ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 06442494

	ANNUAL REPORT AND FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2026

	L. H. EVANS HOLDINGS LTD


L. H. EVANS HOLDINGS LTD

COMPANY INFORMATION

Director	A S L Evans


Registered number	06442494


Registered office	L H Evans
	Ocean Way
	Ocean Park
	Cardiff
	CF24 5HH


L. H. EVANS HOLDINGS LTD

CONTENTS

	Page
Group strategic report	1
Director's report	2 - 3
Independent auditors' report	4 - 6
Consolidated statement of comprehensive income	7
Consolidated balance sheet	8
Company balance sheet	9
Consolidated statement of changes in equity	10 - 12
Company statement of changes in equity	13 - 14
Consolidated statement of cash flows	15
Consolidated analysis of net debt	16
Notes to the financial statements	17 - 35


L. H. EVANS HOLDINGS LTD

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The director presents his strategic report of the company and the group for the year ended 31 March 2025

Business review

The accounts are presented for the full year ended 31.03.2026.

During the year turnover has remianed stable in a very competitive market and the business has delivered a profit of £314,951 before tax.

Principal risks and uncertainties

The directors continue to seek mitigation to cash flow risk through the availability of an invoice financing arrangement, whilst this has not been used for over 36 months, the facility is available as and when required.

Equity within the business is strong and spare cash is used on fixed term deposits to earn better interest rates.

The use of trade debt insurance is utilised for account customers.

Monthly management information allows the directors to monitor financial risk and implement measures to improve turnover and margins.

The business executes sound financial practices and looks to maximise all opportunities to increase its financial standing.

Future Developments

The Company continues to consolidate its activities by increasing its customer base, its product offereing and by reducing its number of suppliers.

All channels for growth and margin return are regularly reviewed, currently there are no significant developments planned, but all opportunties are, and have been, considered.

This report was approved by the board on 29 September 2026 and signed on its behalf.

A S L Evans

Director

Page 1


L. H. EVANS HOLDINGS LTD

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The director presents his report and the financial statements for the year ended 31 March 2026.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £236,545 (2025 - £232,355).

Director

The director who served during the year was:

A S L Evans

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙he 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.

Auditors

The auditors, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2


L. H. EVANS HOLDINGS LTD

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

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

A S L Evans

Director

Date: 29 September 2026

Page 3


L. H. EVANS HOLDINGS LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L. H. EVANS HOLDINGS LTD

Opinion

We have audited the financial statements of L. H. Evans Holdings Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise 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 March 2026 and of the Group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

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

Page 4


L. H. EVANS HOLDINGS LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L. H. EVANS HOLDINGS LTD (CONTINUED)

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 Director's 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 Director's 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 Director's 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 director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Director's responsibilities statement set out on page 2, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.

Page 5


L. H. EVANS HOLDINGS LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF L. H. EVANS HOLDINGS LTD (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:

- Discussing with Directors and management which areas of the business they believe to be more susceptible to

fraud, and whether they have any knowledge or suspicion of fraudulent activities;

- Obtaining an understanding of the key controls put in place by the company to address risks identified,

assessing the effectiveness of those and discussing how these are maintained and monitored internally;

- Assessing the risk of management override and review and testing of journal entries made into the accounting

system;

- Challenging assumptions and judgements made by the company in relation to the significant accounting

estimates employed in the preparation of the financial statements;

- Discussing with Directors and Management the legal and regulatory obligations of the business and whether

they have any knowledge or suspicion of non compliance.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk thatmaterial misstatements in the financial statements may not be detected owing to inherent limitations of the audit, andthat by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentionalmisrepresentation, or the override of internal controls.

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.

Victoria Carter (Senior statutory auditor)

for and on behalf of

Menzies LLP

Chartered Accountants

Statutory Auditor

5th Floor Hodge House

114-116 St Mary Street

Cardiff

CF10 1DY

6 October 2026

Page 6


L. H. EVANS HOLDINGS LTD

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
Note	£	£


Turnover	3	14,931,912	14,845,130
Cost of sales		(11,015,711)	(11,014,345)
Gross profit		3,916,201	3,830,785
Administrative expenses		(3,612,061)	(3,508,236)
Operating profit		304,140	322,549
Interest receivable and similar income		12,392	7,670
Interest payable and similar expenses		(408)	(696)
Profit before tax		316,124	329,523
Tax on profit	8	(79,579)	(97,168)
Profit for the financial year		236,545	232,355

Other comprehensive income for the year
Total comprehensive income for the year		236,545	232,355

Profit for the year attributable to:
Owners of the Parent Company	(236,545)	(232,355)
	(236,545)	(232,355)

Total comprehensive income attributable to:

The notes on pages 17 to 35 form part of these financial statements.

Page 7


L. H. EVANS HOLDINGS LTD REGISTERED NUMBER:06442494

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Intangible assets			35,233		60,073
Tangible assets			1,999,515		2,054,687
Investments	12		26,300		26,300
			2,061,048		2,141,060
Current assets
Stocks		1,745,840		1,650,727
Debtors: amounts falling due within one year	14	3,902,880		3,104,952
Cash at bank and in hand	15	804,445		1,069,968
		6,453,165		5,825,647
Creditors: amounts falling due within one year		(3,055,419)		(2,734,540)
Net current assets			3,397,746		3,091,107
Total assets less current liabilities			5,458,794		5,232,167
Creditors: amounts falling due after more than one year			-		(9,918)

Net assets			5,458,794		5,222,249

Capital and reserves
Called up share capital	20	13,736	13,736
Share premium account		697,809	697,809
Revaluation reserve		781,268	781,268
Profit and loss account		3,965,981	3,729,436
		5,458,794	5,222,249

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2026.

A S L Evans

Director

The notes on pages 17 to 35 form part of these financial statements.

Page 8


L. H. EVANS HOLDINGS LTD REGISTERED NUMBER:06442494

COMPANY BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Investments	12		12,916		12,916
			12,916		12,916
Current assets
Debtors: amounts falling due within one year	14	3,741,683		3,609,758
Cash at bank and in hand	15	672,864		415,237
		4,414,547		4,024,995
Creditors: amounts falling due within one year		(2,387,188)		(1,866,217)
Net current assets			2,027,359		2,158,778
Total assets less current liabilities			2,040,275		2,171,694


Net assets excluding pension asset			2,040,275		2,171,694
Net assets			2,040,275		2,171,694

Capital and reserves
Called up share capital	20		13,736		13,736
Share premium account			697,809		697,809
Profit and loss account brought forward		1,460,149		1,527,127
Loss for the year		(131,419)		(66,978)
Profit and loss account carried forward			1,328,730		1,460,149
			2,040,275		2,171,694

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2026.

A S L Evans

Director

The notes on pages 17 to 35 form part of these financial statements.

Page 9


L. H. EVANS HOLDINGS LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Equity attributable to owners of Parent Company
	£	£	£	£	£
At 1 April 2025	13,736	697,809	781,268	3,729,436	5,222,249
Comprehensive income for the year
Profit for the year	-	-	-	236,545	236,545
Other comprehensive income for the year	-	-	-	-	-
Total comprehensive income for the year	-	-	-	236,545	236,545
Total transactions with owners	-	-	-	-	-
At 31 March 2026	13,736	697,809	781,268	3,965,981	5,458,794

					Total equity
					£
At 1 April 2025					5,222,249
Comprehensive income for the year
Profit for the year					236,545
Other comprehensive income for the year					-
Total comprehensive income for the year					236,545
Total transactions with owners					-
At 31 March 2026					5,458,794

Page 10


L. H. EVANS HOLDINGS LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Page 11


L. H. EVANS HOLDINGS LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2024	13,736	697,809	781,268	3,497,081	4,989,894
Comprehensive income for the year
Profit for the year	-	-	-	232,355	232,355
Other comprehensive income for the year	-	-	-	-	-
Total comprehensive income for the year	-	-	-	232,355	232,355
Total transactions with owners	-	-	-	-	-
At 31 March 2025	13,736	697,809	781,268	3,729,436	5,222,249

The notes on pages 17 to 35 form part of these financial statements.

Page 12


L. H. EVANS HOLDINGS LTD

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2025	13,736	697,809	1,460,149	2,171,694
Comprehensive income for the year
Loss for the year	-	-	(131,419)	(131,419)
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	(131,419)	(131,419)
Total transactions with owners	-	-	-	-
At 31 March 2026	13,736	697,809	1,328,730	2,040,275

The notes on pages 17 to 35 form part of these financial statements.

Page 13


L. H. EVANS HOLDINGS LTD

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	13,736	697,809	1,527,127	2,238,672
Comprehensive income for the year
Loss for the year	-	-	(66,978)	(66,978)
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	(66,978)	(66,978)
Total transactions with owners	-	-	-	-
At 31 March 2025	13,736	697,809	1,460,149	2,171,694

The notes on pages 17 to 35 form part of these financial statements.

Page 14


L. H. EVANS HOLDINGS LTD

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

			2026	2025
			£	£

Cash flows from operating activities
Profit for the financial year	314,951	329,523
Adjustments for:
Amortisation of intangible assets	26,013	24,840
Depreciation of tangible assets	55,172	64,203
Interest paid	408	696
Interest received	(12,392)	(7,670)
Taxation charge	(78,616)	(140,637)
(Increase) in stocks	(95,113)	(8,714)
(Increase) in debtors	(789,388)	(176,395)
Increase in creditors	350,268	114,939
Corporation tax (paid)/received	(29,102)	-
Net cash generated from operating activities	(257,799)	200,785

Cash flows from investing activities
Interest received	12,392	7,670
Net cash from investing activities	12,392	7,670
Cash flows from financing activities
Repayment of loans	(19,708)	-
Repayment of other loans	-	(10,101)
Interest paid	(408)	(696)
Net cash used in financing activities	(20,116)	(10,797)
Net (decrease)/increase in cash and cash equivalents	(265,523)	197,658
Cash and cash equivalents at beginning of year	1,069,968	872,310
Cash and cash equivalents at the end of year	804,445	1,069,968

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	804,445	1,069,968
	804,445	1,069,968

The notes on pages 17 to 35 form part of these financial statements.

Page 15


L. H. EVANS HOLDINGS LTD

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2026


At 1 April 2025	Cash flows	At 31 March 2026
£	£	£

Cash at bank and in hand	1,069,968	(265,523)	804,445
Debt due after 1 year	(9,918)	9,918	-
Debt due within 1 year	(9,788)	9,788	-
	1,050,262	(245,817)	804,445

The notes on pages 17 to 35 form part of these financial statements.

Page 16


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

L. H. Evans Holdings Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£)

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.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income 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 statement of comprehensive income 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 17


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

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.

2.7

Borrowing costs

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

Page 18


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.8

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.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company 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 19


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.10

Intangible assets

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortisedevenly over its estimated useful life of ten years.

Goodwill arises on business acquisitions and represents the excess cost of the acquisition over the company'sinterest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortisedon a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangibleassets cannot be made, the life is presumed not to exceed 10 years.

If there is an indication that there has been significant change in the amortisation rate, useful life or residualvalue of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	2%	on cost
Plant and machinery	-	15%	on cost
Motor vehicles	-	25%	on cost
Fixtures and fittings	-	15%	on cost
Computer equipment	-	20%	on cost
Other fixed assets	-

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.

Page 20


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.14

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.

Page 21


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.19

Financial instruments

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.

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

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 financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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.

Page 22


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.19

Financial instruments (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 23


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Turnover

An analysis of turnover by class of business is as follows:
	2026	2025
	£	£

Sales	14,931,912	14,845,130
	14,931,912	14,845,130

Analysis of turnover by country of destination:

					2026	2025
					£	£

United Kingdom	14,931,912	14,845,130
	14,931,912	14,845,130

Hire of plant and machinery	129,291	124,185
Other operating leases	25,043	24,650
Depreciation - owned assets	55,173	64,203
Goodwill amortisation	24,840	24,840

	Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements	12,315	13,829
	Taxation compliance services	5,160	3,052

Page 24


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

6.	Employees
	Staff costs, including director's remuneration, were as follows:

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£

Wages and salaries	4,283,862	1,970,695	216,000	187,595
Social security costs	247,981	188,729	37,191	18,214
Other pension costs	133,082	160,138	-	-
	4,664,925	2,319,562	253,191	205,809

The average monthly number of employees, including the director, during the year was as follows:

	Group	Group	Company	Company
	2026	2025	2026	2025
	No.	No.	No.	No.

Management	3	3	3	3
Other Staff	58	59	-	-

	61	62	3	3

During the year the group paid key management gross salaries and benefits totalling £431,040. Key
management are considered to be 7 individuals who directly impact upon the strategic direction of the group.

.
	2026	2025
	£	£


	Director's remuneration	90,000	70,000

7.	Interest payable and similar expenses
		2026	2025
		£	£

	Bank interest payable	408	696
		408	696

Page 25


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Corporation tax
Current tax on profits for the year	81,143	104,459
	81,143	104,459

Total current tax	81,143	104,459

Deferred tax
Origination and reversal of timing differences	(1,564)	(7,291)
Total deferred tax	(1,564)	(7,291)


	Tax on profit	79,579	97,168

Profit on ordinary activities before tax

316,124

329,523

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	79,031	82,381
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,883	13,174
Capital allowances for year in excess of depreciation	(771)	16,040
Utilisation of tax losses	-	(7,136)
Marginal relief	(1,000)	-
Deferred Tax	(1,564)	(7,291)
Total tax charge for the year	79,579	97,168

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

9.	Individual statement of comprehensive income

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent
company is not presented as part of these financial statements.

10.	Intangible assets
	Group and Company

		Goodwill
		£

	At 1 April 2025	248,400
	At 31 March 2026	248,400

	At 1 April 2025	188,327
	Charge for the year on owned assets	24,840
	At 31 March 2026	213,167
	Net book value
	At 31 March 2026	35,233
	At 31 March 2025	60,073

Page 27


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

11.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment
	£	£	£	£	£
Cost or valuation
At 1 April 2025	2,223,625	108,717	14,400	194,286	414,641
At 31 March 2026	2,223,625	108,717	14,400	194,286	414,641
Depreciation
At 1 April 2025	196,614	98,335	10,500	190,946	404,587
Charge for the year on owned assets	38,138	4,227	3,500	2,381	6,926
At 31 March 2026	234,752	102,562	14,000	193,327	411,513
Net book value
At 31 March 2026	1,988,873	6,155	400	959	3,128
At 31 March 2025	2,027,011	10,382	3,900	3,340	10,054
					Total
					£
Cost or valuation
At 1 April 2025					2,955,669
At 31 March 2026					2,955,669
Depreciation
At 1 April 2025					900,982
Charge for the year on owned assets					55,172
At 31 March 2026					956,154
Net book value
At 31 March 2026					1,999,515
At 31 March 2025					2,054,687

Page 28


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

11.Tangible fixed assets (continued)

The net book value of land and buildings may be further analysed as follows:
	2026	2025
	£	£

Freehold	1,988,873	2,027,011
	1,988,873	2,027,011

	Company

		Computer equipment
		£
	Cost or valuation
	At 1 April 2025	194,373
	At 31 March 2026	194,373
	Depreciation
	At 1 April 2025	194,373
	At 31 March 2026	194,373
	Net book value
	At 31 March 2026	-
	At 31 March 2025	-

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

Page 29


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

12.	Fixed asset investments
	Group

	Investments in subsidiary companies	Unlisted investments	Total
	£	£	£
Cost or valuation
At 1 April 2025	11,616	14,684	26,300
At 31 March 2026	11,616	14,684	26,300

	Company

	Investments in subsidiary companies	Unlisted investments	Total
	£	£	£
Cost or valuation
At 1 April 2025	11,616	1,300	12,916
At 31 March 2026	11,616	1,300	12,916

The group or the company's investments at the Balance Sheet date in the share capital of companies include thefollowing:

Subsidiaries

L.H. Evans Limited

Registered office: L H Evans, Ocean Way, Cardiff, CF24 5HH
Nature of business: Electrical wholesaler

Class of shares: holding

Ordinary 100.00

L.H. Evans Properties Limited

Registered office: L H Evans, Ocean Way, Cardiff, CF24 5HH

Nature of business: Property company

Class of shares: holding

Ordinary 100.00

Page 30


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

13.	Stocks
		Group	Group
		2026	2025
		£	£

Stocks	1,745,840	1,650,727
	1,745,840	1,650,727

14.

Debtors

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Trade debtors	2,881,995	2,260,614	-	-
Amounts owed by group undertakings	-	-	3,741,683	3,602,243
Other debtors	847,496	621,976	-	-
Prepayments and accrued income	160,636	213,184	-	-
Deferred taxation	12,753	9,178	-	7,515
	3,902,880	3,104,952	3,741,683	3,609,758

15.	Cash and cash equivalents
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Cash at bank and in hand	804,445	1,069,968	672,864	415,237
	804,445	1,069,968	672,864	415,237

Page 31


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

16.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Bank loans	-	9,788	-	-
Trade creditors	2,510,050	2,217,736	-	-
Amounts owed to group undertakings	-	-	2,360,907	1,850,379
Corporation tax	84,442	104,589	-	-
PAYE/NI control	82,852	63,432	12,807	10,393
VAT	69,455	77,541	-	-
Other creditors	287,148	251,968	-	-
Accruals and deferred income	21,472	9,486	13,474	5,445
	3,055,419	2,734,540	2,387,188	1,866,217

17.	Creditors: Amounts falling due after more than one year
		Group	Group
		2026	2025
		£	£

Bank loans	-	9,918
	-	9,918

Page 32


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

18.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2026	2025
		£	£

Amounts falling due within one year
Bank loans	-	9,788
	-	9,788
Amounts falling due 1-2 years
Bank loans	-	9,786
	-	9,786
Amounts falling due 2-5 years
Bank loans	-	132
	-	132

	-	19,706

19.	Deferred taxation
	Group

		2026
		£

	At beginning of year	9,178
	Charged to the profit or loss	3,575
	At end of year	12,753

Page 33


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

19.Deferred taxation (continued)

Company

		2026
		£

	At beginning of year	7,515
	Charged to profit or loss	(7,515)
	At end of year	-

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£

	Accelerated capital allowances	12,753	9,178	-	7,515
		12,753	9,178	-	7,515

20.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

11,615 (2025 - 11,615) Ordinary shares of £1.00 each	11,615	11,615
2,121 (2025 - 2,121) Odrinary 'A' shares of £1.00 each	2,121	2,121

	13,736	13,736

21.	Pension commitments

The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £160,138 (2024: £92,717).

Contributions totalling £12,271 (2024: £12,324) were payable to the scheme at the end of the period and are included within creditors

Page 34


L. H. EVANS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

22.	Commitments under operating leases
	At 31 March 2026 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2026	2025
		£	£

Not later than 1 year	80,769	142,407
Later than 1 year and not later than 5 years	68,855	123,119
	149,624	265,526

23.	Ultimate controlling party

The Director has determined that there is no controlling party as no individual shareholder is considered to holda controlling interest in the Company

Page 35