Thanks Jack,
Only thing I can add is that according to
www.small-engines.com and a number of other American websites, the "L" when used in America indicates "Lightweight".
According to my Kirby-Lauson manual from the 60s, the "LV" together indicates "vertical engine". Oddly, they do not assign any interpretation on the "L", but we presume they must at least be implying it represents the name "Lauson".
According to another source: The LAV35 engine was part of the model series of LV35, which itself may mean L=Lauson, V=vertical shaft engine, and 35=3.5 horsepower. However, in the case of "LAV" it was intended to mean L=lightweight, A=aluminum, V=vertical shaft engine. Both of these engines, regardless of model name, had a 9.05 cubic inch displacement and 3.5 horsepower.
So the Australian VK series, VK-30, for example, indicated a "vertical engine built by Kirby", and in this case rated at 3 horsepower.