ACCOUNTS - Final Accounts

Registered number: 00537328

LAPMASTER WOLTERS LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

LAPMASTER WOLTERS LIMITED

REGISTERED NUMBER:00537328

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		1,204,056		1,143,385
			1,204,056		1,143,385
Current assets
Stocks	6	1,151,873		993,557
Debtors: amounts falling due after more than one year	7	6,604,821		8,179,484
Debtors: amounts falling due within one year	7	2,074,117		1,869,163
Cash at bank and in hand		557,175		183,168
		10,387,986		11,225,372
Creditors: amounts falling due within one year	8	(1,699,629)		(2,135,240)
Net current assets			8,688,357		9,090,132
Total assets less current liabilities			9,892,413		10,233,517
Creditors: amounts falling due after more than one year	9		(1,418,448)		(1,717,884)

Net assets			8,473,965		8,515,633

Capital and reserves
Called up share capital		2,324,380	2,324,380
Revaluation reserve	10	934,388	943,949
Capital redemption reserve	10	9,200	9,200
Other reserves	10	5,608,171	5,608,171
Profit and loss account	10	(402,174)	(370,067)
		8,473,965	8,515,633

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LAPMASTER WOLTERS LIMITED

REGISTERED NUMBER:00537328

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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

Mr F Brinken

Director

Date: 25 August 2025

The notes on pages 3 to 11 form part of these financial statements.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

Lapmaster Wolters Limited is a limited liability company incorporated in England and Wales in the United Kingdom. The address of its registered office is Unit 1 North Road, Lee Mill Industrial Estate, Ivybridge, Devon, PL21 9EN. Company Number: 00537328.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The parent entity in which consolidated statements are being produced is Lapmaster Group Holdings LLC.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The Company has incurred a current year loss of £0.04m (2023: profit of £0.57m). At the year end, it had net current assets of £8.69m (2023: £9.09m). This becomes a net current asset of £2.08m (2023: £2.09m) when excluding a long term debtor owing from a group entity.

The Company has prepared operational income and cash flow forecasts showing positive results for 2025/26. Such forecasts have been prepared on a conservative basis and therefore, the Company anticipates operational results and resulting EBITDA to exceed these forecasts.

Therefore, the Director considers it appropriate for the financial statements of the Company to be prepared on a going concern basis. This assessment covers at least twelve months following the date of approval of the financial statements.

2.3

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'.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.4

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

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.

2.6

INTEREST INCOME

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

2.7

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.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.8

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses with the exception of Freehold Property. Freehold Property is held at its deemed cost on transition to FRS 102 based on a third party valuation as at 9 September 2015. 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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or reducing balance.

Depreciation is provided on the following basis:

Freehold property	-	2% straight-line
Plant and machinery	-	8% straight-line
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	10-25% 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.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.10

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

2.11

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.

2.12

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.

2.13

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.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.14

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

3.	JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimations. The following judgements have had the most significant effect on amounts recognised in the financial statements.

Stock impairment:

Management review stock for obsolescence on a yearly basis. The stock value in the financial statements is impaired for any obsolete stock identified.
Deferred tax asset:
Deferred tax assets are recognised to the extent it is probable that the underlying tax loss or deductible temporary difference will be utilised against future taxable income. A potential deferred tax asset of £780,194 has not been recongised.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

EMPLOYEES

The average monthly number of employees, including directors, during the year was 27 (2023: 23).

5.	TANGIBLE FIXED ASSETS

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
COST
At 1 January 2024	1,050,000	682,426	12,550	90,051	1,835,027
Additions	-	114,518	-	-	114,518
Disposals	-	(63,416)	-	-	(63,416)
Transfers between classes	-	33,761	-	(33,761)	-
At 31 December 2024	1,050,000	767,289	12,550	56,290	1,886,129
DEPRECIATION
At 1 January 2024	111,632	521,596	12,180	46,234	691,642
Charge for the year on owned assets	13,396	36,531	-	3,102	53,029
Charge for the year on financed assets	-	-	93	-	93
Disposals	-	(62,691)	-	-	(62,691)
At 31 December 2024	125,028	495,436	12,273	49,336	682,073
NET BOOK VALUE
At 31 December 2024	924,972	271,853	277	6,954	1,204,056
At 31 December 2023	938,368	160,830	370	43,817	1,143,385

6.	STOCKS
		2024	2023
		£	£

Raw materials and consumables	514,584	465,104
Work in progress (goods to be sold)	570,535	505,677
Finished goods and goods for resale	66,754	22,776
	1,151,873	993,557

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	DEBTORS
		2024	2023
		£	£

DUE AFTER MORE THAN ONE YEAR
Amounts owed by group undertakings	6,604,821	7,001,350
Other debtors	-	1,178,134
	6,604,821	8,179,484

					2024	2023
					£	£

DUE WITHIN ONE YEAR
Trade debtors	135,754	348,288
Amounts owed by group undertakings	1,741,089	1,401,058
Other debtors	139,237	49,799
Prepayments and accrued income	58,037	70,018
	2,074,117	1,869,163

Amounts owed by group undertakings of £6.60m are receivable in one instalment on 30 April 2029. Interest is charged at 2% per annum and is receivable in full on repayment of the loan.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2024	2023
		£	£

Trade creditors	342,395	496,731
Amounts owed to group undertakings	447,146	1,353,731
Taxation and social security costs	17,576	19,575
Accruals	29,584	25,762
Deferred income	862,928	239,441
	1,699,629	2,135,240

9.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		2024	2023
		£	£

Amounts owed to group undertakings	1,418,448	1,717,884
	1,418,448	1,717,884

Amounts owed to group undertakings of £1.42m are payable in one instalment on 30 April 2029. Interest is charged at 2% per annum and is repayable in full on repayment of the loan.

10.

RESERVES

Revaluation reserve

The revaluation reserve contains cumulative revaluation gains on the Company's freehold property prior to conversion to FRS 102.

Capital redemption reserve

The capital redemption reserve was created upon the repurchase by the Company of its own shares. The nominal value of the repurchased share capital was transferred from retained earnings into this reserve.
Capital contribution reserve
The capital contribution surplus was created when the shareholders injected assets into the Company with no return of shares.

Profit and loss account

The profit and loss account contains the Company's cumulative undistributed profits and losses.

11.	PENSION COMMITMENTS

The Company operates a defined contributions 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 £103,493 (2023: £101,758). Contributions totaling £Nil (2023: £Nil) were payable to the fund at the reporting date.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	CONTROLLING PARTY

The immediate parent undertaking is Lapmaster Group Holdings LLC. The ultimate parent undertaking is Lapmaster US Holdings, Inc. with the majority shareholding of Lapmaster Group Holdings LLC.
The parent undertaking of the smallest group to consolidate these financial statements is Lapmaster Group Holdings LLC, a company incorporated in the United States of America. Copies of the Lapmaster Group Holdings LLC can be obtained from Lapmaster Group Holdings LLC, 501 W Algonquin Road, Mount Prospect, IL 60056, USA.

13.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 26 August 2025 by Kevin Connor FCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.

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