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REGISTERED NUMBER: 09356139 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 April 2025

for

L&M Holding Ltd

| L&M Holding Ltd (Registered number: 09356139) |

Contents of the Consolidated Financial Statements

for the Year Ended 30 April 2025

| Page |

| Company Information | 1 |

| Group Strategic Report | 2 |  | to |  | 3

| Report of the Directors | 4 |  | to |  | 5

| Report of the Independent Auditors | 6 |  | to |  | 9

| Consolidated Income Statement | 10 |

| Consolidated Other Comprehensive Income | 11 |

| Consolidated Balance Sheet | 12 |

| Company Balance Sheet | 13 |

| Consolidated Statement of Changes in Equity | 14 |

| Company Statement of Changes in Equity | 15 |

| Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Cash Flow Statement | 17 |

| Notes to the Consolidated Financial Statements | 18 |  | to |  | 27

| L&M Holding Ltd |

Company Information

for the Year Ended 30 April 2025

| DIRECTORS: | Mr H Ali

| Mr M A Makkani

| REGISTERED OFFICE: | 795

| St. Albans Road

| Watford

| Hertfordshire

| WD25 9LA

| REGISTERED NUMBER: | 09356139 (England and Wales)

| AUDITORS: | BBK Partnership

| Chartered Accountants

| & Statutory Auditors

| 1 Beauchamp Court

| 10 Victors Way

| Barnet

| Hertfordshire

| EN5 5TZ

| L&M Holding Ltd (Registered number: 09356139) |

Group Strategic Report

for the Year Ended 30 April 2025

The directors present their strategic report of the company and the group for the year ended 30 April 2025.

REVIEW OF BUSINESS

The Group continues to focus on what it perceives as key business issues. These include the health, safety and wellbeing of its employees, sustainability and the quality of its products and processes.

The strength and resilience of our capital position and our disciplined pricing and risk selection ensures we are capital self-sufficient. This means we can fund our own growth ambitions and maintain a high buffer capital in what are uncertain times. It has been a year of continued delivery, with successful strategic execution, ongoing investment and continued growth. This has resulted in a strong balance sheet and financial position, with continued business momentum.

We achieve our goals responsibly and are committed to a sustainable strategy that protects our communities and the plant.

The profit for the period after tax amounted to £3,456,080 (2024: £3,549,619).

The Group retained a positive combined bank balance of £7,181,224 (2024: £7,686,501).

The directors are satisfied with the results in the year under review in a progressively competitive industry with tough trading conditions.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group seeks to manage the associated risks through its business strategy and risk management program, the provision of high-quality products and services to customers, a strong after-sales service business and by maintaining strong relationships with all stakeholders.

The company and the Group are monitoring all external risks and the potential impact they may have upon the business, including the conflict in Ukraine. The key risks for the UK business include the restrictions imposed by the UK government, ensuring the wellbeing and safety of its employees, the continuity and the cost of the supply chain and the ability to operate cross-border.

The general economic outlook remains uncertain and the market for domestic heating appliances is expected to remain highly competitive. The company and the Group continue to closely monitor developments, with specific focus on the trading, inflation, cash flow and other operational impacts for the business.

The key risks broadly fall into the following categories:

MARKET

The performance of the domestic economy directly reflects upon the performance of the subsidiaries and in turn imitates upon the Company. The director monitors economic movements and key customer strategic plans, so that they can react promptly to changes in projected sales volumes to ensure that the company's and the subseries business remain competitive and profitable.

COMPETITIVE

The main competitive risks to the group and the Company arise from changing customer requirements based on market demand. The Company and its subsidiaries continue to invest in providing qualitative service and by working in partnership with customers in developing effective procedures to satisfy their current and future needs.

LEGISLATIVE RISK

On a regular basis the director reviews the group's and the company's legislative risk exposure and ensure that all applicable directions are observed

FINANCIAL INSTRUMENT RISK

The group and the company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievements of its performance objectives. The objectives aim to limit undue counterparty exposure, ensure efficient working capital exists and monitor the management of risk at a business unit level.

| L&M Holding Ltd (Registered number: 09356139) |

Group Strategic Report

for the Year Ended 30 April 2025

KEY PERFORMANCE INDICATORS

The continuous measurement and monitoring of the business performance is a critical element of the management process. In order to provide consistent and comprehensive information the Company and the group uses a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets.

The Group's key and other performance indicators during the period were as follows:

| 2025 |  | 2024 |  | 2023 |  |

| £'000 |  | £'000 |  | £'000 |  |

Turnover |  | 8,653 |  | 8,165 |  | 8,839 |  |

Gross profit |  | 1,991 |  | 2,150 |  | 2.733 |  |

Gross profit margin |  | 23% |  | 26.3% |  | 30.9% |  |

Operating profit |  | 3,356 |  | 3,558 |  | 1,311 |  |

Profit for the year |  | 3,456 |  | 3,550 |  | 1,093 |  |

Other key KPI's that demonstrate the level of performance in different parts of the business include:

- Average salary levels

- EBITDA

- Performance against budget and prior year.

The director is satisfied with the KPI's delivered in the year and is confident that expected performance levels can be maintained for the foreseeable future.

ON BEHALF OF THE BOARD:

Mr H Ali - Director

29 January 2026

| L&M Holding Ltd (Registered number: 09356139) |

Report of the Directors

for the Year Ended 30 April 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of supply of central heating and plumbing equipment.

DIVIDENDS

The total distribution of dividends for the year ended 30 April 2025 will be £280,000 (2024: £200,000).

FUTURE DEVELOPMENTS

All likely future developments have been covered under the review of the business in the Strategic Report.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2024 to the date of this report.

Mr H Ali

Mr M A Makkani

FINANCIAL INSTRUMENTS

Treasury operations and financial instruments

The director has established a risk and financial management framework whose primary objective is to protect the Company and its subsidiaries from events that hinder the achievement of performance objective.

The objective aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level.

The groups principal financial instruments during the year comprised of inter-company balances, trade debtors and trade creditors. The main purpose of these financial instruments are to provide funding for company's operations.

Liquidity risk

The Company and its subsidiaries manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operation needs of the business.

Interest rate risk

Currently the group's and Company's exposure to interest rate risk is minimal.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedure. Trade debtors will be monitored on an ongoing basis and provision may be made for doubtful debts where necessary.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;

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

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

| L&M Holding Ltd (Registered number: 09356139) |

Report of the Directors

for the Year Ended 30 April 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors BBK Partnership are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr H Ali - Director

29 January 2026

Report of the Independent Auditors to the Members of

L&M Holding Ltd

Opinion

We have audited the financial statements of L&M Holding Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

L&M Holding Ltd

Matters on which we are required to report by exception

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

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

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

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

- | certain disclosures of 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 Statement of Directors' Responsibilities set out on pages four and five, 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 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.

Report of the Independent Auditors to the Members of

L&M Holding Ltd

Auditors' responsibilities for the audit of the financial statements

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

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

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 company's operating 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 the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

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

instances of non-compliance throughout the audit.

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

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

actual, suspected and alleged fraud; and

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

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

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

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in the financial statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the

company's legal advisors.

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.

Report of the Independent Auditors to the Members of

L&M Holding Ltd

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Alan Kaye (FCA) (Senior Statutory Auditor)

for and on behalf of BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

29 January 2026

| L&M Holding Ltd (Registered number: 09356139) |

Consolidated

Income Statement

for the Year Ended 30 April 2025

| 30.4.25 |  | 30.4.24

| Notes | £ | £ |

TURNOVER | 8,653,361 |  | 8,165,029 |  |

Cost of sales | (6,662,555 | ) | (6,015,330 | ) |

GROSS PROFIT | 1,990,806 |  | 2,149,699 |  |

Distribution costs | (1,082,336 | ) | (970,109 | ) |

Administrative expenses | 2,384,457 |  | (645,788 | ) |

3,292,927 |  | 533,802 |  |

Other operating income | 63,087 |  | 3,024,320 |  |

OPERATING PROFIT | 4 | 3,356,014 |  | 3,558,122 |  |

Interest receivable and similar income | 297,040 |  | 193,656 |  |

PROFIT BEFORE TAXATION | 3,653,054 |  | 3,751,778 |  |

Tax on profit | 6 | (196,974 | ) | (202,159 | ) |

PROFIT FOR THE FINANCIAL YEAR | 3,456,080 |  | 3,549,619 |  |

Profit attributable to:

Owners of the parent | 3,456,080 |  | 3,549,619 |  |

| L&M Holding Ltd (Registered number: 09356139) |

Consolidated

Other Comprehensive Income

for the Year Ended 30 April 2025

| 30.4.25 |  | 30.4.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 3,456,080 |  | 3,549,619 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,456,080 |  | 3,549,619 |  |

Total comprehensive income attributable to:

Owners of the parent | 3,456,080 |  | 3,549,619 |  |

| L&M Holding Ltd (Registered number: 09356139) |

Consolidated Balance Sheet

30 April 2025

| 30.4.25 |  | 30.4.24

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | (3,010,615 | ) |

Tangible assets | 10 | 7,155,286 |  | 7,303,969 |  |

Investments | 11 | - |  | - |  |

7,155,286 |  | 4,293,354 |  |

CURRENT ASSETS

Stocks | 12 | 3,439,496 |  | 3,505,194 |  |

Debtors | 13 | 1,756,752 |  | 1,085,188 |  |

Cash at bank and in hand | 7,181,224 |  | 7,686,501 |  |

12,377,472 |  | 12,276,883 |  |

CREDITORS

Amounts falling due within one year | 14 | (1,572,005 | ) | (2,051,547 | ) |

NET CURRENT ASSETS | 10,805,467 |  | 10,225,336 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 17,960,753 |  | 14,518,690 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (3,969,176 | ) | (3,703,193 | ) |

NET ASSETS | 13,991,577 |  | 10,815,497 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 6 |  | 6 |  |

Retained earnings | 18 | 13,991,571 |  | 10,815,491 |  |

13,991,577 |  | 10,815,497 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2026 and were signed on its behalf by:

Mr H Ali - Director

| L&M Holding Ltd (Registered number: 09356139) |

Company Balance Sheet

30 April 2025

| 30.4.25 |  | 30.4.24

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 7,126,048 |  | 7,274,508 |  |

Investments | 11 | 4,065,225 |  | 4,065,225 |  |

11,191,273 |  | 11,339,733 |  |

CURRENT ASSETS

Cash at bank | 5,932,748 |  | 6,172,538 |  |

CREDITORS

Amounts falling due within one year | 14 | (69,125 | ) | (27,274 | ) |

NET CURRENT ASSETS | 5,863,623 |  | 6,145,264 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 17,054,896 |  | 17,484,997 |  |

CREDITORS

Amounts falling due after more than one year | 15 | (7,219,628 | ) | (7,428,644 | ) |

NET ASSETS | 9,835,268 |  | 10,056,353 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 6 |  | 6 |  |

Retained earnings | 18 | 9,835,262 |  | 10,056,347 |  |

9,835,268 |  | 10,056,353 |  |

Company's profit for the financial year | 58,915 |  | 7,364,307 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2026 and were signed on its behalf by:

Mr H Ali - Director

| L&M Holding Ltd (Registered number: 09356139) |

Consolidated Statement of Changes in Equity

for the Year Ended 30 April 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 May 2023 | 6 |  | 7,465,872 |  | 7,465,878 |  |

Changes in equity

Dividends | - |  | (200,000 | ) | (200,000 | ) |

Total comprehensive income | - |  | 3,549,619 |  | 3,549,619 |  |

Balance at 30 April 2024 | 6 |  | 10,815,491 |  | 10,815,497 |  |

Changes in equity

Dividends | - |  | (280,000 | ) | (280,000 | ) |

Total comprehensive income | - |  | 3,456,080 |  | 3,456,080 |  |

Balance at 30 April 2025 | 6 |  | 13,991,571 |  | 13,991,577 |  |

| L&M Holding Ltd (Registered number: 09356139) |

Company Statement of Changes in Equity

for the Year Ended 30 April 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 May 2023 | 6 |  | 2,892,040 |  | 2,892,046 |  |

Changes in equity

Dividends | - |  | (200,000 | ) | (200,000 | ) |

Total comprehensive income | - |  | 7,364,307 |  | 7,364,307 |  |

Balance at 30 April 2024 | 6 |  | 10,056,347 |  | 10,056,353 |  |

Changes in equity

Dividends | - |  | (280,000 | ) | (280,000 | ) |

Total comprehensive income | - |  | 58,915 |  | 58,915 |  |

Balance at 30 April 2025 | 6 |  | 9,835,262 |  | 9,835,268 |  |

| L&M Holding Ltd (Registered number: 09356139) |

Consolidated Cash Flow Statement

for the Year Ended 30 April 2025

| 30.4.25 |  | 30.4.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (108,870 | ) | (160,961 | ) |

Tax paid | (203,276 | ) | (277,532 | ) |

Net cash from operating activities | (312,146 | ) | (438,493 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (13,171 | ) | (7,425,802 | ) |

Sale of tangible fixed assets | 3,000 |  | 7,404,759 |  |

Interest received | 297,040 |  | 193,656 |  |

Net cash from investing activities | 286,869 |  | 172,613 |  |

Cash flows from financing activities

Amount introduced by directors | (200,000 | ) | 59,831 |  |

Equity dividends paid | (280,000 | ) | (200,000 | ) |

Net cash from financing activities | (480,000 | ) | (140,169 | ) |

Decrease in cash and cash equivalents | (505,277 | ) | (406,049 | ) |

Cash and cash equivalents at beginning of year | 2 | 7,686,501 |  | 8,092,550 |  |

Cash and cash equivalents at end of year | 2 | 7,181,224 |  | 7,686,501 |  |

| L&M Holding Ltd (Registered number: 09356139) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 30 April 2025

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

| 30.4.25 |  | 30.4.24

£ | £ |

| Profit before taxation | 3,653,054 |  | 3,751,778 |  |

| Depreciation charges | 158,396 |  | 83,788 |  |

| Loss/(profit) on disposal of fixed assets | 457 |  | (3,001,910 | ) |

| Written off negative good will | (3,010,615 | ) | - |  |

| Finance income | (297,040 | ) | (193,656 | ) |

504,252 |  | 640,000 |  |

| Decrease in stocks | 65,698 |  | 114,091 |  |

| (Increase)/decrease in trade and other debtors | (671,420 | ) | 316,663 |  |

| Decrease in trade and other creditors | (7,400 | ) | (1,231,715 | ) |

| Cash generated from operations | (108,870 | ) | (160,961 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 April 2025

| 30/4/25 |  | 1/5/24

£ | £ |

| Cash and cash equivalents | 7,181,224 |  | 7,686,501 |  |

| Year ended 30 April 2024

| 30/4/24 |  | 1/5/23

£ | £ |

| Cash and cash equivalents | 7,686,501 |  | 8,092,550 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/5/24 | Cash flow | At 30/4/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 7,686,501 |  | (505,277 | ) | 7,181,224 |  |

7,686,501 |  | (505,277 | ) | 7,181,224 |  |

| Total | 7,686,501 |  | (505,277 | ) | 7,181,224 |  |

| L&M Holding Ltd (Registered number: 09356139) |

Notes to the Consolidated Financial Statements

for the Year Ended 30 April 2025

1. | STATUTORY INFORMATION

| L&M Holding Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Basis of consolidation

| The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings made up to 30 April 2023. A subsidiary is an entity that is controlled by its parent. The results of the subsidiary undertakings are included in the consolidated income statement from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and the financial policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable.

| Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own profit and loss account.

| In the parent financial statements, investment in subsidiaries are carried at cost less impairment.

| Significant judgements and estimates

| In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of the 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 estimates are 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.

| Impairment

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| L&M Holding Ltd (Registered number: 09356139) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Turnover from the sale of products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the group and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

| Goodwill

| In the year ended 30 April 2025, negative goodwill of £3,010,615 was written off in full to profit or loss in accordance with FRS 102 paragraph 19.21(c), which requires negative goodwill to be recognised immediately upon acquisition. This represents the reversal of prior years' amortisation (£686,805) under the Group's previous policy and the full release of the remaining balance.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 2% on cost

| Fixtures and fittings | - | 25% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| L&M Holding Ltd (Registered number: 09356139) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Cash and cash equivalents

| Cash and cash equivalents comprises cash on hand and all deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to and insignificant risk of change in value.

| Foreign currency transactions and balances

| Transactions in foreign currency are initially recorded at the functional currency rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective financial currency of the entity at the rate prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

| Trade debtors

| Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

| Trade creditors

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities of the company does not have an unconditional right at the end of the reporting period to refer settlements of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlements for at least twelve months after the reporting date they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

| Borrowings

| Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| L&M Holding Ltd (Registered number: 09356139) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Employee benefits

| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

| Provisions

| Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the 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 end of the reporting period, 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 using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

| Investments

| Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

3. | EMPLOYEES AND DIRECTORS

| 30.4.25 |  | 30.4.24

£ | £ |

| Wages and salaries | 674,751 |  | 670,794 |  |

| Social security costs | 56,642 |  | 45,827 |  |

| Other pension costs | 27,014 |  | - |  |

758,407 |  | 716,621 |  |

| The average number of employees during the year was as follows:

| 30.4.25 |  | 30.4.24

| Administration | 6 |  | 6 |  |

| Selling and Distribution | 22 |  | 23 |  |

28 |  | 29 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 28 (2024 - 29 ) .

| L&M Holding Ltd (Registered number: 09356139) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

3. | EMPLOYEES AND DIRECTORS - continued

| 30.4.25 |  | 30.4.24

£ | £ |

| Directors' remuneration | 23,000 |  | 24,000 |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 30.4.25 |  | 30.4.24

£ | £ |

| Depreciation - owned assets | 158,397 |  | 157,737 |  |

| Loss/(profit) on disposal of fixed assets | 457 |  | (3,001,910 | ) |

| Goodwill amortisation | - |  | (73,948 | ) |

| Foreign exchange differences | (63,087 | ) | 45,341 |  |

5. | AUDITORS' REMUNERATION

| 30.4.25 |  | 30.4.24

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 6,000 |  | 6,300 |  |

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 30.4.25 |  | 30.4.24

£ | £ |

| Current tax:

| UK corporation tax | 197,118 |  | 203,276 |  |

| Deferred tax | (144 | ) | (1,117 | ) |

| Tax on profit | 196,974 |  | 202,159 |  |

7. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

8. | DIVIDENDS

|  | £ |  |  | £ |

| Ordinary share of £1 Interim |  | 40,000 |  |  | 40,000 |

| Ordinary A share of £1 Interim |  | 40,000 |  |  | 40,000 |

| Ordinary B share of £1 Interim |  |

| Ordinary C share of £1 Interim |  |

| Ordinary D share of £1 Interim |  | 100,000 |  |  | 60,000 |

| Ordinary E share of £1 Interim |  | 100,000 |  |  | 60,000 |

|  | 280,000 |  |  | 200,000 |

| L&M Holding Ltd (Registered number: 09356139) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

9. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 May 2024 | (3,697,420 | ) |

| Reclassification/transfer | 3,697,420 |  |

| At 30 April 2025 | - |  |

| AMORTISATION

| At 1 May 2024 | (686,805 | ) |

| Reclassification/transfer | 686,805 |  |

| At 30 April 2025 | - |  |

| NET BOOK VALUE

| At 30 April 2025 | - |  |

| At 30 April 2024 | (3,010,615 | ) |

10. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Freehold |  | and |  | Motor |

| property |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 May 2024 | 7,422,967 |  | 306,906 |  | 58,401 |  | 7,788,274 |  |

| Additions | - |  | 4,171 |  | 9,000 |  | 13,171 |  |

| Disposals | - |  | - |  | (19,425 | ) | (19,425 | ) |

| At 30 April 2025 | 7,422,967 |  | 311,077 |  | 47,976 |  | 7,782,020 |  |

| DEPRECIATION

| At 1 May 2024 | 148,459 |  | 286,060 |  | 49,786 |  | 484,305 |  |

| Charge for year | 148,460 |  | 7,148 |  | 2,789 |  | 158,397 |  |

| Eliminated on disposal | - |  | - |  | (15,968 | ) | (15,968 | ) |

| At 30 April 2025 | 296,919 |  | 293,208 |  | 36,607 |  | 626,734 |  |

| NET BOOK VALUE

| At 30 April 2025 | 7,126,048 |  | 17,869 |  | 11,369 |  | 7,155,286 |  |

| At 30 April 2024 | 7,274,508 |  | 20,846 |  | 8,615 |  | 7,303,969 |  |

| L&M Holding Ltd (Registered number: 09356139) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

10. | TANGIBLE FIXED ASSETS - continued

| Company

| Freehold

| property

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 7,422,967 |  |

| DEPRECIATION

| At 1 May 2024 | 148,459 |  |

| Charge for year | 148,460 |  |

| At 30 April 2025 | 296,919 |  |

| NET BOOK VALUE

| At 30 April 2025 | 7,126,048 |  |

| At 30 April 2024 | 7,274,508 |  |

11. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 May 2024

| and 30 April 2025 | 4,065,225 |  |

| NET BOOK VALUE

| At 30 April 2025 | 4,065,225 |  |

| At 30 April 2024 | 4,065,225 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| L&M (Heating) Supplies Ltd

| Registered office: United Kingdom

| Nature of business: Supply of central heating and plumbing equipment

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 30.4.25 |  | 30.4.24

£ | £ |

| Aggregate capital and reserves | 8,221,534 |  | 7,834,986 |  |

| Profit for the year | 386,548 |  | 3,534,332 |  |

| L&M Holding Ltd (Registered number: 09356139) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

12. | STOCKS

| Group |

| 30.4.25 |  | 30.4.24 |

£ | £ |

| Finished goods | 3,439,496 |  | 3,505,194 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |

| 30.4.25 |  | 30.4.24 |

£ | £ |

| Trade debtors | 1,503,681 |  | 952,416 |  |

| VAT | - |  | 23,859 |  |

| Deferred tax asset | 6,590 |  | 6,446 |  |

| Prepayments and accrued income | 246,481 |  | 102,467 |  |

1,756,752 |  | 1,085,188 |  |

| Deferred tax asset

| Group |

| 30.4.25 |  | 30.4.24 |

£ | £ |

| Accelerated capital allowances | 6,590 |  | 6,446 |  |

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 30.4.25 |  | 30.4.24 |  | 30.4.25 |  | 30.4.24 |

£ | £ | £ | £ |

| Trade creditors | 1,203,398 |  | 1,802,106 |  | - |  | - |  |

| Tax | 197,118 |  | 203,276 |  | 69,125 |  | 27,274 |  |

| Social security and other taxes | 14,017 |  | 9,628 |  | - |  | - |  |

| VAT | 109,326 |  | - |  | - |  | - |  |

| Directors' current accounts | 32,033 |  | 7,571 |  | - |  | - |  |

| Accruals and deferred income | 16,113 |  | 28,966 |  | - |  | - |  |

1,572,005 |  | 2,051,547 |  | 69,125 |  | 27,274 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

| 30.4.25 |  | 30.4.24 |  | 30.4.25 |  | 30.4.24 |

£ | £ | £ | £ |

| Amounts owed to group undertakings | - |  | - |  | 3,250,452 |  | 3,725,452 |  |

| Other creditors | 1,536,588 |  | 1,336,589 |  | 1,536,588 |  | 1,336,588 |  |

| Directors' loan accounts | 2,432,588 |  | 2,366,604 |  | 2,432,588 |  | 2,366,604 |  |

3,969,176 |  | 3,703,193 |  | 7,219,628 |  | 7,428,644 |  |

| L&M Holding Ltd (Registered number: 09356139) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

16. | DEFERRED TAX

| Group

£ |

| Balance at 1 May 2024 | (6,446 | ) |

| Provided during year | (144 | ) |

| Balance at 30 April 2025 | (6,590 | ) |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: |  | Class: |  | Nominal value: |  | 2025 |  |  | 2024 |

|  | £ |  |  | £ |

| 1 |  | Ordinary |  | £1 |  | 1 |  |  | 1 |

| 1 |  | Ordinary A |  | £1 |  | 1 |  |  | 1 |

| 1 |  | Ordinary B |  | £1 |  | 1 |  |  | 1 |

| 1 |  | Ordinary C |  | £1 |  | 1 |  |  | 1 |

| 1 |  | Ordinary D |  | £1 |  | 1 |  |  | 1 |

| 1 |  | Ordinary E |  | £1 |  | 1 |  |  | 1 |

|  | 6 |  |  | 6 |

18. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 May 2024 | 10,815,491 |  |

| Profit for the year | 3,456,080 |  |

| Dividends | (280,000 | ) |

| At 30 April 2025 | 13,991,571 |  |

| Company

| Retained

| earnings

£ |

| At 1 May 2024 | 10,056,347 |  |

| Profit for the year | 58,915 |  |

| Dividends | (280,000 | ) |

| At 30 April 2025 | 9,835,262 |  |

19. | RELATED PARTY DISCLOSURES

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| L&M Holding Ltd (Registered number: 09356139) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 April 2025

19. | RELATED PARTY DISCLOSURES - continued

| During the year, a total of key management personnel compensation of £ 23,000 (2024 - £ 24,000 ) was paid.

20. | ULTIMATE CONTROLLING PARTY

| Key management personal are consider to be the ultimate controlling party.