Company registration number 01110305 (England and Wales)
LAWRENCE DAVID LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
LAWRENCE DAVID LIMITED
COMPANY INFORMATION
Directors
A Dodge
I Morton
B M McEvoy
C A Ward
Secretary
I Morton
Company number
01110305
Registered office
Woodston Point
Shrewsbury Avenue
Peterborough
United Kingdom
PE2 7LB
Auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
Business address
Woodston Point
Shrewsbury Avenue
Peterborough
United Kingdom
PE2 7LB
Bankers
HSBC Bank plc
Cathedral Square
Peterborough
United Kingdom
PE1 1XL
LAWRENCE DAVID LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 29
LAWRENCE DAVID LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The results for the period reflect the very weak market demand for the automotive sector particularly the sub segment we operate in of curtain side semi-trailer. Demand was strong in 2025 within the box trailer sub segment compared to 2024. There has been a decrease in demand for vehicles used for home delivery. The business volumes increase by 10% in line with market and market recovery has been slow in line with the general market into 2025.

For the trailer product segments we operate in we are 2nd in terms of market share and this position has strengthened with our market share improving gaining share as we focused on keeping quality high and not compromising, We have taken the longer-term strategic decision to protect brand which we were able to do due to the strong balance sheet we entered 2025.

The group continues its commitment to innovation, quality and expertise to be the UK’s premium commercial trailer and rigid body manufacturer. Manufacturing, repair and servicing services are the core of the group’s activity and long term strategy.

Collaboration with the Wielton Group, Europe’s 3rd largest trailer manufacture, benefiting product quality, purchasing synergies and broader product range.

Key Financial indicators

2025 2024

£m £m

Turnover 76.8 63.7

Gross Profit 15.3 15.1

EBITDA 3.55 3.51

EBITDA% 4.6% 5.5%

Cash 14.1 8.3

Volume 2,667 2,422

To deliver the strategic intent the management team proactively monitors operational and commercial activity. The use of revenue generation, productivity, cost development and cash generation KPIs is incorporated within the process to measure progress against set objectives and metrics.

Principal risks and uncertainties

Business Environment. The company operates in a very competitive sector with competition from with the UK and new entrants from Europe.

Key risks impacting the group include rising costs and limited access to raw materials, fluctuating exchange rates, evolving market demand, and uncertainties in the broader economic environment.

The group’s management endeavor to mitigate these risks by implementing regular strategic management and supervisory board reviews covering all aspects of risk the business is exposed to including suppliers invoicing in £. Material prices rises are partially offset by buying early and holding more stock.

New practices and investment in renewable energy sourcing, waste monitoring and disposal, as well as one-use plastic reduction continues in order to reduce the groups’ environmental impact.

The group is dedicated to engaging and protecting employees through direct communication and safeguarding policies. Equal employment opportunities and compensation are provided irrespective of ethnic or social background.

LAWRENCE DAVID LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Financial risk management objectives and policies

The Company does only use a small amount of € hedging as part of its financial risk management. It is exposed to credit risk, liquidity risk and cash flow risk. The credit risk on liquid funds is limited because its counterpart bank has double A credit ratings from all three of the internationally recognised credit agencies. The Company ensures it has sufficient financing facilities available through cash generated from operating activities and its bank facilities to meet projected cash flow needs in both the short and medium term.

On behalf of the board

A Dodge
Director
24 March 2026
LAWRENCE DAVID LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

Principal activities

The group is engaged in the manufacture of specialised commercial vehicle bodies and structures and the general engineering, manufacture and fabrication of assemblies, sub-assemblies and related products.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

A Dodge
I Morton
B M McEvoy
C A Ward
Supplier payment policy

It is the group's payment policy in respect of all suppliers to settle outstanding accounts in accordance with the terms and conditions agreed with suppliers when placing orders.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a general meeting.

Energy and carbon report
2025
2024
Energy consumption
kWh
kWh
000's
000's
Aggregate of energy consumption in the year
5,689
6,436
LAWRENCE DAVID LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
563.71
663.22
- Fuel consumed for owned transport
183.62
200.49
747.33
863.71
Scope 2 - indirect emissions
- Electricity purchased
199.12
263.56
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
12.33
26.44
Total gross emissions
958.78
1,153.71
Intensity ratio
Tonnes CO2e per FTE employee
3.84
4.93
Tonnes CO2e per unit
0.36
0.48
Reporting Year: January – December 2024
Lawrence David's Scope 1 direct and Scope 2 & 3 indirect emissions (combustion of natural gas, other fuels and transportation fuels) for this reporting year are 759.79 tCO2e, resulting from the direct combustion of 3.774.645 kWh of fuel. This represents a carbon reduction of 14.65% from last year ending December 2024.
Scope 2 indirect emissions (purchased electricity) for this reporting year are 198.99 tCO2e, resulting from the consumption of 1,914,781kWh of electricity purchased and consumed in day-to-day business operations, including self-generated electricity. This represents a carbon reduction of 24.50% from last year ending December 2024.
Lawrence David's operations have an intensity metric of 3.84 tCO2e per Full-Time Equivalent (FTE) for this reporting year. This represents a reduction in the operational carbon intensity of 22.22% from last year ending December 2024.
Quantification and reporting methodology

This report summarises Lawrence David Limited’s (Lawrence David) energy usage, associated emissions, energy efficiency actions and energy performance under the government policy Streamlined Energy & Carbon Reporting (SECR).

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Lawrence David is committed to year-on-year improvements in its operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years.

Measures taken to improve energy efficiency

Measures Undertaken In FY25

Electrical Monitoring

During the reporting period, Lawrence David conducted a review and installed electrical monitoring equipment to track energy usage and automatically power down equipment when not in use.This initiative is believed to have reduced electricity consumption in 2025.

LAWRENCE DAVID LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

Solar Installations

The Morley Way site has been equipped with new solar panels to generate renewable energy, effectively covering a significant portion of the site's daytime electricity consumption.

The use of solar power not only reduces emissions but also provides long-term financial benefits through reduced energy bills.

Battery Powered Tools

Lawrence David continued rolling out the transition to battery-powered tools. Air networks rely on compressed air systems, which can lead to energy losses through leaks. By switching to battery-powered tools, Lawrence David is reducing energy wasted due to air leakage.

Energy Efficiency Narrative

Measures Addressed In FY25

Compressed Air

In FY25, Lawrence David has reviewed all buildings and facilities to reduce air system pressures, repair leaks, assess air tool usage, and evaluate the maintenance of paint booth compressors, aiming to optimise energy efficiency and determine whether moving away from air tools is the best approach for reducing energy consumption.

Installations of pipes and valves

Lawrence David will aim to insulate all gas boiler valves and pipework. This includes insulating plant room valves in the headquarters. This will aim to optimise energy efficiency and decrease consumption.

Air Conditioning Review

During the FY25 reporting year, Lawrence David reviewed and amended the temperatures in all shared rooms relating to IT to reduce energy consumption. Having a cap on the air conditioning temperature will optimise consumption to the optimal level.

Energy Management Education

In FY25, Lawrence David has prioritised employee engagement and energy management education. The company aims to ensure that all employees are well-informed about the importance of reducing wasted energy, and how to contribute to achieve energy savings.

Renewable Energy Procurement

Lawrence David aims to switch some electricity meters to renewable energy from April 2025. The scope 2 purchased electricity based on these contracts would have meant 33.47 tCO2e rather than the quoted 198.88 in the reports.The Company is aware of the energy it consumes and makes effort wherever possible to reduce consumption and make processes more energy efficient.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
A Dodge
Director
24 March 2026
LAWRENCE DAVID LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LAWRENCE DAVID LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAWRENCE DAVID LIMITED
- 7 -
Opinion

We have audited the financial statements of Lawrence David Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

LAWRENCE DAVID LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAWRENCE DAVID LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

LAWRENCE DAVID LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAWRENCE DAVID LIMITED (CONTINUED)
- 9 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, 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 indicators of potential 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Tracey Richardson BSc (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FZ
24 March 2026
LAWRENCE DAVID LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
76,823,092
63,731,477
Cost of sales
(61,478,569)
(48,582,528)
Gross profit
15,344,523
15,148,949
Administrative expenses
(12,915,173)
(12,767,302)
Operating profit
4
2,429,350
2,381,647
Interest receivable and similar income
8
203,348
408,126
Interest payable and similar expenses
9
(31,496)
(38,391)
Profit before taxation
2,601,202
2,751,382
Tax on profit
10
(682,915)
(714,785)
Profit for the financial year
1,918,287
2,036,597

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LAWRENCE DAVID LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
£
£
Profit for the year
1,918,287
2,036,597
Other comprehensive income
-
-
Total comprehensive income for the year
1,918,287
2,036,597
LAWRENCE DAVID LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,068,566
894,132
Tangible assets
12
6,692,933
7,706,319
7,761,499
8,600,451
Current assets
Stocks
14
10,199,020
4,986,602
Debtors
15
21,384,147
12,447,947
Cash at bank and in hand
14,088,036
8,361,639
45,671,203
25,796,188
Creditors: amounts falling due within one year
16
(30,415,145)
(13,554,547)
Net current assets
15,256,058
12,241,641
Total assets less current liabilities
23,017,557
20,842,092
Creditors: amounts falling due after more than one year
17
(2,043,210)
(1,438,665)
Provisions for liabilities
Deferred tax liability
19
(209,236)
138,131
209,236
(138,131)
Net assets
21,183,583
19,265,296
Capital and reserves
Called up share capital
21
13,400
13,400
Share premium account
693
693
Revaluation reserve
487,085
487,085
Capital redemption reserve
240
240
Profit and loss reserves
20,682,165
18,763,878
Total equity
21,183,583
19,265,296
The financial statements were approved by the board of directors and authorised for issue on 24 March 2026 and are signed on its behalf by:
A Dodge
Director
Company registration number 01110305 (England and Wales)
LAWRENCE DAVID LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2024
13,400
693
487,085
240
16,727,281
17,228,699
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
-
2,036,597
2,036,597
Balance at 31 December 2024
13,400
693
487,085
240
18,763,878
19,265,296
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
-
1,918,287
1,918,287
Balance at 31 December 2025
13,400
693
487,085
240
20,682,165
21,183,583
LAWRENCE DAVID LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
7,080,797
2,748,393
Interest paid
(31,496)
(38,391)
Income taxes paid
(1,247,337)
(1,432,201)
Net cash inflow from operating activities
5,801,964
1,277,801
Investing activities
Purchase of intangible assets
(174,434)
(380,622)
Purchase of tangible fixed assets
(105,079)
(824,295)
Proceeds from disposal of tangible fixed assets
5,925
12,083
Interest received
203,348
408,126
Net cash used in investing activities
(70,240)
(784,708)
Financing activities
Payment of finance leases obligations
(5,327)
(389,898)
Net cash used in financing activities
(5,327)
(389,898)
Net increase in cash and cash equivalents
5,726,397
103,195
Cash and cash equivalents at beginning of year
8,361,639
8,258,444
Cash and cash equivalents at end of year
14,088,036
8,361,639
LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

Lawrence David Limited is a private company limited by shares incorporated in England and Wales. The registered office is Woodston Point, Shrewsbury Avenue, Peterborough, United Kingdom, PE2 7LB.

1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluaion of certain fixed assets modified to include the revaluation of freehold land and buildings.

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

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

1.2
Going concern

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

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Software
Asset under construction - Nil
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Land and buildings Freehold
Nil
Land and buildings Leasehold
20% Straight line or lease term
Plant and machinery
10% - 30% Straight line
Fixtures, fittings & equipment
20% - 30% Straight line
Office equipment
20% and 30% Straight line
Motor vehicles
20% and 33% Straight line

The company does not provide for depreciation on freehold property as t he directors consider that the property is maintained in such a state of repair th at the residual value is at least equal to the net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

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

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

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

LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

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

1.8
Stocks

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

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

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

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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

1.14
Employee benefits

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

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

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

LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.15
Retirement benefits
Contributions to the pension scheme are charged to the profit and loss account as incurred.
1.16
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

1.17
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Manufacture of specialised commercial vehicle bodies and structures
76,823,092
63,731,477
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
76,823,092
63,731,477
LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 21 -
2025
2024
£
£
Other revenue
Interest income
203,348
408,126
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Research and development costs
69,133
47,567
Depreciation of owned tangible fixed assets
900,436
926,607
Depreciation of tangible fixed assets held under finance leases
218,029
210,538
Profit on disposal of tangible fixed assets
(5,925)
(8,715)
Operating lease charges
1,225,042
1,329,070
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,200
21,250
6
Employees

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

2025
2024
Number
Number
Management
4
4
Administration
15
15
Production and sales staff
224
233
Total
243
252

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
10,046,357
9,988,390
Social security costs
1,209,917
1,193,599
Pension costs
204,663
212,753
11,460,937
11,394,742
LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,332,823
1,510,690
Company pension contributions to defined contribution schemes
3,963
4,293
1,336,786
1,514,983

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
525,328
562,624
Company pension contributions to defined contribution schemes
1,321
1,431
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
78,348
119,176
Interest receivable from group companies
125,000
288,950
Total income
203,348
408,126
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
203,348
408,126
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
458
5,406
Other interest
31,038
32,985
31,496
38,391
LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,030,282
945,562
Deferred tax
Origination and reversal of timing differences
(347,367)
(230,777)
Total tax charge
682,915
714,785

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,601,202
2,751,382
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
650,301
687,846
Tax effect of expenses that are not deductible in determining taxable profit
13,652
209,786
Permanent capital allowances in excess of depreciation
14,739
48,762
Other non-reversing timing differences
(917)
(832)
Deferred tax
5,140
(230,777)
Taxation charge for the year
682,915
714,785
11
Intangible fixed assets
Software
£
Cost
At 1 January 2025
894,132
Additions
174,434
At 31 December 2025
1,068,566
Amortisation and impairment
At 1 January 2025 and 31 December 2025
-
0
Carrying amount
At 31 December 2025
1,068,566
At 31 December 2024
894,132
LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
12
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2025
4,052,769
1,273,660
-
0
5,231,518
968,995
658,017
794,467
12,979,426
Additions
-
0
-
0
13,190
7,741
10,390
3,073
70,685
105,079
Disposals
-
0
-
0
-
0
(9,298)
-
0
(28,476)
(17,127)
(54,901)
At 31 December 2025
4,052,769
1,273,660
13,190
5,229,961
979,385
632,614
848,025
13,029,604
Depreciation and impairment
At 1 January 2025
-
0
422,973
-
0
3,372,729
587,714
497,037
392,654
5,273,107
Depreciation charged in the year
-
0
239,239
-
0
568,161
121,064
58,500
131,501
1,118,465
Eliminated in respect of disposals
-
0
-
0
-
0
(9,298)
-
0
(28,476)
(17,127)
(54,901)
At 31 December 2025
-
0
662,212
-
0
3,931,592
708,778
527,061
507,028
6,336,671
Carrying amount
At 31 December 2025
4,052,769
611,448
13,190
1,298,369
270,607
105,553
340,997
6,692,933
At 31 December 2024
4,052,769
850,687
-
0
1,858,789
381,281
160,980
401,813
7,706,319
LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Tangible fixed assets
(Continued)
- 25 -

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
577,461
776,313
13
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Trade debtors
11,139,959
5,759,369
Other debtors
1,200,000
-
Cash at bank and in hand
14,088,036
8,361,639
26,427,995
14,121,008
Carrying amount of financial liabilities
Obligations under finance leases
-
5,327
Trade creditors
2,640,770
2,103,603
Amounts due to group undertakings
20,357,033
5,728,294
Accruals
4,162,615
3,274,489
27,160,418
11,111,713
14
Stocks
2025
2024
£
£
Raw materials and consumables
10,095,368
4,664,764
Work in progress
103,652
321,838
10,199,020
4,986,602
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
11,139,959
5,759,369
Amounts owed by group undertakings
5,803,162
5,637,374
Other debtors
1,200,000
-
0
Prepayments and accrued income
3,241,026
1,051,204
21,384,147
12,447,947
LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
18
-
0
5,327
Trade creditors
2,640,770
2,103,603
Amounts owed to group
20,357,033
5,728,294
Corporation tax
85,879
302,934
Other taxation and social security
2,740,290
1,774,499
Other creditors
218,481
120,709
Accruals and deferred income
4,372,692
3,519,181
30,415,145
13,554,547

A debenture created on 12 January 2009 in favor of HSBC Bank PLC remains outstanding. This debenture provides a fixed and floating charge over the company's undertaking, including all present and future assets, such as goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant, and machinery.

Additionally, there are two outstanding fixed charges over land at Maxwell Road, Peterborough, PE2 7JR. These charges were created on 15 November 2024 and are held by BNP Paribas Bank Polska S.A. and Korporacja Ubezpieczeń Kredytów Eksportowych S.A. These charges provide security over specific property assets as part of the company’s financing structure.

These charges are publicly recorded at Companies House and can be accessed for further details.

17
Creditors: amounts falling due after more than one year
2025
2024
£
£
Accruals and deferred income
2,043,210
1,438,665
18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
5,327

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 1 year. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
365,528
138,131
Other timing differences
(574,764)
-
(209,236)
138,131
2025
Movements in the year:
£
Liability at 1 January 2025
138,131
Credit to profit or loss
(347,367)
Asset at 31 December 2025
(209,236)

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

Deferred tax is not recognised in respect of capital tax losses of £640,048 as it is not probable that they will be recovered against future profits.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
204,663
212,753

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
13,400 Ordinary shares of £1 each
13,400
13,400
LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
22
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
1,005,934
1,218,642
Years 2-5
530,034
1,209,681
1,535,968
2,428,323
23
Related party transactions

During the period Lawrence David Limited made purchases from Wielton S.A of £32,911,358 (2024 - £17,877,138) and made recharges to Wielton S.A of £667,813 (2024 - £697,552), the ultimate parent company. At 31 December 2025 the company owed £17,735,205 (2024 - £4,741,101) to Wielton S.A and the company was owed £709,450 (2024 - £577,171) from Wielton S.A. At 31 December 2025 the company loaned Wielton S.A. £5,000,000 (2024 - £5,043,663).

During the period Lawrence David Limited made purchases from Wielton Logistic Spolka z o.o. of £10,781 (2024 - £551,736), a fellow subsidiary within the Wielton S.A group. At 31 December 2025 the company owed £Nil (2024 - £Nil) to Wielton Logistic Spolka z o.o.

During the period Lawrence David Limited made purchases from Wielton Reefer Sp z o.o. of £1,028,199 (2024 - £Nil), and made recharges to Wielton Reefer Sp z o.o of £8,468 (2024 - £Nil), a fellow subsidiary within the Wielton S.A group. At 31 December 2025 the company owed £390,079 (2024 - £Nil) to Wielton Reefer Sp z o.o. and was owed £8,468 (2024 - £Nil).

During the period Lawrence David Limited made purchases from Langendorf GmbH of £4,966,229 (2024 - £4,301,978), a fellow subsidiary within the Wielton S.A group. At 31 December 2025 the company owed £974,355 (2024 - £929,099) to Langendorf GmbH.

During the period Lawrence David Limited made purchases from Aberg Service Sp z o.o of £152,924 (2024 - £67,498), and made recharges to Aberg Service Sp z o.o of £405,085 (2024 - £6,142), a fellow subsidiary within the Wielton S.A group. At 31 December 2025 the company owed £57,393 (2024 - £58,094) to Aberg Service Sp z o.o and was owed £304,499 (2024 - £6,142).

LAWRENCE DAVID LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
24
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,918,287
2,036,597
Adjustments for:
Taxation charged
682,915
714,785
Finance costs
31,496
38,391
Investment income
(203,348)
(408,126)
Gain on disposal of tangible fixed assets
(5,925)
(8,715)
Depreciation and impairment of tangible fixed assets
1,118,465
1,137,145
Movements in working capital:
(Increase)/decrease in stocks
(5,212,418)
2,503,740
Increase in debtors
(8,936,200)
(3,023,986)
Increase/(decrease) in creditors
17,687,525
(241,438)
Cash generated from operations
7,080,797
2,748,393
25
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
8,361,639
5,726,397
14,088,036
Lease liabilities
(5,327)
5,327
-
8,356,312
5,731,724
14,088,036
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