Leeds Model Company was founded in 1912, by Rex Stedman. Stedman resigned from LMC in 1928, to found a new company, R F Stedman & Co Ltd. Rex Stedman subsequently purchased LMC, whilst continuing to trade under the R F Stedman name. Stedman finally left in 1931, when the name reverted to LMC.
LMC are best known for their range of locomotives, both freelance and true to prototype, as well as their wooden passenger coaches and goods wagons, with applied paper lithography. Both coaches and wagons were later made from Bakelite. Other LMC products included track, components and accessories.