Company registration number 02527960 (England and Wales)
S & R (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
PAGES FOR FILING WITH REGISTRAR
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
S & R (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
S & R (LONDON) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,269
7,687
Current assets
Stocks
5
1,651,139
1,746,376
Debtors falling due after more than one year
6
106,781
207,381
Debtors falling due within one year
6
1,332,972
1,509,663
Cash at bank and in hand
113
41,773
3,091,005
3,505,193
Creditors: amounts falling due within one year
7
(664,780)
(543,487)
Net current assets
2,426,225
2,961,706
Total assets less current liabilities
2,428,494
2,969,393
Creditors: amounts falling due after more than one year
8
(1,026,850)
(1,206,850)
Net assets
1,401,644
1,762,543
Capital and reserves
Called up share capital
10
10,000
10,000
Profit and loss reserves
1,391,644
1,752,543
Total equity
1,401,644
1,762,543
S & R (LONDON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2025
31 August 2025
- 2 -

For the financial year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 May 2026 and are signed on its behalf by:
E J Donnellan
Director
Company registration number 02527960 (England and Wales)
S & R (LONDON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2023
10,000
2,133,144
2,143,144
Year ended 31 August 2024:
Loss and total comprehensive income
-
(380,601)
(380,601)
Balance at 31 August 2024
10,000
1,752,543
1,762,543
Year ended 31 August 2025:
Loss and total comprehensive income
-
(360,899)
(360,899)
Balance at 31 August 2025
10,000
1,391,644
1,401,644
S & R (LONDON) LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -
1
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. Work in progress and overall recoverability are the two most significant areas in this respect.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.

2
Accounting policies
Company information

S & R (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Martinfield, Welwyn Garden City, Hertfordshire, AL7 1HG.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 on the historical cost convention, and in accordance with applicable accounting standards. The principal accounting policies adopted are set out below.

2.2
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.

2.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Income is recognised when the company has a contractual right to payment. This arises when the value of work performed is certificated.

2.4
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 Leasehold
over the term of the lease
Fixtures, fittings & equipment
25 - 33.3% p.a on reducing balance

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.

S & R (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
2
Accounting policies
(Continued)
- 5 -
2.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

2.6
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.

2.7
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.

2.8
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.

S & R (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
2
Accounting policies
(Continued)
- 6 -
Basic financial assets

Basic financial assets, which include trade and other 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.

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 trade and other 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 receipts discounted at a market rate of interest.

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. Trade creditors 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.

2.9
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.

2.10
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.

S & R (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
2
Accounting policies
(Continued)
- 7 -
2.11
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.

2.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.13
Leases

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.

2.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Grants received for training are credited to deferred income on receipt and released to the profit and loss account as the related expenditure is incurred.

3
Employees

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

2025
2024
Number
Number
Directors
3
3
Sales
8
12
Administration
6
7
Total
17
22
S & R (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
4
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 September 2024
67,855
258,001
325,856
Additions
-
0
2,456
2,456
At 31 August 2025
67,855
260,457
328,312
Depreciation and impairment
At 1 September 2024
67,855
250,314
318,169
Depreciation charged in the year
-
0
7,874
7,874
At 31 August 2025
67,855
258,188
326,043
Carrying amount
At 31 August 2025
-
2,269
2,269
At 31 August 2024
-
0
7,687
7,687
5
Stocks
2025
2024
£
£
Raw materials and consumables
1,397
1,397
Work in progress
1,649,742
1,744,979
1,651,139
1,746,376
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
992,894
1,152,776
Corporation tax recoverable
-
0
21,299
Amounts owed by group undertakings
285,114
284,305
Other debtors
29,023
45,582
Prepayments and accrued income
25,941
5,701
1,332,972
1,509,663
S & R (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
6
Debtors
(Continued)
- 9 -
2025
2024
Amounts falling due after more than one year:
£
£
Trade debtors
106,781
207,381
Total debtors
1,439,753
1,717,044
7
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
9
28,448
-
0
Trade creditors
223,210
160,419
Amounts owed to group undertakings
143,530
143,829
Taxation and social security
34,196
37,787
Other creditors
140,703
117,344
Accruals and deferred income
94,693
84,108
664,780
543,487
8
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
9
1,026,850
1,206,850
9
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
28,448
-
0
Directors' loans
1,026,850
1,206,850
1,055,298
1,206,850
Payable within one year
28,448
-
0
Payable after one year
1,026,850
1,206,850

The amounts owed to the directors are due after one year.

S & R (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
10
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
11
Operating lease commitments
As lessee

[Further information as appropriate]

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
23,665
19,304
Years 2-5
44,167
62,017
67,832
81,321
12
Directors' transactions

At the year end there was a balance of £1,108,050 (202 4: £1,206,850) payable by the company in respect of two of the company directors.

13
Ultimate controlling party

S & R (Southern) EOT Limited is the ultimate controlling party by virtue of its shareholding in S & R (Southern) Limited, the company's immediate parent company. S & R (Southern) EOT Limited is a company with no single beneficial owner.

14
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent paid to
2025
2024
£
£
Other related parties
30,000
15,000
2025
2024
Amounts due to related parties
£
£
D & B (Homes) Limited
67,653
67,653
S & R (Southern) Ltd
75,877
76,176
143,530
143,829
S & R (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
14
Related party transactions
(Continued)
- 11 -

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
S & R Developments (Southern) Limited
295
295
S & R (Southern) EOT Limited
284,819
284,010
285,114
284,305
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