Company registration number 01605457 (England and Wales)
LUPTON & PLACE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
LUPTON & PLACE LIMITED
COMPANY INFORMATION
Directors
D A Gill
S P Gill
S P Wheeler
M E Howarth
M J Wilson
Secretary
D A Gill
Company number
01605457
Registered office
Norcastal Works
Athletic Street
Burnley
Lancashire
BB10 4LR
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Norcastal Works
Athletic Street
Burnley
Lancashire
BB10 4LR
Bankers
HSBC Bank plc
Lancashire Commercial Centre
1 Forest Green
Caxton Road
Preston
Lancashire
PR2 9LJ
LUPTON & PLACE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
LUPTON & PLACE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Principal risks and uncertainties

The company has a policy to identify the key business risks and are managed appropriately.

Our approach begins by understanding our business strategies and objectives through discussions with senior and operational management. This enables us to align our strategy with our goals and to address the associated risks effectively.

The company’s principal financial instruments comprise bank balances, trade debtors, trade creditors, finance leases and other bank loans. The main purpose of these instruments is to finance the business operations.

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 at floating rates of interest.

Trade debtors are assisted through Invoice Financing and 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 limits.

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

The business has obligations under finance leases and hire purchase contracts. The liquidity risk in respect of these contracts is managed by ensuring that there are sufficient funds to meet the payments.

The business is careful to keep its borrowing within comfortable gearing limits whilst maintaining its ability to invest in people and plant.

Performance and development during the year and key performance indicators

In common with most of the UK manufacturing industry, we continue to trade in a climate of global uncertainty, rising costs, especially raw materials, energy, insurance, and wages.

Our overall turnover was £ 15,426,419 with Profit before taxation of £ 320,048.

The company continues to grow with a Total Equity of £ 4,140,441.

Once again, the company have complied with all bank covenants during the year.

Additions to Plant & Machinery this year was £ 975,727 including further automation as well as digital enhancements to our working practices.

The company continues its programme of Research and Development, with expenditure totalling £ 291,160 this financial year. The mechanism of the tax saving produced by the claim is different under the new “merged” R&D Scheme. In essence, profitable companies receive a credit from their tax liability which amounts to 20% of the claim expenditure. However, this credit is taxed at the small profits rate of Corporation Tax (19%), so the net benefit of the claim is £ 47,168.

There have been a series of significant R&D Tax Relief changes starting from 1 st April 2023 with further changes from 1 st April 2024 and not to our advantage.

In brief, the 2023 rates were rebalanced so that businesses claiming under the R&D SME scheme received a lower rate of tax relief and continuing into 2024/25.

Nevertheless, continuing with Research & Development to improve productivity is the key performance indicator to making our company stronger and competitive and we will continue the strategy despite all the challenges ahead.

We have a vastly experienced team in place that is highly qualified in all aspects of cast metals technology, metallurgy, toolmaking, and machining.

LUPTON & PLACE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Results of the year and year end position

The Company can report a profit before taxation of £ 320,048 and with a Balance Sheet of tangible net worth of £4,140,441 we continue to show further improvements to provide the strong base for future development.

Looking forward

The directors continue to have a trading plan covering all aspects of the business, enabling commercial decisions to be made to generate more cash and profitability in the foreseeable future.

The first budget from a Labour Government for years focused on looking to restore the country’s public services and finances. This meant a large tax rise aimed at businesses and the wealthy to carry that burden. When looking at the details, a large proportion of that burden is in the form of an increase to Employers National Insurance Contributions.

The ill thought increase to National Insurance costs and the National Minimum Wage puts further significant burden on a company such as ours, so the Government must now back industry up with an industrial strategy that doesn't just support headline sectors but recognises the vast supply chains that feed these sectors. The foundry industry matters enormously and without a cast metals sector any national economy is vulnerable.

Manufacturing now only accounts for 9% of the GDP in this country where globally manufacturing’s share of GDP is about 15%.

Support is required and a good start would be to align energy within the industrial strategy and reduce industrial energy costs which are one of the highest in Europe.

There is no Government support for local business funding in East Lancashire, and we are left to fend for ourselves.

Our industry continues to face extreme cost pressure as the acceptance in some quarters of increases in energy over the past 24 months has now whet the appetite of buyers for cost down or transfer their business overseas. Consequently, there may well be an erosion of margins as we fight to offset the inevitable rise in employment costs. It will be difficult to mitigate all these costs through further automation and/or a realignment of our internal costs. Nevertheless, we will continue to invest in the best equipment available and strive to drive down waste in every area of our business.

At Lupton & Place Ltd. we have always had a firm grip on our cashflow, understand where savings can be made, while looking ahead to growth opportunities.

Moreover, we work closely with our bank and finance professionals who offer the best practical advice whenever needed so we can act quickly to overcome any financial difficulties and secure long-term stability.

Our actual results for the first 5 months of 2025/26 fall in line with our budget and expectations.

I have little doubt that Lupton & Place Ltd will further strengthen its business and position in the market place during the coming year and thereafter.

Quality remains first in our list of priorities, and we remain supremely confident of our ability to continue our growth both in volume and by way of profit which will in the main be ploughed back into the business.

Once again, every year I can never fail to give my sincere and unreserved thanks to all the staff of this company whose contributions in whatever role are fundamental to our growth and success.

On behalf of the board

..............................
D A Gill
Director
.........................
LUPTON & PLACE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of engineers, machinists and diecasters of aluminium alloys.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £126,564. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D A Gill
S P Gill
S P Wheeler
M E Howarth
M J Wilson
Research and development

The company continued with its programme of Research & Development (R&D) with significant staffing costs being eligible for R&D Tax Relief for revenue expenditure. A detailed review of each individual has been carefully considered to ensure that they provided direct technical input into the qualifying projects.

The tax incentive is in place to encourage companies to invest in developing or improving products and processes whilst eliminating some of the financial risks involved.

Auditor

Pierce C A Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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; and

- 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.

LUPTON & PLACE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
D A Gill
Director
23 October 2025
LUPTON & PLACE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LUPTON & PLACE LIMITED
- 5 -
Opinion

We have audited the financial statements of Lupton & Place Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 March 2025 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

LUPTON & PLACE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUPTON & PLACE LIMITED
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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.

Auditor's 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 an auditor's report 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.

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:

- The nature of the industry and the company’s control environment.

- Results of our enquiries of management.

- The company’s procedures and controls on compliance with laws and regulations and the risks of fraud.

- Discussions among the audit engagement team concerning potential indicators of fraud.

We are also required to perform specific procedures to respond to the risk of management override.

As a result of our audit procedures we did not identify a material risk of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

LUPTON & PLACE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUPTON & PLACE LIMITED
- 7 -

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 an auditor's report 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.

James King (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
23 October 2025
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
LUPTON & PLACE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
15,426,419
16,201,217
Cost of sales
(10,773,483)
(11,357,910)
Gross profit
4,652,936
4,843,307
Administrative expenses
(4,095,600)
(3,907,715)
Other operating income
58,232
-
0
Operating profit
4
615,568
935,592
Interest payable and similar expenses
7
(295,520)
(282,598)
Profit before taxation
320,048
652,994
Tax on profit
8
(107,551)
(140,148)
Profit for the financial year
212,497
512,846

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LUPTON & PLACE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,923,557
5,568,455
Current assets
Stocks
12
2,315,761
2,133,031
Debtors
11
2,759,897
3,037,826
5,075,658
5,170,857
Creditors: amounts falling due within one year
13
(5,007,110)
(4,844,396)
Net current assets
68,548
326,461
Total assets less current liabilities
5,992,105
5,894,916
Creditors: amounts falling due after more than one year
14
(988,509)
(1,073,740)
Provisions for liabilities
Deferred tax liability
16
863,155
766,668
(863,155)
(766,668)
Net assets
4,140,441
4,054,508
Capital and reserves
Called up share capital
18
253,128
253,128
Revaluation reserve
492,170
492,170
Capital redemption reserve
46,872
46,872
Profit and loss reserves
3,348,271
3,262,338
Total equity
4,140,441
4,054,508

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 October 2025 and are signed on its behalf by:
D A Gill
Director
Company registration number 01605457 (England and Wales)
LUPTON & PLACE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
253,128
534,846
46,872
2,825,431
3,660,277
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
512,846
512,846
Dividends
9
-
-
-
(75,939)
(75,939)
Other movements
-
(42,676)
-
-
(42,676)
Balance at 31 March 2024
253,128
492,170
46,872
3,262,338
4,054,508
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
212,497
212,497
Dividends
9
-
-
-
(126,564)
(126,564)
Balance at 31 March 2025
253,128
492,170
46,872
3,348,271
4,140,441
LUPTON & PLACE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
95,553
1,523,092
Interest paid
(295,520)
(282,598)
Income taxes (paid)/refunded
(58,232)
132,299
Net cash (outflow)/inflow from operating activities
(258,199)
1,372,793
Investing activities
Purchase of tangible fixed assets
(405,747)
(766,134)
Proceeds on disposal of tangible fixed assets
15,750
10,425
Net cash used in investing activities
(389,997)
(755,709)
Financing activities
Receipt/(repayment) of bank loans
(154,360)
176,120
Payment of finance leases obligations
(424,921)
(190,850)
Dividends paid
(126,564)
(75,939)
Net cash used in financing activities
(705,845)
(90,669)
Net (decrease)/increase in cash and cash equivalents
(1,354,041)
526,415
Cash and cash equivalents at beginning of year
(1,176,704)
(1,703,119)
Cash and cash equivalents at end of year
(2,530,745)
(1,176,704)
Relating to:
Bank overdrafts included in creditors payable within one year
(2,530,745)
(1,176,704)
LUPTON & PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
1
Accounting policies
Company information

Lupton & Place Limited is a private company limited by shares incorporated in England and Wales. The registered office is Norcastal Works, Athletic Street, Burnley, Lancashire, BB10 4LR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

The company finances its operations by means of a bank overdraft facility and invoice finance facility. The directors are not aware of any reason why these facilities will not be maintained at their current levels. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover

Turnover represents the amounts (excluding VAT) derived from the provision of diecasting products and services to third party customers during the year. All turnover arises in the United Kingdom.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% per annum
Plant and equipment
5% / 10% / 25% per annum
Motor vehicles
25% per annum

No depreciation is provided on freehold land.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LUPTON & PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

LUPTON & PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

LUPTON & PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life and residual value of tangible fixed assets

Tangible fixed assets are valued at cost or valuation less accumulated depreciation. As such, the directors are required to make judgements on the useful economic life and residual value of tangible fixed assets in order to determine the depreciation rates.

3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Castings
14,797,525
15,447,047
Tooling
628,894
754,170
15,426,419
16,201,217
LUPTON & PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Research and development costs
136,969
136,969
Fees payable to the company's auditor for the audit of the company's financial statements
14,025
11,825
Depreciation of owned tangible fixed assets
491,545
502,647
Depreciation of tangible fixed assets held under finance leases
148,070
108,000
Profit on disposal of tangible fixed assets
(15,750)
(10,425)
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production, sales and distribution
132
131
Administration
9
9
Total
141
140

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,332,238
3,978,072
Social security costs
425,552
376,878
Pension costs
298,485
265,127
5,056,275
4,620,077
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
462,420
523,609
Company pension contributions to defined contribution schemes
187,462
162,260
649,882
685,869

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 4).

LUPTON & PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Directors' remuneration
(Continued)
- 17 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
152,814
172,332
Company pension contributions to defined contribution schemes
60,000
60,000
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
232,242
233,118
Other finance costs:
Interest on finance leases and hire purchase contracts
63,278
49,480
295,520
282,598
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
11,064
-
0
Deferred tax
Origination and reversal of timing differences
96,487
140,148
Total tax charge
107,551
140,148

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
320,048
652,994
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
80,012
163,249
Tax effect of expenses that are not deductible in determining taxable profit
27,539
3,348
Permanent capital allowances in excess of depreciation
-
0
3,000
Research and development tax credit
-
0
(29,449)
Taxation charge for the year
107,551
140,148
LUPTON & PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
9
Dividends
2025
2024
£
£
Dividends paid in the year
126,564
75,939
10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2024
1,750,000
13,202,745
98,000
15,050,745
Additions
18,990
975,727
-
0
994,717
Disposals
-
0
(462,608)
(98,000)
(560,608)
At 31 March 2025
1,768,990
13,715,864
-
0
15,484,854
Depreciation and impairment
At 1 April 2024
-
0
9,384,290
98,000
9,482,290
Depreciation charged in the year
12,000
627,615
-
0
639,615
Eliminated in respect of disposals
-
0
(462,608)
(98,000)
(560,608)
At 31 March 2025
12,000
9,549,297
-
0
9,561,297
Carrying amount
At 31 March 2025
1,756,990
4,166,567
-
0
5,923,557
At 31 March 2024
1,750,000
3,818,455
-
0
5,568,455

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
1,781,900
1,341,000

The company's land and buildings were revalued in May 2024 at open market value with vacant possession by Keppie Massie, Independent Surveyors and Property Consultants. The deficit arising on revaluation was included in the revaluation reserve in the 31 March 2024 financial statements. The directors are of the opinion that the valuation performed in May 2024 is not materially different to the fair value as at the balance sheet date.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

LUPTON & PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Tangible fixed assets
(Continued)
- 19 -
2025
2024
£
£
Cost
976,125
957,135
Accumulated depreciation
(292,264)
(273,121)
Carrying value
683,861
684,014
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,642,529
2,933,636
Corporation tax recoverable
47,168
-
0
Prepayments and accrued income
70,200
104,190
2,759,897
3,037,826
12
Stocks
2025
2024
£
£
Work in progress
2,178,739
1,950,105
Raw materials & consumables
137,022
182,926
2,315,761
2,133,031
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
2,690,745
1,331,064
Obligations under finance leases
15
343,080
253,800
Trade creditors
1,549,760
2,120,685
Taxation and social security
336,725
403,747
Accruals and deferred income
86,800
735,100
5,007,110
4,844,396
LUPTON & PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans
186,760
346,760
Obligations under finance leases
15
801,749
726,980
988,509
1,073,740

The bank loans and overdrafts are secured by fixed and floating charges over the assets of the company.

The obligations under finance leases are secured against the assets to which they relate.

15
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
343,080
253,800
In two to five years
801,749
726,980
1,144,829
980,780
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
863,155
766,668
2025
Movements in the year:
£
Liability at 1 April 2024
766,668
Charge to profit or loss
96,487
Liability at 31 March 2025
863,155

The deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances that are expected to mature within the same period.

LUPTON & PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
298,485
265,127

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
253,128 Ordinary shares of £1 each
253,128
253,128
19
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
157,615
110,556
Years 2-5
210,388
192,312
368,003
302,868
20
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
-
137,119
21
Ultimate controlling party

The company is controlled by some of its directors by virtue of their shareholding in the company.

LUPTON & PLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
22
Cash generated from operations
2025
2024
£
£
Profit after taxation
212,497
512,846
Adjustments for:
Taxation charged
107,551
140,148
Finance costs
295,520
282,598
Gain on disposal of tangible fixed assets
(15,750)
(10,425)
Depreciation and impairment of tangible fixed assets
639,615
610,647
Movements in working capital:
Increase in stocks
(182,730)
(383,351)
Decrease/(increase) in debtors
325,097
(505,324)
(Decrease)/increase in creditors
(1,286,247)
875,953
Cash generated from operations
95,553
1,523,092
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