REGISTERED NUMBER: 05031473 (England and Wales)

LBS HOLDINGS (UK) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

9

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

14

Consolidated Balance Sheet

15

Company Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Cash Flow Statement

19

Notes to the Consolidated Cash Flow Statement

20

Notes to the Consolidated Financial Statements

21

DIRECTORS:

J M Davies

B O Davies

R G Davies

P W Evans

D G Thomas

SECRETARY:

P W Evans

REGISTERED OFFICE:

LBS Business Centre

Parc Amanwy

Ammanford

Carmarthenshire

SA18 3FE

REGISTERED NUMBER:

05031473 (England and Wales)

SENIOR STATUTORY AUDITOR:

Henry Lloyd Davies

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

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

REVIEW OF BUSINESS

The Consolidated Income Statement shows a profit for the financial year of £1,608,000 (2023: £2,384,000).

In the opinion of Directors, despite improving its sales performance, pressure on margins continued. The sales volume growth, which was ahead of industry figures, still did not match the increase in overheads due to individual, exceptional events plus economic and industry factors. The Directors anticipate that the market will continue to be challenging for all in the sector, but the business has a strong outlook for growth and improved financial performance for the coming year.

2024 was a busy year for projects. The Group acquired two new businesses; DG Heath (Timber Products) Limited based in Pontarddulais, Swansea and Denman & Sons (Builders Merchants) Limited in Pengam, increasing the number of trading sites to 30. The Financial Statements reflect goodwill included from the purchase of both sites.

Alongside these new branches, the Group relocated its Total Plumbing Swansea Branch and Showroom to an improved, larger site in Llansamlet, Swansea. The Group also relocated its LBS Maesteg branch to a larger site across town, doubling the size of the branch. The Group purchased its LBS Neath site, which it had occupied since 2010, complete with additional land, before fully redeveloping and upgrading the branch offer. All three sites are trading positively in line with Directors' expectations.

The Group has made a large provision of bad debt for 2024. Customers experienced tough market conditions, including insolvencies in some cases. Whilst this is provisional, the Group continues to work with both Administrators and customers in difficulty to ensure that any debt is repaid.

The Directors continue to take a positive view with regards to future trading and growth. For 2025, the Group is outperforming industry benchmarks year-to-date, with stronger results projected for the remainder of the year. Continued investment in both employees and across the infrastructure of the Group will deliver continued long-term success.

GOING CONCERN

The forecasts prepared by the directors indicate that the Group will be able to continue to trade profitably for the remainder of the year ended 31 December 2025 and the following year. Those forecasts also show that the Group anticipates that it will be able to operate the business with the current financial facilities it has available, the Group continues to pursue sustainable growth opportunities as well as, investing in areas which will develop sales, reduce costs or improve profit. On this basis the directors have concluded that it is appropriate that the financial statements be prepared on the going concern basis.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to competition from other builders' merchants and the level of activity in the construction and home improvements sectors.

Financial key performance indicators ·

The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross profit, operating profit and profit before taxation as set out in the Consolidated Income Statement.

Streamlined Energy and Carbon Reporting (SECR) Statement

LBS Holdings (UK) Limited and its subsidiary companies (The Group) confirm for the financial year ending 31st December 2024.

- No other energy purchased or used other than the UK and offshore i.e., no global energy

During 2024, the group continued to maintain its accreditation for ISO 50001 -Energy Management System and ISO 14001 Environmental Management Systems. As part of the Company's continuing commitment to energy usage and conservation the company has undertaken initiatives to reduce its energy usage by.

-

The introduction of Photovoltaic panels at the group's timber and truss manufacturing plant resulting in savings of 122 tonnes of Co2 in 2024.

-

Installation of air source heat pumps as an alternative heating system in new or relocated premises.

-

Improvement to washroom facilities to reduce water consumption and paper waste.

-

Low usage areas now have motion sensored light facilities to continue to reduce energy consumption.

-

Monitoring of energy usage across the business to manage usage and identify leaks.

-

Continued reduction of its Co2 levels across its fleet by reducing higher emission vehicle availability, including periodical commercial and domestic fleet replacement.

-

Commitment to the Green Growth Pledge through Business Wales.

Global Green House Gas emissions and energy use for the period to 31st December 2024.

Energy Consumption:

2024

2023

Gas and electricity, including transport fuel

7,428,702 kWh

6,993,298 kWh.

Co2 Tonnes equivalent

1,968

1,916

Due to the increase in the expansion of the group's operations and sites it is accepted that our energy usage has increased, albeit savings have been made across gas and heating oil usage across the business.

The Group continues to be mindful of the impact it has on the environment through its operations and facilities; by setting targets and monitoring its performance, this allows the company to achieve its goals on energy usage and management thereof. Thus, ensuring its impact is at the forefront of the company's future development and performance.

SECTION 172(1) STATEMENT

A director of a company must act in the way he or she considers in good faith, would most likely promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

-

the likely consequences of any decisions in the long-term.

-

the interests of the company's employees. .

-

the need to foster the company's business relationships with suppliers, customers and others.

-

the impact of the company's operations on the community and environment.

-

the desirability of the company maintaining a reputation for high standards of business conduct; and

-

the need to act fairly as between members of the company.

OUR PURPOSE

The primary purpose of the Group is to provide high quality building material products and best in class customer experience through innovation and partnership. We constantly strive to help set industry standards, engender trust.and build our reputation for excellence.

THE BOARD'S APPROACH

The Group is family owned and managed. The overall Board strategy is based on a long-term view of commercial, sustainable growth, supported by the right people that deliver. The policy of ongoing investment in quality acquisitions will continue to pay dividends in future years.

STAKEHOLDER ENGAGEMENT

The Board acknowledges that the long-term success of the Group is dependent on the way it works with several important stakeholders. Key stakeholders are considered in their decision making and in doing so ensure the directors' duty is discharged under section 172 of the Companies Act 2006.

EMPLOYEES

The success of the Group is dependent on the workforce, and this is reflected in the company's key objectives. The Group engages with the workforce through a number of means. Regular HR surgeries are held with all branches, this allows independent communication on an individual basis to discuss business updates, welfare issues and any questions employees may have. The company also has an appointed Senior Leadership Team which is made up of key individuals providing representatives for each area.The Senior Leadership Team assists the Board in the engagement, management and development of its employees across the business.

CUSTOMERS

The Group seeks to develop long term relationships with its customers to support their growth plans. The Group has developed a reputation for the highest quality products and strong stock availability. Continuous strides are being made to maintain its position in the market.

The Group is subject to regular audits from its customer base. All audits were successfully passed. The Group also holds accreditations from FSC, PEFC and ISO amongst others.

SUPPLIERS

The Group uses a number of strategic suppliers both directly and through its membership of a national buying group. This ensures the consistency and quality of products across the Group as a whole, irrespective of where they are produced. The relationships with these suppliers are longstanding and maintained through regular discussion and a combination of formal and informal reporting processes. The majority of suppliers used have a longstanding relationship with the Group which enables the Group to plan for the medium term and ensure a robust supply chain is in place to support future plans. The Group also ensures its supply chain complies with the Companies policies with regard to Modem Slavery and ethical sourcing of raw materials.

ENVIRONMENT

At LBS Builders Merchants Limited, sustainability is a key focus for the business. This is key to the company's accreditation under ISO 14001, in that the company has set its own suite of targets to ensure betterment in its processes, asset management and the products it procures in order to aim for continuous improvement the group applied and were successful in attaining its ISO 50001 Energy management accreditation, re-emphasizing its commitment to energy management and conservation.

KEY DECISIONS MADE IN THE YEAR

The majority of the key decisions made in the year are covered in these accounts under the Business review, namely, the acquisition of two new businesses: DG Heath (Timber Products) Limited based in Pontarddulais, Swansea and Denman & Sons (Builders Merchants) Limited in Pengam.

Alongside these new branches, the group relocated its Total Plumbing Swansea Branch and Showroom to an improved, larger site in Llansamlet, Swansea. The group also relocated its LBS Maesteg branch to a larger site across town, doubling the size of the branch. The group purchased its LBS Neath site, which it had occupied since 2010, complete with additional land, before fully redeveloping and upgrading the branch offer. All three sites are trading positively in line with Directors' expectations.

The group also invested further into its IT security and eCommerce platforms to ensure an effective and robust operating system tied with innovation.

ON BEHALF OF THE BOARD:

B O Davies - Director

30 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of builders' merchants.

DIVIDENDS

The directors recommend that a final dividend of £250 per Ordinary B shares be paid. The total distribution of dividends for the year ended 31st December 2024 will be £300,000.

DIRECTORS

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

J M Davies

B O Davies

R G Davies

P W Evans

D G Thomas

POLITICAL DONATIONS AND EXPENDITURE

The Group paid £2,709 (2023: £2,427) to UK based charities in the year, the donations were for numerous local charities with the maximum donation to an individual charity being £439 (2023: £810).

FINANCIAL RISK MANAGEMENT

The group's operations expose it to a variety of financial risks that include th effects of changes in credit risk, liquidity risk and interest rate risk. The group has in place a risk management program that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. ·

Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

PRICE RISK

The group is exposed to commodity price risk as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in scale or nature. The group has· no exposure to equity securities price risk as it holds no listed or either equity investments.

CREDIT RISK

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. Where debt finance is utilised, this is subject to pre-approval by the board of directors and such approval is limited to financial institutions with an AA rating or better. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually by the board.

LIQUIDITY RISK

The group actively maintains short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned expansions.

FUTURE DEVELOPMENTS

The directors are of the view that growth in turnover and profitability will be maintained in the future given reasonable market conditions.

EMPLOYEES

The Group is committed to attracting, developing and retaining the best employees. We do this by offering competitive remuneration packages, definitive career path and a working environment that gives everyone the opportunity to achieve their aspirations through commitment, loyalty and trust.

We believe in building on strengths and improving on weaknesses through a number of training and development programmes on an internal and external basis.

In order to achieve a common awareness of all employees of the financial and economic factors that affect the group's performance, we operate an open two-way communication policy that embraces employee ideas and input through a number of different channels.

REWARD AND RECOGNITION

To ensure employees share in our success, the group offers competitive pay and benefit packages that are directly linked to performance. This is controlled through the achievement of commercially based targets.

EQUAL OPPORTUNITIES POLICY

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled; every effort is made to ensure that their employment with the Group continues, and the appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.

The Group is committed to ensuring that all of our employees and job applicants are treated fairly, have equality of opportunity and are not discriminated against. The Group does not discriminate on the grounds of sex, sexual orientation, marital status, age, ethnic origin, colour, nationality, disability, religion or religious belief.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 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 group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

B O Davies - Director

30 September 2025

Opinion

We have audited the financial statements of LBS Holdings (Uk) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 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.

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 seven, 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.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

-

identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

- discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud.

- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the group, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;

-

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Henry Lloyd Davies (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

30 September 2025

TURNOVER

88,930,996

87,066,943

Cost of sales

59,632,274

58,077,428

GROSS PROFIT

29,298,722

28,989,515

Administrative expenses

27,453,186

25,635,944

1,845,536

3,353,571

Other operating income

4

562,775

218,481

OPERATING PROFIT

6

2,408,311

3,572,052

Interest receivable and similar income

150,863

260,430

2,559,174

3,832,482

Interest payable and similar expenses

7

84,428

97,384

PROFIT BEFORE TAXATION

2,474,746

3,735,098

Tax on profit

8

866,461

1,350,561

PROFIT FOR THE FINANCIAL YEAR

1,608,285

2,384,537

Profit attributable to:

Owners of the parent

1,608,285

2,384,537

PROFIT FOR THE YEAR

1,608,285

2,384,537

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,608,285

2,384,537

Total comprehensive income attributable to:

Owners of the parent

1,608,285

2,384,537

FIXED ASSETS

Intangible assets

11

928,313

372,000

Tangible assets

12

20,326,070

16,595,345

Investments

13

34,692

34,692

21,289,075

17,002,037

CURRENT ASSETS

Stocks

14

12,917,632

11,335,435

Debtors

15

12,105,072

11,910,674

Cash at bank and in hand

3,797,448

14,553,565

28,820,152

37,799,674

CREDITORS

Amounts falling due within one year

16

10,656,273

16,589,109

NET CURRENT ASSETS

18,163,879

21,210,565

TOTAL ASSETS LESS CURRENT LIABILITIES

39,452,954

38,212,602

CREDITORS

Amounts falling due after more than one year

17

(282,345

)

(493,088

)

PROVISIONS FOR LIABILITIES

21

(1,354,384

)

(1,205,174

)

ACCRUALS AND DEFERRED INCOME

22

(195,400

)

(201,800

)

NET ASSETS

37,620,825

36,312,540

CAPITAL AND RESERVES

Called up share capital

23

2,352

2,352

Share premium

24

23,168

23,168

Capital redemption reserve

24

1,133

1,133

Retained earnings

24

37,594,172

36,285,887

SHAREHOLDERS' FUNDS

37,620,825

36,312,540

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:

B O Davies - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

15,133,163

12,005,685

Investments

13

2,267

2,267

15,135,430

12,007,952

CURRENT ASSETS

Debtors

15

67,253

47,772

Cash at bank

759,286

3,672,691

826,539

3,720,463

CREDITORS

Amounts falling due within one year

16

9,353,710

9,769,195

NET CURRENT LIABILITIES

(8,527,171

)

(6,048,732

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,608,259

5,959,220

CREDITORS

Amounts falling due after more than one year

17

(193,907

)

(493,088

)

PROVISIONS FOR LIABILITIES

21

(365,933

)

(372,855

)

ACCRUALS AND DEFERRED INCOME

22

(195,400

)

(201,800

)

NET ASSETS

5,853,019

4,891,477

CAPITAL AND RESERVES

Called up share capital

23

2,352

2,352

Share premium

24

23,168

23,168

Retained earnings

24

5,827,499

4,865,957

SHAREHOLDERS' FUNDS

5,853,019

4,891,477

Company's profit for the financial year

1,261,542

1,101,826

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:

B O Davies - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

2,352

38,901,350

23,168

1,133

38,928,003

Changes in equity

Dividends

-

(5,000,000

)

-

-

(5,000,000

)

Total comprehensive income

-

2,384,537

-

-

2,384,537

Balance at 31 December 2023

2,352

36,285,887

23,168

1,133

36,312,540

Changes in equity

Dividends

-

(300,000

)

-

-

(300,000

)

Total comprehensive income

-

1,608,285

-

-

1,608,285

Balance at 31 December 2024

2,352

37,594,172

23,168

1,133

37,620,825

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

2,352

8,764,131

23,168

8,789,651

Changes in equity

Dividends

-

(5,000,000

)

-

(5,000,000

)

Total comprehensive income

-

1,101,826

-

1,101,826

Balance at 31 December 2023

2,352

4,865,957

23,168

4,891,477

Changes in equity

Dividends

-

(300,000

)

-

(300,000

)

Total comprehensive income

-

1,261,542

-

1,261,542

Balance at 31 December 2024

2,352

5,827,499

23,168

5,853,019

Cash flows from operating activities

Cash generated from operations

1

1,788,868

6,567,659

Interest paid

(48,069

)

(49,287

)

Interest element of hire purchase payments paid

(36,359

)

(48,097

)

Tax paid

(1,346,477

)

(680,582

)

Net cash from operating activities

357,963

5,789,693

Cash flows from investing activities

Purchase of intangible fixed assets

(1,012,990

)

-

Purchase of tangible fixed assets

(5,114,902

)

(1,446,055

)

Sale of tangible fixed assets

78,879

66,216

Interest received

150,863

260,430

Net cash from investing activities

(5,898,150

)

(1,119,409

)

Cash flows from financing activities

Capital repayments in year

(215,812

)

(369,890

)

Amount withdrawn by directors

(118

)

(31,680

)

Equity dividends paid

(5,000,000

)

-

Net cash from financing activities

(5,215,930

)

(401,570

)

(Decrease)/increase in cash and cash equivalents

(10,756,117

)

4,268,714

Cash and cash equivalents at beginning of year

2

14,553,565

10,284,851

Cash and cash equivalents at end of year

2

3,797,448

14,553,565