Lea Redway Limited and Subsidiary Companies Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 00379548

Lea Redway Limited and Subsidiary Companies

Financial Statements

30 September 2025

Lea Redway Limited and Subsidiary Companies

Financial Statements

Year ended 30 September 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	7

Consolidated statement of comprehensive income	11

Consolidated statement of financial position	12

Company statement of financial position	13

Consolidated statement of changes in equity	14

Company statement of changes in equity	15

Consolidated statement of cash flows	16

Notes to the financial statements	17

Lea Redway Limited and Subsidiary Companies

Officers and Professional Advisers

The board of directors	M Adaway
	L E V Bedggood
	M A Bedggood
	N E L Bedggood
	C Catt

Registered office	Braggers Farm
	Braggers Lane
	Bransgore
	Christchurch
	BH23 8EF

Auditor	TTCA Ltd
	Chartered Accountants & statutory auditor
	269 Farnborough Road
	Farnborough
	Hampshire
	GU14 7LY

Lea Redway Limited and Subsidiary Companies

Strategic Report

Year ended 30 September 2025

Principal activities and review of the business The group's principal activity during the year continued to be that of the manufacture and sale of solenoid switches and switch gear. During the year the group's turnover decreased by 7% to £55.2m The group's margins have decreased slightly from 24.6% to 20.9%. The directors are still aware that the group remains susceptible to higher commodity prices in both silver and copper and these have led to price variations in the costs of raw materials, along with changes in foreign exchange levels The group's balance sheet remains very strong with net assets of £57.4m (2024: £57.3m). Cash and bank balances have increased from £16.8m to £18.2m.

Future developments The directors consider the company well placed to take advantage of the inevitable recovery of world trade which will be facilitated by the fully established manufacturing plants in China and Lithuania.

Financial instrument risk The directors continue to manage the above risks by only entering into short-term investments and continually reviewing these short-term investments to ensure that the maximum rates of return are achieved. The company also holds cash in foreign currencies such as Euros and Dollars. The company does not enter into forward contracts in respect of Euros and Dollars, instead the company buys and sells these currencies as and when required on the spot market.

Interest rate risk The nature of the company's activities and the basis of funding are such that the directors envisage the company has sufficient liquid resources. The company is not financially dependent on the income earned on these resources and therefore the risk of interest rate fluctuations is not significant to the business. Nevertheless the directors continue to take steps to secure rates of interest which will generate the best return for the company.

Currency risk The company operates in a global market with income arising in a number of different currencies. The company does not hedge against foreign exchange differences.

Environment The group is accredited with ISO 14001 Environmental Management System. All of the group's operations that affect the environment are considered from the point of product design and within the manufacturing site(s). The group segregates all waste produced and requests that all employees take their part in waste segregation. Plastic cups, drink cans, paper and cardboard are all recycled. Other waste is disposed of in accordance with the regulations.

Events since the balance sheet In the directors' opinion, there have been no material events which have occurred since the balance sheet date which need disclosing.

Section 172(1) statement The directors of the company have acted in a way they believe, in good faith, to be most likely to promote the long-term success of the company, ensuring the benefit of its members as a whole, in accordance with the requirements of section 172 of the Companies Act 2006. In pursuit of this objective, the directors have taken into account a range of considerations. Firstly, the company subsidiary Albright Internatinoal has expanded its operations by opening a factory in India; this strategic move is aimed at lowering production costs while simultaneously positioning the company to tap into the rapidly growing Indian market. In tandem, we have recruited experienced sales managers in both China and India. Their primary remit is to drive internal sales growth by leveraging local market insights, building partnerships, and fostering customer relationships. Secondly, the directors are focused on innovation, with a clear ambition to introduce new products to the market every six months, ensuring the company stays at the forefront of its industry. Additionally, we have diversified our financial strategy by opening investment accounts in both US dollars and euros, allowing the company to earn interest on surplus funds. Collectively, these actions reflect a forward-thinking, globally oriented approach designed to enhance resilience, drive revenue growth, and deliver sustainable value for all stakeholders. Furthermore, we have implemented a robust quality control initiative. We have employees from both India and China coming over to our UK factory to update their skills and ensure they are aligned with our highest standards. Once trained, they return to India and China, carrying with them best practices to maintain a consistently high level of quality across all our global operations.

This report was approved by the board of directors on 21 April 2026 and signed on behalf of the board by:

M Adaway

Director

Lea Redway Limited and Subsidiary Companies

Directors' Report

Year ended 30 September 2025

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

Directors

The directors who served the company during the year were as follows:

M Adaway
L E V Bedggood
M A Bedggood
N E L Bedggood
C Catt

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Future developments

The directors consider the company well placed to take advantage of the inevitable recovery of world trade which will be facilitated by the fully established manufacturing plants in China, Lithuania and India.

Greenhouse gas emissions and energy consumption

Principal measures taken to increase energy efficiency

The Company recognises its responsibility to manage and reduce its environmental impact, including greenhouse gas (“GHG”) emissions. In accordance with the requirements of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, as amended, and applicable Streamlined Energy and Carbon Reporting (“SECR”) guidelines, the Company reports its annual carbon emissions and energy usage as set out below. During the financial year ended 30 September 2025, the Company’s total UK energy use was 2454MWh. Associated greenhouse gas emissions, calculated in line with UK Government conversion factors, were 445 tonnes of carbon dioxide equivalent (tCO2e). This includes Scope 1 emissions from direct fuel use, Scope 2 emissions from purchased electricity, and, where applicable, a subset of Scope 3 emissions including business travel. The Company’s emissions intensity ratio for the year was 12.57 tCO2e per £1m turnover, which management considers an appropriate metric for assessing performance given the nature of the Company’s operations. The Board remains committed to reducing the Company’s carbon footprint and has implemented a number of energy efficiency and emissions reduction initiatives during the year. These include replacing lighting with LEW fixtures as required, and have transitioned more of our company fleet to electric vehicles. The Company continues to assess further opportunities to improve efficiency and align its operations with the UK’s net zero ambitions. The methodology used to calculate emissions is consistent with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. Emissions have been calculated using the UK Government’s published conversion factors for greenhouse gas reporting. The Directors will continue to monitor environmental performance and consider climate-related risks and opportunities as part of the Company’s long-term strategy.

Employment of disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company recognises the importance of its employees and is committed to effective two-way communication and consultation.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and the company and 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 judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 21 April 2026 and signed on behalf of the board by:

M Adaway

Director

Lea Redway Limited and Subsidiary Companies

Independent Auditor's Report to the Members of Lea Redway Limited and Subsidiary Companies

Year ended 30 September 2025

Opinion

We have audited the financial statements of Lea Redway Limited and Subsidiary Companies (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 September 2025 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general auditing and accounting experience and through discussion with the directors and other management (as required by auditing standards), the polices and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We indemnified areas as those most likely to have such an effect such as anti bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Thomas McManners BSc ACA ACMI

(Senior Statutory Auditor)

For and on behalf of

TTCA Ltd

Chartered Accountants & statutory auditor

269 Farnborough Road

Farnborough

Hampshire

GU14 7LY

21 April 2026

Lea Redway Limited and Subsidiary Companies

Consolidated Statement of Comprehensive Income

Year ended 30 September 2025

		2025	2024
Note		£	£
Turnover	4	55,241,867	59,464,397

Cost of sales	43,827,411	44,861,916
	-------------	-------------
Gross profit	11,414,456	14,602,481

Administrative expenses		11,925,301	12,664,460
Other operating income	5	261,342	219,393
		-------------	-------------
Operating (loss)/profit	6	( 249,503)	2,157,414

Gain on financial assets at fair value through profit or loss		404,812	384,045
Income from other fixed asset investments	10	15,741	43,795
Other interest receivable and similar income	11	162,812	76,648
		-------------	-------------
Profit before taxation		333,862	2,661,902

Tax on profit	12	687,104	422,577
		---------	------------
(Loss)/profit for the financial year		( 353,242)	2,239,325
		---------	------------

Foreign currency retranslation	419,014	521,726
	---------	------------
Total comprehensive income for the year	65,772	2,761,051
	---------	------------

Loss for the financial year attributable to:

The owners of the parent company	( 364,788)	2,206,106
Non-controlling interests	11,546	33,219
	---------	------------
	( 353,242)	2,239,325
	---------	------------

Total comprehensive income for the year attributable to:

The owners of the parent company	54,226	2,727,832
Non-controlling interests	11,546	33,219
	--------	------------
	65,772	2,761,051
	--------	------------

All the activities of the group are from continuing operations.

Lea Redway Limited and Subsidiary Companies

Consolidated Statement of Financial Position

30 September 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	14	179,437	183,259
Tangible assets	15	16,200,264	17,864,303
		-------------	-------------
		16,379,701	18,047,562

Current assets

Stocks	17	14,457,397	15,752,706
Debtors	18	11,589,022	11,207,955
Investments	19	4,170,784	3,767,829
Cash at bank and in hand		18,152,897	16,830,009
		-------------	-------------
		48,370,100	47,558,499

Creditors: amounts falling due within one year	20	7,336,435	8,245,602
		-------------	-------------
Net current assets		41,033,665	39,312,897
		-------------	-------------
Total assets less current liabilities		57,413,366	57,360,459

Provisions	21	25,718	38,583
		-------------	-------------
Net assets		57,387,648	57,321,876
		-------------	-------------

Capital and reserves

Called up share capital	25	24,000	24,000
Revaluation reserve	26	1,650,180	1,650,180
Capital redemption reserve	26	6,000	6,000
Profit and loss account	26	55,443,627	55,389,401
		-------------	-------------
Equity attributable to the owners of the parent company		57,123,807	57,069,581

Non-controlling interests	263,841	252,295
	-------------	-------------
	57,387,648	57,321,876
	-------------	-------------

These financial statements were approved by the board of directors and authorised for issue on 21 April 2026 , and are signed on behalf of the board by:

M Adaway	N E L Bedggood
Director	Director

Company registration number: 00379548

Lea Redway Limited and Subsidiary Companies

Company Statement of Financial Position

30 September 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	15	8,709,286	8,883,873
Investments	16	105,995	105,995
		------------	------------
		8,815,281	8,989,868

Current assets

Debtors	18	368,817	411,600
Investments	19	4,170,784	3,767,829
Cash at bank and in hand		888,370	341,409
		------------	------------
		5,427,971	4,520,838

Creditors: amounts falling due within one year	20	2,775,208	2,854,007
		------------	------------
Net current assets		2,652,763	1,666,831
		-------------	-------------
Total assets less current liabilities		11,468,044	10,656,699

Provisions	21	25,718	25,718
		-------------	-------------
Net assets		11,442,326	10,630,981
		-------------	-------------

Capital and reserves

Called up share capital	25	24,000	24,000
Revaluation reserve	26	1,650,180	1,650,180
Capital redemption reserve	26	6,000	6,000
Profit and loss account	26	9,762,146	8,950,801
		-------------	-------------
Shareholders funds		11,442,326	10,630,981
		-------------	-------------

The profit for the financial year of the parent company was £ 691,345 (2024: £ 277,956 ).

These financial statements were approved by the board of directors and authorised for issue on 21 April 2026 , and are signed on behalf of the board by:

M Adaway	N E L Bedggood
Director	Director

Company registration number: 00379548

Lea Redway Limited and Subsidiary Companies

Consolidated Statement of Changes in Equity

Year ended 30 September 2025

			Called up share capital	Revaluation reserve	Capital redemption reserve	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
			£	£	£	£	£	£	£
At 1 October 2023			24,000	1,650,180	6,000	52,781,569	54,461,749	219,076	54,680,825

Profit for the year						2,206,106	2,206,106	33,219	2,239,325
Other comprehensive income for the year:
	Foreign currency retranslation		–	–	–	521,726	521,726	–	521,726
			--------	------------	-------	-------------	-------------	---------	-------------
Total comprehensive income for the year			–	–	–	2,727,832	2,727,832	33,219	2,761,051

Dividends paid and payable		13	–	–	–	( 120,000)	( 120,000)	–	( 120,000)
			--------	------------	-------	-------------	-------------	---------	-------------
Total investments by and distributions to owners			–	–	–	( 120,000)	( 120,000)	–	( 120,000)

At 30 September 2024			24,000	1,650,180	6,000	55,389,401	57,069,581	252,295	57,321,876

Loss for the year						( 364,788)	( 364,788)	11,546	( 353,242)
Other comprehensive income for the year:
	Foreign currency retranslation		–	–	–	419,014	419,014	–	419,014
			--------	------------	-------	-------------	-------------	---------	-------------
Total comprehensive income for the year			–	–	–	54,226	54,226	11,546	65,772

			--------	------------	-------	-------------	-------------	---------	-------------
At 30 September 2025			24,000	1,650,180	6,000	55,443,627	57,123,807	263,841	57,387,648
			--------	------------	-------	-------------	-------------	---------	-------------

Lea Redway Limited and Subsidiary Companies

Company Statement of Changes in Equity

Year ended 30 September 2025

		Called up share capital	Revaluation reserve	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 October 2023		24,000	1,650,180	6,000	8,792,845	10,473,025

Profit for the year					277,956	277,956
		--------	------------	-------	------------	-------------
Total comprehensive income for the year		–	–	–	277,956	277,956

Dividends paid and payable	13	–	–	–	( 120,000)	( 120,000)
		--------	------------	-------	------------	-------------
Total investments by and distributions to owners		–	–	–	( 120,000)	( 120,000)

At 30 September 2024		24,000	1,650,180	6,000	9,070,801	10,750,981

Profit for the year					691,345	691,345
		--------	------------	-------	------------	-------------
Total comprehensive income for the year		–	–	–	691,345	691,345

		--------	------------	-------	------------	-------------
At 30 September 2025		24,000	1,650,180	6,000	9,762,146	11,442,326
		--------	------------	-------	------------	-------------

Lea Redway Limited and Subsidiary Companies

Consolidated Statement of Cash Flows

Year ended 30 September 2025

	2025	2024
	£	£

Cash flows from operating activities

(Loss)/profit for the financial year	( 353,242)	2,239,325

Adjustments for:
Depreciation of tangible assets	1,578,486	1,580,304
Amortisation of intangible assets	6,259	6,497
Gain on financial assets at fair value through profit or loss	(404,812)	(384,045)
Income from other fixed asset investments	( 15,741)	( 43,795)
Other interest receivable and similar income	( 162,812)	( 76,648)
Gains on disposal of tangible assets	( 2,388)	( 47,523)
Tax on profit	687,104	422,577
Accrued expenses	317,872	454,079
Other operating cash flow adjustment	1,706,209	365,881

Changes in:
Stocks	1,295,309	636,895
Trade and other debtors	( 381,067)	492,326
Trade and other creditors	( 958,844)	( 303,750)
	------------	------------
Cash generated from operations	3,312,333	5,342,123

Interest received	162,812	76,648
Tax paid	( 955,299)	( 806,262)
	------------	------------
Net cash from operating activities	2,519,846	4,612,509
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 818,416)	( 1,769,749)
Proceeds from sale of tangible assets	8,672	101,447
Purchases of other investments	( 402,955)	( 420,627)
Proceeds from sale of other investments	–	1,493
Dividends received	15,741	42,302
	------------	------------
Net cash used in investing activities	( 1,196,958)	( 2,045,134)
	------------	------------

Cash flows from financing activities

Dividends paid	–	( 240,000)
	------------	------------
Net cash used in financing activities	–	( 240,000)
	------------	------------

Net increase in cash and cash equivalents	1,322,888	2,327,375
Cash and cash equivalents at beginning of year	16,830,009	14,502,634
	-------------	-------------
Cash and cash equivalents at end of year	18,152,897	16,830,009
	-------------	-------------

Lea Redway Limited and Subsidiary Companies

Notes to the Financial Statements

Year ended 30 September 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Braggers Farm, Braggers Lane, Bransgore, Christchurch, BH23 8EF.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Lea Redway Limited and Subsidiary Companies and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patents, trademarks and licences	-	Dependent on nature of intangible asset, and in accordance with FRS102.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant and machinery	-	15% straight line

Freehold woodlands Freehold woodlands are stated at cost including all expenditure net of grants which is treated as increasing the value of the woodlands .

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured 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 the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	55,241,867	59,464,397
	-------------	-------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
United Kingdom	5,923,290	10,393,569
Overseas sales	49,318,577	49,070,828
	-------------	-------------
	55,241,867	59,464,397
	-------------	-------------

Analysis of overseas sales

		2025	2024
		£	£

Rest of Europe	23,985,780	22,639,089
North America	12,108,524	10,614,247
Rest of the world	13,224,273	15,817,492
	-------------	-------------
TOTAL	49,318,577	49,070,828
	-------------	-------------

5. Other operating income

	2025	2024
	£	£
Rental income	261,342	219,393
	---------	---------

6. Operating loss

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	6,259	6,497
Depreciation of tangible assets	1,578,486	1,580,304
Gains on disposal of tangible assets	( 2,388)	( 47,523)
Foreign exchange differences	842,629	805,502
	------------	------------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	100,933	97,652
	---------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	4,107	6,349
	---------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	426	470
Administrative staff	124	117
	----	----
	550	587
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	13,815,647	15,354,897
Other pension costs	438,294	583,700
	-------------	-------------
	14,253,941	15,938,597
	-------------	-------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	1,303,183	1,316,393
Company contributions to defined contribution pension plans	18,607	65,337
	------------	------------
	1,321,790	1,381,730
	------------	------------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	4	4
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	411,888	426,563
Company contributions to defined contribution pension plans	10,000	24,746
	---------	---------
	421,888	451,309
	---------	---------

10. Income from other fixed asset investments

	2025	2024
	£	£
Dividends from other fixed asset investments	15,741	42,302
(Gain)/loss on disposal of other fixed asset investments	–	1,493
	--------	--------
	15,741	43,795
	--------	--------

11. Other interest receivable and similar income

	2025	2024
	£	£
Interest on bank deposits	162,812	76,648
	---------	--------

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax income	687,104	422,577
Tax on profit	687,104	422,577
	---------	---------

	2025	2024
	£	£
Overseas taxation	425,324	541,527
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	333,862	2,661,902
	---------	------------
Profit on ordinary activities by rate of tax	24,825	850,046
Adjustments in respect of differing tax rates	662,279	( 427,469)
	---------	------------
Tax on profit	687,104	422,577
	---------	------------

13. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	–	120,000
	----	---------

14. Intangible assets

Group	Patents, trademarks and licences
	£
Cost
At 1 October 2024 and 30 September 2025	521,888
	---------
Amortisation
At 1 October 2024	338,629
Charge for the year	6,259
Exchange adjustments	( 2,437)
	---------
At 30 September 2025	342,451
	---------
Carrying amount
At 30 September 2025	179,437
	---------
At 30 September 2024	183,259
	---------

The company has no intangible assets.

15. Tangible assets

Group	Freehold property	Plant and machinery	Freehold Woodland	Total
	£	£	£	£
Cost
At 1 October 2024	13,807,078	26,563,703	643,249	41,014,030
Additions	–	725,276	93,140	818,416
Disposals	–	( 47,791)	–	( 47,791)
Exchange adjustments	135,949	( 1,181,771)	–	( 1,045,822)
	-------------	-------------	---------	-------------
At 30 September 2025	13,943,027	26,059,417	736,389	40,738,833
	-------------	-------------	---------	-------------
Depreciation
At 1 October 2024	2,433,317	20,716,410	–	23,149,727
Charge for the year	180,601	1,397,885	–	1,578,486
Disposals	–	( 41,507)	–	( 41,507)
Exchange adjustments	37,990	( 186,127)	–	( 148,137)
	-------------	-------------	---------	-------------
At 30 September 2025	2,651,908	21,886,661	–	24,538,569
	-------------	-------------	---------	-------------
Carrying amount
At 30 September 2025	11,291,119	4,172,756	736,389	16,200,264
	-------------	-------------	---------	-------------
At 30 September 2024	11,373,761	5,847,293	643,249	17,864,303
	-------------	-------------	---------	-------------

Company	Freehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 October 2024 and 30 September 2025	9,897,790	4,296	441,869	10,343,955
	-------------	-------	---------	-------------
Depreciation
At 1 October 2024	1,286,617	1,880	171,585	1,460,082
Charge for the year	91,160	604	82,823	174,587
	-------------	-------	---------	-------------
At 30 September 2025	1,377,777	2,484	254,408	1,634,669
	-------------	-------	---------	-------------
Carrying amount
At 30 September 2025	8,520,013	1,812	187,461	8,709,286
	-------------	-------	---------	-------------
At 30 September 2024	8,611,173	2,416	270,284	8,883,873
	-------------	-------	---------	-------------

The directors have confirmed the carrying value of the investment properties at 30 September 2025 is not materially different to their fair value.

16. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 October 2024 and 30 September 2025	105,995
	---------
Impairment
At 1 October 2024 and 30 September 2025	–
	---------

Carrying amount
At 1 October 2024 and 30 September 2025	105,995
	---------
At 30 September 2024	105,995
	---------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Albright International Limited	Ordinary	100
Lea Forestry Limited	Ordinary	100
Albright Deutschland GmbH	Ordinary	100
Albright France	Ordinary	80
Albright Lietuva UAB	Ordinary	100
Albright Mechanical Engineering Shanghai	Ordinary	100
Albright Japan	Ordinary	100
Albright (Engineers) Limited	Ordinary	100
Albright Electromechanical India Private Limited	Ordinary	100

17. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Raw materials and consumables	10,149,714	10,659,941	–	–
Work in progress	3,029,715	3,168,024	–	–
Finished goods and goods for resale	1,277,968	1,924,741	–	–
	-------------	-------------	----	----
	14,457,397	15,752,706	–	–
	-------------	-------------	----	----

18. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	9,512,369	9,591,276	334,315	335,165
Amounts owed by group undertakings	–	–	195	195
Prepayments and accrued income	519,093	466,191	27,074	–
Other debtors	1,557,560	1,150,488	7,233	76,240
	-------------	-------------	---------	---------
	11,589,022	11,207,955	368,817	411,600
	-------------	-------------	---------	---------

19. Investments

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other investments	4,170,784	3,767,829	4,170,784	3,767,829
	------------	------------	------------	------------

In accordance with FRS102, publicly traded (listed) investments are shown at fair value with changes in fair value being recognised in the statement of comprehensive income.

20. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	4,340,787	4,355,322	24,085	54,711
Amounts owed to group undertakings	–	–	2,114,221	2,031,226
Accruals and deferred income	2,037,121	1,719,249	619,782	619,782
Corporation tax	78,807	347,002	–	–
Social security and other taxes	632,779	755,207	16,620	27,788
Other creditors	246,941	1,068,822	500	120,500
	------------	------------	------------	------------
	7,336,435	8,245,602	2,775,208	2,854,007
	------------	------------	------------	------------

21. Provisions

Group	Deferred tax (note 22)
	£
At 1 October 2024	38,583
Charge against provision	( 12,865)
	--------
At 30 September 2025	25,718
	--------

Company	Deferred tax (note 22)
	£
At 1 October 2024	25,718
	--------
At 30 September 2025	25,718
	--------

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions (note 21)	25,718	38,583	25,718	25,718
	--------	--------	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	–	12,865	–	–
Revaluation of tangible assets	25,718	25,718	25,718	25,718
	--------	--------	--------	--------
	25,718	38,583	25,718	25,718
	--------	--------	--------	--------

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 256,691 (2024: £ 343,612 ).

24. Financial instruments

The carrying amount for each category of financial instrument is as follows:

Financial assets measured at fair value through profit or loss

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Financial assets measured at fair value through profit or loss	4,170,784	3,767,829	4,170,784	3,767,829
	------------	------------	------------	------------

25. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	24,000	24,000	24,000	24,000
	--------	--------	--------	--------

26. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

27. Related party transactions

Group

During the year the company made sales totalling £616,631 (2024: £892,163) to Albright France. Purchases totalling £5,741 were purchased from Albright France (2024: £2,023). Albright France is an 80% subsidiary of Albright International Limited. These transactions were entered into on an arms length basis. Included in trade debtors is an amount of £72,830 (2024: £305,506) due from Albright France to Albright International Limited. Included within 'Amounts owed by group undertakings' is a figure of £166,721 (2024: £116,625) due from Albright France. Dividends received from Albright France during the year were £163,057 (2024: £32,325). Management charges received from Albright France totalled £20,000 (2024: £20,000) Advantage has been taken of the exemption from disclosure of inter-company transactions and balances with wholly owned subsidiaries.

Company

There are no related party transactions which the company is required to disclose