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Registered number: 06558623 LLANELEC HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
LLANELEC HOLDINGS LIMITED COMPANY INFORMATION
Directors | S C John
| D J Cowan (appointed 24 July 2025, resigned 21 January 2026)
| C John (appointed 1 July 2024, resigned 24 July 2025)
| L C John (resigned 31 May 2024)
| N L Martin (resigned 24 July 2025)
| M T Thornton (appointed 21 January 2026)
Registered number | 06558623
Registered office | Nidum House
| Neath Abbey Business Park
| Neath Abbey
| Neath
| SA10 7DR
Independent auditor | MHA
| MHA House
| Charter Court
| Phoenix Way
| Swansea Enterprise Park
| Swansea
| SA7 9FS
LLANELEC HOLDINGS LIMITED CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditor's report | 5 - 8
Consolidated profit and loss account | 9
Consolidated balance sheet | 10 - 11
Company balance sheet | 12 - 13
Consolidated statement of changes in equity | 14
Company statement of changes in equity | 15
Consolidated statement of cash flows | 16 - 17
Consolidated analysis of net debt | 17
Notes to the financial statements | 18 - 41
LLANELEC HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2025
Introduction
The directors present their strategic report for the Group for the year ended 30 April 2025.
Business review
The 12-month period covered by this Annual Report shows an increase in sales during the year with an increase in the Gross Profit for the year, with operating profit remaining broadly in-line with the prior year. The Group maintain healthy Cash reserve, which have decreased during the year by £280k. The Group Balance remains in a strong position. The results for the year and financial position of the Group are shown in the annexed financial statements. The key financial highlights are as follows:
| 2025 | 2024
Turnover | £18,652k | £14,947k
Gross profit | £6,140k | £5,965
Gross profit % | 32.9% | 39.9%
Gross profit growth | 2.9% | 131.1%
Operating profit | £3,827k | £4,598k
Net assets | £13,456k | £11,100k
The gross profit margin has decreased from 39.9% to 32.9% in the current period. This is primarily due to volatility and competitiveness in the current market. The Group has included a restatement in the Financial Statements to correct prior period errors. The errors noted related to the incorrect classification of expenses in the statement of Comprehensive Income. The restatement represents the transfer of the expenses from the Statement of Comprehensive Income to the Balance Sheet and the resulting tax effects. Further detail of the restatement is included in the Notes to the Financial Statements. After the end of the accounting period the share capital of Llanelec Holdings Limited was acquired by Hanover Investors (Hanover). The acquisition marks an exciting time for the development of the Group. On the same day the subsidiary CJ Properties (Neath) Limited was disposed from the Group. Future developments The Group remains committed to providing a first-class service to its customers whilst maintaining its competitive position in the marketplace. Hanover will be partnering with the existing CEO, Spencer John, to support his ambitious growth plans for the Group. Financial instruments The Group's principal financial instruments comprise bank balances, trade debtors and creditors, directors' loan and finance lease agreements. The main purpose of these funds it to finance the Group's operations. Page 1
LLANELEC HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Principal risks and uncertainties
The Group is subject to certain risks which are monitored closely by the directors.
Price risk | The Group is exposed to commodity price risk as a result of its operations. However, given the size of the Group's operations, the costs of managing the exposure to commodity price risk exceed any potential benefits.
Credit risk | The Group's credit risk is primarily attributable to its debtors. The amounts are presented net of an allowance for doubtful debts.
Liquidity risk | In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations, the Group monitors and actively manages its working capital. The group holds sufficient reserves of cash for any likely movement in its requirements for funding working capital. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.
Interest rate risk | The Group has interest bearing assets. Interest bearing assets include only cash balances, all of which earn interest at variable rates.
This report was approved by the board and signed on its behalf.
M T Thornton Director
Date: 5 March 2026
Page 2
LLANELEC HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The directors present their report and the financial statements for the year ended 30 April 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The company's principal activity is that of a holding company.
Results and dividends
The profit for the year, after taxation, amounted to £2,355,822 (2024 - £3,437,320).
Directors
The directors who served during the year were:
S C John
C John (appointed 1 July 2024, resigned 24 July 2025)
L C John (resigned 31 May 2024)
N L Martin (resigned 24 July 2025)
After the balance sheet date the following director changes occurred: D J Cowan (appointed 24 July 2025, resigned 21 January 2026) M T Thornton (appointed 21 January 2026) Page 3
LLANELEC HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Matters covered in the Group strategic report
The business review, principle risks and uncertainties, future developments and financial instruments have been included in the strategic report.
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 and the Group'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 and the Group's auditor is aware of that information.
Post balance sheet events
On the 24 July 2025, the shares of the company were purchased by Hanover Investors. On the same date the subsidiary CJ Properties (Neath) Limited was disposed of from the Group.
Auditor
The auditor, MHA, 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.
M T Thornton Director
Date: 5 March 2026
Page 4
LLANELEC HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LLANELEC HOLDINGS LIMITED
Opinion
We have audited the financial statements of Llanelec Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, which comprise the Consolidated profit and loss account, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the Parent Company's affairs as at 30 April 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
LLANELEC HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LLANELEC HOLDINGS LIMITED (CONTINUED)
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.
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 Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 6
LLANELEC HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LLANELEC HOLDINGS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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: - Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud. - Reviewing of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred. - Enquiry of entity staff and external advisors to identify any instances of non-compliance with laws and regulations. - Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, - Evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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. Page 7
LLANELEC HOLDINGS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LLANELEC HOLDINGS LIMITED (CONTINUED)
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. Rachel Doyle ACA (Senior statutory auditor) for and on behalf of MHA Statutory Auditor Swansea United Kingdom 9 March 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 8
LLANELEC HOLDINGS LIMITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 APRIL 2025
|  | As restated
| 2025 | 2024
Note | £ | £
Turnover | 4 | 18,651,590 | 14,947,204
Cost of sales |  | (12,511,093) | (8,982,516)
Gross profit |  | 6,140,497 | 5,964,688
Administrative expenses |  | (1,418,044) | (1,366,792)
Other operating income | 5 | 104,199 | -
Fair value movements |  | (1,000,000) | -
Operating profit | 6 | 3,826,652 | 4,597,896
Interest receivable and similar income | 10 | 93,736 | 71,691
Interest payable and similar expenses | 11 | (282,436) | (182,164)
Profit before tax |  | 3,637,952 | 4,487,423
Tax on profit | 12 | (1,282,130) | (1,050,103)
Profit for the financial year |  | 2,355,822 | 3,437,320
Profit for the year attributable to: |  |  |
Owners of the parent |  | 2,355,822 | 3,437,320
|  | 2,355,822 | 3,437,320
The notes on pages 18 to 41 form part of these financial statements.
Page 9
LLANELEC HOLDINGS LIMITED REGISTERED NUMBER: 06558623 CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 8,901,922 |  | 8,138,665
Investments | 16 |  | 4,105,283 |  | 2,244,148
|  |  | 13,007,205 |  | 10,382,813
Current assets |  |  |  |  |
Stocks | 17 | 1,675,437 |  | 1,466,029 |
Debtors: amounts falling due within one year | 18 | 8,888,844 |  | 7,815,204 |
Cash at bank and in hand | 19 | 810,172 |  | 1,090,510 |
|  | 11,374,453 |  | 10,371,743 |
Creditors: amounts falling due within one year | 20 | (6,629,970) |  | (6,395,729) |
Net current assets |  |  | 4,744,483 |  | 3,976,014
Total assets less current liabilities |  |  | 17,751,688 |  | 14,358,827
Creditors: amounts falling due after more than one year | 21 |  | (3,357,986) |  | (2,471,975)
Provisions for liabilities |  |  |  |  |
Deferred tax | 25 | (937,460) |  | (786,432) |
|  |  | (937,460) |  | (786,432)
Net assets |  |  | 13,456,242 |  | 11,100,420
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 70,000 |  | 70,000
Capital redemption reserve | 27 |  | 30,000 |  | 30,000
Profit and loss account | 27 |  | 13,356,242 |  | 11,000,420
|  |  | 13,456,242 |  | 11,100,420
Page 10
LLANELEC HOLDINGS LIMITED REGISTERED NUMBER: 06558623 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M T Thornton
Director
Date: 5 March 2026
The notes on pages 18 to 41 form part of these financial statements. Page 11
LLANELEC HOLDINGS LIMITED REGISTERED NUMBER: 06558623 COMPANY BALANCE SHEET AS AT 30 APRIL 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 16 |  | 2,507,264 |  | 2,507,264
|  |  | 2,507,264 |  | 2,507,264
Creditors: amounts falling due within one year | 20 | (2,406,348) |  | (2,406,348) |
Net current liabilities |  |  | (2,406,348) |  | (2,406,348)
Total assets less current liabilities |  |  | 100,916 |  | 100,916
Creditors: amounts falling due after more than one year | 21 |  | (31) |  | (31)
Net assets |  |  | 100,885 |  | 100,885
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 70,000 |  | 70,000
Capital redemption reserve | 27 |  | 30,000 |  | 30,000
Profit and loss account brought forward |  | 885 |  | 885 |
Profit and loss account carried forward |  |  | 885 |  | 885
|  |  | 100,885 |  | 100,885
Page 12
LLANELEC HOLDINGS LIMITED REGISTERED NUMBER: 06558623 COMPANY BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M T Thornton
Director
Date: 5 March 2026
The notes on pages 18 to 41 form part of these financial statements. Page 13

|  | LLANELEC HOLDINGS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
|  | Called up share capital | Capital redemption reserve | Other reserves | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £
| At 1 May 2023 (as previously stated) | 70,000 | 30,000 | 184,252 | 5,239,852 | 5,524,104
| Prior year adjustment - correction of error - Note 28 | - | - | - | 2,138,996 | 2,138,996
| At 1 May 2023 (as restated) | 70,000 | 30,000 | 184,252 | 7,378,848 | 7,663,100
| Profit for the year | - | - | - | 3,437,320 | 3,437,320
| Transfer to/from profit and loss account | - | - | (184,252) | 184,252 | -
| At 1 May 2024 (as previously stated) | 70,000 | 30,000 | - | 8,015,220 | 8,115,220
| Prior year adjustment - correction of error - Note 28 | - | - | - | 2,985,200 | 2,985,200
| At 1 May 2024 (as restated) | 70,000 | 30,000 | - | 11,000,420 | 11,100,420
| Profit for the year | - | - | - | 2,355,822 | 2,355,822
| At 30 April 2025 | 70,000 | 30,000 | - | 13,356,242 | 13,456,242
| The notes on pages 18 to 41 form part of these financial statements.
Page 14

|  | LLANELEC HOLDINGS LIMITED |
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
|  | Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £
| At 1 May 2023 | 70,000 | 30,000 | 885 | 100,885
| At 1 May 2024 | 70,000 | 30,000 | 885 | 100,885
| At 30 April 2025 | 70,000 | 30,000 | 885 | 100,885
| The notes on pages 18 to 41 form part of these financial statements.
Page 15

LLANELEC HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,355,822 | 3,437,320
Adjustments for: |  |
Depreciation of tangible assets | 405,980 | 155,547
Loss on disposal of tangible assets | (13,961) | -
Interest paid | 1,524 | 182,164
Interest received | (1,378) | (2,231)
Taxation charge | 1,282,130 | 1,050,103
(Increase) in stocks | (209,408) | (987,341)
(Increase) in debtors | (1,073,640) | (3,881,687)
(Decrease)/increase in creditors | (490,997) | 1,738,771
Net fair value losses recognised in P&L | 1,000,000 | -
Corporation tax (paid)/received | (639,236) | 765,024
Net cash generated from operating activities | 2,616,836 | 2,457,670
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (6,023,412) | (2,982,385)
Sale of tangible fixed assets | 2,007,000 | -
Interest received | 1,378 | 2,231
HP interest paid | - | (125,855)
Net cash from investing activities | (4,015,034) | (3,106,009)
Cash flows from financing activities |  |
Repayment of loans | (184,375) | (200,646)
Repayment of/new finance leases | 1,303,759 | 1,072,878
Interest paid | (1,524) | -
Net cash used in financing activities | 1,117,860 | 872,232
Net (decrease)/increase in cash and cash equivalents | (280,338) | 223,893
Cash and cash equivalents at beginning of year | 1,090,510 | 866,617
Cash and cash equivalents at the end of year | 810,172 | 1,090,510
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 810,172 | 1,090,510
| 810,172 | 1,090,510
Page 16
LLANELEC HOLDINGS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 APRIL 2025
| At 1 May 2024 | Cash flows | New finance leases | At 30 April 2025
| £ | £ | £ | £
Cash at bank and in hand | 1,090,510 | (280,338) | - | 810,172
Debt due after 1 year | (1,527,741) | 189,983 | - | (1,337,758)
Debt due within 1 year | (418,130) | 22,732 | - | (395,398)
Finance leases | (1,296,241) | 551,728 | (1,855,487) | (2,600,000)
| (2,151,602) | 484,105 | (1,855,487) | (3,522,984)
Page 17
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
Llanelec Holdings Limited is a limited company, limited by shares, incorporated in England and Wales. The company's registered number is 06558623. The company's registered office is Nidum House, Neath Abbey Business Park, Neath Abbey, SA10 7DR. The Group's principal activity are: Llanelec Holdings Ltd - Holding Company Llanelec Precision Engineering Limited - Mechanical Engineering C J Properties (Neath) Limited - Property Investment company The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. Parent Company disclosure exemptions In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102: ∙No Statement of cash flows has been presented for the parent Company; The following principal accounting policies have been applied: Page 18
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2016.
| 2.3 | Going concern
In preparing the financial statements, the directors have considered the current financial position of the Group and its likely future cash flows. The Group has reported a profit for the year, and has both net current assets and net assets at the balance sheet date. Although the current economic position remains uncertain, the directors are confident that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.4 | Foreign currency translation
Functional and presentation currency The Group's's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 19
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 20
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.10 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.12 | 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. Page 21
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | over life of the freehold
|  |  |  | Long-term leasehold property | - | over life of the leasehold
|  |  |  | Plant and machinery | - | 10% on cost
|  |  |  | Motor vehicles | - | 25% on cost
|  |  |  | Fixtures and fittings | - | 25% on cost
|  |  |  | Computer equipment | - | 10% on cost
|  |  |  | Improvements in property | - | 10% on cost
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.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Other fixed asset Investments are measured at their fair value. The fair value of the other fixed asset investments are determined by independent valuer undertaken periodic valuations of the assets at the balance sheet date. Adjustments to the fair value are recognised in profit and loss account when they occur.
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 22
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
| 2.19 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic 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 Group after the deduction of all its liabilities. Page 23
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 24
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 which 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 if the revision only affects that period or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Impairment of fixed assets Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. Useful economic lives of the fixed assets Each class of assets is reviewed to identify the expected usage and longevity, expected physical wear and tear and any other factors that would impact upon the assessed useful economic lives of the asset classes. Depreciation rates are reviewed each year. Stock provisions Stock holdings are assessed for indicators of obsolescence at each balance sheet date. If there is objective evidence of obsolescence, a provision is recognised in the statement of comprehensive income. Provisions and contingencies Provisions are recognised when the Group has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Mechanical engineering | 18,651,590 | 14,947,204
|  | 18,651,590 | 14,947,204
| All turnover arose within the United Kingdom.
Page 25
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
5. | Other operating income
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 104,199 | -
|  | 104,199 | -
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 5,787 | 14,379
| Other operating lease rentals | 65,122 | 86,109
| Equipment hire | 60,089 | 35,695
| Depreciation | 405,978 | 352,767
| Profit/loss on sale of tangible assets | (13,961) | (82,079)
| Fair value adjustments of investments | 1,000,000 | -
7. | Auditor's remuneration
| During the year, the Group obtained the following services from the Group's auditor:
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Group's auditor for the audit of the consolidated and parent Company's financial statements | 23,800 | 16,170
| Fees payable to the Company's auditor for non audit services: | - | -
| - Other non audit services | 18,450 | 1,838
| - Tax compliance services | 6,000 | -
| - Tax advisory services | 64,750 | -
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 26
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 3,130,891 | 2,537,254
| Social security costs | 343,437 | 264,192
| Cost of defined contribution scheme | 69,213 | 89,354
|  | 3,543,541 | 2,890,800
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 3 | 3
|  | Engineering | 64 | 60
|  | Administration | 5 | 6
|  |  | 72 | 69
| The Company has no employees other than the directors, who do not received any remuneration from the Company, they are remunerated from another group company.
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 453,740 | 256,256
|  | 453,740 | 256,256
| The highest paid director received remuneration of £227,021 (2024 - £157,692).
Page 27
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
10. | Interest receivable
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 93,736 | 71,691
|  | 93,736 | 71,691
11. | Interest payable and similar expenses
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 1,524 | 6,332
| Other loan interest payable | 75,405 | 49,977
| Finance leases and hire purchase contracts | 205,507 | 125,855
|  | 282,436 | 182,164
12. | Taxation
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,025,903 | 948,352
| Adjustments in respect of previous periods | 105,199 | -
| Total current tax | 1,131,102 | 948,352
| Deferred tax |  |
| Origination and reversal of timing differences | 151,028 | 101,751
| Total deferred tax | 151,028 | 101,751
| Tax on profit | 1,282,130 | 1,050,103
Page 28
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 24.5%). The differences are explained below:
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,637,952 | 4,487,423
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.5%) | 909,488 | 858,995
| Effects of: |  |
| Expenses not deductible for tax purposes | 36,028 | 134,456
| Capital allowances for year in excess of depreciation | 13,254 | (72,205)
| Adjustments to tax charge in respect of prior periods as a result of the prior year restatement | 105,199 | 122,733
| Fair value movements not deductible for tax purposes | 250,000 | -
| Changes in provisions leading to an increase (decrease) in the tax charge | (700) | 2,210
| Other differences leading to an increase (decrease) in the tax charge | (31,139) | 3,914
| Total tax charge for the year | 1,282,130 | 1,050,103
Page 29
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 12.Taxation (continued)
| Factors that may affect future tax charges
There are no factors that affect future tax charges.
13. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The profit after tax of the parent Company for the year was £ (2024 - £NIL).
14. | Intangible assets
| Group and Company
|  | Goodwill
|  | £
| Cost |
| At 1 May 2024 | 2,506,763
| At 30 April 2025 | 2,506,763
| Amortisation |
| At 1 May 2024 | 2,506,763
| At 30 April 2025 | 2,506,763
| Net book value |
| At 30 April 2025 | -
| At 30 April 2024 | -
Page 30

|  | LLANELEC HOLDINGS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
| 15. | Tangible fixed assets
|  | Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Other fixed assets | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |  |
| At 1 May 2024 | 3,214,541 | 6,297,714 | 40,374 | 103,987 | 103,042 | 1,804,786 | 11,564,444
| Additions | - | 964,371 | - | 8,419 | 10,734 | 196,753 | 1,180,277
| Disposals | - | (16,000) | - | - | - | - | (16,000)
| At 30 April 2025 | 3,214,541 | 7,246,085 | 40,374 | 112,406 | 113,776 | 2,001,539 | 12,728,721
| Depreciation |  |  |  |  |  |  |
| At 1 May 2024 | - | 3,254,167 | 37,458 | 80,734 | 14,925 | 38,496 | 3,425,780
| Charge for the year on owned assets | - | 325,016 | 1,750 | 20,672 | 8,812 | 49,730 | 405,980
| Disposals | - | (4,961) | - | - | - | - | (4,961)
| At 30 April 2025 | - | 3,574,222 | 39,208 | 101,406 | 23,737 | 88,226 | 3,826,799
| Net book value |  |  |  |  |  |  |
| At 30 April 2025 | 3,214,541 | 3,671,863 | 1,166 | 11,000 | 90,039 | 1,913,313 | 8,901,922
| At 30 April 2024 | 3,214,541 | 3,043,547 | 2,916 | 23,254 | 88,117 | 1,766,290 | 8,138,665
Page 31

|  | LLANELEC HOLDINGS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
15.Tangible fixed assets (continued) Page 32

|  | LLANELEC HOLDINGS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
15.Tangible fixed assets (continued)
| The net book value of tangible fixed assets include £4,105,283 (2024 - £2,288,698) in respect of assets held under hire purchase contracts.
16. | Fixed asset investments
| Group
|  | Other fixed asset investments
|  | £
| Cost or valuation |
| At 1 May 2024 | 2,244,148
| Additions | 4,843,135
| Disposals | (1,982,000)
| Revaluations | (1,000,000)
| At 30 April 2025 | 4,105,283
| Net book value |
| At 30 April 2025 | 4,105,283
| At 30 April 2024 | 2,244,148
Page 33

LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 May 2024 | 2,507,264
| At 30 April 2025 | 2,507,264
| Net book value |
| At 30 April 2025 | 2,507,264
| At 30 April 2024 | 2,507,264
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Llanelec Precision Engineering Company Limited | Nidum House, Neath, United Kingdom, SA10 7DR | Ordinary | 100%
| CJ Properties (Neath) Limited | 28 Ffrwd Vale, Neath, United Kingdom, SA10 7BA | Ordinary | 100%
| The aggregate of the share capital and reserves as at 30 April 2025 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| Llanelec Precision Engineering Company Limited | 16,201,951 | 3,018,603
| CJ Properties (Neath) Limited | 753,444 | 429,993
Page 34
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
17. | Stocks
|  | Group | Group As restated
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 560,747 | 360,920
| Work in progress (goods to be sold) | 738,892 | 698,074
| Finished goods and goods for resale | 375,798 | 407,035
|  | 1,675,437 | 1,466,029
Page 35
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
18. | Debtors
|  | Group | Group As restated
|  | 2025 | 2024
|  | £ | £
| Trade debtors | 2,241,301 | 2,267,276
| Other debtors | 4,998,488 | 3,865,454
| Prepayments and accrued income | 514,674 | 548,093
| Tax recoverable | 1,134,381 | 1,134,381
|  | 8,888,844 | 7,815,204
19. | Cash and cash equivalents
|  | Group | Group As restated
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 810,172 | 1,090,510
|  | 810,172 | 1,090,510
20. | Creditors: Amounts falling due within one year
|  | Group | Group As restated | Company | Company As restated
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 212,519 | 206,911 | - | -
| Trade creditors | 2,048,506 | 1,996,472 | - | -
| Amounts owed to group undertakings | - | - | 2,406,348 | 2,406,348
| Corporation tax | 2,870,801 | 2,378,934 | - | -
| Other taxation and social security | 552,985 | 459,695 | - | -
| Obligations under finance lease and hire purchase contracts | 579,803 | 352,038 | - | -
| Other creditors | 225,904 | 329,405 | - | -
| Accruals and deferred income | 139,452 | 672,274 | - | -
|  | 6,629,970 | 6,395,729 | 2,406,348 | 2,406,348
Page 36
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group As restated | Company | Company As restated
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 1,337,758 | 1,527,741 | - | -
| Obligations under finance leases and hire purchase contracts | 2,020,197 | 944,203 | - | -
| Other creditors | 31 | 31 | 31 | 31
|  | 3,357,986 | 2,471,975 | 31 | 31
Hire purchase contracts were repaid in full subsequent to the balance sheet date.
22. | Secured debts
| The following secured debts are included within creditors:
| Bank loans are secured by way of fixed and floating charges over the assets of the Group. Hire purchase contracts are secured on the assets to which they relate.
23. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group As restated
|  | 2025 | 2024
|  | £ | £
| Amounts falling due within one year |  |
| Bank loans : less than 1 year | 212,519 | 206,911
| Amounts falling after more than one year |  |
| Bank loans : 1 - 2 years | 444,549 | 408,965
| Bank loans : 2 - 5 years | 893,209 | 1,118,776
|  | 1,550,277 | 1,734,652
Page 37
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
24. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group As restated
|  | 2025 | 2024
|  | £ | £
| Within one year | 579,803 | 352,036
| Between 1-5 years | 2,020,197 | 944,203
|  | 2,600,000 | 1,296,239
Page 38
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
25. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | 786,432
| Charged to profit or loss | 151,028
| At end of year | 937,460
| Company
|  | 2025
| At beginning of year | -
| At end of year | -
|  | Group | Group As restated
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 937,460 | 786,432
|  | 937,460 | 786,432
| It is not possible to accurately determine the net reversal of deferred tax assets and liabilities in the forthcoming financial period in relation to accelerated capital allowances and other timing differences.
26. | Share capital
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 70,000 (2024 - 70,000) Ordinary shares of £1.00 each | 70,000 | 70,000
The called up share capital represents the nominal value of shares that have been issued by the company. Ordinary £1 shares carry full rights with regard to voting, payment of dividends and the distribution of capital on winding up. Page 39
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
27. | Reserves
Capital redemption reserve A reserve created from the redeeming of preference shares or buy back of own shares. Profit and loss account Retained earnings includes all current and prior period retained profits and losses.
28. | Prior year adjustment
The financial statements for the year ended 30 April 2024, and earlier periods, have been restated to reflect the reclassification of certain costs that were previously shown as an expense. The decision to restate the prior period figures follows a detailed review of how certain costs are treated in the financial statements. The impact of the prior period restatement on the previously issued financial statements for the year ended 30 April 2024, was as follows: Income statement The net impact of the restatement on the prior period income statement was an increase in the underlying profit for the year of £846,204. Balance sheet • The net assets of the company for the year ending 30 April 2024 increased reflecting the inclusion of reclassified costs in debtors (£3,558,523) and the inclusion of an increase in the liability to corporation tax (£787,948) within current liabilities. • In overall terms, net assets increased when compared with the previously issued financial statements by £2,985,200. The opening reserves for the prior period were restated by £2,138,996.
29. | Pension commitments
The Group operates a defined contribution pension scheme. During the year the Group paid £69,213 (2024 - £89,354) into the scheme. At the date of the balance sheet £14,897 (2024 - £12,107) was owed to the scheme. Page 40
LLANELEC HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
30. | Transactions with directors
During the year the Group made the following advances to the directors.
|  | S John | C John | N Martin
|  | £ | £ | £
| Balance at 30 April 2024 - Restated | 1,472,033 | 1,191,102 | 1,202,320
| Advances | 421,315 | 353,230 | 358,484
| Repaid | - | - | -
| Balance at 30 April 2025 | 1,893,348 | 1,544,332 | 1,560,804
The advances are charged interest at the HMRC official rate.
31. | Related party disclosures
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions within the group where subsidiaries are wholly owned.
32. | Post balance sheet events
On 24 July 2025, the company was acquired by Hanover Investors Management. On the same day the subsidiary CJ Properties (Neath) Limited was disposed of to two of the shareholders at the balance sheet date.
33. | Controlling party
At the balance sheet date, the ultimate controlling party is Mrs C John. From 24 July 2025 there is no single ultimate controlling party.
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