Company Registration No. 00594639 (England and Wales)
LAWRENCES GARAGES (LONDON) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2025
4 Office Village, Forder Way
Cygnet Park
Hampton
Peterborough
Cambridgeshire
United Kingdom
PE7 8GX
LAWRENCES GARAGES (LONDON) LIMITED
CONTENTS
Page
Company information
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 29
Detailed profit and loss account
LAWRENCES GARAGES (LONDON) LIMITED
COMPANY INFORMATION
Directors
A B Lawrence
B Lawrence
S C Lawrence
Secretary
K R Lawrence
Registered office
Meadow Barn
Drury Square
Beeston
Norfolk
PE32 2NA
Accountants
CALM Accounting
Chartered Certified Accountants
Low Cottage
10 Low Cross
Whittlesey
Peterborough
PE29 6XY
Auditors
TC Group
4 Office Village, Forder Way
Cygnet Park
Hampton
Peterborough
Cambridgeshire
PE2 6XU
LAWRENCES GARAGES (LONDON) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

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

Principal Activity
The principal activity of the company is that of garage forecourt sales.
Fair review of the business

Before I report on the Company, I would like to express my deepest thanks to all of the directors, management and staff of our enterprise. They all continue to do a tremendous job, and their dedication, enthusiasm and loyalty have been humbling and are integral to our success.

I would also like to thank our customers and business partners for the relationships which in many cases span many years. These are crucial to our success, and we value them very highly.

Most years trading conditions are challenging but I believe it is fair to say that although these persevere, yet we have thrived with these trials.

I am pleased to report that during the year ended May 2025, that although Lawrences Garages (London) Ltd experienced some mixed trading, especially in the fuel category, our net profit was only slightly smaller than last year’s record figure. Most sites made a positive profit contribution and played its part in our development and with strategic developments; Lawrences ensured an excellent return for its shareholders.

Harleston Service Station continues to exceed expectations with robust returns generating a near to record contribution. Sheringham Service Station continues to experience shop competition from local sources, but we are still delighted with the positive effect it has had our returns. The jet wash and overall valeting centre provide robustness to the bottom line.

Sholing Service Station’s new valeting centre continues to evolve with new cutting-edge technology and provides a seriously quality retail experience. Although the site had a huge amount of disruption bringing this project to fruition, its yield continues to be exemplary.

Beccles, our sole stand-alone convenience store continues to increase sales and provide many interesting lessons for the company.

Our tenants continue to contribute fully, with a small increase last year.

Clearly, there are risks and uncertainties in any business but our profit in a difficult environment was still robust, especially as we have experienced continued difficult times especially in fuel sales. However, the efforts of all have been extremely beneficial. We anticipate continuing the direct operation of the remainder of the sites.

We believe that this will be a very difficult year as conditions continue to be prejudicial to trade, but we believe that we are in good shape for the taxing times ahead. We hope that a continuing number of strategic investments in the existing estate and new purchases will provide further returns for the company.

LAWRENCES GARAGES (LONDON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
The company's key financial and other performance indicators during the year were as follows:
Unit
2025
2024
Turnover
£
25,659,710
27,123,340
Gross profit margin
%
10
9
Profit before tax
£
1,685,396
2,365,233

The business' principle financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the business and finance lease agreements. 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. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

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

Loans comprise loans from the directors and from financial institutions. The interest rate on loans from financial instruments is variable, but the monthly repayments are fixed. The business managed the liquidity risk by ensuring that there are sufficient funds to meet the payments.

On behalf of the board

A B Lawrence
Director
6 February 2026
LAWRENCES GARAGES (LONDON) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 3 -

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

Directors

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

A B Lawrence
B Lawrence
S C Lawrence
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.

On behalf of the board
A B Lawrence
Director
6 February 2026
LAWRENCES GARAGES (LONDON) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 4 -

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;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s 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.

LAWRENCES GARAGES (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAWRENCES GARAGES (LONDON) LIMITED
- 5 -
Opinion

We have audited the financial statements of Lawrences Garages (London) Limited (the 'company') for the year ended 31 May 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 May 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.

LAWRENCES GARAGES (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAWRENCES GARAGES (LONDON) LIMITED
- 6 -

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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

LAWRENCES GARAGES (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAWRENCES GARAGES (LONDON) LIMITED
- 7 -

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- The laws and regulations that are key to the business was identified as Health & Safety and compliance with the Environmental Agency. We reviewed the Forecourt Compliance Audit reports and DSEAR Risk Assessment (for the sites that the company is operating from) that was produced by a third party and we discussed the results with management.

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

LAWRENCES GARAGES (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAWRENCES GARAGES (LONDON) LIMITED
- 8 -

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.

John Grant (Senior Statutory Auditor)
For and on behalf of TC Group
6 February 2026
Office: Peterborough
LAWRENCES GARAGES (LONDON) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
25,659,710
27,123,340
Cost of sales
(23,116,036)
(24,590,791)
Gross profit
2,543,674
2,532,549
Administrative expenses
(1,213,723)
(966,084)
Other operating income
363,817
380,090
Operating profit
4
1,693,768
1,946,555
Interest receivable and similar income
7
55,575
29,000
Interest payable and similar expenses
8
(63,947)
(5,322)
Gain on fair value of investment property
9
-
395,000
Profit before taxation
1,685,396
2,365,233
Tax on profit
10
(462,748)
(609,788)
Profit for the financial year
1,222,648
1,755,445
LAWRENCES GARAGES (LONDON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 10 -
2025
2024
£
£
Profit for the year
1,222,648
1,755,445
Other comprehensive income
Revaluation of tangible fixed assets
-
0
7,380,838
Tax relating to other comprehensive income
-
0
(1,845,210)
Other comprehensive income for the year
-
0
5,535,628
Total comprehensive income for the year
1,222,648
7,291,073
LAWRENCES GARAGES (LONDON) LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
16,144,383
15,218,841
Investment property
13
4,305,000
4,305,000
20,449,383
19,523,841
Current assets
Stocks
14
510,101
597,981
Debtors
15
770,653
606,189
Cash at bank and in hand
2,836,180
3,429,017
4,116,934
4,633,187
Creditors: amounts falling due within one year
16
(1,221,875)
(1,846,123)
Net current assets
2,895,059
2,787,064
Total assets less current liabilities
23,344,442
22,310,905
Creditors: amounts falling due after more than one year
17
(164,654)
(177,885)
Provisions for liabilities
Deferred tax liability
19
3,557,129
3,491,729
(3,557,129)
(3,491,729)
Net assets
19,622,659
18,641,291
Capital and reserves
Called up share capital
21
8,500
8,500
Revaluation reserve
8,125,251
8,125,251
Profit and loss reserves
11,488,908
10,507,540
Total equity
19,622,659
18,641,291
The financial statements were approved by the board of directors and authorised for issue on 6 February 2026 and are signed on its behalf by:
A B Lawrence
Director
Company registration number 00594639 (England and Wales)
LAWRENCES GARAGES (LONDON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2023
8,500
2,589,623
9,023,030
11,621,153
Year ended 31 May 2024:
Profit
-
-
1,755,445
1,755,445
Other comprehensive income:
Revaluation of tangible fixed assets
-
7,380,838
-
7,380,838
Tax relating to other comprehensive income
-
(1,845,210)
-
0
(1,845,210)
Total comprehensive income
-
5,535,628
1,755,445
7,291,073
Dividends
11
-
-
(270,935)
(270,935)
Balance at 31 May 2024
8,500
8,125,251
10,507,540
18,641,291
Year ended 31 May 2025:
Profit and total comprehensive income
-
-
1,222,648
1,222,648
Dividends
11
-
-
(241,280)
(241,280)
Balance at 31 May 2025
8,500
8,125,251
11,488,908
19,622,659
LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 13 -
1
Accounting policies
Company information

Lawrences Garages (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Meadow Barn, Drury Square, Beeston, Norfolk, PE32 2NA.

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.

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

The se financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the se financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the se financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or revaluation, net of depreciation and any impairment losses. Depreciation on additions to tangible fixed assets is charged from the month in which tangible fixed assets is acquired or capitalized while no depreciation is charged for the month in which the tangible fixed assets is disposed off / derecognized.

LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

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

Freehold land
Not depreciated
Freehold property
2% straight line basis
Leasehold land
Not depreciated
Leasehold property
Straight line basis over 13 years
Plant and equipment
5% - 33% straight line basis
Motor vehicles
20% straight line basis

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 the profit and loss account.

1.5
Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with FRS 102, as follows:

No depreciation is provided in respect of investment properties and they are revalued when the management believes that there is a material difference in the carrying amount and fair value of investment property. The surplus or deficit on re valuation is transferred to the profit and loss account.

This treatment as regards the company's investment properties is a departure from the requirement of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

1.6
Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 15 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

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

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.8
Cash and cash equivalents

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.

1.9
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.

LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 16 -
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 the profit and loss account, 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 or loss, are assessed for indicators of impairment at each reporting 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 the profit and loss account.

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 the profit and loss account.

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.

LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 17 -
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 the profit and loss account 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.

1.10
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.

1.11
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.

LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 18 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Gains and losses arising on translation in the period are included in the profit and loss account.

1.15

Dividends

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 19 -
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.

Investment properties are valued at fair market value. This is based on the opinion of the director at the year end but based on formal valuations prepared by an independent qualified valuer previously.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales of goods
25,659,709
27,123,340
2025
2024
£
£
Other significant revenue
Interest income
55,575
29,000
Rent Receivable
309,063
309,877
Other operating income
54,920
70,213
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
20,560
18,780
Depreciation of owned tangible fixed assets
371,388
286,444
Operating lease charges
11,696
13,067
LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 20 -
5
Employees

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

2025
2024
Number
Number
Site managers
8
8
Head office
8
3
Forecourt cashiers
53
52
Directors
4
4
Total
73
67

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,172,196
1,189,090
Social security costs
204,788
91,226
Pension costs
155,386
162,715
1,532,370
1,443,031
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
16,207
20,434
Company pension contributions to defined contribution schemes
120,000
130,000
136,207
150,434
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
55,575
29,000
LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 21 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,762
5,322
Dividends on redeemable preference shares not classified as equity
35,000
-
0
39,762
5,322
Other finance costs:
Other interest
24,185
-
0
63,947
5,322
9
Amounts written off investments
2025
2024
£
£
Changes in the fair value of investment properties
-
395,000
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
397,348
494,623
Deferred tax
Origination and reversal of timing differences
65,400
115,165
Total tax charge
462,748
609,788
LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
10
Taxation
(Continued)
- 22 -

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
1,685,396
2,365,233
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25.00%)
421,349
591,308
Tax effect of expenses that are not deductible in determining taxable profit
1,237
1,158
Permanent capital allowances in excess of depreciation
35,014
907
Depreciation on assets not qualifying for tax allowances
1,026
16,415
Other permanent differences
4,122
-
0
Taxation charge for the year
462,748
609,788

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
-
1,845,210
11
Dividends
2025
2024
£
£
Final paid
241,280
270,935

LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 23 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold property
Other property, plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2024
14,205,776
250,000
2,174,578
175,827
16,806,181
Additions
728,875
-
0
474,506
93,549
1,296,930
At 31 May 2025
14,934,651
250,000
2,649,084
269,376
18,103,111
Depreciation and impairment
At 1 June 2024
278,059
54,502
1,173,579
81,200
1,587,340
Depreciation charged in the year
108,816
19,236
207,700
35,636
371,388
At 31 May 2025
386,875
73,738
1,381,279
116,836
1,958,728
Carrying amount
At 31 May 2025
14,547,776
176,262
1,267,805
152,540
16,144,383
At 31 May 2024
13,927,717
195,498
1,000,999
94,627
15,218,841

Freehold land and buildings

The gross book value of freehold land and buildings includes £5,328,116 (202 4 - £3,152,259) of depreciable assets.

Leased assets

Included within the net book value of tangible is £nil (202 4 - £nil) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £nil (202 4 - £6,624).

Revaluations

The freehold land & buildings class of fixed assets was revalued on 15 May 2024 by Avison Young who is external to the company. The basis of this valuation was on an existing use basis. This class of asset has a current value of £14,547,776 (202 4 - £13,927,717) and a carrying historical cost of £4,335,377 (202 4 - £3,606,502). Historical cost includes the cost of assets that are yet to be revalued. The depreciation that would have been charged on historical cost to date is £344,516 (202 4 - £312,236).

Security pledged

The total net book value of the company's tangible fixed assets was pledged as security over the company's loans and borrowings at the end of the current and prior year.

LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
13
Investment property
2025
£
Fair value
At 1 June 2024 and 31 May 2025
4,305,000

On 15 May 2024, a professional valuation was carried out on all investment properties by Avison Young and the combined valuation of these properties were £4,305,000. The directors is of the opinion that the difference between the value of properties at the 31 May 202 5 is immaterially different to the valuations carried out on 15 May 2024 by the professional valuer. This class of assets has a current value of £4,305,000 (202 4 - £3,910,000) and a carrying amount at historical cost of £2,920,673 (202 4 - £2,920,673). The depreciation on this historical cost to date would be £644,585 (202 4 - £636,195).

14
Stocks
2025
2024
£
£
Goods for resale
510,101
597,981

The total value of the company's stock was pledged as security over the company's loans and borrowings at the end of the current and prior year.

15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
305,391
282,192
Corporation tax recoverable
28,345
-
0
Other debtors
182,661
204,278
Prepayments and accrued income
254,256
119,719
770,653
606,189
LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 25 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
19,231
19,231
Trade creditors
843,243
965,011
Amounts owed to group undertakings
35,000
70,000
Corporation tax
-
0
494,691
Other taxation and social security
173,364
156,321
Other creditors
10,942
4,155
Accruals and deferred income
140,095
136,714
1,221,875
1,846,123
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
158,654
177,885
Other borrowings
18
1,000
-
0
Preference dividends payable
5,000
-
0
164,654
177,885
18
Loans and overdrafts
2025
2024
£
£
Bank loans
177,885
197,116
Preference shares
1,000
-
178,885
197,116
Payable within one year
19,231
19,231
Payable after one year
159,654
177,885
LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
18
Loans and overdrafts
(Continued)
- 26 -

Bank borrowings at the year end are secured against land and buildings that are held by the company.

Bank loans have been secured on the following:

A fixed charge to Barclays Bank plc over Harleston Service Station, 52 London Road, Harleston, Norfolk (created 09/11/98)

A fixed charge to Barclays Bank plc over Sheringham Service Station, Weybourne Road, Sheringham, Norfolk (created 19/11/98)

A fixed charge to Barclays Bank plc over Firs Service Station, 162 Cromer Road, Norwich, NR6 6XA (created 17/01/02)

A fixed charge to Barclays Bank plc over Averills Service Station, 3 Fakenham Road, Drayton, Norwich, NR8 6PI (created 27/03/08)

A fixed charge to Barclays Bank plc over BP Sholing Service Station, 420 Bursledon Road, Sholing, Southampton, SO19 8NG (created 09/02/16)

A deed of charge to Barclays Bank plc over all deposits in the company's Barclays business premium account 60067245 (created 13/04/93)

A debenture in favour of Barclays Bank plc with a fixed and floating charge over the undertakings and all property and assets present and future including goodwill, book debts, uncalled capital buildings, fixtures and fixed plant and machinery (created 21/06/91)

19
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
359,836
294,436
Revaluations
2,533,939
2,533,939
Investment property
663,354
663,354
3,557,129
3,491,729
LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
19
Deferred taxation
(Continued)
- 27 -
2025
Movements in the year:
£
Liability at 1 June 2024
3,491,729
Charge to profit or loss
65,400
Liability at 31 May 2025
3,557,129
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
155,386
162,715

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.

21
Share capital
Allotted, called up and fully paid shares
2025
2025
2024
2024
No.
£
No.
£
Ordinary shares of £1 each
8,500
8,500
8,500
8,500
22
Reserves

Share capital

Represents the nominal value of shares issued by the company at the year end.

Revaluation reserve

Includes all cumulative surpluses on the revaluation of land and buildings.

Profit and loss account

Includes all current and prior period retained profits and losses at the balance sheet date as well as cumulative unrealised gains and losses of assets held for investment at fair value.

LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 28 -
23
Operating lease commitments

The total of future minimum lease payments is as follows:

2025
2024
£
£
Not later than one year
5,633
-
0
Later than one year and not later than five years
8,449
-
0
14,082
-
0

The amount of non-cancellable operating lease payments recognised as an expense during the year was £11,696 (2024 - £12,849)

Operating leases - lessor
The total of future minimum lease payments is as follows:
2025
2024
£
£
Not later than one year
305,000
305,000
Later than one year and not later than five years
610,000
915,000
915,000
1,220,000
Operating lease income relates to rents receivable on the Investment Properties. The lessees have the option to use a break clause on 30/05/2028
24
Related party transactions

Summary of transactions with key management

Lawrences Garages (London) Limited paid rent to key management of £7,800 (202 4 - £7,800) in the period. Repayments of £nil (202 4 - £21,464) were made in the year. At the balance sheet date the amount due from key management was £nil (202 4 - £nil).

Summary of transactions with parent

The company has taken advantages of exemptions available within FRS 102 to not disclose transactions with the parent company. At the year end there was no balance due between the company and the parent.

Summary of transactions with entities with joint control or significant interest

During the period expenses amounting to £3,444 (202 4 - £696) were made by the company from Entities with Joint Control or Significant Influence. Interest of £3,628 (202 4 - £3,473) was charged on these loans. At the balance sheet date the amount due from Entities with Joint Control or Significant Influence was £164,880 (202 4 - £15 7,808).

LAWRENCES GARAGES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 29 -
25
Control

The company's parent is LGL Energy Limited, incorporated in England & Wales. The ultimate controlling party is considered to be the directors by virtue of their combined share holding. There is no one ultimate controlling party.

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