REGISTERED NUMBER: 02144098 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

MERVYN LAMBERT PLANT LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

M Lambert

P J West

M R Thompson

REGISTERED OFFICE:

89 High Street

Hadleigh

Ipswich

Suffolk

IP7 5EA

BUSINESS ADDRESS:

Millpond Farm

Garboldisham

Diss

Norfolk

IP22 2SP

REGISTERED NUMBER:

02144098 (England and Wales)

AUDITORS:

Walter Wright

Chartered Accountants

Registered Auditor

89 High Street

Hadleigh

Ipswich

Suffolk

IP7 5EA

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

REVIEW OF BUSINESS

The nature of the company's operations and principal activities are the hire and sale of plant and equipment.

The directors are satisfied with the results for 2025 which are broadly in line with expectations.

PRINCIPAL RISKS AND UNCERTAINTIES

As with many businesses our income can fluctuate as a result of factors outside of our control. To minimise this risk we have a broad spread of customers. We recognise the importance of our staff and are committed to their training and development. The business also faces the normal risks and uncertainties that apply to similar businesses. The directors regularly review the major risks which impact the business. Existing controls are analysed and further actions required identified.

ANALYSIS OF DEVELOPMENT AND PERFORMANCE

Please refer to the attached financial statements for more detail.

Key performance indicators

2025

2024

Gross profit percentage

27.05%

26.58%

Net profit percentage

13.02%

11.36%

Current ratio

125%

120%

Average trade debtor days

47 days

62 days

ON BEHALF OF THE BOARD:

M R Thompson - Director

20 July 2026

The directors present their report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the hire and sale of plant and equipment.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £650,000.

RESEARCH AND DEVELOPMENT

By the nature of its trade the company is not actively involved in research and development. The directors do however closely monitor developments in technology and business practice, with a view to implementing efficiencies and greater levels of customer service. Emphasis is placed on capital expenditure and the use of modern equipment at all levels.

FUTURE DEVELOPMENTS

The directors consider the end of year financial position satisfactory, with the company well placed to develop and expand its activities in the foreseeable future.

DIRECTORS

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

M Lambert

P J West

M R Thompson

FINANCIAL INSTRUMENTS

The company finances its operations through profits and the use of local currency operational bank accounts and hire purchase liabilities. The directors' objectives are to retain sufficient liquid funds in its operational locations to enable the company to meet its day to day obligations as they fall due, and to maximise returns on funds.

In order to manage credit risk, the company sets limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection histories. Debts are actively chased by the credit control department.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Walter Wright, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M R Thompson - Director

20 July 2026

Opinion

We have audited the financial statements of Mervyn Lambert Plant Ltd (the 'company') for the year ended 31 October 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

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

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

Our procedures in relation to fraud included but were not limited to:

- enquiries of management whether they have knowledge of any actual, suspected or alleged fraud;

- gaining an understanding of the internal controls established to mitigate risk related to fraud;

- discussion amongst the engagement team regarding risk of fraud such as opportunities for fraudulent manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates; and

- addressing the risk of fraud through management override of controls by performing journal entry testing.

The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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

Use of our report

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

Kevin Brown ACA MAAT (Senior Statutory Auditor)

for and on behalf of Walter Wright

Chartered Accountants

Registered Auditor

89 High Street

Hadleigh

Ipswich

Suffolk

IP7 5EA

20 July 2026

TURNOVER

3

21,878,406

20,230,178

Cost of sales

15,959,646

14,853,270

GROSS PROFIT

5,918,760

5,376,908

Administrative expenses

2,554,981

2,589,591

3,363,779

2,787,317

Other operating income

75,555

10,338

OPERATING PROFIT

5

3,439,334

2,797,655

Interest receivable and similar income

213,236

138,928

3,652,570

2,936,583

Interest payable and similar expenses

6

804,927

637,556

PROFIT BEFORE TAXATION

2,847,643

2,299,027

Tax on profit

7

705,000

601,452

PROFIT FOR THE FINANCIAL YEAR

2,142,643

1,697,575

PROFIT FOR THE YEAR

2,142,643

1,697,575

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,142,643

1,697,575

FIXED ASSETS

Intangible assets

9

108,308

106,671

Tangible assets

10

30,809,423

28,029,778

Investments

11

306,571

306,071

Investment property

12

1,381,708

924,571

32,606,010

29,367,091

CURRENT ASSETS

Stocks

13

1,875,236

1,600,446

Debtors

14

4,849,114

6,147,492

Cash at bank and in hand

4,113,928

3,231,739

10,838,278

10,979,677

CREDITORS

Amounts falling due within one year

15

8,656,042

9,173,525

NET CURRENT ASSETS

2,182,236

1,806,152

TOTAL ASSETS LESS CURRENT LIABILITIES

34,788,246

31,173,243

CREDITORS

Amounts falling due after more than one year

16

(10,260,899

)

(8,536,079

)

PROVISIONS FOR LIABILITIES

19

(2,778,129

)

(2,380,589

)

NET ASSETS

21,749,218

20,256,575

CAPITAL AND RESERVES

Called up share capital

20

51

51

Retained earnings

21

21,749,167

20,256,524

SHAREHOLDERS' FUNDS

21,749,218

20,256,575

The financial statements were approved by the Board of Directors and authorised for issue on 20 July 2026 and were signed on its behalf by:

M Lambert - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

51

19,208,949

19,209,000

Changes in equity

Dividends

-

(650,000

)

(650,000

)

Total comprehensive income

-

1,697,575

1,697,575

Balance at 31 October 2024

51

20,256,524

20,256,575

Changes in equity

Dividends

-

(650,000

)

(650,000

)

Total comprehensive income

-

2,142,643

2,142,643

Balance at 31 October 2025

51

21,749,167

21,749,218

Cash flows from operating activities

Cash generated from operations

1

6,789,199

4,796,124

Interest element of hire purchase payments paid

(804,927

)

(637,556

)

Tax paid

(275,006

)

(444,597

)

Net cash from operating activities

5,709,266

3,713,971

Cash flows from investing activities

Purchase of intangible fixed assets

(16,840

)

-

Purchase of tangible fixed assets

(1,476,988

)

(1,546,690

)

Purchase of fixed asset investments

(500

)

(100,001

)

Purchase of investment property

(457,137

)

(26,025

)

Sale of intangible fixed assets

200

-

Sale of tangible fixed assets

5,186,249

4,693,818

Interest received

213,236

138,928

Net cash from investing activities

3,448,220

3,160,030

Cash flows from financing activities

Capital repayments in year

(6,556,609

)

(7,095,274

)

Amount introduced by directors

650,000

1,638,000

Amount withdrawn by directors

(1,718,688

)

(3,388,018

)

Movement in associated company balance

-

78,898

Equity dividends paid

(650,000

)

(650,000

)

Net cash from financing activities

(8,275,297

)

(9,416,394

)

Increase/(decrease) in cash and cash equivalents

882,189

(2,542,393

)

Cash and cash equivalents at beginning of year

2

3,231,739

5,774,132

Cash and cash equivalents at end of year

2

4,113,928

3,231,739

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

2025

2024

£

£

Profit before taxation

2,847,643

2,299,027

Depreciation charges

6,028,489

5,955,610

Profit on disposal of fixed assets

(2,910,486

)

(2,452,051

)

Finance costs

804,927

637,556

Finance income

(213,236

)

(138,928

)

6,557,337

6,301,214

Increase in stocks

(274,790

)

(306,106

)

Decrease/(increase) in trade and other debtors

1,748,343

(1,787,976

)

(Decrease)/increase in trade and other creditors

(1,241,691

)

588,992

Cash generated from operations

6,789,199

4,796,124

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

4,113,928

3,231,739

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

3,231,739

5,774,132

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.11.24

Cash flow

changes

At 31.10.25

£

£

£

£

Net cash

Cash at bank

and in hand

3,231,739

882,189

4,113,928

3,231,739

882,189

4,113,928

Debt

Finance leases

(13,983,722

)

6,556,609

(9,591,906

)

(17,019,019

)

(13,983,722

)

6,556,609

(9,591,906

)

(17,019,019

)

Total

(10,751,983

)

7,438,798

(9,591,906

)

(12,905,091

)

4.	MAJOR NON-CASH TRANSACTIONS

The non cash transactions relating to finance leases represent the capital value of the new hire purchase agreements during the year.

During the previous year, the company acquired freehold property amounting to £3,620,000 from a Director, which has been offset against against amounts previously owed to the company.

1.	STATUTORY INFORMATION

Mervyn Lambert Plant Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be appropriate and reasonable in the circumstances.

a) Critical judgements in applying the entity's accounting policies

There is no area within the company's accounts where management has been required to apply a critical judgement.

b) Key accounting estimates and assumptions

(i) Useful economic lives of assets

The annual depreciation charge for tangible assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

(ii) Impairment of debtors

An allowance for the impairment of trade debtors is considered. This requires management's best estimate of impairment to specific debts on the basis of objective evidence that is available.

Turnover

Turnover represents the sales of goods and services.

Turnover is measured at the fair value of consideration received or receivable, net of returns, trade discounts and volume rebates.

Hire turnover is recognised in the income statement on a straight-line basis over the period of the hire.

Turnover arising from plant sales is recognised in the income statement when the significant risks and rewards of ownership have been transferred to the buyer.

Turnover arising from services is recognised in the income statement when the service is performed.

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.

Licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and vehicles

-

25% on cost and 15% on cost

Office equipment

-

25% on cost

The directors consider that its freehold property is maintained in such a state of repair that its residual value is at least equal to its 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 directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.

Investments in associates

Investments in associate undertakings are measured at cost less impairment.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Hire of plant etc

17,309,309

16,362,926

Machine sales etc

4,569,097

3,867,252

21,878,406

20,230,178

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

21,878,406

20,230,178

21,878,406

20,230,178

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,984,879

4,618,643

Social security costs

617,423

502,653

Other pension costs

154,060

152,440

5,756,362

5,273,736

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

2025

2024

Direct

90

85

Administration

22

24

Management

3

3

115

112

2025

2024

£

£

Directors' remuneration

246,000

375,302

Directors' pension contributions to money purchase schemes

37,642

41,692