,805,757

Cash and cash equivalents on acquisition

4,145,918

Interest received

11,269

Dividends received

66,626

Net cash from investing activities

(501,534

)

Cash flows from financing activities

Equity dividends paid

(55,000

)

Net cash from financing activities

(55,000

)

Increase in cash and cash equivalents

1,257,959

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

1,257,959

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

£

Profit before taxation

482,523

Depreciation charges

808,327

Profit on disposal of fixed assets

(132,671

)

Change in market value of investments

114,173

Foreign exchange movement

(7,845

)

Finance costs

14,072

Finance income

(77,895

)

1,200,684

Increase in stocks

(66,725

)

Decrease in trade and other debtors

313,116

Increase in trade and other creditors

795,110

Cash generated from operations

2,242,185

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 July 2025

31.7.25

20.9.24

£

£

Cash and cash equivalents

1,257,959

-

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 20.9.24

Cash flow

Acquisition

At 31.7.25

£

£

£

£

Net cash

Cash at bank

and in hand

-

(2,887,959

)

4,145,918

1,257,959

-

(2,887,959

)

4,145,918

1,257,959

Liquid resources

Current asset

investments

-

(157,630

)

2,297,672

2,140,042

-

(157,630

)

2,297,672

2,140,042

Total

-

(3,045,589

)

6,443,590

3,398,001

4.	ACQUISITION OF BUSINESS

Frontier Pitts Holdings Limited acquired Frontier-Pitts Limited and all of its subsidiaries on 21 October 2024. The net assets at acquisition were as follows:

£

Net assets acquired:

Intangible fixed assets

5

Tangible fixed assets

253,945

Stocks

1,161,665

Trade and other debtors

3,297,013

Current asset investments

2,297,672

Cash at bank

4,145,918

Trade and other creditors

(4,150,672

)

7,005,546

Goodwill

8,338,348

15,343,894

Satisfied by:

Shares allotted

17,400

Cash paid

4,718,246

Deferred consideration

3,000,000

Vehicle disposal

40,859

Directors loan balance cleared

(32,610

)

Consideration satisfied by issue of shares

7,599,999

15,343,894

1.	STATUTORY INFORMATION

Frontier Pitts Holdings 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The company and group continues to be profitable and well resourced. The directors have a reasonable expectation that the company and group will continue in operational existence for at least 12 months from the date of approval of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation

The group profit and loss account includes the trading results of the company together with the trading results of the subsidiary company. All inter group transactions have been eliminated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

£

United Kingdom

9,143,862

Europe

2,505,252

United States of America

78,028

Middle East

1,013,328

Africa

462,029

Far East

139,528

Australia

133,219

13,475,246

4.	EMPLOYEES AND DIRECTORS

£

Wages and salaries

5,963,358

Social security costs

712,719

Other pension costs

131,183

6,807,260