REGISTERED NUMBER: 07884900 (England and Wales)

L M PRODUCTS (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Director

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

DIRECTOR:

S Worth

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

The director presents his strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

As anticipated the financial year to the end of March 2025 was a particularly challenging one with the obvious pressures of trading in an unstable economy.

With low demand again in the construction sector selling prices and margins were negatively affected. We therefore took the stance to increase market share, resulting in higher turnover which helped us achieve a profit for the year.

The year was also used to restructure slightly, with the aim being to maximise our existing facility by discontinuing certain non-profitable lines whilst increasing our capacity on manufactured goods that will give a reasonable return when the economy starts to recover.

This was completed successfully with no addition to the fixed costs of the business.

New technologies were also introduced into the business in the form of a CRM software to help with streamlining the operations of the business. In addition to this a bespoke software package was installed to assist with the management of production and delivery element of the business.

Due to the strong cash position of the business, the decision was also made by the Directors to come away from the factoring facility and to self-fund going forward. This being a substantial saving to banking costs.

ON BEHALF OF THE BOARD:

S Worth - Director

19 September 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2025.

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 £2085.37 per share was paid on the Ordinary A £1 shares on 31 March 2025. No dividends were paid on the Ordinary £1 shares.

The total distribution of dividends for the year ended 31 March 2025 will be £ 171,000 .

FUTURE DEVELOPMENTS

The Directors anticipate the business environment will remain competitive but are confident that the financial position and the risks that have been identified are being well managed.

The Directors feel that the business is now on a stronger footing and can take full advantage of our opportunities going forward.

DIRECTORS

S Worth has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

N Porter - resigned 23 April 2024

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.

POLITICAL DONATIONS AND EXPENDITURE

No political donations made during the period.

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

ON BEHALF OF THE BOARD:

S Worth - Director

19 September 2025

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 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 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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 three, 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:

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.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We also 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 also noted, and investigated, the group compliance with ISO 9001:2015 which, while not a legal requirement for an operating business, is central to group operations and impacts consumer confidence in their deliverables.

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 accreditation in place.We also inspected the group's ISO 9001:2015 accreditation certificate ensuring that it was in date and had been issued by a UKAS accredited company.

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

We also completed the following procedures:

- Understood how management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

-Performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- 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;

-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.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organization for fraud and identified the greatest potential for fraud in the following areas:

- Posting of unusual journals and complex transactions;

- Manipulation of amounts subject to significant judgement or estimate;

- Recognising revenue for transactions that do not meet the criteria for revenue recognition; and

- Completeness and valuation of related party transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher detection of fraud as these may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. Out audit procedures are designed to detect material misstatement. We are no responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

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

19 September 2025

TURNOVER

13,396,758

12,179,049

Cost of sales

10,630,196

9,729,801

GROSS PROFIT

2,766,562

2,449,248

Distribution costs

592,006

526,115

Administrative expenses

1,927,030

1,623,490

2,519,036

2,149,605

247,526

299,643

Other operating income

3

41,079

-

OPERATING PROFIT

5

288,605

299,643

Interest receivable and similar income

81,111

34,428

PROFIT BEFORE TAXATION

369,716

334,071

Tax on profit

6

86,390

131,365

PROFIT FOR THE FINANCIAL YEAR

283,326

202,706

Profit attributable to:

Owners of the parent

271,757

197,999

Non-controlling interests

11,569

4,707

283,326

202,706

PROFIT FOR THE YEAR

283,326

202,706

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

283,326

202,706

Total comprehensive income attributable to:

Owners of the parent

271,757

197,999

Non-controlling interests

11,569

4,707

283,326

202,706

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

911,280

704,119

Investments

11

-

-

911,280

704,119

CURRENT ASSETS

Stocks

12

1,808,714

2,012,680

Debtors

13

2,788,274

2,598,936

Cash at bank and in hand

3,889,503

3,598,136

8,486,491

8,209,752

CREDITORS

Amounts falling due within one year

14

2,499,214

2,192,026

NET CURRENT ASSETS

5,987,277

6,017,726

TOTAL ASSETS LESS CURRENT LIABILITIES

6,898,557

6,721,845

CREDITORS

Amounts falling due after more than one year

15

(8,513

)

-

PROVISIONS FOR LIABILITIES

17

(222,123

)

(166,250

)

NET ASSETS

6,667,921

6,555,595

CAPITAL AND RESERVES

Called up share capital

18

82

82

Capital redemption reserve

19

18

18

Retained earnings

19

6,281,361

6,180,604

SHAREHOLDERS' FUNDS

6,281,461

6,180,704

NON-CONTROLLING INTERESTS

386,460

374,891

TOTAL EQUITY

6,667,921

6,555,595

The financial statements were approved by the director and authorised for issue on 19 September 2025 and were signed by:

S Worth - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

634,330

510,035

Investments

11

364,445

364,445

998,775

874,480

CURRENT ASSETS

Debtors

13

601,239

848,892

Cash at bank and in hand

1,452,197

1,422,673

2,053,436

2,271,565

CREDITORS

Amounts falling due within one year

14

41,649

47,505

NET CURRENT ASSETS

2,011,787

2,224,060

TOTAL ASSETS LESS CURRENT LIABILITIES

3,010,562

3,098,540

PROVISIONS FOR LIABILITIES

17

158,583

127,509

NET ASSETS

2,851,979

2,971,031

CAPITAL AND RESERVES

Called up share capital

18

82

82

Capital redemption reserve

19

18

18

Retained earnings

19

2,851,879

2,970,931

SHAREHOLDERS' FUNDS

2,851,979

2,971,031

Company's profit for the financial year

51,948

103,557

The financial statements were approved by the director and authorised for issue on 19 September 2025 and were signed by:

S Worth - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 April 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

Changes in equity

Dividends

-

(171,000

)

-

Total comprehensive income

-

271,757

-

Balance at 31 March 2025

82

6,281,361

18

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 April 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

Changes in equity

Dividends

(171,000

)

-

(171,000

)

Total comprehensive income

271,757

11,569

283,326

Balance at 31 March 2025

6,281,461

386,460

6,667,921

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 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

Changes in equity

Dividends

-

(171,000

)

-

(171,000

)

Total comprehensive income

-

51,948

-

51,948

Balance at 31 March 2025

82

2,851,879

18

2,851,979

Cash flows from operating activities

Cash generated from operations

1

819,603

2,704,862

Tax paid

(102,986

)

(177,219

)

Net cash from operating activities

716,617

2,527,643

Cash flows from investing activities

Purchase of tangible fixed assets

(377,405

)

(21,336

)

Sale of tangible fixed assets

41,656

-

Interest received

81,111

34,428

Net cash from investing activities

(254,638

)

13,092

Cash flows from financing activities

Amount introduced by directors

171,019

313,001

Amount withdrawn by directors

(170,631

)

(317,119

)

Equity dividends paid

(171,000

)

(313,000

)

Net cash from financing activities

(170,612

)

(317,118

)

Increase in cash and cash equivalents

291,367

2,223,617

Cash and cash equivalents at beginning of year

2

3,598,136

1,374,519

Cash and cash equivalents at end of year

2

3,889,503

3,598,136

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

31/3/25

31/3/24

£

£

Profit before taxation

369,716

334,071

Depreciation charges

143,360

138,612

Profit on disposal of fixed assets

(14,772

)

-

Government grants

12,626

-

Finance income

(81,111

)

(34,428

)

429,819

438,255

Decrease in stocks

203,966

1,106,096

(Increase)/decrease in trade and other debtors

(123,404

)

1,310,399

Increase/(decrease) in trade and other creditors

309,222

(149,888

)

Cash generated from operations

819,603

2,704,862

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 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

3,889,503

3,598,136

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

3,598,136

1,374,519

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

3,598,136

291,367

3,889,503

3,598,136

291,367

3,889,503

Total

3,598,136

291,367

3,889,503

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.

All subsidiaries acquired are recognised under the purchase method.

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.

The company recognises turnover at the point of goods despatch in line with their invoicing procedures. It does not have any material amounts of deferred income recognised in its liabilities.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

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.