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REGISTERED NUMBER: 01391059 (England and Wales)

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 OCTOBER 2025 |

| FOR |

| LEMON GROUNDWORK SOLUTIONS LTD |

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 4 |

| Statement of Comprehensive Income | 7 |

| Statement of Financial Position | 8 |

| Statement of Changes in Equity | 9 |

| Notes to the Financial Statements | 10 |

| LEMON GROUNDWORK SOLUTIONS LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 OCTOBER 2025

| DIRECTORS: | K R Childs

| C J Prior

| P R Hart

| P A Pannell

| REGISTERED OFFICE: | Russell Gardens

| Wickford

| Essex

| SS11 8BH

| REGISTERED NUMBER: | 01391059 (England and Wales)

| AUDITORS: | Goldwyns Limited

| Statutory Auditors and Chartered Accountants

| 1 Nelson Mews

| Southend on Sea

| Essex

| SS1 1AL

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

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

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

The business continues to benefit from employee ownership, and we are experiencing increased engagement from all co-owners year on year. We feel that these higher levels of engagement have hugely contributed to achieving improved customer service as well as increasing output levels on our core products to the highest levels in the company's history.

Our collective focus on KPI's has sustained a respectful performance for the year despite the challenges within the sector. We have navigated through these challenges and are extremely satisfied that the business remains in a strong position for growth plans.

KEY PERFORMANCE INDICATORS

The directors use the following key performance indicators to monitor the performance of the business:

| 2025 |  |  | 2024 |

Turnover |  | 33,504,442 |  |  | 34,840,095 |

Profit before tax |  | 275,677 |  |  | 533,425 |

Gross profit margin |  | 11.12% |  |  | 12.21% |

PRINCIPAL RISKS AND UNCERTAINTIES

The company is subject to the normal commercial risks that arise in the ordinary course of business. These risks are reviewed by the directors as part of their ongoing corporate governance procedures.

The company continues to have access to a level of bad debt protection that the directors consider to be adequate.

The directors are satisfied with the internal controls and processes in place that control the level of uninsured bad debt. The directors acknowledge that there is always an element of risk involved when accepting orders on a credit basis and, no matter how many controls and checks are in place, the risk of bad debts cannot be entirely eliminated.

ON BEHALF OF THE BOARD:

P A Pannell - Director

24 July 2026

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 OCTOBER 2025

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 supply and prefabrication of steel fixing reinforcements and associated accessories.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £ 150,000 .

DIRECTORS

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

K R Childs

C J Prior

P R Hart

P A Pannell

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;

- | 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.

ON BEHALF OF THE BOARD:

P A Pannell - Director

24 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

LEMON GROUNDWORK SOLUTIONS LTD

Opinion

We have audited the financial statements of Lemon Groundwork Solutions Ltd (the 'company') for the year ended 31 October 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

LEMON GROUNDWORK SOLUTIONS LTD

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 page three, 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.

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. In order to address the risks of misstatements in respect of irregularities, including fraud, we have:

- |  | obtained an understanding of the key laws and regulations applicable to the company, including the Companies Act 2006, and applicable taxation legislation; |

- |  | assessed the company's own internal controls and systems for the prevention and detection of irregularities and particularly the control environment within which they operate; |

- |  | determined a materiality level and audit approach sufficient to identify most irregularities, including fraud, that may occur; |

- |  | considered our own involvement in the preparation of the company's statutory financial statements and taxation returns; |

- |  | conducted audit verification work, on a sample basis, on the key audit areas and risks we have identified; and |

- |  | reflected on the outcome of our work, and the likelihood that conclusions drawn may be indicative of other areas of potential irregularity. |

We therefore consider our audit approach has been sufficient to detect material irregularities, including fraud.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

LEMON GROUNDWORK SOLUTIONS LTD

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.

Robert Howe BEng FCA (Senior Statutory Auditor)

for and on behalf of Goldwyns Limited

Statutory Auditors and Chartered Accountants

1 Nelson Mews

Southend on Sea

Essex

SS1 1AL

24 July 2026

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 OCTOBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 33,504,442 |  | 34,840,095 |  |

Cost of sales | 29,777,610 |  | 30,586,280 |  |

GROSS PROFIT | 3,726,832 |  | 4,253,815 |  |

Administrative expenses | 3,357,025 |  | 3,655,479 |  |

369,807 |  | 598,336 |  |

Other operating income | - |  | 1,015 |  |

OPERATING PROFIT | 4 | 369,807 |  | 599,351 |  |

Interest receivable and similar income | 25,600 |  | 6 |  |

395,407 |  | 599,357 |  |

Interest payable and similar expenses | 6 | 119,730 |  | 65,932 |  |

PROFIT BEFORE TAXATION | 275,677 |  | 533,425 |  |

Tax on profit | 7 | 69,550 |  | 163,624 |  |

PROFIT FOR THE FINANCIAL YEAR | 206,127 |  | 369,801 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 206,127 |  | 369,801 |  |

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

STATEMENT OF FINANCIAL POSITION

31 OCTOBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 582 |  | 1,645 |  |

Tangible assets | 10 | 3,731,878 |  | 4,405,095 |  |

3,732,460 |  | 4,406,740 |  |

CURRENT ASSETS

Stocks | 11 | 4,273,541 |  | 4,665,751 |  |

Debtors | 12 | 4,992,587 |  | 5,645,474 |  |

Cash at bank and in hand | 3,934,458 |  | 2,173,406 |  |

13,200,586 |  | 12,484,631 |  |

CREDITORS

Amounts falling due within one year | 13 | 9,685,095 |  | 9,297,098 |  |

NET CURRENT ASSETS | 3,515,491 |  | 3,187,533 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,247,951 |  | 7,594,273 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (1,108,885 | ) | (1,345,893 | ) |

PROVISIONS FOR LIABILITIES | 17 | (880,923 | ) | (1,046,364 | ) |

NET ASSETS | 5,258,143 |  | 5,202,016 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 1,000 |  | 1,000 |  |

Retained earnings | 19 | 5,257,143 |  | 5,201,016 |  |

SHAREHOLDERS' FUNDS | 5,258,143 |  | 5,202,016 |  |

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

P A Pannell - Director

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 November 2023 | 1,000 |  | 4,942,215 |  | 4,943,215 |  |

Changes in equity

Dividends | - |  | (111,000 | ) | (111,000 | ) |

Total comprehensive income | - |  | 369,801 |  | 369,801 |  |

Balance at 31 October 2024 | 1,000 |  | 5,201,016 |  | 5,202,016 |  |

Changes in equity

Dividends | - |  | (150,000 | ) | (150,000 | ) |

Total comprehensive income | - |  | 206,127 |  | 206,127 |  |

Balance at 31 October 2025 | 1,000 |  | 5,257,143 |  | 5,258,143 |  |

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1. | STATUTORY INFORMATION

| Lemon Groundwork Solutions 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.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

| Turnover

| Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when the goods cease to be assets of the seller and become assets of the customer, which is when the seller transfers to the customer access to the significant benefits relating to the goods and exposure to the risks inherent in those benefits in accordance with FRS 102. These benefits are transferred once a sale has been agreed with the customer as the managerial control over the goods is relinquished and transferred to the buyer.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Depreciation commences in the month following acquisition and assets are originally carried at historical cost.

| Short leasehold property |  | - 10% reducing balance |  |

| Plant and machinery |  | - 25% on reducing balance |  |

| Fixtures and fittings |  | - 10% and 25% on reducing balance |  |

| Motor vehicles |  | - 20% on reducing balance |  |

| Fabrication plant and machinery |  | - 10% reducing balance |  |

| 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives.

| The interest element of these obligations is charged to the profit and loss account on a sum of digits basis 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.

| 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.

| Operating leases

| Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,976,963 |  | 4,263,376 |  |

| Social security costs | 461,535 |  | 456,796 |  |

| Other pension costs | 92,628 |  | 93,100 |  |

4,531,126 |  | 4,813,272 |  |

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

| 2025 |  | 2024

| Production staff | 80 |  | 79 |  |

| Office and management | 24 |  | 23 |  |

104 |  | 102 |  |

| Included within wages and salaries are employee distributions totalling £20,001 (2024 - £40,000) paid on behalf of LGS Employee Ownership Trust.

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

3. | EMPLOYEES AND DIRECTORS - continued

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 278,555 |  | 602,393 |  |

| Directors' pension contributions to money purchase schemes | 644 |  | 3,874 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 110,964 |  | 198,850 |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 7,408 |  | 1,424 |  |

| Depreciation - owned assets | 315,622 |  | 266,576 |  |

| Depreciation - assets on hire purchase contracts | 402,222 |  | 337,690 |  |

| Loss/(profit) on disposal of fixed assets | 1,143 |  | (19,574 | ) |

| Computer software amortisation | 1,063 |  | 1,514 |  |

| Foreign exchange differences | 6,460 |  | 454 |  |

| Rent under operating leases | 422,580 |  | 541,800 |  |

5. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 23,700 |  | 21,675 |  |

| Auditors' remuneration for non audit work | 4,600 |  | 3,825 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Hire purchase interest | 119,730 |  | 51,523 |  |

| Other interest | - |  | 14,409 |  |

119,730 |  | 65,932 |  |

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 234,991 |  | (246,953 | ) |

| Deferred tax | (165,441 | ) | 410,577 |  |

| Tax on profit | 69,550 |  | 163,624 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 275,677 |  | 533,425 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 68,919 |  | 133,356 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,628 |  | 2,856 |  |

| Income not taxable for tax purposes | - |  | (4,894 | ) |

| Capital allowances in excess of depreciation | (997 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 5,084 |  |

| Movement in tax rate | - |  | 27,222 |  |

| Total tax charge | 69,550 |  | 163,624 |  |

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Interim | 150,000 |  | 111,000 |  |

9. | INTANGIBLE FIXED ASSETS

| Computer

| software

£ |

| COST

| At 1 November 2024

| and 31 October 2025 | 295,966 |  |

| AMORTISATION

| At 1 November 2024 | 294,321 |  |

| Amortisation for year | 1,063 |  |

| At 31 October 2025 | 295,384 |  |

| NET BOOK VALUE

| At 31 October 2025 | 582 |  |

| At 31 October 2024 | 1,645 |  |

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

10. | TANGIBLE FIXED ASSETS

| Fixtures

| Short |  | Plant and |  | and

| leasehold |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 November 2024 | 815,173 |  | 605,349 |  | 525,534 |  |

| Additions | - |  | 572 |  | 27,994 |  |

| Disposals | - |  | - |  | - |  |

| At 31 October 2025 | 815,173 |  | 605,921 |  | 553,528 |  |

| DEPRECIATION

| At 1 November 2024 | 465,685 |  | 424,518 |  | 190,176 |  |

| Charge for year | 36,891 |  | 45,101 |  | 59,123 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 October 2025 | 502,576 |  | 469,619 |  | 249,299 |  |

| NET BOOK VALUE

| At 31 October 2025 | 312,597 |  | 136,302 |  | 304,229 |  |

| At 31 October 2024 | 349,488 |  | 180,831 |  | 335,358 |  |

| Fabrication |

| Motor |  | plant and |

| vehicles |  | machinery |  | Totals

£ | £ | £ |

| COST

| At 1 November 2024 | 3,120,917 |  | 2,988,225 |  | 8,055,198 |  |

| Additions | 21,037 |  | - |  | 49,603 |  |

| Disposals | (76,565 | ) | - |  | (76,565 | ) |

| At 31 October 2025 | 3,065,389 |  | 2,988,225 |  | 8,028,236 |  |

| DEPRECIATION

| At 1 November 2024 | 916,916 |  | 1,652,808 |  | 3,650,103 |  |

| Charge for year | 443,186 |  | 133,543 |  | 717,844 |  |

| Eliminated on disposal | (71,589 | ) | - |  | (71,589 | ) |

| At 31 October 2025 | 1,288,513 |  | 1,786,351 |  | 4,296,358 |  |

| NET BOOK VALUE

| At 31 October 2025 | 1,776,876 |  | 1,201,874 |  | 3,731,878 |  |

| At 31 October 2024 | 2,204,001 |  | 1,335,417 |  | 4,405,095 |  |

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

10. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Fabrication |

| Motor |  | plant and |

| vehicles |  | machinery |  | Totals

£ | £ | £ |

| COST

| At 1 November 2024 | 2,091,959 |  | 568,831 |  | 2,660,790 |  |

| Transfer to ownership | (227,461 | ) | (568,831 | ) | (796,292 | ) |

| At 31 October 2025 | 1,864,498 |  | - |  | 1,864,498 |  |

| DEPRECIATION

| At 1 November 2024 | 265,964 |  | 187,788 |  | 453,752 |  |

| Charge for year | 365,199 |  | 37,023 |  | 402,222 |  |

| Transfer to ownership | (122,588 | ) | (224,811 | ) | (347,399 | ) |

| At 31 October 2025 | 508,575 |  | - |  | 508,575 |  |

| NET BOOK VALUE

| At 31 October 2025 | 1,355,923 |  | - |  | 1,355,923 |  |

| At 31 October 2024 | 1,825,995 |  | 381,043 |  | 2,207,038 |  |

11. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials | 4,034,475 |  | 4,452,264 |  |

| Work-in-progress | 239,066 |  | 213,487 |  |

4,273,541 |  | 4,665,751 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 4,724,406 |  | 5,150,573 |  |

| Other debtors | 32,976 |  | 32,654 |  |

| Corporation tax | - |  | 306,953 |  |

| Prepayments and accrued income | 235,205 |  | 155,294 |  |

4,992,587 |  | 5,645,474 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 15) | 353,718 |  | 424,213 |  |

| Trade creditors | 8,523,738 |  | 7,927,260 |  |

| Amounts owed to group undertakings | 51 |  | 51 |  |

| Corporation tax | 173,166 |  | - |  |

| Social security and other taxes | 297,670 |  | 474,243 |  |

| Other creditors | 17,258 |  | 34,013 |  |

| Accrued expenses | 319,494 |  | 437,318 |  |

9,685,095 |  | 9,297,098 |  |

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 15) | 1,108,885 |  | 1,345,893 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 443,237 |  | 534,769 |  |

| Between one and five years | 1,215,754 |  | 1,525,399 |  |

1,658,991 |  | 2,060,168 |  |

| Finance charges repayable:

| Within one year | 89,519 |  | 110,556 |  |

| Between one and five years | 106,869 |  | 179,506 |  |

196,388 |  | 290,062 |  |

| Net obligations repayable:

| Within one year | 353,718 |  | 424,213 |  |

| Between one and five years | 1,108,885 |  | 1,345,893 |  |

1,462,603 |  | 1,770,106 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 297,611 |  | 476,192 |  |

| Between one and five years | 56,644 |  | 65,890 |  |

354,255 |  | 542,082 |  |

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

16. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 1,462,603 |  | 1,770,106 |  |

| Hire purchase contracts are secured against the assets to which they relate.

| Debentures exist in favour of National Westminster Bank Plc and RBS Invoice Finance Limited by way of both fixed and floating charges in respect of all monies due or to become due.

| The debentures are secured over the assets of the company. At the balance sheet date, no liability in respect of the above existed.

| Invoice discounting debts (included within cash at bank and in hand) are secured on the trade debtors to which they relate. At the year end trade debtors totalling £4,779,733 (2024 - £5,131,018) were subject to discounting.

17. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 880,923 |  | 1,046,364 |  |

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 1,046,364 |  |

| Depreciation in excess of | (166,619 | ) |

| capital allowances |

| Pension creditor movement | 1,178 |  |

| Balance at 31 October 2025 | 880,923 |  |

| The deferred tax liability above reflects depreciation in excess of capital allowances and other expense timing differences.

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1,000 | Ordinary | £1 | 1,000 |  | 1,000 |  |

19. | RESERVES

| Retained

| earnings

£ |

| At 1 November 2024 | 5,201,016 |  |

| Profit for the year | 206,127 |  |

| Dividends | (150,000 | ) |

| At 31 October 2025 | 5,257,143 |  |

LEMON GROUNDWORK SOLUTIONS LTD (REGISTERED NUMBER: 01391059) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

20. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme in respect of certain employees. During the year premiums paid by the company amounted to £92,628 (2024 - £93,100). At the balance sheet date there were amounts outstanding of £17,101 (2024 - £21,812).

21. | ULTIMATE PARENT COMPANY

| The company's ultimate parent undertaking at the balance sheet date was LGS Holdings Limited, a company incorporated in England. The company's registered address is the same as Lemon Groundwork Solutions' and can be found on the company information page. Since 10 February 2023, the group has been wholly owned by LGS Employee Ownership Trust.

22. | RELATED PARTY DISCLOSURES

| At the balance sheet date the company was owed £1,590 by, and owed £nil to, other companies under the control of its key management personnel (2024 - £18,109 and £8,904 respectively).

| During the year the company's total compensation to key management personnel (including directors) amounted to £319,053 (2024 - £683,139). At the balance sheet date the amount owed to key management personnel was £nil (2024 - £nil).

| No related party transactions with group companies have been disclosed in line with FRS 102 group disclosure exemptions.