Lesterose Northern Holdings Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 14645406

LESTEROSE NORTHERN HOLDINGS LIMITED

FINANCIAL STATEMENTS

31 March 2025

LESTEROSE NORTHERN HOLDINGS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

Contents	Pages

Officers and professional advisers	1

Strategic report	2

Directors' report	3 to 4

Independent auditor's report to the members	5 to 8

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 financial statements	15 to 25

LESTEROSE NORTHERN HOLDINGS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	M Blackwood
	D J Guildford
	A R Stone
	P Braid

M Blackwood - Appointed 30th June 2025

B. Holmes - Appointed 30th June 2025

Company secretary	D J Guildford

Registered office	Numeric House
	98 Station Road
	Sidcup
	Kent
	DA15 7BY

Auditor	Affinia (Orpington)
	Chartered accountants & statutory auditor
	Lynwood House
	Crofton Road
	Orpington
	Kent
	BR6 8QE

LESTEROSE NORTHERN HOLDINGS LIMITED

STRATEGIC REPORT

YEAR ENDED 31 MARCH 2025

Lesterose Northern Holdings Limited is a holding company and is the ultimate parent of a trading subsidiary. The overall performance of the company and return on investments are based on the performance of the trading subsidiary.

Strategic Management The objective of the trading subsidiary is to be one of the largest brickwork contractors in the northern region of the UK. To achieve this objective the group's strategy is to supply high quality finishes for brickwork and blockwork, architectural masonry and stonework. The group employs traditional values and methods and is committed to delivering services tailored to clients' requirements using its wealth of knowledge and skills in the construction industry.

Business Environment The group is subject to various health and safety risks due to the nature of business of the group companies. The group is totally committed to achieving the highest level of health and safety provision throughout all areas of the group and aims to work towards achieving a working environment that is free from work-related accidents and ill health, this is regarded as an ongoing process. All employees of the group are encouraged to actively participate in working towards these aims and the group provide a robust in house training programme. The group is fully aware of their environmental responsibilities and has developed their own environmental management system in accordance with the international standards ISO14001:2015.

Business performance The level of business and the period end financial position were satisfactory, and the directors expect that the present level of activity will be sustained for the foreseeable future. The Board regards the following as key performance indicators for the Group: 1. Gross profit percentage The gross profit percentage achieved in 2025 was 35.7% (2024 - 24.8%) 2. The ratio of current assets to current liabilities The ratio of current assets to current liabilities at 31st March 2025 was 2.8 (2024 - 1.66) The Board is comfortable to report that, whilst there have been challenges in the accounting period, due to global events and rising material prices, the group has been able to continue to operate satisfactorily and are pleased with the above results.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

M Blackwood

Director

LESTEROSE NORTHERN HOLDINGS LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 MARCH 2025

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

Directors

The directors who served the company during the year were as follows:

D J Guildford
A R Stone
P Braid

Dividends

The directors do not recommend the payment of a dividend.

Future developments

Whilst the company continues to look for further investment opportunities it is not anticipated that there will be any significant change to current activities for the immediate future.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 23 to the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 group and the company and 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

M Blackwood

Director

LESTEROSE NORTHERN HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LESTEROSE NORTHERN HOLDINGS LIMITED

YEAR ENDED 31 MARCH 2025

Opinion

We have audited the financial statements of Lesterose Northern Holdings Limited (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 the related notes, 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 FRS 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's 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; - 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 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 or 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report 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.

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 strategic report or the directors' report. 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 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 directors' responsibilities statement, 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 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.

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 in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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, was as follows: - 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 directors and other management, and from our commercial knowledge and experience of the building 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 Companies Act 2006, taxation legislation, 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. - 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 - investigated the rationale behind significant or unusual transactions; and - observed and identified internal controls in place, specifically around payroll and bank 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 and reviewing for evidence of correspondence with 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 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. 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.

Mark Middleton FCA

(Senior Statutory Auditor)

For and on behalf of

Affinia (Orpington)

Chartered accountants & statutory auditor

Lynwood House

Crofton Road

Orpington

Kent

BR6 8QE

23 December 2025

LESTEROSE NORTHERN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 31 MARCH 2025

			Period from
		Year to	23 Mar 23 to
		31 Mar 25	31 Mar 24
Note		£	£
Turnover	4	15,515,609	12,614,299

Cost of sales	9,972,148	9,484,538
	-------------	-------------
Gross profit	5,543,461	3,129,761

Administrative expenses		2,081,355	( 4,011)
Other operating income	5	–	72,000
		------------	------------
Operating profit	6	3,462,106	3,205,772

Other interest receivable and similar income	10	83,730	27
Amounts written back to investments		–	( 9,566)
Interest payable and similar expenses	11	28,422	35,081
		------------	------------
Profit before taxation		3,517,414	3,180,284

Tax on profit	12	889,842	465,788
		------------	------------
Profit for the financial year and total comprehensive income		2,627,572	2,714,496
		------------	------------

All the activities of the group are from continuing operations.

LESTEROSE NORTHERN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	14		230,203	189,206

Current assets

Debtors	16	1,813,690	3,808,256
Cash at bank and in hand		6,141,654	2,530,955
		------------	------------
		7,955,344	6,339,211

Creditors: amounts falling due within one year	17	2,831,141		3,813,127
		------------		------------
Net current assets			5,124,203	2,526,084
			------------	------------
Total assets less current liabilities			5,354,406	2,715,290

Provisions	18	12,238	694
		------------	------------
Net assets		5,342,168	2,714,596
		------------	------------

Capital and reserves

Called up share capital	21	100	100
Profit and loss account		5,342,068	2,714,496
		------------	------------
Shareholders funds		5,342,168	2,714,596
		------------	------------

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

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

M Blackwood

Director

Company registration number: 14645406

LESTEROSE NORTHERN HOLDINGS LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Investments	15		6,500,000	6,500,000

Current assets

Debtors	16	85,328		1,040,076

Creditors: amounts falling due within one year	17	6,578,731		7,535,057
		------------		------------
Net current liabilities			6,493,403	6,494,981
			------------	------------
Total assets less current liabilities			6,597	5,019
			-------	-------
Net assets			6,597	5,019
			-------	-------

Capital and reserves

Called up share capital	21	100	100
Profit and loss account		6,497	4,919
		-------	-------
Shareholders funds		6,597	5,019
		-------	-------

The profit for the financial year of the parent company was £ 1,578 (2024: £ 4,919 ).

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

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

M Blackwood

Director

Company registration number: 14645406

LESTEROSE NORTHERN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total
	£	£	£
At 23 March 2023	–	–	–

Profit for the year		2,714,496	2,714,496
	----	------------	------------
Total comprehensive income for the year	–	2,714,496	2,714,496

Issue of shares	100	–	100
	----	------------	------------
Total investments by and distributions to owners	100	–	100

At 31 March 2024	100	2,714,496	2,714,596

Profit for the year		2,627,572	2,627,572
	----	------------	------------
Total comprehensive income for the year	–	2,627,572	2,627,572

	----	------------	------------
At 31 March 2025	100	5,342,068	5,342,168
	----	------------	------------

LESTEROSE NORTHERN HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total
	£	£	£
At 23 March 2023	–	–	–

Profit for the year		4,919	4,919
	----	-------	-------
Total comprehensive income for the year	–	4,919	4,919

Issue of shares	100	–	100
	----	-------	-------
Total investments by and distributions to owners	100	–	100

At 31 March 2024	100	4,919	5,019

Profit for the year		1,578	1,578
	----	-------	-------
Total comprehensive income for the year	–	1,578	1,578

	----	-------	-------
At 31 March 2025	100	6,497	6,597
	----	-------	-------

LESTEROSE NORTHERN HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	2,627,572	2,714,496

Adjustments for:
Depreciation of tangible assets	12,912	11,035
Amortisation of intangible assets	–	( 1,268,274)
Amounts written back to investments	–	( 9,566)
Other interest receivable and similar income	( 83,730)	( 27)
Interest payable and similar expenses	28,422	35,081
Loss on disposal of tangible assets	16,091	–
Tax on profit	889,842	465,788
Accrued expenses	134,036	149,464

Changes in:
Trade and other debtors	1,994,566	( 1,974,768)
Trade and other creditors	( 532,932)	441,183
	------------	------------
Cash generated from operations	5,086,779	564,412

Interest paid	( 28,422)	( 35,081)
Interest received	83,730	27
Tax paid	( 476,640)	–
	------------	---------
Net cash from operating activities	4,665,447	529,358
	------------	---------

Cash flows from investing activities

Purchase of tangible assets	( 95,000)	–
Proceeds from sale of tangible assets	25,000	–
Acquisition of subsidiaries	–	1,031,197
	------------	------------
Net cash (used in)/from investing activities	( 70,000)	1,031,197
	------------	------------

Cash flows from financing activities

Proceeds from issue of ordinary shares	–	100
Proceeds from borrowings	( 984,748)	984,748
Payments of finance lease liabilities	–	( 14,448)
	------------	------------
Net cash (used in)/from financing activities	( 984,748)	970,400
	------------	------------

Net increase in cash and cash equivalents	3,610,699	2,530,955
Cash and cash equivalents at beginning of year	2,530,955	–
	------------	------------
Cash and cash equivalents at end of year	6,141,654	2,530,955
	------------	------------

LESTEROSE NORTHERN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

1. General information

These financial statements replace the original financial statements are now the statutory accounts. The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Debtors

Debtors are initially recorded at fair value and are assessed for impairment at each year end date. If any impairments exist the debtors are re-measured to the present value of the expected future cash inflows.

Creditors

Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Lesterose Northern Holdings Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: The key source of estimation uncertainty is revenue recognition on long term contracts. Profits on long term contracts are accrued evenly over the life of the contract. There are two estimated factors that are used in calculating the carrying amounts, being an estimated budgeted gross profit percentage and the estimated percentage of completion. The carrying amounts of the estimated contract values as at 31st March 2025 are uninvoiced sales of £700,132 (2024 - £1,773,873) and sales in advance of £645,905 (2024 - £429,155 ).

Revenue recognition

Revenue refers to the amounts earned from the Group's principal activity; that of builders and developers. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably .

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Negative goodwill	-	100% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Motor vehicles	-	25% reducing balance

Freehold land is not depreciated .

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

		Period from
	Year to	23 Mar 23 to
	31 Mar 25	31 Mar 24
	£	£
Construction contracts	15,515,609	12,614,299
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Other operating income

		Period from
	Year to	23 Mar 23 to
	31 Mar 25	31 Mar 24
	£	£
Management charges receivable	–	72,000
	----	--------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

		Period from
	Year to	23 Mar 23 to
	31 Mar 25	31 Mar 24
	£	£
Amortisation of intangible assets	–	( 1,268,274)
Depreciation of tangible assets	12,912	11,035
Loss on disposal of tangible assets	16,091	–
Impairment of trade debtors	95,970	2,670
	--------	------------

7. Auditor's remuneration

		Period from
	Year to	23 Mar 23 to
	31 Mar 25	31 Mar 24
	£	£
Fees payable for the audit of the financial statements	14,500	14,500
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	15	19
Administrative staff	3	3
Management staff	5	5
	----	----
	23	27
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

		Period from
	Year to	23 Mar 23 to
	31 Mar 25	31 Mar 24
	£	£
Wages and salaries	1,369,253	1,064,715
Social security costs	152,922	118,157
Other pension costs	353,158	190,882
	------------	------------
	1,875,333	1,373,754
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

		Period from
	Year to	23 Mar 23 to
	31 Mar 25	31 Mar 24
	£	£
Remuneration	738,384	234,400
Company contributions to defined contribution pension plans	233,777	140,000
	---------	---------
	972,161	374,400
	---------	---------

Remuneration of the highest paid director in respect of qualifying services:

		Period from
	Year to	23 Mar 23 to
	31 Mar 25	31 Mar 24
	£	£
Aggregate remuneration	247,000	137,000
	---------	---------

10. Other interest receivable and similar income

		Period from
	Year to	23 Mar 23 to
	31 Mar 25	31 Mar 24
	£	£
Interest on cash and cash equivalents	83,730	27
	--------	----

11. Interest payable and similar expenses

		Period from
	Year to	23 Mar 23 to
	31 Mar 25	31 Mar 24
	£	£
Other interest payable and similar charges	28,422	35,081
	--------	--------

12. Tax on profit

Major components of tax expense

		Period from
	Year to	23 Mar 23 to
	31 Mar 25	31 Mar 24
	£	£

Current tax:

UK current tax income	878,298	467,090

Deferred tax:

Origination and reversal of timing differences	11,544	( 1,302)
	---------	---------
Tax on profit	889,842	465,788
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

		Period from
	Year to	23 Mar 23 to
	31 Mar 25	31 Mar 24
	£	£
Profit on ordinary activities before taxation	3,517,414	3,180,284
	------------	------------
Profit on ordinary activities by rate of tax	886,484	783,873
Adjustment to tax charge in respect of prior periods	–	( 9,370)
Effect of expenses not deductible for tax purposes	3,100	10,392
Effect of capital allowances and depreciation	( 11,286)	( 315,413)
Effect of deferred taxation	11,544	( 1,302)
Effect of intercompay loan write off	–	(2,392)
	------------	------------
Tax on profit	889,842	465,788
	------------	------------

13. Intangible assets

Group	Negative goodwill
	£
Cost
At 1 April 2024 and 31 March 2025	( 1,268,174)
	------------
Amortisation
At 1 April 2024 and 31 March 2025	( 1,268,174)
	------------
Carrying amount
At 1 April 2024 and 31 March 2025	–
	------------
At 31 March 2024	–
	------------

The company has no intangible assets.

14. Tangible assets

Group	Freehold property	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2024	118,769	81,472	200,241
Additions	–	95,000	95,000
Disposals	–	( 46,592)	( 46,592)
	---------	---------	---------
At 31 March 2025	118,769	129,880	248,649
	---------	---------	---------
Depreciation
At 1 April 2024	1,416	9,619	11,035
Charge for the year	1,033	11,879	12,912
Disposals	–	( 5,501)	( 5,501)
	---------	---------	---------
At 31 March 2025	2,449	15,997	18,446
	---------	---------	---------
Carrying amount
At 31 March 2025	116,320	113,883	230,203
	---------	---------	---------
At 31 March 2024	117,353	71,853	189,206
	---------	---------	---------

The company has no tangible assets.

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 April 2024 and 31 March 2025	6,500,000
	------------
Impairment
At 1 April 2024 and 31 March 2025	–
	------------

Carrying amount
At 1 April 2024 and 31 March 2025	6,500,000
	------------
At 31 March 2024	6,500,000
	------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Lesterose Northern Limited	Ordinary	100
Lesterose Scotland Limited	Ordinary	100

16. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	5,170	5,170	–	–
Amounts owed by group undertakings	–	–	70,000	40,000
Prepayments and accrued income	11,034	9,605	–	–
Directors loan account	15,252	–	15,252	–
Amounts recoverable on contracts	1,587,221	2,503,761	–	–
Other debtors	195,013	1,289,720	76	1,000,076
	------------	------------	--------	------------
	1,813,690	3,808,256	85,328	1,040,076
	------------	------------	--------	------------

The debtors above include the following amounts falling due after more than one year:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts recoverable on contracts	314,248	271,409	–	–
	---------	---------	----	----

17. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Payments received on account	645,905	429,155	–	–
Trade creditors	417,984	1,075,387	–	–
Amounts owed to group undertakings	–	–	6,515,227	6,515,227
Accruals and deferred income	486,502	352,466	63,504	35,082
Corporation tax	878,118	476,460	–	–
Social security and other taxes	70,729	162,868	–	–
Director loan accounts	–	984,748	–	984,748
Other creditors	331,903	332,043	–	–
	------------	------------	------------	------------
	2,831,141	3,813,127	6,578,731	7,535,057
	------------	------------	------------	------------

18. Provisions

Group	Deferred tax (note 19)
	£
At 1 April 2024	694
Additions	11,544
	--------
At 31 March 2025	12,238
	--------

The company does not have any provisions.

19. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 18)	12,238	694	–	–
	--------	----	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	12,238	694	–	–
	--------	----	----	----

20. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 353,158 (2024: £ 190,882 ).

21. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

22. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	2,530,955	3,610,699	6,141,654
Debt due within one year	(984,748)	984,748	–
	------------	------------	------------
	1,546,207	4,595,447	6,141,654
	------------	------------	------------

LESTEROSE NORTHERN HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2025

23. Events after the end of the reporting period

Subsequent to the reporting period, an Employee Ownership Trust (EOT) was established, and the Trust acquired 100% of the Company's shares from the existing shareholders

24. Directors' advances, credits and guarantees

At the year ending 31st March 2025 the directors owed the company £15,252. This was repaid within 9 months of the year end.

25. Related party transactions

Group

The company is related to KPT Solutions Limited, Tie Solutions Limited, Imperial Homes Tonbridge Limited, Lesterose Builders Limited and Multi Services Kent Limited by the virtue that the companies are under the common directorship of Mr A R Stone and Mr D J Guildford . KPT Solutions Limited: D uring the year, the company made purchases totalling £13,466 (2024 - £5,860) from KPT Solutions Limited in respect of material, tool and plant supply and hire and £60,000 (2024 - £nil)in respect of management charges. At the year end, the company was owed £170 (2024 - £170) from KPT Solutions Limited and owed £70,667 (2024 - £2,636) to KPT Solutions Limited. These balance are included in trade debtors and trade creditors. Tie Solutions Limited: During the year management charges of £nil (2024 - £72,000) were charged to Tie Solutions Limited and restructuring costs of £nil (2024 - £50,000) paid by Tie Solutions Limited were recharged to the group. At the year end, the company was owed £5,000 (2024 - £5,000) from Tie Solutions Limited and owed £328,000 (2024 - £328,000) to Tie Solutions Limited. These balances are included in trade debtors and other creditors. Imperial Homes Tonbridge Limited: During the year directors transactions totalling £nil (2024 - £1,000,000) were made in respect of restructuring costs. At the year end, there were no outstanding balances between the companies. (2024 - £1,000,000). The loan was made interest free and repayable on demand. Lesterose Builders Limited: During the year, the company made purchases totalling £6,597 (2024 - £4,608) from Lesterose Builders in respect of recharges for administration charges and Sage Construction software. At the year end, the company owed £600 (2024 - £600) to Lesterose Builders Limited. This balance is included in trade creditors. Multi Services Kent Limited: During the year, the company made purchases totalling £1,524 (2024 - £1,788) and £5,808 (2024 - £5,828) in respect of management recharges and recharge of annual healthcare. At the year end, the company owed £393 (2024 - £361) to Multi Services Kent Limited. This balance is included in trade creditors. All sales and purchases between Lesterose Scotland Limited and its related parties throughout the year were carried out on an arm's length basis at the standard market rate .

Company

At the year ending 31st March 2025 the company was owed £nil (2024 - £1,000,000) from Imperial Homes Tonbridge Limited. Lesterose Northern Holdings Limited and Imperial Homes Tonbridge Limited are related by virtue of the fact that they are common directorship of Mr A R Stone and Mr D J Guildford . The loan was made interest free and is repayable on demand.

26. Controlling party

There is no one controlling party.