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Registered number: 01863851 LESTER CONTROL SYSTEMS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
LESTER CONTROL SYSTEMS LIMITED
COMPANY INFORMATION
Directors | P S Davidson
| B M Johnson
| J Bradshaw
| B J Davidson
| B Millen
| D Thomas
Company secretary | M J Phillips
Registered number | 01863851
Registered office | 59 Imperial Way
| Croydon
| England
| CR0 4RR
Independent auditor | S&W Audit
| Chartered Accountants & Statutory Auditor
| Brockbourne House
| 77 Mount Ephraim
| Royal Tunbridge Wells
| TN4 8BS
LESTER CONTROL SYSTEMS LIMITED
CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditor's Report | 5 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10 - 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 30
LESTER CONTROL SYSTEMS LIMITED
STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for the year ended 31 December 2025.
Business review
2025 has seen a continued increase in turnover. Although this increase in margins is very welcomed there is still increased competition from Europe as their markets are struggling. The UK is seen as a very buoyant & lucrative market. We are continually looking at areas to increase our market share so as to bolster our all round profitability. To this end we acquired a small company (Lion Lift Controls (2026) Ltd) who are in the same market as us but provide regional support (west of England) and also allows us to tap into smaller markets. The industry per say still, as ever remains strong and we are still front runners for many large and prestigious projects.
Principal risks and uncertainties
In managing the Company the directors monitor the results against the budget and the previous year through monthly management reports and snapshots of the trading result following each period end. Risk management is an important issue to the Company. The key risks to the business include: Laws and regulation No new legislation has affected our industry so far. The EN 81-76 (Evac for Lifts) London Plan – BS9792 Autumn 2025, BS9994 Spring 2026 has more timelines and is nearing full release. EN 81-76:2025 was published in July 2025 and covers guidance for Lift Evacuation. This is set to impact our industry as further consideration will be required for evacuation procedures. Economic uncertainties The Government’s hold on inflation is a worry. Employment costs, new SSP rules are sure to impact the business in the future. Middle East tensions are affecting shipping channels and prices from Far East along with the price of oil affecting the whole world markets. Page 1
LESTER CONTROL SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The Company regularly reviews a number of financial and non-financial key performance indicators at both board and operational levels. The Company carries out monthly detailed reviews of each operational and support function at which all aspects of each business and key performance indicators are reviewed.
| 2025 | 2024
| £ | £
Turnover (£'000's) | £14,898 | £13,711
Gross profit percentage | 30.6% | 31.8%
Average number of employees | 97 | 93
Average turnover per employee (£'000's) | £153 | £147
Other key performance indicators
The Company reviews non-financial KPIs on a regular basis in a number of areas: Health and safety - the Company aims to achieve year-on-year improvement in accident incidence rate and the Health and Safety Executive benchmark for improvement in the UK. Customer experience - the Company aspires to deliver supporting a high level of customer satisfaction which is sustainable long-term growth in the sector. Feedback key to most of our customers are received during the year demonstrated that fully or mostly satisfied with our services. Employee Welfare - The Company is committed to attracting and retaining highly motivated, high-performing teams. As a result, employee turnover across the group remains low. This report was approved by the board and signed on its behalf.
P S Davidson Director
Date: 27 July 2026
Page 2
LESTER CONTROL SYSTEMS LIMITED
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ∙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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £1,430,506 (2024 - £1,924,431). The dividends for the year amount to £280,000 (2024 - £250,000). Page 3
LESTER CONTROL SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Directors
The directors who served during the year were:
P S Davidson
B M Johnson
M Turner (resigned 19 January 2026)
J Bradshaw
B J Davidson
B Millen
D Thomas
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, S&W Audit (a trading name of S&W Partners Audit Limited), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
P S Davidson Director
Date: 27 July 2026
Page 4
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LESTER CONTROL SYSTEMS LIMITED Opinion We have audited the financial statements of Lester Control Systems Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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 FRS 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 December 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 Auditor’s 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. Page 5
LESTER CONTROL SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LESTER CONTROL SYSTEMS LIMITED
Other information The other information comprises the information included in the Annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Annual report. 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. 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 course of 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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the strategic report and the directors’ report 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 directors’ report.
We have nothing to report in respect of the following matters in relation to which 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 directors’ responsibilities statement set out on page 5, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Page 6
LESTER CONTROL SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LESTER CONTROL SYSTEMS LIMITED 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. Auditor’s 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 an auditor’s report 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained a general understanding of the Company’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company’s industry and regulation. We understand that the Company complies with the framework through: ∙Outsourcing accounting services, accounts preparation and tax compliance to external experts. ∙Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary. In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company’s ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Company: ∙The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements. ∙UK taxation law. ∙British and EU standards regarding lift safety. EN8120-50 (lift shaft regulations), BS5655, EN8171, BSEN12015. Page 7
LESTER CONTROL SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LESTER CONTROL SYSTEMS LIMITED The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were: ∙Revenue recognition, in particular cut-off and completeness, which is an inherent risk common to owner managed companies. ∙Manipulation of the financial statements, especially management override, via fraudulent journal entries, particularly as the size of the Company means that there is little opportunity for segregation of duties. ∙As with many owner-managed businesses, family members may be on the Company's payroll and awarded salaries which are not commensurate with their roles. The procedures we carried out to gain evidence in the above areas included: ∙Testing of revenues recognised after the year-end to verify that they should not have been recognised in the financial statements. ∙Challenging management regarding the nature and appropriateness of unexpected or unusual accounting adjustments. ∙Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times. ∙Reviewing transactions with family members, including salaries, and assessing whether they are at market rates. A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 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 an auditor’s report 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. Matthew Neill BA (Hons) MA FCA (Senior Statutory Auditor) for and on behalf of S&W Audit Chartered Accountants Statutory Auditor Brockbourne House 77 Mount Ephraim Royal Tunbridge Wells TN4 8BS 31 July 2026 Page 8
LESTER CONTROL SYSTEMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 14,897,647 | 13,710,943
Cost of sales |  | (10,340,301) | (9,346,530)
Gross profit |  | 4,557,346 | 4,364,413
Administrative expenses |  | (2,946,791) | (2,512,140)
Other operating income |  | 3,927 | 3,135
Operating profit | 5 | 1,614,482 | 1,855,408
Income from fixed assets investments |  | - | 2,881
Interest receivable and similar income | 10 | 200,784 | 161,930
Profit before tax |  | 1,815,266 | 2,020,219
Tax on profit | 11 | (384,760) | (95,788)
Profit for the financial year |  | 1,430,506 | 1,924,431
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024 - £Nil).
The notes on pages 13 to 30 form part of these financial statements.
Page 9
LESTER CONTROL SYSTEMS LIMITED REGISTERED NUMBER:01863851
BALANCE SHEET AS AT 31 DECEMBER 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 41,183 |  | 35,775
Tangible assets | 14 |  | 244,331 |  | 213,029
Investments | 15 |  | 3,169,313 |  | 2,626,154
|  |  | 3,454,827 |  | 2,874,958
Current assets |  |  |  |  |
Stocks | 16 | 1,827,014 |  | 2,027,238 |
Debtors: amounts falling due within one year | 17 | 2,213,455 |  | 2,511,421 |
Bank and cash balances |  | 4,385,015 |  | 2,901,318 |
|  | 8,425,484 |  | 7,439,977 |
Creditors: amounts falling due within one year | 18 | (2,781,918) |  | (2,399,894) |
Net current assets |  |  | 5,643,566 |  | 5,040,083
Total assets less current liabilities |  |  | 9,098,393 |  | 7,915,041
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (13,209) |  | (17,307) |
Other provisions | 20 | (145,008) |  | (108,064) |
|  |  | (158,217) |  | (125,371)
Net assets |  |  | 8,940,176 |  | 7,789,670
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 50,000 |  | 50,000
Profit and loss account | 22 |  | 8,890,176 |  | 7,739,670
|  |  | 8,940,176 |  | 7,789,670
Page 10
LESTER CONTROL SYSTEMS LIMITED REGISTERED NUMBER:01863851
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P S Davidson
Director
Date: 27 July 2026
Page 11
LESTER CONTROL SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 50,000 | 6,065,239 | 6,115,239
Comprehensive income for the year |  |  |
Profit for the year | - | 1,924,431 | 1,924,431
Contributions by and distributions to owners |  |  |
Dividends | - | (250,000) | (250,000)
At 1 January 2025 | 50,000 | 7,739,670 | 7,789,670
Comprehensive income for the year |  |  |
Profit for the year | - | 1,430,506 | 1,430,506
Contributions by and distributions to owners |  |  |
Dividends | - | (280,000) | (280,000)
At 31 December 2025 | 50,000 | 8,890,176 | 8,940,176
| The notes on pages 13 to 30 form part of these financial statements.
Page 12
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Lester Control Systems Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number is 01863851 and registered office address is 59 Imperial Way, Croydon, England, CR0 4RR. The principal activity of the Company is that of manufacture and supply of lift control equipment. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Lester Controls Systems (Holdings) Limited as at 31 December 2025 and these financial statements may be obtained from Companies House. Page 13
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 14
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue (continued)
Revenue of sale of goods is therefore recognised when the goods have been despatched. Revenue received in respect of deposits are fully refundable until the goods have entered the design and build phase. Where an order is cancelled part way through, the amount of unfinished work in progress is deemed refundable on the deposit. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 15
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Software | - | 4 | years
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 16
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% | on reducing balance
|  |  |  | Motor vehicles | - | 25% | on reducing balance
|  |  |  | Fixtures and fittings | - | 25% | on reducing balance
|  |  |  | Office equipment | - | 25% | on reducing balance
|  |  |  | Computer equipment | - | 25% | on reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 17
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | 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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Page 18
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.19 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumption about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered 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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The key assumptions and other key sources of uncertainty that have a significant effect of the amount recognised in the financial statements are described below: Warranty provisions Provisions for damaged or faulty products are calculated and provided for based on historic trends, management's knowledge of products and technological improvements in components. The directors have concluded that the valuations of £145,008 (2024 - £108,064) for provisions are appropriate. Page 19
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 3.Judgements in applying accounting policies (continued) WIP valuation Work in progress within stock of £303,151 (2024 - £350,480) is estimated at: 55% (2024 - 55%) of the final sales value whilst being assembled; 57% (2024 - 57%) once production is complete; and 63% (2024 - 63%) once the product is tested and awaiting delivery. These estimates broadly reflect gross profit margins on the products.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Turnover | 14,897,647 | 13,710,943
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 14,251,163 | 13,035,740
| Rest of Europe | 646,484 | 675,203
|  | 14,897,647 | 13,710,943
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 5,934 | (92)
| Other operating lease rentals | 242,263 | 256,966
| Depreciation | 71,492 | 62,998
| Amortisation | 13,727 | 18,422
| Defined contribution pension | 336,920 | 257,968
Page 20
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Auditor's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors in respect of the audit of the Company's financial statements | 15,000 | 10,300
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 4,250,061 | 3,991,627
| Social security costs | 627,792 | 417,678
| Cost of defined contribution scheme | 336,920 | 257,968
|  | 5,214,773 | 4,667,273
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 97 | 93
Page 21
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 1,015,483 | 759,601
| Company contributions to defined contribution pension schemes | 97,132 | 134,111
|  | 1,112,615 | 893,712
| During the year retirement benefits were accruing to 7 directors (2024 - 6) in respect of defined contribution pension schemes. The highest-paid director received remuneration of £215,000 (2024 - £179,813). The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £31,676 (2024 - £20,000).
9. | Income from investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Income from current asset investments | - | 2,881
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 200,784 | 161,930
Page 22
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 388,823 | 39,734
| Adjustments in respect of previous periods | - | 21,359
| Group taxation relief | 35 | 22,073
| Deferred tax |  |
| Origination and reversal of timing differences | (4,098) | 12,622
| Taxation on profit on ordinary activities | 384,760 | 95,788
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 -25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,815,266 | 2,020,219
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 -25%) | 453,817 | 505,055
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 35,403 | 21,050
| Adjustments to tax charge in respect of prior periods | - | 21,359
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | 38,281 | (150,726)
| Changes in provisions leading to an increase (decrease) in the tax charge | 10,450 | 2,500
| Dividends from UK companies | - | (720)
| Movement in deferred tax not recognised | (10,450) | (756)
| Patent box additional deduction under S357A (2) | (142,741) | (301,974)
| Total tax charge for the year | 384,760 | 95,788
| During the year, the Company claimed group relief from fellow group undertakings amounting to £Nil (2024: £22,073). This reduced the Company’s corporation tax liability for the previous year.
Page 23
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 280,000 | 250,000
13. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 January 2025 | 136,788
| Additions | 19,135
| At 31 December 2025 | 155,923
| Amortisation |
| At 1 January 2025 | 101,013
| Charge for the year | 13,727
| At 31 December 2025 | 114,740
| Net book value |
| At 31 December 2025 | 41,183
| At 31 December 2024 | 35,775
Page 24
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 347,770 | 94,951 | 39,181 | 481,902
| Additions | 80,189 | 14,748 | 7,857 | 102,794
| At 31 December 2025 | 427,959 | 109,699 | 47,038 | 584,696
| Depreciation |  |  |  |
| At 1 January 2025 | 233,703 | 12,778 | 22,392 | 268,873
| Charge for the year | 48,563 | 15,887 | 7,042 | 71,492
| At 31 December 2025 | 282,266 | 28,665 | 29,434 | 340,365
| Net book value |  |  |  |
| At 31 December 2025 | 145,693 | 81,034 | 17,604 | 244,331
| At 31 December 2024 | 114,067 | 82,173 | 16,789 | 213,029
Page 25
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Fixed asset investments
|  | Unlisted investments | Fixed asset investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2025 (As restated) | 100,000 | 2,626,154 | 2,726,154
| Additions | - | 1,152,979 | 1,152,979
| Disposals | - | (609,820) | (609,820)
| At 31 December 2025 | 100,000 | 3,169,313 | 3,269,313
| Impairment |  |  |
| At 1 January 2025 | 100,000 | - | 100,000
| At 31 December 2025 | - | - | -
| At 31 December 2025 | 100,000 | - | 100,000
| Net book value |  |  |
| At 31 December 2025 | - | 3,169,313 | 3,169,313
| At 31 December 2024 (As restated) | - | 2,626,154 | 2,626,154
16. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 1,523,863 | 1,676,758
| Work in progress | 303,151 | 350,480
|  | 1,827,014 | 2,027,238
Page 26
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,940,266 | 2,042,562
| Amounts owed by group undertakings | 50 | 50
| Other debtors | 80,537 | 334,260
| Prepayments and accrued income | 178,142 | 122,398
| Tax recoverable | 14,460 | 12,151
|  | 2,213,455 | 2,511,421
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,387,138 | 1,485,336
| Amounts owed to group undertakings | 469,829 | 19,794
| Other taxation and social security | 672,345 | 520,868
| Other creditors | 20,482 | 144,442
| Accruals and deferred income | 232,124 | 229,454
|  | 2,781,918 | 2,399,894
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (17,307)
| Charged to profit or loss | 4,098
| At end of year | (13,209)
Page 27
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 19.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (29,743) | (23,391)
| Pension scheme liabilities | 16,534 | 6,084
|  | (13,209) | (17,307)
20. | Provisions
|  | Warranty provisions
|  | £
| At 1 January 2025 | 108,064
| Credited to profit or loss | 36,944
| At 31 December 2025 | 145,008
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 50,000 (2024 -50,000) Ordinary shares of £1.00 each | 50,000 | 50,000
22. | Reserves
Profit and loss account Retained earnings records the company's accumulated profits and losses up to the balance sheet date. Page 28
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 280,360 | 208,938
| Later than 1 year and not later than 5 years | 738,407 | 706,517
| Later than 5 years | 126,250 | 277,750
|  | 1,145,017 | 1,193,205
24.Other financial commitments and guarantees The Company has a Bonds, Guarantees, Indemnities & Standby LC's facility of £60,000. Barclays Bank Plc holds a guarantee for £60,000 on the Company's account in favour of HMRC.
25. | Prior year adjustment
The directors have identified that in the prior year there was £1,078,697 held in a 95-day fixed-term deposit account which was inappropriately recognised as cash at bank. As the balance was not readily available the 2024 balance has been restated to be included within fixed asset investments. There is no impact on profit.
26. | Transactions with directors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Balance brought forward | 37,050 | 46,960
| Advances in the year | 6,842 | -
| Amounts repaid or written off | - | (9,910)
|  | 43,892 | 37,050
| Amounts due from the directors are held within other debtors and are interest-free and repayable on demand.
Page 29
LESTER CONTROL SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
27. | Related party transactions
| The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group. At the balance sheet date the Company was owed £50 (2024 - £50) by a fellow subsidiary which is not wholly owned. During the year, the Company made sales of £13,998 (2024 - £31,578) and purchases of £13,632 (2024 - £4,155) to this subsidiary. Key management personnel (including directors) received remuneration totalling £1,593,865 (2024 - £1,426,498). Close family members of key management personnel received remuneration of £47,674 (2024 - £134,151), which is higher than the market-rate for their roles.
28. | Controlling party
The immediate parent company is Lester Control Systems (Holdings) Limited. The ultimate parent company is Lester Control Systems (Group) Limited. At the balance sheet date, the ultimate controlling party was Mr P S Davidson, a director. At the date of approval of the financial statements, the ultimate controlling party is Mr B Davidson, a director of Lester Controls Systems (Group) Limited. Lester Control Systems (Holdings) Limited is the parent company of the smallest and largest group for which consolidated accounts are prepared and of which Lester Control Systems Limited are included. The financial statements of Lester Control Systems (Holdings) Limited are publicly available and can be obtained from Companies House.
Page 30