REGISTERED NUMBER: 01707390 (England and Wales)

L.M. PRODUCTS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

S Worth

J Banks

A L Smith

REGISTERED OFFICE:

Unit 10,

Union Road

Oldbury

West Midlands

B69 3EX

REGISTERED NUMBER:

01707390 (England and Wales)

AUDITORS:

Sephton & Company LLP

Chartered Certified Accountants

Statutory Auditors

Marston House

5 Elmdon Lane

Marston Green

Solihull

West Midlands

B37 7DL

The directors present their strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

The financial year saw little change in demand across the construction sector, with the wider economy showing no significant signs of improvement.

However, following the restructuring undertaken in the previous year and the successful implementation of new technology, the business operated more efficiently and productively throughout the year, which intern helped reduce operating costs and improve overall performance.

Tight control on procurement was an area we felt we could improve on and with more focus and a planned strategy it enabled the business to achieve a gross profit comparable to the previous year despite generating lower turnover.

The business ended the year in profit and with a stronger cash position that will stand us in good stead for the following trading year.

ON BEHALF OF THE BOARD:

S Worth - Director

7 July 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture and supply of metal and plastic components primarily for the construction industry.

DIVIDENDS

An interim dividend of £133.33333 per share was paid on 31 March 2026. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2026 will be £ 200,000 .

FUTURE DEVELOPMENTS

The Directors anticipate the business environment will remain competitive but are confident that the financial position and the risks that have been identified are being well managed.

The Directors feel that the business is now on a stronger footing and can take full advantage of our opportunities going forward.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

S Worth

J Banks

A L Smith

FINANCIAL INSTRUMENTS

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling.The company does not enter into any formally designated hedging arrangements.

POLITICAL DONATIONS AND EXPENDITURE

No political donations made during the period.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Sephton & Company LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S Worth - Director

7 July 2026

Opinion

We have audited the financial statements of L.m. Products Limited (the 'company') for the year ended 31 March 2026 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 March 2026 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:

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: As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We also gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates, drawing on our broad sector experience and considered the risk of acts by the entity that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, health and safety and fire regulations. We also noted, and investigated, the Company compliance with ISO 9001:2015 which, while not a legal requirement for an operating business, is central to LM Products Limited operations and impacts consumer confidence in their deliverables.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example we obtained documentation that supports compliance with health & safety laws and regulations such as the having ISO 45001:2018 accreditation in place.We also inspected the Company's ISO 9001:2015 accreditation certificate ensuring that it was in date and had been issued by a UKAS accredited company.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

We also completed the following procedures:

- Understood how management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

-Performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- In addressing the risk of fraud through management override of controls, we tested journal entries and other adjustments for inappropriate or unusual journals outside of our expectations, as well as for any significant transactions outside the normal course of business, taking into consideration the scope for management to manipulate financial results;

-Assessed the appropriateness of key estimates and judgements made by management and challenged the assumptions used in accounting estimates. We considered the key estimates to be going concern, depreciation, bad debt provision and stock being held at the lower of cost and NRV.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organization for fraud and identified the greatest potential for fraud in the following areas:

- Posting of unusual journals and complex transactions;

- Manipulation of amounts subject to significant judgement or estimate;

- Recognising revenue for transactions that do not meet the criteria for revenue recognition; and

- Completeness and valuation of related party transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher detection of fraud as these may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. Out audit procedures are designed to detect material misstatement. We are no responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

Darren Paul Carter (Senior Statutory Auditor)

for and on behalf of Sephton & Company LLP

Chartered Certified Accountants

Statutory Auditors

Marston House

5 Elmdon Lane

Marston Green

Solihull

West Midlands

B37 7DL

7 July 2026

TURNOVER

12,424,302

13,396,758

Cost of sales

9,872,939

10,858,196

GROSS PROFIT

2,551,363

2,538,562

Distribution costs

521,844

592,006

Administrative expenses

1,738,552

1,728,797

2,260,396

2,320,803

290,967

217,759

Other operating income

3

4,111

41,079

OPERATING PROFIT

5

295,078

258,838

Interest receivable and similar income

30,371

41,614

PROFIT BEFORE TAXATION

325,449

300,452

Tax on profit

6

81,604

69,074

PROFIT FOR THE FINANCIAL YEAR

243,845

231,378

PROFIT FOR THE YEAR

243,845

231,378

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

243,845

231,378

FIXED ASSETS

Tangible assets

8

233,378

276,950

CURRENT ASSETS

Stocks

9

2,204,338

1,808,714

Debtors

10

2,364,000

2,453,228

Cash at bank and in hand

2,940,161

2,437,306

7,508,499

6,699,248

CREDITORS

Amounts falling due within one year

11

3,460,311

2,723,758

NET CURRENT ASSETS

4,048,188

3,975,490

TOTAL ASSETS LESS CURRENT LIABILITIES

4,281,566

4,252,440

CREDITORS

Amounts falling due after more than one year

12

(4,490

)

(8,513

)

PROVISIONS FOR LIABILITIES

14

(52,844

)

(63,540

)

NET ASSETS

4,224,232

4,180,387

CAPITAL AND RESERVES

Called up share capital

15

1,500

1,500

Capital redemption reserve

16

1,500

1,500

Retained earnings

16

4,221,232

4,177,387

SHAREHOLDERS' FUNDS

4,224,232

4,180,387

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2026 and were signed on its behalf by:

S Worth - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2024

1,500

3,946,009

1,500

3,949,009

Changes in equity

Total comprehensive income

-

231,378

-

231,378

Balance at 31 March 2025

1,500

4,177,387

1,500

4,180,387

Changes in equity

Dividends

-

(200,000

)

-

(200,000

)

Total comprehensive income

-

243,845

-

243,845

Balance at 31 March 2026

1,500

4,221,232

1,500

4,224,232

Cash flows from operating activities

Cash generated from operations

1

603,245

416,721

Government grants

4,111

-

Tax paid

64,907

(86,452

)

Net cash from operating activities

672,263

330,269

Cash flows from investing activities

Purchase of tangible fixed assets

(9,779

)

(151,697

)

Sale of tangible fixed assets

-

41,656

Interest received

30,371

41,614

Net cash from investing activities

20,592

(68,427

)

Cash flows from financing activities

Amount introduced by directors

10,000

-

Equity dividends paid

(200,000

)

-

Net cash from financing activities

(190,000

)

-

Increase in cash and cash equivalents

502,855

261,842

Cash and cash equivalents at beginning of year

2

2,437,306

2,175,464

Cash and cash equivalents at end of year

2

2,940,161

2,437,306

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

2026

2025

£

£

Profit before taxation

325,449

300,452

Depreciation charges

53,352

41,945

Profit on disposal of fixed assets

-

(14,772

)

Government grants

(4,111

)

12,626

Finance income

(30,371

)

(41,614

)

344,319

298,637

(Increase)/decrease in stocks

(395,624

)

203,966

Decrease/(increase) in trade and other debtors

24,321

(114,615

)

Increase in trade and other creditors

630,229

28,733

Cash generated from operations

603,245

416,721

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 March 2026

31/3/26

1/4/25

£

£

Cash and cash equivalents

2,940,161

2,437,306

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

2,437,306

2,175,464

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/25

Cash flow

At 31/3/26

£

£

£

Net cash

Cash at bank and in hand

2,437,306

502,855

2,940,161

2,437,306

502,855

2,940,161

Total

2,437,306

502,855

2,940,161

1.	STATUTORY INFORMATION

L.m. Products Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

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. 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.

Turnover

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

The company recognises turnover at the point of goods despatch in line with their invoicing procedures. It does not have any material amounts of deferred income recognised in its liabilities.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

Tangible fixed assets

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

Improvements to property

-

straight line over the life of the lease

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

Government grants are recognised on the accruals basis, relating to the periods in which the entity recognises the cost for which the grant is intended to compensate.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a weighted average basis. Production overheads are allocated to the cost of stock. Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to estimated selling price less costs to complete and sell and all losses of stock are recognized as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stock is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, loans to or from related parties and current asset investments. All such instruments are measured initially and subsequently at the transaction price.

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment is recognised in the profit and loss account.

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

Rentals paid under operating leases are charged to profit or loss 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.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown in borrowing in current liabilities

Going concern

The directors have assessed the ability of the company to continue trading for a minimum period of 12 months from the date of authorising the financial statements.

The directors are satisfied that it remains appropriate for the financial statements to be prepared on a going concern basis.

3.	OTHER OPERATING INCOME

2026

2025

£

£

Government grants

4,111

41,079

The company is in receipt of a government grant in the previous year, which is a mixture of revenue-based and capital-based.

The capital portion of the grant has been recognised over the life of the asset.

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

1,621,126

1,692,392

Social security costs

202,016

162,600

Other pension costs

52,543

28,224

1,875,685

1,883,216

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

2026

2025

Admin

5

3

Sales

6

7

Factory

31

35

42

45

2026

2025

£

£

Directors' remuneration

208,643

240,945

Directors' pension contributions to money purchase schemes

7,044

3,082

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

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

112,713

103,543

Pension contributions to money purchase schemes

3,339

991

5.	OPERATING PROFIT

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

2026

2025

£

£

Hire of plant and machinery

15,398

14,998

Depreciation - owned assets

53,351

41,946

Profit on disposal of fixed assets

-

(14,772

)

Auditors' remuneration

10,250

9,750

Foreign exchange differences

262

97

6.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

92,300

44,275

Deferred tax

(10,696

)

24,799

Tax on profit

81,604

69,074