REGISTERED NUMBER: 03335373 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

LEACH HOLDINGS LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

9

Consolidated Statement of Financial Position

10

Company Statement of Financial Position

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Consolidated Statement of Cash Flows

15

Notes to the Consolidated Financial Statements

16

DIRECTOR:

E J Leach

SECRETARY:

Mrs L M Leach

REGISTERED OFFICE:

Brockholes Way

Garstang Road

Claughton on Brock

Preston

Lancashire

PR3 0PZ

REGISTERED NUMBER:

03335373 (England and Wales)

AUDITORS:

RFM Audit Services LLP, Statutory Auditor

Unit 1, Guest House Farm

Runshaw Lane

Euxton

Chorley

Lancashire

PR7 6HD

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

REVIEW OF BUSINESS

Established for more than 50 years, Leach Holdings Group is a privately-owned company specialising in the engineering, fabrication, surface treatment and onsite erection of structural steelwork and associated external cladding envelopes. The group is dedicated to delivering a reliable, professional service on all projects delivered; which has in turn increased their standing as a preferred structural steelwork subcontractor to a growing number of UK Tier One principal contracting companies.

The group operates from purpose-built premises in the North West of England completing projects across a wide range of sectors including Commercial, Education, Health, Industrial, Leisure, Pharmaceutical, Residential and Retail.

The director is pleased to report the result for the year with turnover of £24.8m (2024: £29.7m) and profit before taxation of £2.3m (2024: £2.4m). The group’s gross profit margin remains strong at a slightly increased 29.2% (2024: 25.9%).

The continued increasing profitability of the group can be attributed to creating good working relationships with clients, expert knowledge of the industry, commitment to health and safety, and excellent performance on quality measures both during production and on site.

The group at the year-end remains in a strong financial position.

PRINCIPAL RISKS AND UNCERTAINTIES

The risks identified by the director that could materially and adversely affect the group’s future operating results or financial position include:

Competition - The business environment in which we operate in continues to be challenging with a highly competitive market with pressure on price and margins. Competition is expected to remain strong in the short term, but the Director expects profitability and competitiveness to continue due to further capital investment in the facilities and equipment driving efficiency.

Future Potential Volatility of steel prices - The price of steel is outside our control and adversely affected by increased costs, such as import costs, in the steel supply chain.

Client failure - The group regularly reviews controls in place to mitigate risk by assessing the status of all new customers. Recent high profile failures of tier one contractors has highlighted this risk, however Leach Group Holdings were not suppliers to any of these and so avoided any potential issues.

Despite these risks and uncertainties, the director considers the group will continue to steadily grow and therefore is looking forward to the future with confidence and is optimistic that with the operational efficiencies, management skills and the ability to change to market requirements, the future, whilst challenging, will be as exciting and rewarding as ever.

Given the size of the group, the director has not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by director are implemented by the company's finance department. The director will revisit the appropriateness of this policy should the company's operations change in size or nature.

FINANCIAL INSTRUMENTS

The group has a low exposure to financial risk since it operates with good working capital management. The group makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material to the assessment of assets, liabilities, financial position and profit or loss of the company.

The above meant that the company’s financial position remained strong throughout the COVID period and no CBILS loan was required.

KEY PERFORMANCE INDICATORS

Financial Key Performance Indicators are outlined in the "Review of the business" section above and include profit before taxation and total equity.

The company monitors several other non-financial Key Performance Indicators (KPIs) including:

Client satisfaction

Delivery to budget

Delivery to time

Client referrals

The group is continuously improving performance and service and consistently scores in excess of 90% on all the above.

FUTURE DEVELOPMENTS

The group will continue to look for development opportunities within the sector it operates.

ON BEHALF OF THE BOARD:

E J Leach - Director

10 December 2025

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

DIVIDENDS

Interim dividends per share were paid during the year as follows:

A Ordinary £1

-

£72000

- 31 March 2025

B Ordinary £1

-

£19600

- 31 March 2025

D Ordinary £1

-

£50000

- 31 March 2025

The total distribution of dividends for the year ended 31 March 2025 will be £ 141,600 .

DIRECTOR

E J Leach held office during the whole of the period from 1 April 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, RFM Audit Services LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

E J Leach - Director

10 December 2025

Opinion

We have audited the financial statements of Leach Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, is detailed below.

- the engagement partner ensured that the engagement team collectively had the appropriate

competence, capabilities and skills to identify or recognise non-compliance with applicable laws and

regulations;

- we identified the laws and regulations applicable to the company through discussions with the directors and other management, and from our commercial knowledge and experience of the steel construction sector;

- we focused on specific laws and regulations which we considered may have a direct material effect

on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, environmental and health and

safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making

enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team

remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their

knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and

regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were

indicative of potential bias and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Sarah Flynn FCA (Senior Statutory Auditor)

for and on behalf of RFM Audit Services LLP, Statutory Auditor

Unit 1, Guest House Farm

Runshaw Lane

Euxton

Chorley

Lancashire

PR7 6HD

10 December 2025

TURNOVER

3

24,843,561

29,686,919

Cost of sales

17,583,318

21,983,437

GROSS PROFIT

7,260,243

7,703,482

Administrative expenses

5,017,618

5,293,034

2,242,625

2,410,448

Other operating income

76,361

94,265

OPERATING PROFIT

5

2,318,986

2,504,713

Interest receivable and similar income

6

63,161

46,829

2,382,147

2,551,542

Interest payable and similar expenses

7

51,662

112,422

PROFIT BEFORE TAXATION

2,330,485

2,439,120

Tax on profit

8

864,052

175,386

PROFIT FOR THE FINANCIAL YEAR

1,466,433

2,263,734

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,466,433

2,263,734

Profit attributable to:

Owners of the parent

1,466,433

2,263,734

Total comprehensive income attributable to:

Owners of the parent

1,466,433

2,263,734

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

15,997,435

13,611,277

Investments

13

-

-

Investment property

14

1,127,504

694,100

17,124,939

14,305,377

CURRENT ASSETS

Stocks

15

64,485

64,485

Debtors

16

9,290,768

7,389,712

Cash at bank

2,514,402

4,534,724

11,869,655

11,988,921

CREDITORS

Amounts falling due within one year

17

5,939,339

5,226,353

NET CURRENT ASSETS

5,930,316

6,762,568

TOTAL ASSETS LESS CURRENT LIABILITIES

23,055,255

21,067,945

CREDITORS

Amounts falling due after more than one year

18

(275,396

)

(476,977

)

PROVISIONS FOR LIABILITIES

21

(1,936,990

)

(1,072,938

)

NET ASSETS

20,842,869

19,518,030

CAPITAL AND RESERVES

Called up share capital

22

14,181

14,175

Revaluation reserve

23

1,050,763

1,062,328

Capital redemption reserve

23

12,825

12,825

Retained earnings

23

19,765,100

18,428,702

SHAREHOLDERS' FUNDS

20,842,869

19,518,030

The financial statements were approved by the director and authorised for issue on 10 December 2025 and were signed by:

E J Leach - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

15,022,403

12,426,417

Investments

13

49,001

49,001

Investment property

14

1,127,504

694,100

16,198,908

13,169,518

CURRENT ASSETS

Debtors

16

5,199,586

2,989,941

Cash at bank

2,249,419

4,035,016

7,449,005

7,024,957

CREDITORS

Amounts falling due within one year

17

2,628,417

1,049,451

NET CURRENT ASSETS

4,820,588

5,975,506

TOTAL ASSETS LESS CURRENT LIABILITIES

21,019,496

19,145,024

CREDITORS

Amounts falling due after more than one year

18

(275,396

)

(476,977

)

PROVISIONS FOR LIABILITIES

21

(1,719,282

)

(803,282

)

NET ASSETS

19,024,818

17,864,765

CAPITAL AND RESERVES

Called up share capital

22

14,181

14,175

Revaluation reserve

1,050,763

1,062,328

Capital redemption reserve

12,825

12,825

Retained earnings

17,947,049

16,775,437

SHAREHOLDERS' FUNDS

19,024,818

17,864,765

Company's profit for the financial year

1,301,647

2,125,240

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 10 December 2025 and were signed by:

E J Leach - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

14,175

16,277,973

1,073,893

12,825

17,378,866

Changes in equity

Dividends

-

(124,570

)

-

-

(124,570

)

Total comprehensive income

-

2,275,299

(11,565

)

-

2,263,734

Balance at 31 March 2024

14,175

18,428,702

1,062,328

12,825

19,518,030

Changes in equity

Issue of share capital

6

-

-

-

6

Dividends

-

(141,600

)

-

-

(141,600

)

Total comprehensive income

-

1,477,998

(11,565

)

-

1,466,433

Balance at 31 March 2025

14,181

19,765,100

1,050,763

12,825

20,842,869

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

14,175

14,763,202

1,073,893

12,825

15,864,095

Changes in equity

Dividends

-

(124,570

)

-

-

(124,570

)

Total comprehensive income

-

2,136,805

(11,565

)

-

2,125,240

Balance at 31 March 2024

14,175

16,775,437

1,062,328

12,825

17,864,765

Changes in equity

Issue of share capital

6

-

-

-

6

Dividends

-

(141,600

)

-

-

(141,600

)

Total comprehensive income

-

1,313,212

(11,565

)

-

1,301,647

Balance at 31 March 2025

14,181

17,947,049

1,050,763

12,825

19,024,818

Cash flows from operating activities

Cash generated from operations

1

3,564,115

7,836,182

Interest paid

(3,512

)

(50,006

)

Interest element of hire purchase payments paid

(48,150

)

(62,416

)

Tax paid

(150,243

)

(351,056

)

Net cash from operating activities

3,362,210

7,372,704

Cash flows from investing activities

Purchase of tangible fixed assets

(4,698,435

)

(2,863,057

)

Purchase of investment property

(433,404

)

-

Sale of tangible fixed assets

653,318

150,816

Interest received

63,161

46,829

Net cash from investing activities

(4,415,360

)

(2,665,412

)

Cash flows from financing activities

Capital repayments in year

(229,487

)

(1,238,455

)

Amount introduced by directors

-

645,600

Amount withdrawn by directors

(596,091

)

(702,456

)

Share issue

6

-

Equity dividends paid

(141,600

)

(124,570

)

Net cash from financing activities

(967,172

)

(1,419,881

)

(Decrease)/increase in cash and cash equivalents

(2,020,322

)

3,287,411

Cash and cash equivalents at beginning of year

2

4,534,724

1,247,313

Cash and cash equivalents at end of year

2

2,514,402

4,534,724

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

2025

2024

£

£

Profit before taxation

2,330,485

2,439,120

Depreciation charges

1,676,584

1,794,140

Profit on disposal of fixed assets

(17,626

)

(94,362

)

Finance costs

51,662

112,422

Finance income

(63,161

)

(46,829

)

3,977,944

4,204,491

Decrease in stocks

-

352,495

(Increase)/decrease in trade and other debtors

(1,305,055

)

3,384,307

Increase/(decrease) in trade and other creditors

891,226

(105,111

)

Cash generated from operations

3,564,115

7,836,182

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

2,514,402

4,534,724

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

4,534,724

1,247,313

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

4,534,724

(2,020,322

)

2,514,402

4,534,724

(2,020,322

)

2,514,402

Debt

Finance leases

(706,465

)

229,487

(476,978

)

(706,465

)

229,487

(476,978

)

Total

3,828,259

(1,790,835

)

2,037,424