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Company Registration No.
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report of the company and the group for the year ended 31 December 2025.
I. S Lucas Group Limited is an investment holding company and
II. Lucas Finishing Specialists Limited is the Group’s principal trading subsidiary. It is an established specialist spraying and painting contractor with a track record spanning many decades at the highest levels of the UK construction industry. The company works primarily in the London market for high-profile Tier 1 contractors and blue-chip clients, delivering prestigious landmark projects. Its current portfolio includes Elephant & Castle, One Leadenhall, the Museum of London and Olympia. We continue to carry out projects for a broad spectrum of clients and contractors in sectors including commercial, residential, health, science, technology, retail, leisure and infrastructure.
The profit and loss account of the group for the year is set out on page 10. The results were in line with the expectations of the directors.
We have seen reduced activity in our sector during the last few years mainly caused by planning delays to tall residential schemes, which were awaiting the resolution of the Building Safety Act regulations. However, the directors are pleased to report that the group achieved profit of £965,499 from turnover of £14,741,252 despite continuing challenging economic conditions and global turbulence.
All projects were completed and handed over in line with agreed contracts and to programme and we commend the skills and experience of our management team and highly motivated workforce that continued their focus on the quality delivery of our core activities that gave us a successful year. Our thanks also go to the strong relationships we maintain with our supply chain who continue to give us a good service and products in recognition of decades of fair and prompt payment terms. We continued our investment in our people, in health and safety, training and technology and were proud to surpass 5 million work hours RIDDOR free, attaining several key project safety awards from our clients. We thank our clients for the opportunity to work for them.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Our goal is to continue building a sustainable business that stands out in the painting and finishing sector of our market, and to be compliant, to maintain high standards and good corporate and social governance in everything we do.
Our current contracts are progressing satisfactorily, we have a satisfactory order book from well established customers and we have a strong pipeline of potential opportunities. We continue to invest in our people and resources, providing our customers with the confidence that we can consistently deliver an excellent, reliable and timely service. We live in uncertain times where profit margins remain challenging, and we have the continuing uncertainty caused by the geo-political climate at home and around the World, all combining to keep investment confidence low, so caution remains the order of the day. The Building Safety Act planning delays, mentioned above, are at last beginning to be resolved, so we look forward to increasing our turnover in the medium term. We remain confident that our dedicated and experienced team and our reputation in our sector will continue the delivery of a consistent, timely and quality service to our valued customers and will generate profit and positive cashflow going forward.
There are a number of uncertainties which could have an impact on the group’s performance and could cause results to differ substantially from historical profits and current projections. The directors are responsible for identifying, managing and mitigating risks. So, we have an experienced team and modern management systems and procedures in place to help avoid or mitigate risks to the group.
Our policy remains to carry out an in depth analysis of every tender before submission and to have an experienced team to deliver the contracts we win. The group’s credit risks are mainly attributable to the trade debtors and amounts recoverable on contracts. Our policy remains to have a good mix of long standing blue chip customers and we operate a modern and efficient financial management reporting system that monitors our customers and our debtors book on a day-to-day basis. The group does not have a concentration of credit risk with exposure spread over several blue chip customers. Therefore, the directors are confident that they can meet their obligations as they fall due. Our longstanding monthly Cost Value Reporting system and review meetings cover the operational, commercial and financial performance of every project and highlights in a timely manner any variances or cost over runs that need addressing.
We had our origin in the 1960’s and are proud to be celebrating 50 years since we formally registered as a limited company next year. We strive to retain the family ‘hands on’ culture with all our directors actively involved with our employees, clients and projects. We adopt a modern approach based on traditional values, with a proud record of contracts completed on time, to the highest standards and with safe working practices. We work hard to maintain our reputation for consistency, quality, expertise and reliability and to be the contractor of choice. We strive to continue the long term relationships we have with our customers by focusing on our core activities and our long standing team and in house resources.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Board of Directors is required to consider the group's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The directors are confident that the group can continue to trade successfully and to provide an excellent and reliable service to our customers for the foreseeable future because we have a satisfactory order book from well established customers and we have good liquidity and funding arrangements in place if needed. Thus we continue to adopt the going concern basis in preparing the financial statements.
Our people are our greatest asset. The on going success of the group is attributable to the experience of our team of highly skilled and dedicated company directors ably supported by a well developed organisational structure including contracts managers, project/site managers, site supervisors and a skilled workforce, underpinned by a strong commercial team and head office support function.
The directors believe that the long term interests of the group, its employees and its customers are best served by acting in a corporate social manner. Therefore, the group ensures that high standards are maintained in everything that we do. Our people and health and safety are at the heart of everything we do and our directors and health and safety professionals continue to monitor best health and safety working practices and developments. During the year the group and its employees supported many worthy causes and charities and in conjunction with our clients we continue to offer employment to local tradespeople and support staff in our areas of operation and we continue to invest in upskilling and training. We proudly maintain our independently verified certifications including ISO 9001, ISO 14001 & ISO 45001 and also hold accreditations with Achilles, Considerate Constructors, FORS, Building Confidence SSIP and Carbon Neutral Plus. These are a reflection of our diligent standards and high regard for safety, quality and sustainability.
We are proud of our experienced team and our long history, so we look forward with confidence to continue the success of S Lucas Group Limited into the future.
This report was approved by the Board of Directors on 25 September 2026 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
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.
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 judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
The profit for the year, after taxation, amounted to £646,843 (2024 : £842,207).
Dividends declared and paid during the year amounted to £500,000 (2024 : £526,547).
The directors who served during the year were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Riordan O'Sullivan & Co., the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board of Directors on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S LUCAS GROUP LIMITED
We have audited the financial statements of S Lucas Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Income and Retained Earnings, 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 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S LUCAS GROUP LIMITED (CONTINUED)
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.
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 year 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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S LUCAS GROUP LIMITED (CONTINUED)
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:
We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the construction industry. We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount. Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, 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 or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S LUCAS GROUP LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants and Statutory Auditors
38-40 Chamberlayne Road
NW10 3JE
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CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2026.
The notes on pages 18 to 32 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 32 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
S Lucas Group Limited is a private company, limited by shares incorporated in England and Wales. The registered office is 11 Invicta Business Park, London Road, Wrotham, Kent, TN15 7RJ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with the 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 judgement in applying the Group's accounting policies (see note 3). The financial statements are prepared in sterling which is the functional currency of the Group. The following principal accounting policies have been applied:
The Group financial statements consolidate the financial statements of the company and its subsidiary undertakings using acquisition accounting at the balance sheet date. A subisidiary is an entity that is controlled by another entity, known as the parent. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiary undertakings acquired or disposed of during a financial period are included from, or up to, the effective date of acquistion or disposal. All financial statements are made up to 31 December each year. Intra group balances, sales and profits are eliminated fully on consolidation. Uniform accounting policies have been adopted across the Group.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Intangible assets are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the cost of intangible assets, less their estimated residual value, over their expected useful lives from the year in which they come into use, on the following basis:
Patents and licences - 10% on cost Computer software development - 10% on cost
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisons 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. Financial assets and liabilities are offset with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is the intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Construction contracts Recognition of turnover and profit on construction contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Management undertakes detailed reviews on a monthly basis in order to exercise judgement over the outcome of each contract and the associated risks and opportunities.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
23.Deferred taxation (continued)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost represents contributions payable by the Group to the fund and amounted to £97,285 (2024: £42,434).
Contributions totalling £8,745 (2024: £18,631) were payable to the fund at the balance sheet date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
As at 31 December 2025, £99,051 was due to the group by the directors (2024 - £285,877). Amounts owed to and from the directors are unsecured and repayable on demand. Interest is charged on the loan amounts at the beneficial interest rates advised by HM Revenue & Customs. The loan to the director was repaid within nine months of the balance sheet date.
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