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REGISTERED NUMBER: 07884900 (England and Wales)















L M PRODUCTS (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


L M PRODUCTS (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S Worth
N Porter





REGISTERED OFFICE: Unit 10,
Union Road
Oldbury
West Midlands
B69 3EX





REGISTERED NUMBER: 07884900 (England and Wales)





AUDITORS: Sephton & Company LLP
Chartered Certified Accountants
Statutory Auditors
Marston House
5 Elmdon Lane
Marston Green
Solihull
West Midlands
B37 7DL

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


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

REVIEW OF BUSINESS
Overall, the directors are please with the performance of the business during the financial year ending March 2024.

As anticipated the trading year was a challenging one as a direct result of the global economic uncertainty which affected all sectors throughout the UK.

Construction particularly felt the full force of this with not only the slow down of house building to a near standstill due to interest rates but also the cancellation / delays of major infrastructure projects.

This reflected in the company turnover being reduced by circa 30% as overall demand in the sector reduced to very low levels.

The company also experienced cost increases with new lease agreements on buildings, energy costs and wages.

Fortunately, due to the long-standing reputation of the business to provide quality service, a broad customer base and experience within the team to adjust to the ever-challenging market conditions, we managed to navigate our way through the year, ending another year in a profitable position.

The measures introduced in the previous year relating to credit control proved to be successful limiting bad debt to a minimum. This was particularly pleasing to see in a year where the construction industry saw considerable losses.

Supply chain is in a good place with more options now in place that will enable us to achieve a competitive edge.

The liquidity of the business is still strong even with a reduced level of incoming revenue and the continued prudence in our decision making can only strengthen the business going forward.

ON BEHALF OF THE BOARD:





S Worth - Director


4 November 2024

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture and supply of metal and plastic components primarily for the construction industry.

DIVIDENDS
An interim dividend of £3756.09756 per share was paid on the Ordinary A £1 shares on 31 March 2024. No dividends were paid on the Ordinary £1 shares.

The total distribution of dividends for the year ended 31 March 2024 will be £ 313,000 .

FUTURE DEVELOPMENTS
The directors anticipate the business environment will remain competitive. They believe the financial position and the risks that have been identified are being well managed. Investment in attaining new accreditations inline with construction industry requirements has been identified as one area that will assist with growth. We also intend to introduce new technology to the business that fully utilised will bring efficiencies to the day to day operations. The directors are confident in the companies ability to maintain and build on this position, albeit with cautious growth expectations.

DIRECTORS
S Worth has held office during the whole of the period from 1 April 2023 to the date of this report.

FINANCIAL INSTRUMENTS
The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling.The group does not enter into any formally designated hedging arrangements.

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

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

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

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

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

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Sephton & Company LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Worth - Director


4 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
L M PRODUCTS (HOLDINGS) LIMITED


Opinion
We have audited the financial statements of L M Products (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
L M PRODUCTS (HOLDINGS) LIMITED


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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
L M PRODUCTS (HOLDINGS) LIMITED


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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the entity that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, health and safety and fire regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example we obtained documentation that supports compliance with health & safety laws and regulations, such as the having ISO 45001:2018 certification in place.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

We also completed the following procedures:

o Performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
o In addressing the risk of fraud through management override of controls, we tested journal entries and other adjustments for inappropriate or unusual journals outside of our expectations, as well as for any significant transactions outside the normal course of business, taking into consideration the scope for management to manipulate financial results;
o Assessed the appropriateness of key estimates and judgements made by management and challenged the assumptions used in accounting estimates. We considered the key estimates to be going concern, depreciation, bad debt provision and stock being held at the lower of cost and NRV.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
L M PRODUCTS (HOLDINGS) LIMITED


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




Darren Paul Carter (Senior Statutory Auditor)
for and on behalf of Sephton & Company LLP
Chartered Certified Accountants
Statutory Auditors
Marston House
5 Elmdon Lane
Marston Green
Solihull
West Midlands
B37 7DL

4 November 2024

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 12,179,049 18,596,822

Cost of sales 9,729,801 14,060,817
GROSS PROFIT 2,449,248 4,536,005

Distribution costs 526,115 651,235
Administrative expenses 1,623,490 1,598,328
2,149,605 2,249,563
OPERATING PROFIT 4 299,643 2,286,442

Interest receivable and similar income 34,428 956
PROFIT BEFORE TAXATION 334,071 2,287,398

Tax on profit 5 131,365 429,955
PROFIT FOR THE FINANCIAL YEAR 202,706 1,857,443
Profit attributable to:
Owners of the parent 197,999 1,842,142
Non-controlling interests 4,707 15,301
202,706 1,857,443

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 202,706 1,857,443


OTHER COMPREHENSIVE INCOME
Purchase of own shares - (179,982 )
Equity attributable to the parent - 57,442
Income tax relating to components of other
comprehensive income

-

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

-

(122,540

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

202,706

1,734,903

Total comprehensive income attributable to:
Owners of the parent 197,999 1,719,602
Non-controlling interests 4,707 15,301
202,706 1,734,903

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 704,119 821,395
Investments 10 - -
704,119 821,395

CURRENT ASSETS
Stocks 11 2,012,680 3,118,776
Debtors 12 2,576,206 3,886,605
Cash at bank and in hand 3,598,136 1,374,519
8,187,022 8,379,900
CREDITORS
Amounts falling due within one year 13 2,169,296 2,384,137
NET CURRENT ASSETS 6,017,726 5,995,763
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,721,845

6,817,158

PROVISIONS FOR LIABILITIES 16 166,250 151,269
NET ASSETS 6,555,595 6,665,889

CAPITAL AND RESERVES
Called up share capital 17 82 82
Capital redemption reserve 18 18 18
Retained earnings 18 6,180,604 6,295,605
SHAREHOLDERS' FUNDS 6,180,704 6,295,705

NON-CONTROLLING INTERESTS 374,891 370,184
TOTAL EQUITY 6,555,595 6,665,889

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





S Worth - Director


L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 510,035 600,035
Investments 10 364,445 364,445
874,480 964,480

CURRENT ASSETS
Debtors 12 848,892 1,357,592
Cash at bank and in hand 1,422,673 1,062,202
2,271,565 2,419,794
CREDITORS
Amounts falling due within one year 13 47,505 94,793
NET CURRENT ASSETS 2,224,060 2,325,001
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,098,540

3,289,481

PROVISIONS FOR LIABILITIES 16 127,509 114,007
NET ASSETS 2,971,031 3,175,474

CAPITAL AND RESERVES
Called up share capital 17 82 82
Capital redemption reserve 18 18 18
Retained earnings 18 2,970,931 3,175,374
SHAREHOLDERS' FUNDS 2,971,031 3,175,474

Company's profit for the financial year 103,557 1,508,915

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





S Worth - Director


L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 April 2022 100 5,110,021 -

Changes in equity
Issue of share capital (18 ) - -
Dividends - (534,000 ) -
Total comprehensive income - 1,719,584 18
82 6,295,605 18
Acquisition of non-controlling
interest

-

-

-
Balance at 31 March 2023 82 6,295,605 18

Changes in equity
Dividends - (313,000 ) -
Total comprehensive income - 197,999 -
Balance at 31 March 2024 82 6,180,604 18
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 April 2022 5,110,121 532,325 5,642,446

Changes in equity
Issue of share capital (18 ) - (18 )
Dividends (534,000 ) - (534,000 )
Total comprehensive income 1,719,602 15,301 1,734,903
6,295,705 547,626 6,843,331
Acquisition of non-controlling
interest

-

(177,442

)

(177,442

)
Balance at 31 March 2023 6,295,705 370,184 6,665,889

Changes in equity
Dividends (313,000 ) - (313,000 )
Total comprehensive income 197,999 4,707 202,706
Balance at 31 March 2024 6,180,704 374,891 6,555,595

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 100 2,337,959 - 2,338,059

Changes in equity
Issue of share capital (18 ) - - (18 )
Dividends - (491,500 ) - (491,500 )
Total comprehensive income - 1,328,915 18 1,328,933
Balance at 31 March 2023 82 3,175,374 18 3,175,474

Changes in equity
Dividends - (308,000 ) - (308,000 )
Total comprehensive income - 103,557 - 103,557
Balance at 31 March 2024 82 2,970,931 18 2,971,031

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,704,861 2,553,211
Tax paid (177,218 ) (838,191 )
Net cash from operating activities 2,527,643 1,715,020

Cash flows from investing activities
Purchase of tangible fixed assets (21,336 ) (211,158 )
Purchase of fixed asset investments - (120,000 )
Interest received 34,428 956
Net cash from investing activities 13,092 (330,202 )

Cash flows from financing activities
Amount introduced by directors 313,001 534,001
Amount withdrawn by directors (317,119 ) (581,976 )
Share issue - (18 )
Share buyback - (179,982 )
Equity dividends paid (313,000 ) (534,000 )
Net cash from financing activities (317,118 ) (761,975 )

Increase in cash and cash equivalents 2,223,617 622,843
Cash and cash equivalents at beginning of
year

2

1,374,519

751,676

Cash and cash equivalents at end of year 2 3,598,136 1,374,519

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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


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

2024 2023
£    £   
Profit before taxation 334,071 2,287,398
Depreciation charges 138,612 155,482
Finance income (34,428 ) (956 )
438,255 2,441,924
Decrease in stocks 1,106,096 698,269
Decrease in trade and other debtors 1,310,399 581,517
Decrease in trade and other creditors (149,889 ) (1,168,499 )
Cash generated from operations 2,704,861 2,553,211

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 3,598,136 1,374,519
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,374,519 751,676


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 1,374,519 2,223,617 3,598,136
1,374,519 2,223,617 3,598,136
Total 1,374,519 2,223,617 3,598,136

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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


1. STATUTORY INFORMATION

L M Products (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.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Group (its subsidiaries). Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

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 2012, is being amortised evenly over its estimated useful life of five 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - straight line over the life of the lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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


2. ACCOUNTING POLICIES - continued

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

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, loans to or from related parties and current asset investments. All such instruments are measured initially and subsequently at the transaction price.

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment is recognised in the profit and loss account.

Taxation
Taxation for the year 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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,610,810 1,739,127
Social security costs 146,266 170,425
Other pension costs 98,061 72,351
1,855,137 1,981,903

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Admin 7 7
Sales 7 7
Factory 33 35
47 49

2024 2023
£    £   
Directors' remuneration 355,657 353,588
Directors' pension contributions to money purchase schemes 12,642 6,642

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:
2024 2023
£    £   
Emoluments etc 146,313 145,636
Pension contributions to money purchase schemes 10,000 4,000

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 15,317 14,899
Depreciation - owned assets 138,612 155,482
Auditors' remuneration 24,500 8,500
Foreign exchange differences 1,067 2,619

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 116,384 419,497

Deferred tax 14,981 10,458
Tax on profit 131,365 429,955

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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


5. TAXATION - continued

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:

2024 2023
£    £   
Profit before tax 334,071 2,287,398
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

83,518

434,606

Effects of:
Expenses not deductible for tax purposes 78 324
Income not taxable for tax purposes - (4,975 )
Adjustments to tax charge in respect of previous periods 47,769 -
Total tax charge 131,365 429,955

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2024.

2023
Gross Tax Net
£    £    £   
Purchase of own shares (179,982 ) - (179,982 )
Equity attributable to the parent 57,442 - 57,442
(122,540 ) - (122,540 )

6. INDIVIDUAL INCOME STATEMENT

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


7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 5,000 534,000
Ordinary A shares of £1 each
Interim 308,000 -
313,000 534,000

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 89,699
AMORTISATION
At 1 April 2023
and 31 March 2024 89,699
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

9. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 69,973 1,726,067 20,451
Additions 18,418 - 945
At 31 March 2024 88,391 1,726,067 21,396
DEPRECIATION
At 1 April 2023 68,496 977,874 12,309
Charge for year 1,274 112,202 1,274
At 31 March 2024 69,770 1,090,076 13,583
NET BOOK VALUE
At 31 March 2024 18,621 635,991 7,813
At 31 March 2023 1,477 748,193 8,142

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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


9. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 103,068 88,440 2,007,999
Additions - 1,973 21,336
At 31 March 2024 103,068 90,413 2,029,335
DEPRECIATION
At 1 April 2023 49,930 77,995 1,186,604
Charge for year 13,284 10,578 138,612
At 31 March 2024 63,214 88,573 1,325,216
NET BOOK VALUE
At 31 March 2024 39,854 1,840 704,119
At 31 March 2023 53,138 10,445 821,395

Company
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 968,734
DEPRECIATION
At 1 April 2023 368,699
Charge for year 90,000
At 31 March 2024 458,699
NET BOOK VALUE
At 31 March 2024 510,035
At 31 March 2023 600,035

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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


10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 364,445
NET BOOK VALUE
At 31 March 2024 364,445
At 31 March 2023 364,445

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

Subsidiary

L M Products Limited
Registered office: Unit 10 Union Road, Oldbury, West Midlands, B69 3EX
Nature of business: Manufacture of goods for construction industry
%
Class of shares: holding
Ordinary 95.00


11. STOCKS

Group
2024 2023
£    £   
Stocks 2,012,680 3,118,776

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,939,851 3,286,772 - 508,800
Bad debt provision - (3,000 ) - -
Amounts owed by group undertakings - - 546,392 848,792
Other debtors 306,580 4,330 302,500 -
Invoice finance debtor 190,417 466,460 - -
Prepayments and accrued income 139,358 132,043 - -
2,576,206 3,886,605 848,892 1,357,592

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 1,900,767 1,741,471 473 299
credit balances 55,720 12,826 - -
Corporation tax (16,194 ) 44,640 6,535 45,790
PAYE & NIC control a/c 34,836 36,035 7,682 10,064
VAT 30,979 370,286 23,178 31,167
Other creditors 6,008 5,793 - -
Wages control account 20 - 20 -
account 34 257 34 257
Directors' current accounts 98 4,216 98 4,216
Accrued expenses 157,028 168,613 9,485 3,000
2,169,296 2,384,137 47,505 94,793

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year - 122,340
Between one and five years - 181,539
- 303,879

15. SECURED DEBTS

Venture Finance Plc have an all assets debenture dated 17 February 2012 securing any monies due or becoming due from LM Products (Holdings) Limited.

16. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 166,250 151,269 127,509 114,007

Group
Deferred
tax
£   
Balance at 1 April 2023 151,269
Provided during year 14,981
Balance at 31 March 2024 166,250

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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


16. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 April 2023 114,007
Provided during year 13,502
Balance at 31 March 2024 127,509

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
82 Ordinary A £1 82 82

18. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 6,295,605 18 6,295,623
Profit for the year 197,999 197,999
Dividends (313,000 ) (313,000 )
At 31 March 2024 6,180,604 18 6,180,622

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 3,175,374 18 3,175,392
Profit for the year 103,557 103,557
Dividends (308,000 ) (308,000 )
At 31 March 2024 2,970,931 18 2,970,949


19. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Amount due from related party 300,000 -

L M PRODUCTS (HOLDINGS) LIMITED (REGISTERED NUMBER: 07884900)

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


The loan is unsecured and repayable on demand.

Interest is not charged on the outstanding balance.