ACCOUNTS - Final Accounts

Acquisition of BEC (London) Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value

Fair value

Registered number: 16023813

BEC (L&W) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

BEC (L&W) LIMITED

COMPANY INFORMATION

Directors	S L Damney (appointed 17 October 2024)
	P W French (appointed 17 October 2024)
	J Galea (appointed 17 October 2024)
	L T Galea (appointed 17 October 2024)


Registered number	16023813


Registered office	11 Thames Road
	Barking
	IG11 0HG


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants Statutory Auditor
	Leytonstone House
	3 Hanbury Drive
	London
	E11 1GA

BEC (L&W) LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 4
Independent auditors' report	5 - 9
Consolidated profit and loss account	10
Consolidated statement of comprehensive income	11
Consolidated balance sheet	12 - 13
Company balance sheet	14
Consolidated statement of changes in equity	15
Company statement of changes in equity	16
Consolidated statement of cash flows	17 - 18
Consolidated analysis of net debt	19
Notes to the financial statements	20 - 43

BEC (L&W) LIMITED

GROUP STRATEGIC REPORT

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

Introduction

The directors present their strategic report for the period:

Business review

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.
The directors are pleased with the results for the year and to report a profit after tax of £1,512,524

Principal risks and uncertainties

The business environment in which we operate continues to be challenging. However, the group continues to provide a mixture of repair, new supply and on-site services to manage the risk.

The defined benefit pension scheme valuation reported a small increase in scheme liabilities, mainly due to underlying valuation assumptions. The group continues to fund the scheme in accordance with a recovery plan.

Financial key performance indicators

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross profit margin, being of 49.0%. The resultant operating profit was £2,236,894.

Other key performance indicators

Liquidity and cash flow risk are managed through agreeing appropriate payment terms with customers and suppliers. The group manages financial risk by ensuring sufficient liquidity is available to meet foreseeable needs with short-term flexibility provided by a sales finance facility.

The group's principal financial assets are trade debtors for which credit risk is managed by setting limits for customers based on a combination of payment history and reputation. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history and to ensure sales finance facility covenants are met.

Future Developments

The directors continue to ensure that the highest level of service is provided to their customers and the directors expect the continued profit trend to continue for the subsequent year.

This report was approved by the board on 13 August 2026 and signed on its behalf.

S L Damney

Director

Page 1

BEC (L&W) LIMITED

DIRECTORS' REPORT

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

The directors present their report and the financial statements for the 12 months ended 31 October 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company during the year was that of a holding company. The principal activity of the wholly owned subsidiary, BEC (London) Limited, was that of a holding company.
The principal activity of the wholly owned subsidiary, Browning's Electric Company Limited, was that of electrical motor repairs and mechanical engineering.
The principal activity of the subsidiary, Browning's Employee Services LLP, was the provision of staff to Browning's Electric Company Limited.

Results and dividends

The profit for the 12 months, after taxation, amounted to £1,512,524 .

The directors do not recommend payment of a final dividend.

Directors

The directors who served during the 12 months were:

S L Damney (appointed 17 October 2024)

P W French (appointed 17 October 2024)

J Galea (appointed 17 October 2024)

L T Galea (appointed 17 October 2024)

Page 2

BEC (L&W) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

Page 3

BEC (L&W) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

Disclosure of information to auditors

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 and the Group's auditors are 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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 13 August 2026 and signed on its behalf.

S L Damney

Director

Page 4

BEC (L&W) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEC (L&W) LIMITED

Opinion

We have audited the financial statements of BEC (L&W) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the 12 months ended 31 October 2025, which comprise the Consolidated profit and loss account, the Consolidated Statement of Comprehensive Income, the Consolidated analysis of net debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 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 Group's and of the Parent Company's affairs as at 31 October 2025 and of the Group's profit for the 12 months then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the Parent 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

BEC (L&W) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEC (L&W) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion 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 Group strategic report and the Directors' report for the financial 12 months for which the financial statements are prepared is consistent with the financial statements; and

∙the Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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.

Page 6

BEC (L&W) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEC (L&W) LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 7

BEC (L&W) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEC (L&W) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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:

In identifying and assessing risks of material misstatement in respect of irregularities we considered the
following:

∙Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the group and parent company operates in and how the group and parent company are complying with the legal and regulatory frameworks;

∙Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; and

∙Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

All relevant laws and regulations identified at a Group level and areas susceptible to fraud that could have a material effect on the financial statements were communicated. Any instances of non-compliance with laws and regulations identified were considered in our audit approach.
The most significant laws and regulations were determined as follows:

∙UK GAAP FRS 102 and Companies Act;

∙Tax compliance regulations.

Additional audit procedures performed by the audit engagement team included:

∙Review of the financial statement disclosures and testing to supporting documentation;

∙Completion of disclosure checklists to identify areas of non-compliance.

The areas that we identified as being susceptible to material misstatement due to fraud were:

∙Revenue Recognition;

∙Management Override.

Audit procedures in response to the identified areas above:

∙Obtaining an understanding of the processes and controls around revenue recognition;

∙Substantively testing revenue via various testing including transactional, cut off and sequencing;

∙Evaluation of the appropriateness of the accounting policies;

∙Testing the appropriateness of journal entries and other adjustments;

∙Assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Page 8

BEC (L&W) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEC (L&W) LIMITED (CONTINUED)

We have also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.

Stuart Moon (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA

18 August 2026

Page 9

BEC (L&W) LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

	2025
Note	£


Turnover	4	11,995,126
Cost of sales		(7,382,347)
Gross profit		4,612,779
Distribution costs		(333,737)
Administrative expenses		(2,042,148)
Operating profit	5	2,236,894
Interest receivable and similar income	9	15,049
Interest payable and similar expenses	10	(101,464)
Other finance income		(6,000)
Profit before tax		2,144,479
Tax on profit	12	(631,955)
Profit for the financial 12 months		1,512,524

Profit for the 12 months attributable to:
Owners of the Parent Company		1,512,524
		1,512,524

The notes on pages 20 to 43 form part of these financial statements.

Page 10

BEC (L&W) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

				2025
			Note	£

Profit for the financial 12 months		1,512,524
Other comprehensive income
Actuarial gain on defined benefit schemes		108,000
Other comprehensive income for the 12 months		108,000
Total comprehensive income for the 12 months		1,620,524

Profit for the 12 months attributable to:
Owners of the Parent Company		1,512,524
		1,512,524

The notes on pages 20 to 43 form part of these financial statements.

Page 11

BEC (L&W) LIMITED

REGISTERED NUMBER: 16023813

CONSOLIDATED BALANCE SHEET

AS AT 31 OCTOBER 2025

		2025
Note		£

Fixed assets
Intangible assets	14		1,781,888
Tangible assets	15		3,159,349
			4,941,237
Current assets
Stocks	17	212,242
Debtors: amounts falling due within one year	18	2,247,918
Cash at bank and in hand	19	1,719,544
		4,179,704
Creditors: amounts falling due within one year	20	(2,401,678)
Net current assets			1,778,026
Total assets less current liabilities			6,719,263
Creditors: amounts falling due after more than one year	21		(844,125)
Provisions for liabilities
Deferred taxation	23	(369,714)
			(369,714)
Net assets excluding pension asset			5,505,424
Pension asset			360,000
Net assets			5,865,424

Capital and reserves
Called up share capital	24	1,087
Share premium account	25	99,676
Merger reserve	25	4,999,237
Profit and loss account	25	765,424
		5,865,424

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2026.

S L Damney	L T Galea
Director	Director

The notes on pages 20 to 43 form part of these financial statements.

Page 12

BEC (L&W) LIMITED

REGISTERED NUMBER: 16023813

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2025

Page 13

BEC (L&W) LIMITED

REGISTERED NUMBER: 16023813

COMPANY BALANCE SHEET

AS AT 31 OCTOBER 2025

		2025
Note		£

Fixed assets
Investments	16		7,500,000
			7,500,000

Creditors: amounts falling due within one year	20	(2,400,000)
Net current (liabilities)/assets			(2,400,000)
Total assets less current liabilities			5,100,000


Net assets excluding pension asset			5,100,000
Net assets			5,100,000

Capital and reserves
Called up share capital	24	1,087
Share premium account	25	99,676
Merger reserve	25	4,999,237
Profit and loss account carried forward		-
		5,100,000

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2026.

S L Damney	L T Galea
Director	Director

The notes on pages 20 to 43 form part of these financial statements.

Page 14

BEC (L&W) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

	Called up share capital	Share premium account	Merger reserve	Profit and loss account	Total equity
	£	£	£	£	£
Shares issued in the period	1,087	99,676	4,999,237	-	5,100,000
Comprehensive income for the 12 months
Profit for the 12 months	-	-	-	1,512,524	1,512,524
Actuarial gains on pension scheme	-	-	-	108,000	108,000
Dividends: Equity capital	-	-	-	(855,100)	(855,100)
At 31 October 2025	1,087	99,676	4,999,237	765,424	5,865,424

The notes on pages 20 to 43 form part of these financial statements.

Page 15

BEC (L&W) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

	Called up share capital	Share premium account	Merger reserve	Profit and loss account	Total equity
	£	£	£	£	£
Shares issued in the period	1,087	99,676	4,999,237	-	5,100,000

Profit for the 12 months	-	-	-	857,320	857,320
Dividends: Equity capital	-	-	-	(857,320)	(857,320)
At 31 October 2025	1,087	99,676	4,999,237	-	5,100,000

The notes on pages 20 to 43 form part of these financial statements.

Page 16

BEC (L&W) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

			2025
			£

Cash flows from operating activities
Profit for the financial 12 months	1,512,524
Adjustments for:
Amortisation of intangible assets	197,988
Depreciation of tangible assets	78,614
Interest paid	101,464
Interest received	(15,049)
Taxation charge	631,955
Decrease in stocks	276,553
Decrease in debtors	78,302
(Decrease)/increase in creditors	(91,149)
(Decrease)/increase in net pension assets/liabs	(360,000)
Net cash generated from operating activities	2,411,202

Cash flows from investing activities
Cash balances acquired on acquisition of subsidiaries	1,525,218
Purchase of tangible fixed assets	(4,714)
Purchase of fixed asset investments	(2,500,000)
Interest received	15,049
Net cash from investing activities	(964,447)
Cash flows from financing activities
Issue of ordinary shares	100,763
New secured loans	1,500,000
Repayment of loans	(371,410)
Dividends paid	(855,100)
Interest paid	(101,464)
Net cash used in financing activities	272,789
Net increase in cash and cash equivalents	1,719,544
Cash and cash equivalents at the end of 12 months	1,719,544

Cash and cash equivalents at the end of 12 months comprise:
Cash at bank and in hand	1,719,544
	1,719,544

Page 17

BEC (L&W) LIMITED

The notes on pages 20 to 43 form part of these financial statements.

Page 18

BEC (L&W) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025


Cash flows	Acquisition and disposal of subsidiaries	New loans	At 31 October 2025
£	£	£	£

Cash at bank and in hand	(99,985)	1,819,529	-	1,719,544
Debt due after 1 year	(469,125)	-	(375,000)	(844,125)
Debt due within 1 year	591,772	-	(1,125,000)	(533,228)
	22,662	1,819,529	(1,500,000)	342,191

The notes on pages 20 to 43 form part of these financial statements.

Page 19

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

1.	General information

BEC (L&W) Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is 11 Thames Road, Barking, Essex, IG11 0HG.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

Page 20

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

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 Group 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.

Revenue is recognised on delivery.

2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.5

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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

Borrowing costs

All borrowing costs are recognised in profit or loss in the 12 months in which they are incurred.

Page 21

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Defined benefit pension plan

The Group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 22

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the 12 months 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 and the Group operate and generate 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 23

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated profit and loss account over its useful economic life.

Other 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.

2.12

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual basis:.

Depreciation is provided on the following basis:

Freehold property	-	2%	straight line
Plant and machinery	-	10%	reducing balance
Motor vehicles	-	20%	and 25% reducing balance
Fixtures and fittings	-	15%	- 20% reducing balance
Leasehold improvements	-		- over the period of the lease.

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.

Enter text here - user input

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

Page 24

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.14

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 and attributable overheads.

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.

2.15

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.

2.16

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.17

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.

2.18

Financial instruments

Enter text here - user input

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of

Page 25

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.18

Financial instruments (continued)

financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 26

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

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.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

Revaluation of tangible fixed assets

In the current year, the directors measured the market value of the property. The valuation was based upon market values as at the balance sheet date on a 'open market value' basis. See note 15 for further information.

Defined benefit pension scheme

The Group has obligations to pay pension benefits to certain current and former employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. See note 27 for further information. The valuation date for the Actuarial Report is 31 December 2025.

Turnover

The whole of the turnover is attributable to principal activity of Browning's Electric Company Limited, being that of electrical motor repairs and mechanical engineering.

All turnover arose within the United Kingdom.

5.	Operating profit
	The operating profit is stated after charging:
		2025
		£

	Depreciation	70,707
	Amortisation of goodwill	197,988
	Other operating lease rentals	271,379

Page 27

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

6.	Auditors' remuneration
	During the 12 months, the Group obtained the following services from the Company's auditors:
		2025
		£

Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements

5,000

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group
		2025
		£


	Wages and salaries	3,208,811
	Social security costs	384,194
	Cost of defined contribution scheme	150,113
		3,743,118

The average monthly number of employees, including the directors, during the 12 months was as follows:

	Group	Company
	2025	2025
	No.	No.

Employees	68	4

Page 28

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

8.	Directors' remuneration
		2025
		£

	Directors' emoluments	144,888
		144,888

During the 12 months retirement benefits were accruing to 4 directors in respect of defined contribution pension schemes.

The directors' remuneration is in respect of services to the subsidiary company, Browning's Electric Company Limited and members' remuneration charged as an expense in the company's subsidiary, Browning's Employee Services LLP. This members' remuneration charged as an expense is due to the individuals who are also directors of this company in their capacity as members of the LLP for managing the LLP. This is included in directors' remuneration above in accordance with the Companies Act 2006.

9.	Interest receivable and similar income
		2025
		£

	Other interest receivable	15,049
		15,049

10.	Interest payable and similar charges
		2025
		£

	Bank interest payable	76,379
	Other loan interest payable	25,085
		101,464

11.	Other finance costs
		2025
		£

	Net interest on net defined benefit liability	(6,000)

Page 29

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

12.	Taxation

		2025
		£

	Corporation tax
	Current tax on profits for the year	520,668
		520,668

	Total current tax	520,668

	Deferred tax
	Origination and reversal of timing differences	111,287
	Total deferred tax	111,287


	Tax on profit	631,955

	Factors affecting tax charge for the 12 months
	The tax assessed for the 12 months is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:
					2025
					£

Profit on ordinary activities before tax

2,144,479

	Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%	536,120
	Effects of:
	Non-tax deductible amortisation of goodwill and impairment	49,497
	Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	46,338
	Total tax charge for the 12 months	631,955

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 30

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

13.	Dividends
		2025
		£

	Dividends paid	855,100
		855,100

14.	Intangible assets
	Group and Company

		Goodwill
		£
	Cost
	Additions	1,979,876
	At 31 October 2025	1,979,876
	Amortisation
	Charge for the 12 months on owned assets	197,988
	At 31 October 2025	197,988
	Net book value
	At 31 October 2025	1,781,888

Page 31

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

15.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
Additions	-	4,464	250	4,714
Acquisition of subsidiary	3,100,000	92,598	20,766	3,213,364
At 31 October 2025	3,100,000	97,062	21,016	3,218,078
Depreciation
Charge for the 12 months on owned assets	34,474	19,475	4,780	58,729
At 31 October 2025	34,474	19,475	4,780	58,729
Net book value
At 31 October 2025	3,065,526	77,587	16,236	3,159,349

	The net book value of land and buildings may be further analysed as follows:
					2025
					£

	Freehold	3,065,526
		3,065,526

Page 32

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	7,500,000
	At 31 October 2025	7,500,000

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

BEC (London) Limited	Ordinary	100%
Browning's Electric Company Limited	Ordinary	100%
Browning's Employee Services LLP	Equity member*	- %

*BEC (London) Limited has a controlling equity interest in Browning's Employee Services LLP.

17.	Stocks
		Group
		2025
		£

	Raw materials and consumables	203,689
	Work in progress (goods to be sold)	8,553
		212,242

Page 33

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

18.

Debtors

		Group
		2025
		£


	Trade debtors	1,982,271
	Other debtors	144,291
	Prepayments and accrued income	121,356
		2,247,918

Page 34

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

19.	Cash and cash equivalents
		Group
		2025
		£

	Cash at bank and in hand	1,719,544

20.	Creditors: Amounts falling due within one year
		Group	Company
		2025	2025
		£	£

Bank loans	375,000	-
Trade creditors	603,038	-
Amounts owed to group undertakings	-	2,400,000
Corporation tax	304,698	-
Other taxation and social security	674,356	-
Other creditors	438,190	-
Accruals and deferred income	6,396	-
	2,401,678	2,400,000

	The following liabilities were secured:
		Group
		2025
		£

	Bank loans	1,161,760
		1,161,760

Details of security provided:

Bank loans are secured over the freehold properties of the Group.

21.	Creditors: Amounts falling due after more than one year
		Group
		2025
		£

	Bank loans	844,125
		844,125

Page 35

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

22.	Loans
	Analysis of the maturity of loans is given below:
		Group
		2025
		£

	Amounts falling due within one year
	Bank loans	375,000

	Amounts falling due 2-5 years
	Bank loans	844,125

		1,219,125

23.	Deferred taxation
	Group

		2025
		£

	Charged to profit or loss	(111,287)
	Arising on business combinations	(258,427)
	At end of year	(369,714)

Company

		2025

	At end of year	-

	The deferred taxation balance is made up as follows:
		Group
		2025
		£

	Accelerated capital allowances	(369,714)
		(369,714)

Page 36

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

24.	Share capital
		2025
		£

		Allotted, called up and fully paid

		377 Ordinary A shares of £1.00 each	377
		378 Ordinary B shares of £1.00 each	378
		400 Ordinary AA shares of £0.01 each	4
		355 Ordinary BB shares of £0.01 each	4
		162 Ordinary D shares of £1.00 each	162
		162 Ordinary E shares of £1.00 each	162

			1,087

During the period the Company issued 162 Ordinary D shares and 162 Ordinary E shares for total consideration of £100,000 and issued 377 Ordinary A shares, 378 Ordinary B shares, 400 Ordinary AA shares and 355 Ordinary BB for consideration of same shares in BEC (London) Ltd as part of a business combination as explained in note 26.

Page 37

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

25.

Reserves

Share premium account

The share premium represents amounts paid above the par value of ordinary shares.

Capital redemption reserve

The capital redemption reserve represents amounts of nominal share capital redeemed by the company.

Merger Reserve

The merger reserve represents the fair value of shares received in exchange for an issue of own shares.

Profit and loss account

The Profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.

Page 38

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

26.	Business combinations

On 19 October 2024 the company acquired the entire share capital of BEC (London) Limited for consideration of cash of £2,500,000 and an issue of own shares.

Fixed Assets
Tangible	3,226,051	3,226,051
	3,226,051	3,226,051
Current Assets
Stocks	488,795	488,795
Debtors	2,326,273	2,326,273
Cash at bank and in hand	1,525,218	1,525,218
Total Assets	7,566,337	7,566,337
Creditors
Due within one year	(1,685,786)	(1,685,786)
Pension liability	(102,000)	(102,000)
Deferred taxation	(258,427)	(258,427)
Total Identifiable net assets	5,520,124	5,520,124


	Goodwill	1,979,876
	Total purchase consideration	7,500,000

	Consideration
					£


	Cash	2,500,000
	Equity instruments	5,000,000
	Total purchase consideration	7,500,000

Page 39

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

27.	Pension commitments

The Group operates a Defined benefit pension scheme.

The amounts in the financial statements for the period ended 31 October 2025, relating to defined benefit pensions, are based on a full actuarial valuation.

The most recent full actuarial valuation was at 5 April 2022, which has been updated to 31 December 2025 by a qualified independent actuary.

The defined benefit scheme became a closed scheme on 5 April 2005 and an alternative money purchase scheme was operated for new members and to provide benefits in respect of future services for the current members of the defined benefit scheme. The Group continues to fund the defined benefit scheme to meet the minimum funding requirements (currently 6.7% of pensionable salary) in respect of obligations to members for past service benefits earned to the date of closure. Group contributions to the money purchase scheme were 5% of pensionable salaries.

	Reconciliation of present value of plan liabilities:
					2025
					£

	Reconciliation of present value of plan liabilities
	At the beginning of the year	4,262,000
	Interest cost	226,000
	Actuarial gains/losses	(12,000)
	Benefits paid	(221,000)
	At the end of the year	4,255,000

	Reconciliation of present value of plan assets:
					2025
					£

	At the beginning of the year	4,160,000
	Interest income	220,000
	Actuarial gains/losses	96,000
	Contributions	360,000
	Benefits paid	(221,000)
	At the end of the year	4,615,000

Page 40

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

27.Pension commitments (continued)

	Composition of plan assets:
					2025
					£

	Equities	1,486,000
	Fixed interest	2,476,000
	Cash	372,000
	Other	181,000
	Total plan assets	4,515,000

None of the fair values of the assets shown above include any direct investments in the group's own financial instruments or any property occupied by, or used by, the group.

Amounts recognised in the balance sheet as a Defined Benefit Liability:

					2025
					£

	Fair value of plan assets	4,615,000
	Present value of plan liabilities	(4,255,000)
	Net pension scheme liability	360,000

	The amounts recognised in profit or loss are as follows:
					2025
					£

	Interest on obligation	(6,000)
	Total	(6,000)

The Group expects to contribute £360,000 to its Defined benefit pension scheme in 2026.

Page 41

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

27.Pension commitments (continued)

	Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
		2025
		%

	Discount rate	5.3
	Future salary increases	2.6
	Future pension increases	2.8
	Mortality rates
	- for a male aged 65 now	21.7
	- for a female aged 65 now	23.9

Defined Contribution

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £150,113. Contributions totaling £761 were payable to the fund at the balance sheet date.

28.	Commitments under operating leases
	At 31 October 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group
		2025
		£

	Not later than 1 year	79,523
	Later than 1 year and not later than 5 years	56,775
		136,298

Page 42

BEC (L&W) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 OCTOBER 2025

29.	Related party transactions
	The Company is exempt from disclosing related party transactions with companies that are wholly owned within the Group. Directors had an interest in dividends paid during the period of £855,100.

Page 43