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Registered number: 07078986









LDL Components Ltd









Annual Report and Financial Statements

For the Year Ended 31 December 2023

 
LDL Components Ltd
 
 
Company Information


Directors
R Darroch 
S Noble 




Registered number
07078986



Registered office
Unit 12
Graphite Way

Hadfield

Glossop

Derbyshire

SK13 1QH




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG





 
LDL Components Ltd
 

Contents



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 31


 
LDL Components Ltd
 
 
Strategic Report
For the Year Ended 31 December 2023

Introduction
 
The directors present the strategic report for the year ended 31 December 2023. 
Principal activity
The principal activity of the company during the year was the distribution of components and furniture for use in the fitted furniture industry. 
Business model
The company operates an ex stock warehouse facility and assembly service, offering over 8,000 SKUs and bespoke width drawers on a next day service. The company’s aim is to provide its customers with tailored, easy solutions to complex products allied to an industry leading service and product range. 

Business review
 
The business delivered resilient performance in 2023 in what was, as anticipated, a significantly more challenging market than that which benefited from the surge in demand post-covid. Macro-economic factors, notably the shock of rapid interest rate rises, high inflation and political uncertainty combined to undermine consumer confidence. The resulting stagnation in the housing and home improvement markets reduced demand for ‘big ticket’ purchases, such as kitchens, bathroom and bedrooms. 
The reduction in demand naturally increased competition in an already competitive market, predominantly focussed on price. Whilst customer retention did therefore necessitate an element of price matching, LDL’s continued investment in service, quality and product innovation creates an offer that is extremely difficult for competitors to match.
 
In the context of the market, turnover at £13.6m, 3.6% down on 2023 at a gross margin of 25.31% (2023: 27.16%), is considered robust performance that underscores the continued value of the investment made in product and service. 
Notably, considerable investment has been made into stock to ensure exceptional fulfilment levels, which are critical for a distribution operation in a competitive marketplace. Stock value has therefore increased from £1.1m to £1.3m year on year.
 
The business will continue to develop its product portfolio over the next 12 months to reflect market demands. Investment will be focussed on its digital marketing strategy, sales force and the drive to maintain and improve exceptional service levels. 

Page 1

 
LDL Components Ltd
 

Strategic Report (continued)
For the Year Ended 31 December 2023

Principal risks and uncertainties
 
The company’s activities expose it to a number of risks and uncertainties, notably it’s connection to the housing market and the impact of macro-economic factors such as interest rates and exchange rates on price and demand. 
Market risk
Prevailing economic factors for 2024 are likely to present a challenge throughout the year. Continuing high interest rates, inflation and political uncertainty are likely to impede growth in the housing and home improvement markets and therefore further reduce demand for the company’s products and services.  The company is positioned in the quality sector of the market, the demographic of which is impacted less by these factors than the lower quality, price focussed segment. As such, the expectation is that demand will remain relatively consistent.
I
nflation risk
Whilst reducing, core inflation remains above the Bank of England’s target of 2% and with geopolitical uncertainty producing further inflationary pressures, the cost base of the business may increase. In a competitive market, the company’s ability to raise selling prices is limited, therefore persistent inflation will erode profitability. The business leverages its excellent, longstanding relationships with brand partners to control the cost of sales and operates a robust tendering process for significant overheads to mitigate this risk. 
Customer retention
The kitchen, bedroom and bathroom market is highly competitive with numerous suppliers offering comparable products, giving the customer the opportunity to source elsewhere. LDL has always been service, rather than price led, and has invested in the technical knowledge, range of solutions and infrastructure to differentiate from the competition. This service level is difficult to emulate and ensures strong levels of retention. 
Supplier retention
There are a relatively small number of suppliers to the KBB market that are of the requisite quality for LDL to work with. Losing access to supply would represent a risk to customer retention and incur costs in sourcing a replacement. Fundamentally, sales volumes dictate the long-term viability of a relationship. In addition to delivering volume, LDL has always maintained excellent working relationships with a small number of carefully selected brand partners, fostering trust and ensuring they feel the benefit of our commitment to product innovation and high service levels. 
Exchange rate risk 
The company sources product from premium European suppliers and as such is exposed to fluctuations in both EUR and CHF, whilst sales are denominated only in GBP. Whilst those currencies are relatively stable, the company utilises forward contracts to mitigate the risk of movements in between opportunities to rebase the selling price, to ensure sales remain profitable. 

Financial key performance indicators
 
Financial key performance indicators are as follows:
                                               
2023             2022
Turnover                        £13,615,485 £14,129,105
Gross profit %                     25.3%           27.2%
Stock turnover                           7.9                9.7
Turnover per head                £378,207       £362,284

Page 2

 
LDL Components Ltd
 

Strategic Report (continued)
For the Year Ended 31 December 2023


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



R Darroch
Director

Date: 4 September 2024

Page 3

 
LDL Components Ltd
 
 
 
Directors' Report
For the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements 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 Company will continue in business.

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company 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 £735,113 (2022 - £1,292,162).

The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

R Darroch 
S Noble 

Future developments

The future developments of the company are disclosed in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director 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's auditors are aware of that information.

Page 4

 
LDL Components Ltd
 
 
 
Directors' Report (continued)
For the Year Ended 31 December 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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



R Darroch
Director

Date: 4 September 2024

Page 5

 
LDL Components Ltd
 
 
 
Independent Auditors' Report to the Members of LDL Components Ltd
 

Opinion


We have audited the financial statements of LDL Components Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2023 and of its 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 Company 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 directors' 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 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 directors 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 directors are responsible for the other information contained within the Annual ReportOur 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 6

 
LDL Components Ltd
 
 
 
Independent Auditors' Report to the Members of LDL Components 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' 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 Directors' Responsibilities Statement set out on page 4, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
LDL Components Ltd
 
 
 
Independent Auditors' Report to the Members of LDL Components 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 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Company's policies and procedures for:
Identifying, evaluating, and complying with laws and regulations; and
Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.

Audit response to risks identified
Our procedures to respond to the risks identified included the following:

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
Page 8

 
LDL Components Ltd
 
 
 
Independent Auditors' Report to the Members of LDL Components Ltd (continued)


We have also considered the risk of fraud through management override of controls by:

Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error;
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


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 2006Our 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.



Chris Stewardson (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

5 September 2024
Page 9

 
LDL Components Ltd
 
 
Statement of Comprehensive Income
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,615,485
14,129,105

Cost of sales
  
(10,169,559)
(10,292,050)

Gross profit
  
3,445,926
3,837,055

Administrative expenses
  
(2,300,123)
(2,127,531)

Operating profit
 5 
1,145,803
1,709,524

Interest receivable and similar income
  
137
-

Interest payable and similar expenses
 10 
(199,173)
(109,268)

Profit before tax
  
946,767
1,600,256

Tax on profit
 11 
(211,654)
(308,094)

Profit for the financial year
  
735,113
1,292,162

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 31 form part of these financial statements.

Page 10

 
LDL Components Ltd
Registered number: 07078986

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
133,607
184,595

Tangible assets
 13 
61,694
94,366

Investments
 14 
300
40,300

  
195,601
319,261

Current assets
  

Stocks
 15 
1,282,956
1,056,633

Debtors: amounts falling due after more than one year
 16 
5,670,881
5,763,861

Debtors: amounts falling due within one year
 16 
1,106,556
940,836

Cash at bank and in hand
 17 
419,194
780,682

  
8,479,587
8,542,012

Creditors: amounts falling due within one year
 18 
(3,661,020)
(2,554,436)

Net current assets
  
 
 
4,818,567
 
 
5,987,576

Total assets less current liabilities
  
5,014,168
6,306,837

Creditors: amounts falling due after more than one year
 19 
-
(2,017,046)

Provisions for liabilities
  

Deferred tax
 21 
(8,428)
(19,164)

Net assets
  
5,005,740
4,270,627


Capital and reserves
  

Called up share capital 
 22 
10,000
10,000

Profit and loss account
 23 
4,995,740
4,260,627

  
5,005,740
4,270,627


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


R Darroch
Director

Date: 4 September 2024

The notes on pages 13 to 31 form part of these financial statements.

Page 11

 
LDL Components Ltd
 

Statement of Changes in Equity
For the Year Ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
10,000
2,968,465
2,978,465


Comprehensive income for the year

Profit for the year
-
1,292,162
1,292,162
Total comprehensive income for the year
-
1,292,162
1,292,162



At 1 January 2023
10,000
4,260,627
4,270,627


Comprehensive income for the year

Profit for the year
-
735,113
735,113
Total comprehensive income for the year
-
735,113
735,113


At 31 December 2023
10,000
4,995,740
5,005,740


The notes on pages 13 to 31 form part of these financial statements.

Page 12

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

LDL Components Limited is a private company limited by members capital and incorporated in England and Wales. The address of its registered office and principal place of business is Unit 12 Graphite Way, Hadfield, Glossop, Derbyshire, SK13 1QH.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of LDL Group Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Unit 12 Graphite Way, Hadfield, Glossop, Derbyshire SK13 1QH.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 13

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Going concern

The directors have prepared financial forecasts which indicate that the company will maintain sufficient financial headroom to enable it to continue meeting its liabilities as they fall due in the normal course of business for at least the next 12 months, following approval of these financial statements. The forecast assessment considers various factors, including historical and projected financial performance, available cash resources, existing and potential sources of financing, and any relevant external factors affecting the business environment. 
The company has a technical breach of a loan covenant at the year-end, necessitating the disclosure of the loan balance as due within one year. The funding relates to the management buy-out of 2022 rather than operational funding and the company retains the support of lenders and suppliers. 
The directors therefore have a reasonable expectation that the company has adequate financial and other resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis. 

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.7

Operating leases: the Company 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.

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Interest income

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

 
2.10

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.

Page 15

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Borrowing costs

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

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.13

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 16

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.14

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.

 The estimated useful lives range as follows:

Website development
-
5
years
Computer software
-
5
years
Images
-
3
years

 
2.15

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:

Long-term leasehold property
-
20%
Straight line
Plant and machinery
-
33%
Straight line
Motor vehicles
-
25%
Straight line
Fixtures and fittings
-
25%
Straight line
Computer equipment
-
33%
Straight line

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.

 
2.16

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 17

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.18

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 weighted average 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.

 
2.19

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.

 
2.20

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.

 
2.21

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.

 
2.22

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.

 
2.23

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the
Page 18

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.23
Financial instruments (continued)

undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the use of certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information or more experience. Significant accounting policies, estimates and assumptions, and judgements are provided below.
 Recoverable value of trade debtors
The recoverable values of trade and other debtors are reviewed regularly in light of available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable.  At 31 December 2023, the carrying amount of trade debtors totalled £930,236 (2022: £808,391). 

Page 19

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
13,615,485
14,129,105


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
13,292
(12,086)

Other operating lease rentals
46,298
44,637


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,130
21,175

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 20

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
860,328
930,923

Social security costs
82,448
87,123

Cost of defined contribution scheme
33,752
35,090

976,528
1,053,136


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


        2023
        2022
            No.
            No.







Total
36
39


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
69,461
161,375

Company contributions to defined contribution pension schemes
-
1,341

69,461
162,716


During the year retirement benefits were accruing to no directors (2022 - 2) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£
£


Other interest receivable
137
-

137
-

Page 21

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
199,173
90,802

Finance leases and hire purchase contracts
-
13,863

Other interest payable
-
4,603

199,173
109,268


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
222,390
313,193


Total current tax
222,390
313,193

Deferred tax


Origination and reversal of timing differences
(10,736)
(5,099)

Total deferred tax
(10,736)
(5,099)


Taxation on profit on ordinary activities
211,654
308,094
Page 22

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
946,767
1,600,256


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
222,680
304,049

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,860
66

Adjustments to tax charge in respect of prior periods
-
2,314

Other differences leading to an increase (decrease) in the tax charge
(1,064)
-

Group relief
(12,789)
-

Changes in tax rates
-
4,599

Super-deduction adjustment
(33)
(2,934)

Total tax charge for the year
211,654
308,094


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

12.


Intangible assets




Website development
Images
Computer software
Total

£
£
£
£



Cost


At 1 January 2023
262,658
10,705
490,781
764,144


Additions
11,640
2,250
10,963
24,853



At 31 December 2023

274,298
12,955
501,744
788,997



Amortisation


At 1 January 2023
136,669
10,705
432,175
579,549


Charge for the year on owned assets
50,282
-
29,486
79,768


Impairment charge
-
-
(3,927)
(3,927)



At 31 December 2023

186,951
10,705
457,734
655,390



Net book value



At 31 December 2023
87,347
2,250
44,010
133,607



At 31 December 2022
125,989
-
58,606
184,595



Page 24

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

13.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
125,025
57,389
22,585
250,347
368,217
823,563


Additions
7,259
-
11,191
10,226
9,955
38,631


Disposals
-
-
-
(5,280)
-
(5,280)



At 31 December 2023

132,284
57,389
33,776
255,293
378,172
856,914



Depreciation


At 1 January 2023
121,610
38,372
18,040
209,566
341,609
729,197


Charge for the year on owned assets
2,918
18,968
4,903
15,305
25,249
67,343


Disposals
-
-
-
(1,320)
-
(1,320)



At 31 December 2023

124,528
57,340
22,943
223,551
366,858
795,220



Net book value



At 31 December 2023
7,756
49
10,833
31,742
11,314
61,694



At 31 December 2022
3,415
19,017
4,545
40,781
26,608
94,366

Page 25

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
40,300



At 31 December 2023

40,300



Impairment


Charge for the period
40,000



At 31 December 2023

40,000



Net book value



At 31 December 2023
300



At 31 December 2022
40,300


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

LDL (North) Limited
England and Wales
Ordinary £1
99.7%


15.


Stocks

2023
2022
£
£

Raw materials and consumables
1,270,822
1,056,633

Work in progress
12,134
-

1,282,956
1,056,633


Page 26

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

16.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
5,670,881
5,763,861


2023
2022
£
£

Due within one year

Trade debtors
930,236
808,391

Other debtors
860
911

Prepayments and accrued income
175,460
127,757

Financial instruments
-
3,777

1,106,556
940,836



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
419,194
780,682


Page 27

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
1,931,513
658,126

Trade creditors
1,474,576
1,342,143

Corporation tax
18,075
171,529

Other taxation and social security
153,526
194,121

Other creditors
25,972
66,886

Accruals and deferred income
56,288
121,631

Financial instruments
1,070
-

3,661,020
2,554,436


Bank loans
On 30 August 2022, the Company drew down on two HSBC facility agreements with the following terms:
Recovery Loan Scheme
Facility limit £1,718,665
Repayment terms: 60 monthly payments of £28,644
Interest: 4.65% per annum over the Bank of England base rate
Term loan
Facility limit £1,125,000
Repayment terms: 36 monthly payments of £33,842
Interest: 3.98% per annum over the Bank of England base rate
All bank loans are secured by way of a fixed and floating charge over all assets.
At the year end, the company breached one of its loan covenants relating to debt service coverage, making the entirety of the loan repayable on demand in accordance with the terms and conditions.  Subsequent to the year end, the bank indicated that it was not its intention to recall the loan, although this did not constitute a formal waiver.


19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
1,977,059

Amounts owed to group undertakings
-
39,987

-
2,017,046


Terms of the bank loans can be seen in Note 18.

Page 28

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
1,931,513
658,126

Amounts falling due 1-2 years

Bank loans
-
700,740

Amounts falling due 2-5 years

Bank loans
-
1,276,319


1,931,513
2,635,185


Page 29

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

21.


Deferred taxation




2023
2022


£

£






At beginning of year
(19,164)
(24,263)


Credited to profit or loss
10,736
5,099



At end of year
(8,428)
(19,164)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(10,529)
(20,468)

Other timing differences
2,101
1,304

(8,428)
(19,164)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,900 (2022 - 9,900) Ordinary A shares of £1.00 each
9,900
9,900
100 (2022 - 100) Ordinary B shares of £1.00 each
100
100

10,000

10,000


All shares rank pari-passu.


23.


Reserves

Profit and loss account

The profit and loss reserve represents cumulative retained earning net of distributions to owners. 


24.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £33,752 (2022: £35,090). Contributions totalling £8,407 (2022: £5,214) were payable to the fund at the balance sheet date and are included in other creditors. 

Page 30

 
LDL Components Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

25.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
82,985
88,601

Later than 1 year and not later than 5 years
189,564
222,126

272,549
310,727


26.


Controlling party

The company is a wholly owned subsidiary undertaking of LDL Corporate Ltd, a company incorporated in England and Wales. The registered address of LDL Corporate Ltd is Unit 12 Graphite Way, Rossington Park, Hadfield, Derbyshire, SK13 1QH.
The largest group in which the results of the company are consolidated is that headed by LDL Group Holdings Limited. The consolidated accounts of this group are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF4 3UZ. No other group accounts include the results of the company.
The company has taken advantage of the exemption under paragraph 33.1A of FRS 102 not to disclose transactions
with wholly owned subsidiaries.
There is no overall controlling party of LDL Group Holdings Limited.

 
Page 31