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Company Registration Number 02753264
| G & A M LAWSON LIMITED |
| FINANCIAL STATEMENTS |
| 30 SEPTEMBER 2025 |
G & A M LAWSON LIMITED COMPANY INFORMATION
Directors | Mr G Lawson
| Mrs AM Lawson
| Mr D Lawson
| Mr JL Lawson
| Mr A Lawson
| Mrs B Thomson
| Mr M Thomson
Company secretary | Mrs B Thomson
Registered number | 02753264
Registered office | Whinbank Farm
| Distington
| Workington
| Cumbria
| CA14 4QH
Independent auditor | Armstrong Watson Audit Limited
| Chartered Accountants & Statutory Auditor
| James Watson House
| Montgomery Way
| Rosehill
| Carlisle
| Cumbria
| CA1 2UU
Bankers | HSBC Bank plc
| 3 Pow Street
| Workington
| Cumbria
| CA14 3AH
G & A M LAWSON LIMITED CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 4
Independent auditor's report | 5 - 8
Profit and loss account | 9
Statement of financial position | 10
Statement of changes in equity | 11
Statement of cash flows | 12
Notes to the financial statements | 13 - 29
G & A M LAWSON LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present the strategic report for the year ended 30 September 2025.
Business review
The company's turnover increased by 24.1% to £16.2m (2024 - £13.1m). The company has performed well in plant hire, haulage and civil engineering contract income, which has increased by 28.7% this year to £15.3m (2024 - £11.9m). The gross profit margin is 18.2% (2024 - 20.7%). The company is in a strong financial position with net assets of £21.3m which is an increase of 5.64% from 2024. The directors continue to monitor its plant and fleet profile to ensure that it only holds equipment that is in demand. The directors believe that the economic outlook for the next twelve months will be mixed as last year. The construction and civil engineering markets are experiencing low but positive growth which is expected to continue over the next few years. The company's business is straightforward and the company can adapt its operations to meet customer demand. Operatives are multi-skilled and therefore can move roles to deliver the outcomes clients demand. The company is continually assessing its market position and adjusting its operations to take advantage of business opportunities. The company actively seeks ways to diversify the business, thus reducing business risk and improving stability and dependency. The directors are confident that the company has sufficient resources to take advantage of opportunities as they arise and the company can adapt to change. The company's key financial and other performance indicators during the year were as follows:
| Unit | 2025 | 2024
Turnover | £ | 16,253,380 | 13,092,611
Turnover growth | % | 24 | 15
Gross profit margin | % | 18 | 21
Profit before tax | £ | 1,423,131 | 1,406,068
The company can manage its affairs with the above basic KPI's no other KPI's are relevant to business decisions.
Principal risks and uncertainties
The company is not immune to risks and the company takes a responsible and balanced approach towards risk management. The directors have put procedures in place aimed to minimise the possibility and scale of specific risks that may impact on the company. The directors are involved in the day-to-day running of the company so new risks that arise can be easily identified. The company benefits from a strong market presence, reputation and goodwill. This report was approved by the board and signed on its behalf.
Mr M Thomson Director
Date: 20 March 2026
Page 1
G & A M LAWSON LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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.
Principal activity
The principal activity of the company continued to be that of plant hire, haulage, civil engineering contractor, property developer and loan finance provider.
Results and dividends
The profit for the year, after taxation, amounted to £1,136,328 (2024 - £1,132,317). No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who served during the year were:
Mr G Lawson
Mrs AM Lawson
Mr D Lawson
Mr JL Lawson
Mr A Lawson
Mrs B Thomson
Mr M Thomson
Page 2
G & A M LAWSON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Financial instruments
Objectives and policies The company uses various financial instruments which include cash, debtors, trade creditors and hire purchase. The main purpose of these financial instruments is to raise finance for the company's operations (working capital) and to facilitate the growth of the company. Adequate financial resources have been available to take advantage of business opportunities arising during the year and the directors consider the state of affairs to be satisfactory as the company is in a strong financial position. Price risk, credit risk, liquidity risk and cash flow risk Price risk - the company negotiates with large customers to make future supplies. The success of these negotiations is uncertain and is subject to financial and performance criteria. The company is exposed to changes in market prices but because of the size of the company's operations it would not be cost effective to attempt to manage this risk. However, the directors will review this policy if circumstances change. Credit risk - the main area of risk is that of credit risk by which one party will cause loss for another party by failing to discharge an obligation. The company's policy is to minimise that risk by ensuring that credit terms are only granted for customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Trade debtors falling due after more than one year comprise loans to connected companies. There are loan agreements in place. There is no evidence to suggest the loan balances will not be paid in full. Details of the company's debtors are shown in note 18 of the financial statements. The amounts presented are net of allowances for doubtful debtors. Liquidity and cash flow risk - in respect of bank balances, the liquidity risk is managed by maintaining a healthy cash balance. Trade creditors' liquidity risk is managed by ensuring there are sufficient funds available to meet amounts due.
Future developments
In the next financial year the directors believe that the company will trade profitably and produce results which compare favourably to previous years.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Going concern
The financial statements have been prepared on a going concern basis.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption. Page 3
G & A M LAWSON LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Auditor
The auditor, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr M Thomson Director
Date: 20 March 2026
Page 4
G & A M LAWSON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF G & A M LAWSON LIMITED
Opinion
We have audited the financial statements of G & A M Lawson Limited (the 'Company') for the year ended 30 September 2025, which comprise the Profit and loss account, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity 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 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 30 September 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 United Kingdom, including the Financial Reporting Council'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. Page 5
G & A M LAWSON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF G & A M LAWSON LIMITED (CONTINUED)
Opinion 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 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, 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' responsibilities statement set out on page 2, 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. Page 6
G & A M LAWSON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF G & A M LAWSON LIMITED (CONTINUED)
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. 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 sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; ∙we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated with the audit team 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 misstatements 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; and ∙understanding the design of the company's remuneration policies. In response to the risk of irregularities and non-compliance with laws and regulations, we designed audit procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙enquiring of management and those charged with governance as to actual and potential litigation and claims; ∙enquiring of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; and ∙reviewing correspondence Page 7
G & A M LAWSON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF G & A M LAWSON LIMITED (CONTINUED) In response to the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. 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 become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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. David Harper BFP FCA (Senior statutory auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditor Carlisle 20 March 2026 Page 8
G & A M LAWSON LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 16,253,380 | 13,092,611
Cost of sales |  | (13,290,972) | (10,381,199)
Gross profit |  | 2,962,408 | 2,711,412
Administrative expenses |  | (1,603,525) | (1,926,863)
Other operating income |  | 90,425 | 303,515
Operating profit | 4 | 1,449,308 | 1,088,064
Interest receivable and similar income | 8 | 3,617 | 328,886
Interest payable and similar expenses | 9 | (29,794) | (10,882)
Profit before tax |  | 1,423,131 | 1,406,068
Tax on profit | 10 | (286,803) | (273,751)
Profit for the financial year |  | 1,136,328 | 1,132,317
There are no items of other comprehensive income for 2025 or 2024 other than the profit for the year. As a result, no separate Statement of comprehensive income has been presented.
The notes on pages 13 to 29 form part of these financial statements.
Page 9
G & A M LAWSON LIMITED REGISTERED NUMBER: 02753264 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 18,396,902 |  | 17,917,424
Investments | 12 |  | 36,180 |  | 36,180
Investment property | 13 |  | 320,000 |  | 320,000
|  |  | 18,753,082 |  | 18,273,604
Current assets |  |  |  |  |
Stocks | 14 | 3,744,685 |  | 3,346,326 |
Debtors | 15 | 2,160,756 |  | 3,097,405 |
Cash at bank and in hand | 16 | 1,157,196 |  | 402,377 |
|  | 7,062,637 |  | 6,846,108 |
Creditors: amounts falling due within one year | 17 | (1,400,646) |  | (2,113,034) |
Net current assets |  |  | 5,661,991 |  | 4,733,074
Total assets less current liabilities |  |  | 24,415,073 |  | 23,006,678
Creditors: amounts falling due after more than one year | 18 |  | (170,487) |  | (85,223)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (2,976,967) |  | (2,690,164) |
Provisions | 21 | - |  | (100,000) |
|  |  | (2,976,967) |  | (2,790,164)
Net assets |  |  | 21,267,619 |  | 20,131,291
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 120,000 |  | 120,000
Capital redemption reserve | 23 |  | 1,200,000 |  | 1,200,000
Profit and loss account | 23 |  | 19,947,619 |  | 18,811,291
|  |  | 21,267,619 |  | 20,131,291
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr M Thomson
Director
Date: 20 March 2026
The notes on pages 13 to 29 form part of these financial statements. Page 10
G & A M LAWSON LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 October 2023 | 120,000 | 1,200,000 | 17,678,974 | 18,998,974
Profit for the year | - | - | 1,132,317 | 1,132,317
At 1 October 2024 | 120,000 | 1,200,000 | 18,811,291 | 20,131,291
Profit for the year | - | - | 1,136,328 | 1,136,328
At 30 September 2025 | 120,000 | 1,200,000 | 19,947,619 | 21,267,619
| The notes on pages 13 to 29 form part of these financial statements.
Page 11
G & A M LAWSON LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,136,328 | 1,132,317
Adjustments for: |  |
Depreciation of tangible assets | 2,009,711 | 1,800,647
Loss on disposal of tangible assets | (38,568) | (23,827)
Finance costs | 29,794 | 10,882
Investment income | (3,617) | (328,886)
Taxation charge | 286,803 | 273,751
(Increase) in stocks | (398,359) | (349,505)
Decrease/(increase) in debtors | 936,649 | (514,140)
(Decrease)/increase in provisions | (100,000) | -
(Decrease)/increase in creditors | (712,778) | 940,351
Net cash generated from operating activities | 3,145,963 | 2,941,590
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (2,943,558) | (5,426,273)
Sale of tangible fixed assets | 492,940 | 703,224
Interest received | 3,617 | 3,886
HP interest paid | (29,794) | -
Dividends received | - | 325,000
Net cash from investing activities | (2,476,795) | (4,394,163)
Cash flows from financing activities |  |
Other new loans | 419,552 | -
Repayment of/new finance leases | (333,901) | (158,590)
Net cash used in financing activities | 85,651 | (158,590)
Net increase/(decrease) in cash and cash equivalents | 754,819 | (1,611,163)
Cash and cash equivalents at beginning of year | 402,377 | 2,013,540
Cash and cash equivalents at the end of year | 1,157,196 | 402,377
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,157,196 | 402,377
| 1,157,196 | 402,377
The notes on pages 13 to 29 form part of these financial statements.
Page 12
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 1.Accounting policies Company information G & A M Lawson Limited is a private company limited by shares incorporated in England and Wales. The registered office is Whinbank Farm, Distington, Workington, Cumbria, CA14 4QH.
| 1.1 | Accounting convention
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2). The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The following principal accounting policies have been applied:
| 1.2 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the 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. Turnover also includes the sale of properties developed by the company and interest receivable on loans extended to related companies. The company recognises revenue when: - The amount of revenue can be reliably measured; - it is probable that future economic benefits will flow to the entity; - and specific criteria have been met for each of the company's activities.
| 1.4 | Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Page 13
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 1.Accounting policies (continued)
| 1.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 1.6 | 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.
| 1.7 | Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
| 1.8 | Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end 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. Page 14
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 1.Accounting policies (continued)
| 1.9 | Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
| 1.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following bases:. Depreciation is provided on the following basis:
|  |  |  | Land and buildings | - | 20% | reducing balance basis
|  |  |  | Plant and machinery | - | 10% | reducing balance basis
|  |  |  | Motor vehicles | - | 15% | reducing balance basis
|  |  |  | Fixtures and fittings | - | 33% | reducing balance basis/50% straight line basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 1.11 | Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Page 15
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 1.Accounting policies (continued)
| 1.12 | Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
| 1.13 | Impairment of fixed assets
At each reporting period end 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. 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 profit or loss, 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 profit or loss, 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. Page 16
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 1.Accounting policies (continued)
| 1.14 | Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. 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. 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 profit or loss. Reversals of impairment losses are also recognised in profit or loss.
| 1.15 | 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.
| 1.16 | Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
| 1.17 | 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.
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. Page 17
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
3. | Turnover and other income
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Turnover analysed by class of business Plant hire, haulage and civil engineering contract income | 15,335,645 | 11,914,814
| Sale of development property | 917,735 | 1,097,495
| Rental income | - | 57,657
| Interest received | - | 22,645
|  | 16,253,380 | 13,092,611
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 16,253,380 | 13,092,611
4. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of owned tangible fixed assets | 1,250,118 | 408,261
| Depreciation of tangible fixed assets held under finance leases | 62,506 | 43,419
| Profit on disposal of tangible fixed assets | (38,568) | (23,827)
5. | Auditor's remuneration
| Fees payable to the company's auditor and associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| For audit services |  |
| Audit of the financial statements of the company | 14,000 | 13,000
| For other services |  |
| All other accountancy services | 13,930 | 13,658
Page 18
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 5,652,797 | 4,677,056
| Social security costs | 625,291 | 506,702
| Cost of defined contribution scheme | 97,444 | 82,380
|  | 6,375,532 | 5,266,138
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production | 83 | 76
|  | Administration and support | 10 | 10
|  |  | 93 | 86
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Remuneration for qualifying services | 159,304 | 305,747
| The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).
Page 19
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
8. | Interest receivable and similar income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends receivable from group companies | - | 325,000
| Interest on bank deposits | 3,617 | 3,886
|  | 3,617 | 328,886
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other finance costs: |  |
| Interest on finance leases and hire purchase contracts | 29,794 | 10,882
Page 20
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Deferred tax |  |
| Origination and reversal of timing differences | 286,803 | 273,751
| Total deferred tax | 286,803 | 273,751
| Tax on profit | 286,803 | 273,751
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,423,131 | 1,406,068
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 355,783 | 351,517
| Effects of: |  |
| Depreciation on assets not qualifying for tax allowances | 10,242 | 3,484
| Dividend income | - | (81,250)
| Movement in deferred tax not recognised | (79,222) | -
| Total tax charge for the year | 286,803 | 273,751
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
Page 21
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. | Tangible fixed assets
|  | Land and buildings | Plant and machinery | Fixtures and fittings | Motor vehicles | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 October 2024 | 529,990 | 27,694,028 | 86,284 | 3,002,366 | 31,312,668
| Additions | 260,000 | 1,932,032 | - | 751,526 | 2,943,558
| Disposals | - | (1,107,731) | - | (43,725) | (1,151,456)
| At 30 September 2025 | 789,990 | 28,518,329 | 86,284 | 3,710,167 | 33,104,770
| Depreciation |  |  |  |  |
| At 1 October 2024 | 325,090 | 11,247,041 | 76,936 | 1,746,177 | 13,395,244
| Charge for the year on owned assets | 40,968 | 1,636,966 | 3,084 | 265,234 | 1,946,252
| Charge for the year on financed assets | - | 62,506 | - | - | 62,506
| Disposals | - | (667,426) | - | (28,708) | (696,134)
| At 30 September 2025 | 366,058 | 12,279,087 | 80,020 | 1,982,703 | 14,707,868
| Net book value |  |  |  |  |
| At 30 September 2025 | 423,932 | 16,239,242 | 6,264 | 1,727,464 | 18,396,902
| At 30 September 2024 | 204,900 | 16,446,987 | 9,348 | 1,256,189 | 17,917,424
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 423,932 | 204,900
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 613,612 | 583,465
Page 22
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Fixed asset investments
|  | Investments in associates
|  | £
| Cost or valuation |
| At 1 October 2024 | 36,180
| At 30 September 2025 | 36,180
Page 23
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| The following was an associate of the Company:
| Name | Registered office | Class of shares | Holding
| Lawson's Training Centre Limited | Whinbank Farm, Distington, Workington, Cumbria, CA14 4QH | Ordinary shares | 50%
| The principal activity of Lawson's Training Centre Limited is the provision of training in the construction and industrial sector. During the year G & A M Lawson Limited received dividends of £Nil (2024 - £325,000) from Lawson's Training Centre Limited.
13. | Investment property
|  | 2025
|  | £
| Valuation |
| At 1 October 2024 | 320,000
| At 30 September 2025 | 320,000
| The most recent external valuation was undertaken in 2024 by Carigiet Cowan on an open market value basis. The directors consider the valuation to be accurate as at the balance sheet date.
Page 24
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 45,282 | 50,185
| Work in progress | 186,691 | 98,275
| Finished goods and goods for resale | 3,512,712 | 3,197,866
|  | 3,744,685 | 3,346,326
Page 25
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | - | 67,125
|  | - | 67,125
| Due within one year |  |
| Trade debtors | 1,710,664 | 2,428,821
| Other debtors | 127,781 | 256,008
| Prepayments and accrued income | 322,311 | 345,451
|  | 2,160,756 | 3,097,405
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,157,196 | 402,377
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 655,609 | 1,275,846
| Other taxation and social security | 261,681 | 253,354
| Obligations under finance lease and hire purchase contracts | 223,141 | 222,754
| Other creditors | 71,264 | 82,317
| Accruals and deferred income | 188,951 | 278,763
|  | 1,400,646 | 2,113,034
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Obligations under finance leases | 170,487 | 85,223
Page 26
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
19. | Finance lease obligations
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | - | 222,754
| In two to five years | - | 85,223
|  | - | 307,977
| Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (2,690,164)
| Charged to profit or loss | (286,803)
| At end of year | (2,976,967)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 4,012,950 | 3,767,476
| Tax losses | (1,035,983) | (1,077,312)
|  | 2,976,967 | 2,690,164
Page 27
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
21. | Provisions
|  | £
| At 1 October 2024 | 100,000
| Utilised in year | (100,000)
| At 30 September 2025 | -
| The company had a potential obligation to pay a settlement to a customer, estimated at £100,000. This was settled in the year with the under/over provision charged to the profit & loss.
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 120,000 (2024 - 120,000) Ordinary shares of £1.00 each | 120,000 | 120,000
| Rights, preferences and restrictions Ordinary shares have the following rights, preferences and restrictions: The ordinary shares have full rights in respect of voting rights, dividend rights, and the right to participate in capital on winding up. The shares are not redeemable shares.
23. | Reserves
Capital redemption reserve This reserve represents the amounts recognised upon company purchase of own shares. Profit and loss account This reserve represents cumulative profits and losses, net of distributions.
24. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £97,444 (2024 - £82,380). Contributions totalling £11,626 (2024 - £NIL) were payable to the fund at the balance sheet date and are included in creditors. Page 28
G & A M LAWSON LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
25. | Related party transactions
| There are five separate companies under common control which have had transactions with G & A M Lawson Limited during the course of the financial year. The transactions were for the purchase and sale of goods and services. G & A M Lawson Limited also provides loan finance to three of the connected companies. Interest on loans is normally charged at bank base rate plus 1% and is payable either monthly or quarterly in arrears. The loans are unsecured.
|  | Sales | Sales | Purchases | Purchases
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Entities with control, joint control or significant influence over the company | 383,908 | 344,130 | 463,800 | 349,955
| Associates | 176,858 | 151,194 | 91,682 | 89,003
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts due to related parties |  |
| Entities with control, joint control or significant influence over the company | - | 19,244
| Associates | 11,513 | 3,297
| The following amounts were outstanding at the reporting end date:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts due from related parties |  |
| Entities with control, joint control or significant influence over the company | 24,034 | 194,113
| Associates | 1,815 | 3,072
Page 29