REGISTERED NUMBER: SC154818 (Scotland)

Unaudited Financial Statements for the Year Ended 30 November 2025

for

LERWICK ENGINEERING & FABRICATION LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTORS:

S Cameron

I A Hannah

J R Watt

REGISTERED OFFICE:

Greenhead Base

Gremista

Lerwick

Shetland

ZE1 0PY

REGISTERED NUMBER:

SC154818 (Scotland)

ACCOUNTANTS:

Russell & Co

Station House

Station Approach

East Horsley

Leatherhead

Surrey

KT24 6QX

FIXED ASSETS

Intangible assets

4

2,241

2,801

Tangible assets

5

940,337

935,552

942,578

938,353

CURRENT ASSETS

Stocks

955,055

732,537

Debtors

6

2,715,453

1,855,633

3,670,508

2,588,170

CREDITORS

Amounts falling due within one year

7

2,347,290

2,432,913

NET CURRENT ASSETS

1,323,218

155,257

TOTAL ASSETS LESS CURRENT LIABILITIES

2,265,796

1,093,610

CREDITORS

Amounts falling due after more than one year

8

610,641

404,472

NET ASSETS

1,655,155

689,138

CAPITAL AND RESERVES

Called up share capital

5,715

5,334

Share premium

131,349

31,737

Capital redemption reserve

5,334

5,334

Retained earnings

1,512,757

646,733

SHAREHOLDERS' FUNDS

1,655,155

689,138

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2026 and were signed on its behalf by:

J R Watt - Director

1.	STATUTORY INFORMATION

Lerwick Engineering & Fabrication Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

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

Intangible assets

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

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Long leasehold

-

20% on reducing balance

Equipment

-

15% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2024 - 41 ) .

4.	INTANGIBLE FIXED ASSETS

Website

£

COST

At 1 December 2024

and 30 November 2025

5,835

AMORTISATION

At 1 December 2024

3,034

Amortisation for year

560

At 30 November 2025

3,594

NET BOOK VALUE

At 30 November 2025

2,241

At 30 November 2024

2,801

5.	TANGIBLE FIXED ASSETS

Long

Motor

Computer

leasehold

Equipment

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 December 2024

92,828

1,287,842

662,094

58,578

2,101,342

Additions

-

59,952

35,610

3,687

99,249

At 30 November 2025

92,828

1,347,794

697,704

62,265

2,200,591

DEPRECIATION

At 1 December 2024

56,987

642,791

420,160

45,852

1,165,790

Charge for year

7,168

62,361

21,415

3,520

94,464

At 30 November 2025

64,155

705,152

441,575

49,372

1,260,254

NET BOOK VALUE

At 30 November 2025

28,673

642,642

256,129

12,893

940,337

At 30 November 2024

35,841

645,051

241,934

12,726

935,552

Cost or valuation at 30 November 2025 is represented by:

Long

Motor

Computer

leasehold

Equipment

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2023

92,828

918,398

511,545

58,578

1,581,349

Valuation in 2024

-

369,444

150,549

-

519,993

Valuation in 2025

-

59,952

35,610

3,687

99,249

92,828

1,347,794

697,704

62,265

2,200,591

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

748,292

339,529

Other debtors

394,498

47,133

1,142,790

386,662

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,572,663

1,468,971

Aggregate amounts

2,715,453

1,855,633

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

1,002,658

645,330

Trade creditors

804,349

1,103,892

Taxation and social security

331,066

192,789

Other creditors

209,217

490,902

2,347,290

2,432,913

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

432,345

244,415

Trade creditors

172,603

137,364

Other creditors

5,693

22,693

610,641

404,472

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 November 2025 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Russell & Co

Station House

Station Approach

East Horsley

Leatherhead

Surrey

KT24 6QX

Date: .............................................