If you have been taking piano lessons for some time now you will have reached the first rung on the ladder of examinations which is Grade 1 practical.
The Grade 1 exam is the start of the foundation level. It is part of the National Qualifications Framework foundation level 1. There are set items we recommend that you study before you take the examination which are discussed in detail under Piano Lessons.
The musical material selected for these grades is of an essentially elementary nature. Only the most basic, and hence most common, time signatures and keys are used. Melodic and rhythmic material is simple. Indications of dynamics, articulation, phrasing and ornamentation will occur only sporadically in the music, and will be limited to the most basic types. The repertoire of scales and arpeggios in Component 1 is limited to the least demanding examples. The duration of pieces in Component 2 is generally limited to 1-2 minutes maximum. Technical accomplishment is a more important element of assessment than is musicality, and expectations of communication are limited. (from link)
This forum is for discussions regarding grade 1 piano, the parts or the exam and what to expect.
London College of Music marking weightings are as follows
Technical Work 15%
Viva Voce 7%
Sight Reading 10%
Aural Tests 8%
Good luck with your exam and remember, enjoy yourself, this is all part of the experience.