Company registration number 04224976 (England and Wales)
L & S ENGINEERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
L & S ENGINEERS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
L & S ENGINEERS LIMITED
COMPANY INFORMATION
Directors
Mrs M R Lees
Mr B W Lees
Mr I P Shay
Secretary
Mrs M R Lees
Company number
04224976
Registered office
Units 4 & 5 Coppice Side Industrial Est
West Coppice Road
Brownhills
Walsall
West Midlands
England
WS8 7HB
Auditor
Haslehursts Limited
88 Hill Village Road
Sutton Coldfield
West Midlands
England
B75 5BE
L & S ENGINEERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Review of the business

The company has continued to perform well during the year. Revenue increased to £23,740,443 (2024: £22,442,974) and profit before taxation was £2,585,849 (2024: £2,774,824). Net assets increased to £18,236,627 (2024: £16,305,096). The company has no external borrowings and continues to generate positive cash flows.

Principal risks and uncertainties

The principal risks facing the company are those common to businesses of this nature: supply chain disruption, currency movements on overseas purchases, stock obsolescence, and reliance on key systems. The directors monitor these risks on an ongoing basis and take appropriate action where necessary.

Key performance indicators

The directors monitor performance through revenue growth, gross profit margin and operating profit, all of which are considered satisfactory.

On behalf of the board

Mr B W Lees
Director
14 May 2026
L & S ENGINEERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Principal activities

The principal activity of the company continued to be that of suppliers of spare parts, machinery and consumables.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs M R Lees
Mr B W Lees
Mr I P Shay
Future developments

The directors expect the company to continue trading profitably in the foreseeable future.

Auditor

The auditor, Haslehursts Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 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; 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 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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

L & S ENGINEERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
On behalf of the board
Mr B W Lees
Director
14 May 2026
L & S ENGINEERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF L & S ENGINEERS LIMITED
- 4 -
Opinion

We have audited the financial statements of L & S Engineers Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 30 November 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.

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 our audit:

- the information given in the strategic report and the directors' r eport 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.

L & S ENGINEERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF L & S ENGINEERS LIMITED (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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. 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.

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

We obtained an understanding of the company's legal and regulatory framework and the industry in which it operates. We considered the risk of acts by the company that might have contravened applicable laws and regulations, including fraud. Our audit procedures were designed to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by way of forgery, intentional representations or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and third party company representatives. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

L & S ENGINEERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF L & S ENGINEERS LIMITED (CONTINUED)
- 6 -
Stuart Penfold (Senior Statutory Auditor)
For and on behalf of Haslehursts Limited, Statutory Auditor
Chartered Accountants
88 Hill Village Road
Sutton Coldfield
West Midlands
B75 5BE
England
14 May 2026
L & S ENGINEERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
23,740,443
22,442,974
Cost of sales
(17,375,282)
(16,487,466)
Gross profit
6,365,161
5,955,508
Administrative expenses
(3,757,810)
(3,244,021)
Other operating income
32,010
30,000
Operating profit
4
2,639,361
2,741,487
Interest receivable and similar income
7
(33,338)
33,337
Interest payable and similar expenses
8
(20,174)
-
0
Profit before taxation
2,585,849
2,774,824
Tax on profit
9
(654,318)
(706,428)
Profit for the financial year
1,931,531
2,068,396

The income statement has been prepared on the basis that all operations are continuing operations.

L & S ENGINEERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2025
30 November 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
111,766
82,217
Tangible assets
11
3,209,910
3,446,635
3,321,676
3,528,852
Current assets
Stocks
12
2,787,908
2,671,107
Debtors
13
6,846,182
6,080,955
Cash at bank and in hand
8,044,894
6,821,481
17,678,984
15,573,543
Creditors: amounts falling due within one year
14
(2,667,637)
(2,654,800)
Net current assets
15,011,347
12,918,743
Total assets less current liabilities
18,333,023
16,447,595
Provisions for liabilities
Deferred tax liability
15
96,396
142,499
(96,396)
(142,499)
Net assets
18,236,627
16,305,096
Capital and reserves
Called up share capital
17
100
100
Profit and loss reserves
18
18,236,527
16,304,996
Total equity
18,236,627
16,305,096

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 May 2026 and are signed on its behalf by:
Mr B W Lees
Director
Company registration number 04224976 (England and Wales)
L & S ENGINEERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2023
100
14,236,600
14,236,700
Year ended 30 November 2024:
Profit and total comprehensive income
-
2,068,396
2,068,396
Balance at 30 November 2024
100
16,304,996
16,305,096
Year ended 30 November 2025:
Profit and total comprehensive income
-
1,931,531
1,931,531
Balance at 30 November 2025
100
18,236,527
18,236,627
L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 10 -
1
Accounting policies
Company information

L & S Engineers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 4 & 5 Coppice Side Industrial Est, West Coppice Road, Brownhills, Walsall, West Midlands, England, WS8 7HB.

1.1
Basis of preparation

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of LSE Holdings Limited. These consolidated financial statements are available from its registered office, Units 4 & 5 Coppice Side Industrial Estate, West Coppice Road, Brownhills, Walsall, West Midlands, WS8 7HB.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 11 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line on cost of buildings only
Leasehold improvements
2% straight line on cost
Plant and equipment
25% straight line on cost
Fixtures and fittings
15% straight line on cost
Motor vehicles
25% straight line on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 12 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Short term debtors and creditors

Short term debtors are measured at transaction price, less any impairment. Loan's receivable is measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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.

L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and residual values

The directors have reviewed the asset lives and associated residual values of all fixed asset calculations and have concluded that asset lives and residual values are appropriate.

L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 16 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
23,231,817
22,060,669
Europe
226,769
175,152
Rest of the world
281,857
207,153
23,740,443
22,442,974
2025
2024
£
£
Other revenue
Interest income
(33,338)
33,337
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
1,303
2,692
Fees payable to the company's auditor for the audit of the company's financial statements
12,128
11,550
Depreciation of tangible fixed assets
319,080
315,818
Amortisation of intangible assets
15,354
13,749
5
Employees

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

2025
2024
Number
Number
Direct
47
47
Admin
23
22
Directors
3
3
Total
73
72

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,440,991
2,245,627
Social security costs
277,917
214,748
Pension costs
44,541
40,031
2,763,449
2,500,406
L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
371,343
367,644
Company pension contributions to defined contribution schemes
1,321
1,321
372,664
368,965
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
340,143
316,444
Company pension contributions to defined contribution schemes
1,321
1,321
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
(33,338)
33,337
8
Interest payable and similar expenses
2025
2024
£
£
Other interest
20,174
-
0
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
700,421
754,599
Deferred tax
Origination and reversal of timing differences
(46,103)
(48,171)
Total tax charge
654,318
706,428
L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
9
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,585,849
2,774,824
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
646,462
693,706
Effects of:
Group relief
(20,129)
-
0
Permanent capital allowances in excess of depreciation
74,088
60,893
Deferred tax movement
(46,103)
(48,171)
Taxation charge in the financial statements
654,318
706,428
10
Intangible fixed assets
Software
£
Cost
At 1 December 2024
150,275
Additions - internally developed
44,903
At 30 November 2025
195,178
Amortisation and impairment
At 1 December 2024
68,058
Amortisation charged for the year
15,354
At 30 November 2025
83,412
Carrying amount
At 30 November 2025
111,766
At 30 November 2024
82,217
L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
11
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2024
3,247,594
12,488
1,193,055
471,607
9,450
4,934,194
Additions
-
0
-
0
30,000
52,355
-
0
82,355
At 30 November 2025
3,247,594
12,488
1,223,055
523,962
9,450
5,016,549
Depreciation and impairment
At 1 December 2024
383,618
5,751
723,219
367,095
7,876
1,487,559
Depreciation charged in the year
51,552
250
229,659
36,045
1,574
319,080
At 30 November 2025
435,170
6,001
952,878
403,140
9,450
1,806,639
Carrying amount
At 30 November 2025
2,812,424
6,487
270,177
120,822
-
0
3,209,910
At 30 November 2024
2,863,976
6,737
469,836
104,512
1,574
3,446,635
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
2,787,908
2,671,107
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,819,125
2,711,611
Amounts owed by group undertakings
3,141,582
3,136,643
Amounts owed by undertakings in which the company has a participating interest
95,000
95,000
Other debtors
130,167
51,744
Prepayments and accrued income
660,308
85,957
6,846,182
6,080,955
L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 20 -
14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,608,323
1,260,174
Corporation tax
335,181
436,262
Other taxation and social security
282,913
440,385
Other creditors
39,006
31,340
Accruals and deferred income
402,214
486,639
2,667,637
2,654,800
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
96,396
142,499
2025
Movements in the year:
£
Liability at 1 December 2024
142,499
Credit to profit or loss
(46,103)
Liability at 30 November 2025
96,396
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,541
40,031

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
I Ordinary of £1 each
50
50
50
50
T Ordinary of £1 each
50
50
50
50
100
100
100
100
L & S ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
18
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
16,304,996
14,236,600
Profit for the year
1,931,531
2,068,396
At the end of the year
18,236,527
16,304,996
19
Ultimate controlling party

The ultimate parent company is LSE Holdings L imited. The registered office address is: Units 4 & 5 Coppice Side Industrial Estate, West Coppice Road, Brownhills, Walsall, West Midlands, WS8 7HB.

B W Lees a director of the company is regarded as the ultimate controlling party.

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