LAB Engineering (South Wales) Limited

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Accountant's Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—8

Report to the directors on the preparation of the unaudited statutory accounts of LAB Engineering (South Wales) Limited for the year ended 30 November 2025

To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of LAB Engineering (South Wales) Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made to the directors of LAB Engineering (South Wales) Limited , as a body, in accordance with the terms of our engagement letter dated 16 August 2018. Our work has been undertaken solely to prepare for your approval the accounts of LAB Engineering (South Wales) Limited and state those matters that we have agreed to state to the directors of LAB Engineering (South Wales) Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LAB Engineering (South Wales) Limited and its directors as a body for our work or for this report.

It is your duty to ensure that LAB Engineering (South Wales) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of LAB Engineering (South Wales) Limited . You consider that LAB Engineering (South Wales) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of LAB Engineering (South Wales) Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

24 August 2026

Robert Cole & Co

Chartered Certified Accountants

Office 2 Llynfi Enterprise Centre

Heol Ty Gwyn Industrial Estate

Maesteg

CF34 0BQ

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LAB Engineering (South Wales) Limited

Balance Sheet

As At 30 November 2025

Balance Sheet

Registered number: 04170106

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		350,147		206,394

			350,147		206,394
CURRENT ASSETS
Stocks		53,972		53,972
Debtors	5	439,781		351,360
Cash at bank and in hand		161,521		106,265

		655,274		511,597
Creditors: Amounts Falling Due Within One Year	6	(280,553 )		(186,329 )

NET CURRENT ASSETS (LIABILITIES)			374,721		325,268

TOTAL ASSETS LESS CURRENT LIABILITIES			724,868		531,662

Creditors: Amounts Falling Due After More Than One Year	7		(236,290 )		(64,824 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(42,740 )		(49,853 )

NET ASSETS			445,838		416,985

CAPITAL AND RESERVES
Allotted, called up and fully paid share capital			110		110
Profit and Loss Account			445,728		416,875

SHAREHOLDERS' FUNDS			445,838		416,985

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LAB Engineering (South Wales) Limited

Balance Sheet (continued)

As At 30 November 2025

For the year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mrs C A Morgan

Director

24 August 2026

The notes on pages 4 to 8 form part of these financial statements.

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LAB Engineering (South Wales) Limited

Notes to the Financial Statements

For The Year Ended 30 November 2025

Notes to the Financial Statements

1. General Information

LAB Engineering (South Wales) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04170106 . The registered office is Grove Crown House White City Road, Fforestfach, Swansea, West Glamorgan, SA5 4EE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Significant judgements and estimations

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

No significant judgements have had to be made by the directors in preparing these financial statements.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance

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LAB Engineering (South Wales) Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

2.5. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.7. Financial Instruments

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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LAB Engineering (South Wales) Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

2.8. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.10. Government Assistance

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.11. Consolidation

In the opinion of the directors, the company and its parent comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.

2.12. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 8 (2024: 10)

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LAB Engineering (South Wales) Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 December 2024	1,091,781	99,027	1,190,808
Additions	170,500	28,500	199,000
Disposals	-	(20,495 )	(20,495 )

As at 30 November 2025	1,262,281	107,032	1,369,313

Depreciation
As at 1 December 2024	941,526	42,888	984,414
Provided during the period	37,564	14,035	51,599
Disposals	-	(16,847 )	(16,847 )

As at 30 November 2025	979,090	40,076	1,019,166

Net Book Value
As at 30 November 2025	283,191	66,956	350,147

As at 1 December 2024	150,255	56,139	206,394

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	327,151	243,130
Other debtors	3,630	3,230
Amounts owed by group undertakings	109,000	105,000

	439,781	351,360

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	64,067	33,958
Trade creditors	68,607	57,421
Bank loans and overdrafts	7,559	10,753
Other taxes and social security	90,720	76,594
Other creditors	6,975	7,603
Capital grants	42,625	-

	280,553	186,329

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LAB Engineering (South Wales) Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	153,715	57,532
Bank loans	-	7,292
Capital grants	82,575	-

	236,290	64,824

8. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	35,000	35,000

	35,000	35,000

9. Related Party Transactions

The company has taken advantage the exemption from Section 33 of FRS 102 and has not disclosed transactions with its parent company or fellow wholly-owned subsidiary companies.

10. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is TE-Bar Holdings Limited . TE-Bar Holdings Limited is incorporated in England & Wales and its registered office is Dyffryn Mill Farm, Dyffryn Road, Port Talbot, SA13 2YA . The ultimate controlling party is TE-Bar Holdings Limited who controls 100% of the shares of LAB Engineering (South Wales) Limited .

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