IRIS Accounts Production v25.1.4.42 10341206 Board of Directors 31.10.24 1.11.23 31.10.24 31.10.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. No description of principal activity true true true false true true false false false false false true false Share capital type A 0 Share capital type B 0 Preference shares 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh103412062023-10-31103412062024-10-31103412062023-11-012024-10-31103412062022-10-31103412062022-11-012023-10-31103412062023-10-3110341206ns15:EnglandWales2023-11-012024-10-3110341206ns14:PoundSterling2023-11-012024-10-3110341206ns10:Director12023-11-012024-10-3110341206ns10:Consolidated2024-10-3110341206ns10:ConsolidatedGroupCompanyAccounts2023-11-012024-10-3110341206ns10:PrivateLimitedCompanyLtd2023-11-012024-10-3110341206ns10:Consolidatedns10:MediumEntities2023-11-012024-10-3110341206ns10:Consolidatedns10:Audited2023-11-012024-10-3110341206ns10:SmallCompaniesRegimeForDirectorsReport2023-11-012024-10-3110341206ns10:SmallCompaniesRegimeForAccounts2023-11-012024-10-3110341206ns10:Consolidated2023-11-012024-10-3110341206ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-11-012024-10-3110341206ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-11-012024-10-3110341206ns10:FullAccounts2023-11-012024-10-3110341206ns5:Subsidiary12023-11-012024-10-3110341206ns5:Subsidiary22023-11-012024-10-311034120612023-11-012024-10-3110341206ns10:EntityHasNeverTraded2023-11-012024-10-3110341206ns10:OrdinaryShareClass12023-11-012024-10-3110341206ns10:OrdinaryShareClass22023-11-012024-10-3110341206ns10:OrdinaryShareClass32023-11-012024-10-3110341206ns10:Director22023-11-012024-10-3110341206ns10:Director32023-11-012024-10-3110341206ns10:Director42023-11-012024-10-3110341206ns10:RegisteredOffice2023-11-012024-10-3110341206ns10:Consolidated2022-11-012023-10-3110341206ns5:ShareCapital2024-10-3110341206ns5:ShareCapital2023-10-3110341206ns5:RetainedEarningsAccumulatedLosses2024-10-3110341206ns5:RetainedEarningsAccumulatedLosses2023-10-3110341206ns5:ShareCapital2022-10-3110341206ns5:RetainedEarningsAccumulatedLosses2022-10-3110341206ns5:NetGoodwill2023-11-012024-10-3110341206ns5:CostValuation2023-10-31103412061ns5:Subsidiary12023-11-012024-10-3110341206ns5:Subsidiary232023-11-012024-10-3110341206ns5:CurrentFinancialInstruments2024-10-3110341206ns5:CurrentFinancialInstruments2023-10-3110341206ns5:WithinOneYearns5:CurrentFinancialInstruments2024-10-3110341206ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-3110341206ns10:OrdinaryShareClass12024-10-3110341206ns10:OrdinaryShareClass22024-10-3110341206ns10:OrdinaryShareClass32024-10-31
REGISTERED NUMBER: 10341206 (England and Wales)









GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

LGS HOLDINGS LIMITED

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


LGS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: K R Childs
P R Hart
P A Pannell
C J Prior





REGISTERED OFFICE: Russell Gardens
Wickford
Essex
SS11 8BH





REGISTERED NUMBER: 10341206 (England and Wales)





AUDITORS: Goldwyns Limited
Statutory Auditors and Chartered Accountants
Rutland House
90-92 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

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

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
The directors are proud of the improvements made within the business, both financially and operationally during a challenging economic period.

The business continues to benefit from employee ownership, where we have experienced increased engagement from all co-owners. This has been demonstrated through being awarded as a 'Great Place to Work' top 100 construction business. We feel that these higher levels of engagement have hugely contributed to achieving improved customer service as well as manufacturing the highest output of our core product to date.

Our safety culture remains exceptional, and we have been replicating this focus on the health of our co-owners. The business now has multiple mental health first aiders spread across all our sites to ensure that all employees have the necessary support to remain healthy.

During the year we invested in our fleet of vehicles to continue enhancing our customer service levels. This was accompanied with obtaining the FORS Gold accreditation, which has given us further recognition for the service levels that we have come to expect of ourselves.

The infrastructure we have created places the business in a fantastic position to flourish for the coming years.

KEY PERFORMANCE INDICATORS
The directors use the following key performance indicators to monitor the performance of the business:
2024 2023

Turnover 34,840,095 39,997,347
Profit before tax 302,305 1,542,461
Gross profit margin 12.21% 14.30%

PRINCIPAL RISKS AND UNCERTAINTIES
The group is subject to the normal commercial risks that arise in the ordinary course of business. These risks are reviewed by the directors as part of their ongoing corporate governance procedures.

The group continues to have access to a level of bad debt protection that the directors consider to be adequate.

The directors are satisfied with the internal controls and processes in place that control the level of uninsured bad debt. The directors acknowledge that there is always an element of risk involved when accepting orders on a credit basis and, no matter how many controls and checks are in place, the risk of bad debts cannot be entirely eliminated.

ON BEHALF OF THE BOARD:





P A Pannell - Director


11 July 2025

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2024

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

DIVIDENDS
The directors recommend that no final dividends be paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

K R Childs
P R Hart
P A Pannell
C J Prior

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.

ON BEHALF OF THE BOARD:





P A Pannell - Director


11 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LGS HOLDINGS LIMITED

Opinion
We have audited the financial statements of LGS Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Statement of 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 October 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
LGS 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.

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.

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. In order to address the risks of misstatements in respect of irregularities, including fraud, we have:

- obtained an understanding of the key laws and regulations applicable to the group, including the Companies Act 2006, and applicable taxation legislation;
- assessed the group's own internal controls and systems for the prevention and detection of irregularities and particularly the control environment within which they operate;
- determined a materiality level and audit approach sufficient to identify most irregularities, including fraud, that may occur;
- considered our own involvement in the preparation of the group's statutory financial statements and taxation returns;
- conducted audit verification work, on a sample basis, on the key audit areas and risks we have identified; and
- reflected on the outcome of our work, and the likelihood that conclusions drawn may be indicative of other areas of potential irregularity.

We therefore consider our audit approach has been sufficient to detect material irregularities, including fraud.

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
LGS 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.




Robert Howe BEng FCA (Senior Statutory Auditor)
for and on behalf of Goldwyns Limited
Statutory Auditors and Chartered Accountants
Rutland House
90-92 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ

11 July 2025

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   

TURNOVER 34,840,095 39,997,347

Cost of sales 30,586,280 34,275,994
GROSS PROFIT 4,253,815 5,721,353

Administrative expenses 3,886,599 4,152,203
367,216 1,569,150

Other operating income 1,015 4,785
OPERATING PROFIT 4 368,231 1,573,935

Interest receivable and similar income 6 390
368,237 1,574,325

Interest payable and similar expenses 6 65,932 31,864
PROFIT BEFORE TAXATION 302,305 1,542,461

Tax on profit 7 163,624 544,206
PROFIT FOR THE FINANCIAL YEAR 138,681 998,255

OTHER COMPREHENSIVE INCOME
Employee ownership trust contribution (111,000 ) (4,638,510 )
Income tax relating to other
comprehensive income

-

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

(111,000

)

(4,638,510

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

27,681

(3,640,255

)

Profit attributable to:
Owners of the parent 138,681 998,255

Total comprehensive income attributable to:
Owners of the parent 27,681 (3,640,255 )

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

CONSOLIDATED BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 463,887 696,522
Tangible assets 10 4,405,095 2,873,088
Investments 11 - -
4,868,982 3,569,610

CURRENT ASSETS
Stocks 12 4,665,751 4,992,251
Debtors 13 5,645,474 4,908,479
Cash at bank and in hand 2,173,407 2,950,590
12,484,632 12,851,320
CREDITORS
Amounts falling due within one year 14 9,297,048 10,020,806
NET CURRENT ASSETS 3,187,584 2,830,514
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,056,566

6,400,124

CREDITORS
Amounts falling due after more than one
year

15

(1,345,893

)

(127,709

)

PROVISIONS FOR LIABILITIES 18 (1,046,364 ) (635,787 )
NET ASSETS 5,664,309 5,636,628

CAPITAL AND RESERVES
Called up share capital 19 2,000,100 2,000,100
Retained earnings 20 3,664,209 3,636,528
SHAREHOLDERS' FUNDS 5,664,309 5,636,628

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2025 and were signed on its behalf by:





K R Childs - Director


LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

COMPANY BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 6,834,054 6,834,054
6,834,054 6,834,054

CURRENT ASSETS
Debtors 13 51 51
NET CURRENT ASSETS 51 51
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,834,105

6,834,105

CAPITAL AND RESERVES
Called up share capital 19 2,000,100 2,000,100
Retained earnings 4,834,005 4,834,005
SHAREHOLDERS' FUNDS 6,834,105 6,834,105

Company's profit for the financial year 111,000 4,638,510

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 Board of Directors and authorised for issue on 11 July 2025 and were signed on its behalf by:





P A Pannell - Director


LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 2,000,100 7,276,783 9,276,883

Changes in equity
Profit for the year - 998,255 998,255
Employee ownership trust
contribution

-

(4,638,510

)

(4,638,510

)
Total comprehensive income - (3,640,255 ) (3,640,255 )
Balance at 31 October 2023 2,000,100 3,636,528 5,636,628

Changes in equity
Profit for the year - 138,681 138,681
Other comprehensive income - (111,000 ) (111,000 )
Total comprehensive income - 27,681 27,681
Balance at 31 October 2024 2,000,100 3,664,209 5,664,309

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 2,000,100 4,834,005 6,834,105

Changes in equity
Profit for the year - 4,638,510 4,638,510
Employee ownership trust
contribution

-

(4,638,510

)

(4,638,510

)
Balance at 31 October 2023 2,000,100 4,834,005 6,834,105

Changes in equity
Profit for the year - 111,000 111,000
Other comprehensive income - (111,000 ) (111,000 )
Balance at 31 October 2024 2,000,100 4,834,005 6,834,105

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 460,468 3,298,881
Interest paid (65,932 ) (31,864 )
Tax paid (206,754 ) (938,262 )
Net cash from operating activities 187,782 2,328,755

Cash flows from investing activities
Purchase of tangible fixed assets (2,198,957 ) (521,585 )
Sale of tangible fixed assets 83,025 14,214
Interest received 6 390
Net cash from investing activities (2,115,926 ) (506,981 )

Cash flows from financing activities
New hire purchase loans in year 1,544,028 36,000
Loan notes and hire purchase repayments (282,067 ) (1,595,360 )
Amount introduced by directors - 138,017
Amount withdrawn by directors - (149,664 )
Employee ownership trust contribution (111,000 ) (4,638,510 )
Net cash from financing activities 1,150,961 (6,209,517 )

Decrease in cash and cash equivalents (777,183 ) (4,387,743 )
Cash and cash equivalents at
beginning of year

2

2,950,590

7,338,333

Cash and cash equivalents at end of
year

2

2,173,407

2,950,590

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

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

2024 2023
£    £   
Profit before taxation 302,305 1,542,461
Depreciation charges 836,900 714,066
Profit on disposal of fixed assets (19,574 ) (14,001 )
Finance costs 65,932 31,864
Finance income (6 ) (390 )
1,185,557 2,274,000
Decrease in stocks 326,500 712,153
(Increase)/decrease in trade and other debtors (462,069 ) 4,081,010
Decrease in trade and other creditors (589,520 ) (3,768,282 )
Cash generated from operations 460,468 3,298,881

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 October 2024
31/10/24 1/11/23
£    £   
Cash and cash equivalents 2,173,407 2,950,590
Year ended 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 2,950,590 7,338,333


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

At 1/11/23 Cash flow At 31/10/24
£    £    £   
Net cash
Cash at bank and in hand 2,950,590 (777,183 ) 2,173,407
2,950,590 (777,183 ) 2,173,407
Debt
Finance leases (507,378 ) (1,262,728 ) (1,770,106 )
(507,378 ) (1,262,728 ) (1,770,106 )
Total 2,443,212 (2,039,911 ) 403,301

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

1. STATUTORY INFORMATION

LGS 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.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when the goods cease to be assets of the seller and become assets of the customer, which is when the seller transfers to the customer access to the significant benefits relating to the goods and exposure to the risks inherent in those benefits in accordance with FRS 102. These benefits are transferred once a sale has been agreed with the customer as the managerial control over the goods is relinquished and transferred to the buyer.

Goodwill
Goodwill represents the amount paid in connection with the acquisition of a business in 2016.

Initially the directors estimated the useful life of goodwill to be 5 years, but following new developments of both internal and external factors the directors have reviewed the estimate and revised the estimated useful life of goodwill to be 9 years from 1 November 2017.

This change has resulted in a revised amortisation charge per annum of £231,121 over the remaining useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Depreciation commences in the month following acquisition and assets are originally carried at historical cost.

Short leasehold property- in equal instalments over the lease period
Plant and machinery- 25% on reducing balance
Fixtures and fittings- 10% and 25% on reducing balance
Motor vehicles- 20% on reducing balance
Fabrication plant and
machinery

- 10% reducing balance

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


LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Basis of consolidation
The group accounts consolidate the accounts of LGS Holdings Limited and all its subsidiary undertakings drawn to 31 October each year. No profit and loss account is presented for LGS Holdings Limited as permitted by section 408 of the Companies Act 2006.

Lemon Groundwork Solutions Limited and CP(WBL) Limited have been included in the group accounts using the acquisition method of accounting.

Operating leases
Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,263,376 4,492,538
Social security costs 456,796 496,108
Other pension costs 93,100 92,989
4,813,272 5,081,635

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

Production staff 79 80
Office and management 23 23
102 103

Included within wages and salaries are employee distributions totalling £40,000 (2023 - £45,000) paid on behalf of LGS Employee Ownership Trust.

2024 2023
£    £   
Directors' remuneration 602,393 516,622
Directors' pension contributions to money purchase schemes 3,874 5,804

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

Money purchase schemes 2 1

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 198,850 198,007
Pension contributions to money purchase schemes - 3,878

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 1,424 14,804
Depreciation - owned assets 266,576 248,482
Depreciation - assets on hire purchase contracts 337,690 223,038
Profit on disposal of fixed assets (19,574 ) (14,001 )
Goodwill amortisation 231,121 231,121
Computer software amortisation 1,514 11,425
Foreign exchange differences 454 1,510
Rent under operating leases 541,800 559,650

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

5. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

21,675

21,600
Auditors' remuneration for non audit work 3,825 4,363

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase interest 51,523 31,864
Other interest 14,409 -
65,932 31,864

7. 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 (246,953 ) 372,099

Deferred tax 410,577 172,107
Tax on profit 163,624 544,206

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 302,305 1,542,461
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 22.518 %)

75,576

347,331

Effects of:
Expenses not deductible for tax purposes 2,856 54,557
Income not taxable for tax purposes (4,894 ) -
Capital allowances in excess of depreciation - (4,992 )
Depreciation in excess of capital allowances 62,864 -
Movement in tax rate 27,222 147,310
Total tax charge 163,624 544,206

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Employee ownership trust contribution (111,000 ) - (111,000 )


LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

7. TAXATION - continued
2023
Gross Tax Net
£    £    £   
Employee ownership trust contribution (4,638,510 ) - (4,638,510 )

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


9. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 November 2023
and 31 October 2024 2,701,893 295,966 2,997,859
AMORTISATION
At 1 November 2023 2,008,530 292,807 2,301,337
Amortisation for year 231,121 1,514 232,635
At 31 October 2024 2,239,651 294,321 2,533,972
NET BOOK VALUE
At 31 October 2024 462,242 1,645 463,887
At 31 October 2023 693,363 3,159 696,522

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 November 2023 811,425 606,087 444,661
Additions 3,748 4,262 80,873
Disposals - (5,000 ) -
At 31 October 2024 815,173 605,349 525,534
DEPRECIATION
At 1 November 2023 427,092 368,313 119,512
Charge for year 38,593 60,018 70,664
Eliminated on disposal - (3,813 ) -
At 31 October 2024 465,685 424,518 190,176
NET BOOK VALUE
At 31 October 2024 349,488 180,831 335,358
At 31 October 2023 384,333 237,774 325,149

Fabrication
Motor plant and
vehicles machinery Totals
£    £    £   
COST
At 1 November 2023 1,487,497 2,751,799 6,101,469
Additions 1,873,648 236,426 2,198,957
Disposals (240,228 ) - (245,228 )
At 31 October 2024 3,120,917 2,988,225 8,055,198
DEPRECIATION
At 1 November 2023 795,290 1,518,174 3,228,381
Charge for year 300,357 134,634 604,266
Eliminated on disposal (178,731 ) - (182,544 )
At 31 October 2024 916,916 1,652,808 3,650,103
NET BOOK VALUE
At 31 October 2024 2,204,001 1,335,417 4,405,095
At 31 October 2023 692,207 1,233,625 2,873,088

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures Fabrication
Plant and and Motor plant and
machinery fittings vehicles machinery Totals
£    £    £    £    £   
COST
At 1 November 2023 64,774 12,875 773,033 1,477,500 2,328,182
Additions - - 1,824,498 - 1,824,498
Disposals - - (98,021 ) - (98,021 )
Transfer to ownership (64,774 ) (12,875 ) (407,551 ) (908,669 ) (1,393,869 )
At 31 October 2024 - - 2,091,959 568,831 2,660,790
DEPRECIATION
At 1 November 2023 37,333 4,353 330,882 604,056 976,624
Charge for year 6,860 852 243,624 86,354 337,690
Eliminated on disposal - - (47,834 ) - (47,834 )
Transfer to ownership (44,193 ) (5,205 ) (260,708 ) (502,622 ) (812,728 )
At 31 October 2024 - - 265,964 187,788 453,752
NET BOOK VALUE
At 31 October 2024 - - 1,825,995 381,043 2,207,038
At 31 October 2023 27,441 8,522 442,151 873,444 1,351,558

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2023
and 31 October 2024 6,834,054
NET BOOK VALUE
At 31 October 2024 6,834,054
At 31 October 2023 6,834,054

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

Subsidiaries

CP (WBL) Limited
Registered office: Russell Gardens, Wickford, Essex, SS11 8BL
Nature of business: Holding company of Lemon Groundwork Solutions
%
Class of shares: holding
Ordinary 100.00

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

11. FIXED ASSET INVESTMENTS - continued

Lemon Groundwork Solutions Limited
Registered office: Russell Gardens, Wickford, Essex, SS11 8BL
Nature of business: Supply and prefabrication of steel
%
Class of shares: holding
Ordinary 100.00


12. STOCKS

Group
2024 2023
£    £   
Raw materials 4,452,264 4,715,460
Work-in-progress 213,487 276,791
4,665,751 4,992,251

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 5,150,573 4,717,711 - -
Amounts owed by group undertakings - - 51 51
Other debtors 32,654 39,203 - -
Corporation tax 306,953 32,028 - -
Prepayments 155,294 119,537 - -
5,645,474 4,908,479 51 51

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 16) 424,213 379,669
Trade creditors 7,927,261 8,098,942
Corporation tax - 178,782
Social security and other taxes 474,243 429,294
Other creditors 34,013 59,638
Accrued expenses 437,318 874,481
9,297,048 10,020,806

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 16) 1,345,893 127,709

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 534,769 395,433
Between one and five years 1,525,399 130,912
2,060,168 526,345

Finance charges repayable:
Within one year 110,556 15,764
Between one and five years 179,506 3,203
290,062 18,967

Net obligations repayable:
Within one year 424,213 379,669
Between one and five years 1,345,893 127,709
1,770,106 507,378

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 476,192 450,578
Between one and five years 65,890 32,088
542,082 482,666

During the 2023 year, one of the group's leased properties was purchased by a new company. As a consequence of this, no formal lease is yet drawn up and there is therefore nothing included in respect of this property within the above commitments.

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts 1,770,106 507,378

Hire purchase contracts are secured against the assets to which they relate.

Debentures exist in favour of National Westminster Bank Plc and RBS Invoice Finance Limited by way of both fixed and floating charges in respect of all monies due or to become due.

The debentures are secured over the assets of the group. At the balance sheet date, no liability in respect of the above existed.

Invoice discounting debts (included within cash at bank and in hand) are secured on the trade debtors to which they relate. At the year end trade debtors totalling £5,131,018 (2023 - £4,717,328) were subject to discounting.

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 1,046,364 635,787

Group
Deferred
tax
£   
Balance at 1 November 2023 635,787
Accelerated capital allowances 410,499
Pension creditor movement 78
Balance at 31 October 2024 1,046,364

The deferred tax liability above reflects capital allowances in excess of depreciation and other expense timing differences.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,900 Share capital type A £0.01 49 49
5,100 Share capital type B £0.01 51 51
2,000,000 Preference shares £1 2,000,000 2,000,000
2,000,100 2,000,100

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

19. CALLED UP SHARE CAPITAL - continued

Rights, preferences and restrictions attached to each class of share are as follows:

A Ordinary and B Ordinary - The shares have attached to them full voting rights, are entitled to participate in a distribution by way of dividends and are non-redeemable.

Preference shares - The shares have no voting rights, are entitled to a fixed dividend at an annual rate of £0.0001 and are non-redeemable.

20. RESERVES

Group
Retained
earnings
£   

At 1 November 2023 3,636,528
Profit for the year 138,681
Employee ownership trust
contribution

(111,000

)

At 31 October 2024 3,664,209

During the year, £111,000 (2023 - £4,638,510) was gifted to the now 100% shareholder of the company, LGS Trustee Limited.

21. PENSION COMMITMENTS

The group operates a defined contribution pension scheme in respect of certain employees. During the year premiums paid by the group amounted to £93,100 (2023 - £92,989). At the balance sheet date there were amounts outstanding of £21,812 (2023 - £22,123).

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
P R Hart
Balance outstanding at start of year - 109,511
Amounts repaid - (109,511 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

P A Pannell
Balance outstanding at start of year - 28,507
Amounts repaid - (28,507 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

No interest has been charged by the group on these loans in the current year. All loans brought forward from the 31 October 2022 were repaid in February 2023.

LGS HOLDINGS LIMITED (REGISTERED NUMBER: 10341206)

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

23. RELATED PARTY DISCLOSURES

At the balance sheet date the group was owed £18,109 by, and owed £8,904 to, other companies under the control of its key management personnel (2023 - £21,596 and £12,084 respectively).

During the year the group's total compensation to key management personnel (including directors) amounted to £683,139 (2023 - £587,346). At the balance sheet date the amount owed to key management personnel was £nil (2023 - £nil ).

No related party transactions with group companies have been disclosed in line with FRS 102 group disclosure exemptions.

24. ULTIMATE CONTROLLING PARTY

At the balance sheet date, LGS Trustee Limited is the ultimate controlling party by virtue of its 100% shareholding in the ultimate parent company LGS Holdings Limited. LGS Trustee Limited holds these shares on behalf of the group's employee ownership trust.