REGISTERED NUMBER: 00588404 (England and Wales)

J.E. LAWRENCE AND SON LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

R J Lawrence

C J Thomas

SECRETARY:

S E Lawrence

REGISTERED OFFICE:

Willow Wood

Clarbeston Road

Pembrokeshire

SA63 4UN

REGISTERED NUMBER:

00588404 (England and Wales)

SENIOR STATUTORY AUDITOR:

Kenneth Randall BScEcon FCA

AUDITORS:

Llewelyn Davies

Chartered Accountants / Statutory Auditors

Yelverton House

St John Street

Whitland

Carmarthenshire

SA34 0AW

The directors present their strategic report for the year ended 31 December 2024.

The company is a family run owner managed company and its principal activities are the merchanting and distribution of fuel, oil and agricultural plant and machinery throughout South West Wales. It aims to supply its products to the local market at a competitive price, with first class customer service.

REVIEW OF BUSINESS

During the year ended 31 December 2024 the company sustained pre and post tax profits. Although sales decreased, mainly due to the decrease in fuel prices, margins increased compared to the previous year. Development of the additional premises acquired in the previous year continues, which when complete will provide the company with a more prominent location from which to further expand the business.

The directors consider the results for the year to be satisfactory and in line with the company policies. They will continue to review operations to maintain and improve efficiency and profitability. In addition the directors will concentrate their efforts on achieving growth in the company's existing market segments through the continued focus on customer satisfaction and offering products and services at a competitive price.

The directors are of the opinion that due to the relatively straight forward nature of the company's business, analysis using key performance indicators (KPIs) is not necessary for a synopsis understanding of the performance of the business.

The company operates to the highest industry standards for the fuel and oil and machinery retailing industry and is committed to equal opportunities for all with continuous training provided to its employees to meet these standards and commitments.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company for the foreseeable future are driven in the main by weather conditions, economic conditions, competition and market factors, staff turnover and tax legislation. These principal risks and uncertainties are constantly monitored and reviewed by the directors with a view to minimising them to the fullest extent possible and ensuring that appropriate and relevant contingency plans are in place.

ON BEHALF OF THE BOARD:

S E Lawrence - Secretary

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of merchanting and distribution of oil and fuel and sales of agricultural plant and machinery.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of 60p per

share.

The total distribution of dividends for the year ended 31 December 2024 will be £6,000

FUTURE DEVELOPMENTS

The directors consider the results for the year to be satisfactory and in line with company policies. The directors will continue to review operations to maintain and improve efficiency and profitability.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

R J Lawrence

C J Thomas

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, bank overdrafts, bank loans, trade debtors and creditors, directors loans and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts.

In respect of loans, these include loans from the directors, which are interest free. The bank loans are subject to agreed terms.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit risk.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

S E Lawrence - Secretary

30 September 2025

Opinion

We have audited the financial statements of J.E. Lawrence and Son Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2024 and of its 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 company 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 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 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 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 Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 pages three and four, 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 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 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.

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 noncompliance 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 company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the company 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, the Companies Act 2006 and UK tax legislation.

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, minutes of meetings held and correspondence between the company and its solicitors.

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

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

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.

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.

Kenneth Randall BScEcon FCA (Senior Statutory Auditor)

for and on behalf of Llewelyn Davies

Chartered Accountants / Statutory Auditors

Yelverton House

St John Street

Whitland

Carmarthenshire

SA34 0AW

30 September 2025

TURNOVER

3

34,723,706

36,887,785

Cost of sales

30,518,440

32,923,189

GROSS PROFIT

4,205,266

3,964,596

Administrative expenses

3,193,275

3,104,036

OPERATING PROFIT

5

1,011,991

860,560

Interest receivable and similar income

6

14

882

1,012,005

861,442

Interest payable and similar expenses

7

246,554

220,646

PROFIT BEFORE TAXATION

765,451

640,796

Tax on profit

8

233,903

134,217

PROFIT FOR THE FINANCIAL YEAR

531,548

506,579

PROFIT FOR THE YEAR

531,548

506,579

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

531,548

506,579

FIXED ASSETS

Tangible assets

10

5,112,030

4,237,116

CURRENT ASSETS

Stocks

11

6,475,428

7,732,318

Debtors

12

3,176,710

2,817,687

Cash at bank and in hand

6,395

60,140

9,658,533

10,610,145

CREDITORS

Amounts falling due within one year

13

5,109,566

5,817,096

NET CURRENT ASSETS

4,548,967

4,793,049

TOTAL ASSETS LESS CURRENT LIABILITIES

9,660,997

9,030,165

CREDITORS

Amounts falling due after more than one year

14

(656,817

)

(705,897

)

PROVISIONS FOR LIABILITIES

18

(587,434

)

(433,070

)

NET ASSETS

8,416,746

7,891,198

CAPITAL AND RESERVES

Called up share capital

19

10,000

10,000

Retained earnings

20

8,406,746

7,881,198

SHAREHOLDERS' FUNDS

8,416,746

7,891,198

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

R J Lawrence - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

10,000

7,404,619

7,414,619

Changes in equity

Dividends

-

(30,000

)

(30,000

)

Total comprehensive income

-

506,579

506,579

Balance at 31 December 2023

10,000

7,881,198

7,891,198

Changes in equity

Dividends

-

(6,000

)

(6,000

)

Total comprehensive income

-

531,548

531,548

Balance at 31 December 2024

10,000

8,406,746

8,416,746

Cash flows from operating activities

Cash generated from operations

1

1,278,878

231,876

Interest paid

(230,190

)

(199,888

)

Interest element of hire purchase payments paid

(16,364

)

(20,758

)

Tax paid

(75,747

)

-

Net cash from operating activities

956,577

11,230

Cash flows from investing activities

Purchase of tangible fixed assets

(1,560,766

)

(836,127

)

Sale of tangible fixed assets

382,800

111,312

Interest received

14

882

Net cash from investing activities

(1,177,952

)

(723,933

)

Cash flows from financing activities

Loan repayments in year

(32,109

)

(28,238

)

Capital repayments in year net of new HP

112,278

(117,418

)

Amount withdrawn by directors

(2,893

)

(37,676

)

Equity dividends paid

(6,000

)

(30,000

)

Net cash from financing activities

71,276

(213,332

)

Decrease in cash and cash equivalents

(150,099

)

(926,035

)

Cash and cash equivalents at beginning of year

2

(1,507,090

)

(581,055

)

Cash and cash equivalents at end of year

2

(1,657,189

)

(1,507,090

)

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

2024

2023

£

£

Profit before taxation

765,451

640,796

Depreciation charges

511,641

536,020

Profit on disposal of fixed assets

(208,590

)

(39,418

)

Finance costs

246,554

220,646

Finance income

(14

)

(882

)

1,315,042

1,357,162

Decrease/(increase) in stocks

1,256,890

(2,295,395

)

(Increase)/decrease in trade and other debtors

(359,023

)

1,814,370

Decrease in trade and other creditors

(934,031

)

(644,261

)

Cash generated from operations

1,278,878

231,876

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 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

6,395

60,140

Bank overdrafts

(1,663,584

)

(1,567,230

)

(1,657,189

)

(1,507,090

)

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

60,140

52,209

Bank overdrafts

(1,567,230

)

(633,264

)

(1,507,090

)

(581,055

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

60,140

(53,745

)

6,395

Bank overdrafts

(1,567,230

)

(96,354

)

(1,663,584

)

(1,507,090

)

(150,099

)

(1,657,189

)

Debt

Finance leases

(275,226

)

(112,278

)

(387,504

)

Debts falling due within 1 year

(32,002

)

(6,109

)

(38,111

)

Debts falling due after 1 year

(573,003

)

38,219

(534,784

)

(880,231

)

(80,168

)

(960,399

)

Total

(2,387,321

)

(230,267

)

(2,617,588

)

1.	STATUTORY INFORMATION

J.E. Lawrence and Son 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 Company 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.

The financial statements have been prepared in accordance with applicable accounting standards. There were no material departures from those standards.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.

The effect of events in relation to the year ended 31 December 2021 which occurred before the date of approval of the financial statements by the Board of Directors, have been included in the statements to the extent required to show a true and fair view of the state of affairs at 31 December 2021 and of the results for the year ended on that date.

Turnover

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

Tangible fixed assets

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. The cost price is the price which the stock item cost from the supplier.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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

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.

Pension costs and other post-retirement benefits

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

3.

TURNOVER

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

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,685,331

1,643,797

Other pension costs

34,973

35,815

1,720,304

1,679,612

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

2024

2023

Office and management

9

7

Operational

35

38

44

45

2024

2023

£

£

Directors' remuneration

98,507

95,779

Directors' pension contributions to money purchase schemes

4,197

4,197

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

Money purchase schemes

1

1

5.	OPERATING PROFIT

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

2024

2023

£

£

Depreciation - owned assets

423,744

457,014

Depreciation - assets on hire purchase contracts

87,898

79,006

Profit on disposal of fixed assets

(10,959

)

(39,418

)

Auditors' remuneration

3,690

3,720

Auditors' remuneration for non audit work

2,000

2,040

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

2024

2023

£

£

Interest received

14

882

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

186,961

158,461

Bank loan interest

43,229

41,427

Hire purchase

16,364

20,758

246,554

220,646

8.

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

80,543

75,747

(Over) provision in respect of previous years

(1,004

)

-

Total current tax

79,539

75,747

Deferred tax

154,364

58,470

Tax on profit

233,903

134,217