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REGISTERED NUMBER: 06574086 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

Lode Products And Services Limited

Lode Products And Services Limited (Registered number: 06574086)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lode Products And Services Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: Mr P Melling





REGISTERED OFFICE: c/o Wilson Partners Limited,
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN





REGISTERED NUMBER: 06574086 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Lode Products And Services Limited (Registered number: 06574086)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £   
FIXED ASSETS
Intangible assets 4 7,577 8,660
Tangible assets 5 4,476 54,089
12,053 62,749

CURRENT ASSETS
Stocks 308,182 288,599
Debtors 6 1,013,530 858,383
Cash at bank 47,247 22,455
1,368,959 1,169,437
CREDITORS
Amounts falling due within one year 7 (923,503 ) (729,916 )
NET CURRENT ASSETS 445,456 439,521
TOTAL ASSETS LESS CURRENT LIABILITIES 457,509 502,270

CREDITORS
Amounts falling due after more than one year 8 (199,803 ) (336,192 )
NET ASSETS 257,706 166,078

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 257,606 165,978
257,706 166,078

Lode Products And Services Limited (Registered number: 06574086)

Balance Sheet - continued
31 December 2022


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2023 and were signed by:





Mr P Melling - Director


Lode Products And Services Limited (Registered number: 06574086)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Lode Products And Services 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 Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably..

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on cost

Tangible assets are included at cost less depreciation and impairment.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Lode Products And Services Limited (Registered number: 06574086)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is rotated on a first in first out basis.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating lease commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 4 ) .

Lode Products And Services Limited (Registered number: 06574086)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2022
and 31 December 2022 10,825
AMORTISATION
At 1 January 2022 2,165
Charge for year 1,083
At 31 December 2022 3,248
NET BOOK VALUE
At 31 December 2022 7,577
At 31 December 2021 8,660

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 91,140
Additions 2,037
Disposals (59,490 )
At 31 December 2022 33,687
DEPRECIATION
At 1 January 2022 37,051
Charge for year 10,999
Eliminated on disposal (18,839 )
At 31 December 2022 29,211
NET BOOK VALUE
At 31 December 2022 4,476
At 31 December 2021 54,089

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 756,126 833,192
Amounts owed by group undertakings 96,972 -
Other debtors 160,432 25,191
1,013,530 858,383

Lode Products And Services Limited (Registered number: 06574086)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 596,751 535,317
Hire purchase contracts (see note 9) - 11,640
Trade creditors 98,854 67,174
Amounts owed to group undertakings 7,606 -
Taxation and social security 93,675 54,136
Other creditors 126,617 61,649
923,503 729,916

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.22 31.12.21
£    £   
Other creditors 199,803 336,192

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.22 31.12.21
£    £   
Net obligations repayable:
Within one year - 11,640

Non-cancellable operating leases
31.12.22 31.12.21
£    £   
Within one year 9,897 -
Between one and five years 18,145 -
28,042 -

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Aldermore Bank PLC 562,905 495,978

At the balance sheet date an invoice finance balance of £562,905 (2021: £495,978) was secured by a fixed and floating charge over the assets of the company.

Lode Products And Services Limited (Registered number: 06574086)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

11. RELATED PARTY DISCLOSURES

Lode Products and Services Limited owed Big Dog Maidenhead Limited, of which Shearwater Group Holdings Limited is also the shareholder, £2,717 (2022: £200) at the year end.

Merlin Direct Supplies Limited, of which Shearwater Group Holdings Limited is also the shareholder, owed Lode Products and Services Limited £107,562 (2022: £2,000) at year end.

Lode Products and Services Limited owed Shearwater Group Holdings Limited, the shareholder, £4,226 at year end.

In addition the following sales were made during the year, Big Dog Maidenhead Limited £14,193 and Merlin Direct Supplies Limited £54,899.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Shearwater Group Holdings Limited.