ACCOUNTS - Final Accounts

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

Registered number: 14067555

LDL Group Holdings Limited

Annual Report and Consolidated Financial Statements

For the Year Ended 31 December 2025

LDL Group Holdings Limited

Company Information

Directors	R Darroch
	S Noble
	S Ogden


Registered number	14067555


Registered office	Unit 12
	Graphite Way
	Rossington Park
	Hadfield
	Derbyshire
	SK13 1QH


Independent auditors	Hurst Accountants Limited
	Chartered Accountants & Statutory Auditors
	3 Stockport Exchange
	Stockport
	SK1 3GG

LDL Group Holdings Limited

Contents

	Page
Group strategic report	1 - 3
Directors' report	4 - 5
Independent auditors' report	6 - 9
Consolidated statement of comprehensive income	10
Consolidated balance sheet	11
Company balance sheet	12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15
Consolidated analysis of net debt	16
Notes to the financial statements	17 - 36

LDL Group Holdings Limited

Group Strategic Report

For the Year Ended 31 December 2025

Introduction

The directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of the Company during the year was of that of a holding company and the provision of management services. The principal activity of the Group was the distribution of components and furniture for use in the fitted furniture industry.

Business model

The Group operates an ex-stock warehouse facility and assembly service, offering over 8,000 SKUs and bespoke width drawers on a next day service. The Group’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

Market conditions remained challenging throughout much of 2025. Whilst inflationary pressures eased compared with previous years and interest rates began to moderate, consumer confidence remained fragile and demand across the housing, renovation and home improvement sectors continued to be subdued. As a result, competition within the market remained intense.

Against this backdrop, the Group delivered a strong financial performance. The Group's performance during the year was driven primarily by the successful execution of its strategy rather than any material improvement in underlying market conditions. Turnover increased by 12.9% to £14.6 million (2024: £12.9 million), significantly outperforming the wider market and reflecting the continued success of the Group’s strategy. The Directors believe this performance demonstrates an increase in market share, driven by the Group’s reputation for service, product quality, technical expertise and stock availability.

Gross margin increased to 24.0% (2024: 23.7%), despite ongoing competitive pressures, reflecting the resilience of the Group’s customer base and the value placed on its premium product offering and service proposition.

Operating profit increased to £742,459 (2024: £638,532), whilst profit before taxation rose to £621,120 (2024: £334,683). The improvement was driven by increased sales volumes, operational efficiencies and a significant reduction in finance costs following debt repayments made during the year.

The Group continues to strengthen its position as the UK's leading distributor of Blum products and remains focused on delivering industry-leading service levels, technical support and product innovation. Investment continued throughout the year in digital infrastructure, operational capability and product development to support future growth.

The Directors are particularly encouraged by the Group’s ability to deliver growth despite the continuing challenges facing the wider market. The Group’s longstanding strategy of competing on service, expertise and product quality rather than price continues to differentiate the business from competitors and supports both customer retention and sustainable growth.

Whilst economic uncertainty remains, the Directors believe the Group is well positioned to continue outperforming the market through further investment in its people, systems, product offering and customer relationships.

Page 1

LDL Group Holdings Limited

Group Strategic Report (continued)

For the Year Ended 31 December 2025

Principal risks and uncertainties

The group’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

The Group’s performance remains linked to activity levels within the housing, renovation and home improvement sectors. Whilst inflation has moderated and interest rates have begun to ease, demand across these sectors remains below historic levels and the pace of recovery remains uncertain.

The Group continues to operate predominantly within the premium segment of the market, where demand has historically proven more resilient than in the value-led sector. Furthermore, the Group’s focus on service, technical expertise, product quality and strong supplier relationships provides a degree of protection from purely price-based competition.

The Directors believe that these factors position the Group well to continue gaining market share even in subdued market conditions, whilst remaining able to benefit from any broader recovery in demand.

Inflation 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 Group’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. The Group has always been service driven, rather than focusing on price, 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 the Group 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, the Group 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 Group 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 Group utilises forward contracts to mitigate the risk of movements in between opportunities to rebase the selling price, to ensure sales remain profitable.

Page 2

LDL Group Holdings Limited

Group Strategic Report (continued)

For the Year Ended 31 December 2025

Financial key performance indicators

Financial key performance indicators are as follows:

	2025	2024
Turnover	£14,579,080	£12,917,574
Gross profit	24.0%	23.7%
Stock turnover	8.2	7.5
Turnover per head	£349,029	£349,124

Other key performance indicators

Other key performance indicators measured by the Group are as follows:

- Fulfilment rate
- Customer retention
- Customer satisfaction

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

R Darroch

Director

Date: 12 June 2026

Page 3

LDL Group Holdings Limited

Directors' Report

For the Year Ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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

∙select suitable accounting policies for the Group'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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group 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 £378,961 (2024 -£163,559).

The Directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

R Darroch

S Noble

S Ogden

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 and the Group'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 and the Group's auditors are aware of that information.

Page 4

LDL Group Holdings Limited

Directors' Report (continued)

For the Year Ended 31 December 2025

Auditors

The auditors, Hurst Accountants Limited, will 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: 12 June 2026

Page 5

LDL Group Holdings Limited

Independent Auditors' Report to the Members of LDL Group Holdings Limited

Opinion

We have audited the financial statements of LDL Group Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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 Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's 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 Group 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 Group's or the Parent 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.

Page 6

LDL Group Holdings Limited

Independent Auditors' Report to the Members of LDL Group Holdings Limited (continued)

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 Report. Our 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.

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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 7

LDL Group Holdings Limited

Independent Auditors' Report to the Members of LDL Group Holdings Limited (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 Group 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 noncompliance 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 noncompliance 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 Antibribery 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.

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

Page 8

LDL Group Holdings Limited

Independent Auditors' Report to the Members of LDL Group Holdings Limited (continued)

∙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 2006. Our 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

15 June 2026

Page 9

LDL Group Holdings Limited

Consolidated Statement of Comprehensive Income

For the Year Ended 31 December 2025

	2025	2024
Note	£	£


Turnover	4	14,579,080	12,917,574
Cost of sales		(11,086,560)	(9,854,169)
Gross profit		3,492,520	3,063,405
Administrative expenses		(2,750,061)	(2,424,873)
Operating profit	5	742,459	638,532
Interest receivable and similar income	9	-	3,867
Interest payable and similar expenses	10	(121,339)	(307,716)
Profit before taxation		621,120	334,683
Tax on profit	11	(242,159)	(171,124)
Profit for the financial year		378,961	163,559

Profit for the year attributable to:
Owners of the Parent Company	378,961	163,559
	378,961	163,559

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 17 to 36 form part of these financial statements.

Page 10

LDL Group Holdings Limited

Registered number: 14067555

Consolidated Balance Sheet

As at 31 December 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		2,314,620		2,635,684
Tangible assets	13		833,633		901,246
			3,148,253		3,536,930
Current assets
Stocks	15	1,390,163		1,317,439
Debtors	16	1,209,292		1,110,254
Cash at bank and in hand	17	253,556		567,657
		2,853,011		2,995,350
Creditors: amounts falling due within one year	18	(3,034,147)		(3,788,441)
Net current liabilities			(181,136)		(793,091)
Total assets less current liabilities			2,967,117		2,743,839
Creditors: amounts falling due after more than one year	19		(1,768,534)		(1,912,301)
Provisions for liabilities
Deferred taxation	22	(30,583)		(42,499)
			(30,583)		(42,499)
Net assets			1,168,000		789,039

Capital and reserves
Called up share capital	23	250	250
Profit and loss account	24	1,167,750	788,789
		1,168,000	789,039

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

R Darroch

Director

Date: 12 June 2026

The notes on pages 17 to 36 form part of these financial statements.

Page 11

LDL Group Holdings Limited

Registered number: 14067555

Company Balance Sheet

As at 31 December 2025

		2025		2024
Note		£		£

Fixed assets
Investments	14		4,573,829		4,573,829
Current assets
Debtors	16	609		156,850
Cash at bank and in hand	17	14,961		14,367
		15,570		171,217
Creditors: amounts falling due within one year	18	(122,747)		(1,109,400)
Net current liabilities			(107,177)		(938,183)
Total assets less current liabilities			4,466,652		3,635,646

Creditors: amounts falling due after more than one year	19		(4,400,115)		(3,682,555)

Net assets/(liabilities)			66,537		(46,909)

Capital and reserves
Called up share capital	23		250		250
Profit and loss account brought forward		(47,159)		(54,775)
Profit for the year		113,446		7,616
Profit and loss account carried forward			66,287		(47,159)
			66,537		(46,909)

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

R Darroch

Director

Date: 12 June 2026

The notes on pages 17 to 36 form part of these financial statements.

Page 12

LDL Group Holdings Limited

Consolidated Statement of Changes in Equity

For the Year Ended 31 December 2025

	Called up share capital	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£
At 1 January 2024	250	625,230	625,480	625,480
Comprehensive income for the year
Profit for the year	-	163,559	163,559	163,559

At 1 January 2025	250	788,789	789,039	789,039
Comprehensive income for the year
Profit for the year	-	378,961	378,961	378,961
At 31 December 2025	250	1,167,750	1,168,000	1,168,000

The notes on pages 17 to 36 form part of these financial statements.

Page 13

LDL Group Holdings Limited

Company Statement of Changes in Equity

For the Year Ended 31 December 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	250	(54,775)	(54,525)
Comprehensive income for the year
Profit for the year	-	7,616	7,616

At 1 January 2025	250	(47,159)	(46,909)
Comprehensive income for the year
Profit for the year	-	113,446	113,446
At 31 December 2025	250	66,287	66,537

The notes on pages 17 to 36 form part of these financial statements.

Page 14

LDL Group Holdings Limited

Consolidated Statement of Cash Flows

For the Year Ended 31 December 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	378,961	163,559
Adjustments for:
Amortisation of intangible assets	392,391	398,584
Depreciation of tangible assets	101,924	67,548
Interest paid	121,339	307,716
Interest received	-	(3,867)
Taxation charge	242,159	171,124
(Increase) in stocks	(72,724)	(34,483)
(Increase)/decrease in debtors	(143,916)	129,302
(Decrease)/increase in creditors	(85,003)	421,886
Corporation tax (paid)	(38,098)	(197,372)
Net cash generated from operating activities	897,033	1,423,997

Cash flows from investing activities
Purchase of intangible fixed assets	(71,327)	(71,266)
Purchase of tangible fixed assets	(34,311)	(180,909)
Interest received	-	3,867
HP interest paid	(7,219)	-
Net cash from investing activities	(112,857)	(248,308)
Cash flows from financing activities
New secured loans	500,000	-
Repayment of loans	(1,612,800)	(764,886)
Repayment of/new finance leases	70,928	-
Interest paid	(205,391)	(307,716)
Net cash used in financing activities	(1,247,263)	(1,072,602)
Net (decrease)/increase in cash and cash equivalents	(463,087)	103,087
Cash and cash equivalents at beginning of year	567,657	464,570
Cash and cash equivalents at the end of year	104,570	567,657

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	253,556	567,657
Bank overdrafts	(148,986)	-
	104,570	567,657

Page 15

LDL Group Holdings Limited

Consolidated Analysis of Net Debt

For the Year Ended 31 December 2025


At 1 January 2025	Cash flows	New finance leases	Other non-cash changes	At 31 December 2025
£	£	£	£	£

Cash at bank and in hand	567,657	(314,101)	-	-	253,556
Bank overdrafts	-	(148,986)	-	-	(148,986)
Debt due after 1 year	(1,912,301)	182,159	-	-	(1,730,142)
Debt due within 1 year	(709,371)	163,785	-	(124,276)	(669,862)
Finance leases	-	-	(70,928)	-	(70,928)
	(2,054,015)	(117,143)	(70,928)	(124,276)	(2,366,362)

The notes on pages 17 to 36 form part of these financial statements.

Page 16

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

1.	General information

LDL Group Holdings 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, Rossington Park, 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

The directors have prepared financial forecasts which indicate that the Company and Group 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 directors therefore have a reasonable expectation that the Group 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.

Page 17

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.4

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 consolidated 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'.

2.5

Revenue

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

∙the Group 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 Group 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.

2.6

Operating leases: the Group 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.

Page 18

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.7

Interest income

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

2.8

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.

2.9

Pensions

Defined contribution pension plan

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

2.10

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 and the Group operate and generate 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;

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 19

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the consolidated statement of comprehensive income over its useful economic life.

Other 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
Goodwill	-	10	years
Computer software	-	5	years
Images	-	3	years

2.12

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	-	2%	Straight line
Leasehold improvements included in 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.

Page 20

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

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 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.

2.15

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.

2.16

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.17

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.

2.18

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.

Page 21

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.19

Financial instruments

The Group 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.

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 2025, the carrying amount of trade debtors totalled £965,357 (2024: £816,799).

	Sale of goods	14,579,080	12,917,574

Analysis of turnover by country of destination:

					2025	2024
					£	£

	United Kingdom	14,579,080	12,917,574

Page 22

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

	Exchange differences	(7,404)	(40,343)
	Other operating lease rentals	123,673	78,309

	Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	6,250	6,000
	Fees payable to the Company's auditors for the audit of the Company's subsidiaries financial statements	26,450	25,000

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	1,188,137	1,062,641	241,592	220,907
Social security costs	144,628	99,513	33,618	23,362
Cost of defined contribution scheme	34,823	30,555	-	115
	1,367,588	1,192,709	275,210	244,384

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

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Total	37	37	4	4

Page 23

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

8.	Directors' remuneration
		2025	2024
		£	£

	Directors' emoluments	190,855	163,583

9.	Interest receivable
		2025	2024
		£	£

Other interest receivable

3,867

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	132,734	186,067
Other loan interest payable	(41,679)	117,626
Finance leases and hire purchase contracts	7,219	-
Other interest payable	23,065	4,023
	121,339	307,716

	Corporation tax
	Current tax on profits for the year	254,075	137,053

	Deferred tax
	Origination and reversal of timing differences	(11,916)	34,071


	Tax on profit	242,159	171,124

Page 24

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

11.Taxation (continued)

Profit on ordinary activities before tax

621,120

334,683

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 -25%)	155,280	83,671
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	810	2,444
Other differences leading to a decrease in the tax charge	3,100	2,040
Goodwill amortisation	81,641	81,641
Depreciation on fair value uplift	1,328	1,328
Total tax charge for the year	242,159	171,124

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

12.	Intangible assets
	Group

	Website development	Images	Computer software	Goodwill	Total
	£	£	£	£	£
Cost
At 1 January 2025	197,279	13,220	103,776	3,264,814	3,579,089
Additions	48,112	19,120	4,095	-	71,327
At 31 December 2025	245,391	32,340	107,871	3,264,814	3,650,416
Amortisation
At 1 January 2025	112,775	2,690	65,957	761,983	943,405
Charge for the year	43,844	6,316	15,667	326,564	392,391
At 31 December 2025	156,619	9,006	81,624	1,088,547	1,335,796
Net book value
At 31 December 2025	88,772	23,334	26,247	2,176,267	2,314,620
At 31 December 2024	84,504	10,530	37,819	2,502,831	2,635,684

Page 26

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

13.	Tangible fixed assets
	Group

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2025	765,345	151,064	19,199	79,177	85,494	1,100,279
Additions	-	5,593	2,583	14,964	11,171	34,311
At 31 December 2025	765,345	156,657	21,782	94,141	96,665	1,134,590
Depreciation
At 1 January 2025	50,238	36,270	11,134	44,887	56,504	199,033
Charge for the year	19,760	42,939	3,865	19,478	15,882	101,924
At 31 December 2025	69,998	79,209	14,999	64,365	72,386	300,957
Net book value
At 31 December 2025	695,347	77,448	6,783	29,776	24,279	833,633
At 31 December 2024	715,107	114,794	8,065	34,290	28,990	901,246

Page 27

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	4,573,829
	At 31 December 2025	4,573,829

Direct subsidiary undertaking
The following was a direct subsidiary undertaking of the Company:
Name	Class of shares	Holding

LDL Holdings Limited

Ordinary £1

100%

Indirect subsidiary undertakings
The following were indirect subsidiary undertakings of the Company:
Name	Class of shares	Holding

LDL Corporate Limited	Ordinary £1	100%
LDL Components Limited	Ordinary £1	100%
LDL (North) Limited	Ordinary £1	99.7%

The registered office of all subsidiaries is Unit 12 Graphite Way, Rossington Park, Derbyshire, SK13 1QH.

15.	Stocks
		Group	Group
		2025	2024
		£	£

Finished goods	1,390,163	1,317,439
	1,390,163	1,317,439

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 28

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

16.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£



Trade debtors	965,357	816,799	-	-
Amounts owed by group undertakings	-	-	-	156,600
Other debtors	28,043	47,061	359	-
Called up share capital not paid	250	250	250	250
Prepayments and accrued income	215,642	246,144	-	-
	1,209,292	1,110,254	609	156,850

17.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	253,556	567,657	14,961	14,367
Less: bank overdrafts	(148,986)	-	-	-
	104,570	567,657	14,961	14,367

Page 29

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

18.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank overdrafts	148,986	-	-	-
Bank loans	619,862	659,369	-	-
Trade creditors	1,642,355	1,761,275	-	-
Corporation tax	181,047	9,948	38,104	4,301
Other taxation and social security	222,376	147,892	28,143	43,629
Obligations under finance lease and hire purchase contracts	32,536	-	-	-
Other creditors	104,086	1,126,500	50,000	1,055,470
Accruals and deferred income	82,899	76,814	6,500	6,000
Financial instruments	-	6,643	-	-
	3,034,147	3,788,441	122,747	1,109,400

Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.

Page 30

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

.Creditors: Amounts falling due within one year (continued)

Other creditors

Included within other creditors are loans from directors totalling £50,000. These loans are unsecured, interest free and repayable on demand.

Bank loans

On 30 August 2022, the Group drew down on 3 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 rates

The above Term loan was repaid within the year. A new facility was taken out to replace this, see Term loan below.

Term loan
Facility limit: £562,500
Repayment terms: 180 monthly payments of £4,233
Interest: 3.00% per annum over the Bank of England base rate

On 30 August 2025, the Company drew down on a HSBC facility agreement with the following terms:

Cash Flow Lend
Facility Limit £500,000
Repayment Terms: 24 monthly payments of £22,617
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.

The Group also has access to an HSBC overdraft facility of £70,000. The overdraft is repayable on demand and is used to support short-term working capital requirements.

In addition, the Group has an invoice finance facility with HSBC with a limit of £1,250,000. Amounts drawn under the facility are secured against qualifying trade receivables.

The overdraft and invoice finance facilities are secured by way of a fixed and floating charge over all assets.

Hire purchase liabilities are secured upon the specific assets to which they relate.

Page 31

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

19.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	861,792	1,043,951	-	-
Net obligations under finance leases and hire purchase contracts	38,392	-	-	-
Amounts owed to group undertakings	-	-	3,531,765	2,814,205
Share capital treated as debt	868,350	868,350	868,350	868,350
	1,768,534	1,912,301	4,400,115	3,682,555

Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.

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

Details of shares shown as liabilities

At 30 August 2022, the Company issued 868,350 £1 non-redeemable Preference Shares, these are included within Share capital treated as debt above. The Preference Shares carry a fixed cumulative, but not compounding Preferential Dividend at the relevant rate of their nominal value per share. The relevant rate shall be the annual rate of 0.001% while the controlling interest in the Company is held by a person or persons falling within the permitted control group, and at all other times, it shall be 15% per annum.

Further details regarding the Preference Shares can be seen in note 23.

20.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	619,862	659,369
Amounts falling due 1-2 years
Bank loans	434,396	582,081
Amounts falling due 2-5 years
Bank loans	105,273	94,007
Amounts falling due after more than 5 years
Bank loans	322,123	367,863
	1,481,654	1,703,320

Terms of the loans can be seen in note 18.

Page 32

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

21.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group
		2025
		£

	Within one year	32,536
	Between 1-5 years	38,392
		70,928

22.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(42,499)
	Charged to profit or loss	11,916
	At end of year	(30,583)

Company

		2025

	At end of year	-

		Group	Group
		2025	2024
		£	£

Accelerated capital allowances	(32,381)	(43,935)
Other timing differences	1,798	1,436
	(30,583)	(42,499)

Page 33

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

Allotted, called up and fully paid

100 A Ordinary shares of £1 each	100	100
100 B Ordinary shares of £1 each	100	100
50 C Ordinary shares of £1 each	50	50

	250	250

	2025	2024
	£	£
Shares classified as debt

Allotted, called up and fully paid

868,350 (2024 -868,350) Preference shares of £1 each	868,350	868,350

Page 34

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

23.Share capital (continued)

Upon incorporation of the Company at 25 April 2022, the following shares were issued at par value:

100 A Ordinary Shares of £1

100 B Ordinary Shares of £1

50 C Ordinary Shares of £1

On 30 August 2022, 868,350 £1 Preference Shares were issued at par value, these shares are shown as liabilities within note 19.

The shares have the following rights and restrictions:

Income

The Preference Shares shall carry a fixed cumulative but not compounding preferential dividend at the Relevant Rate of their nominal value per Share payable on 31 December in each year (Preference Dividend). Thereafter the Preference Shares shall have no further entitlement to any distribution of profits of the Company save as the Company may resolve to apply in the purchase of, or any capital reduction of, any Preference Shares from time to time.

After payment of the Preference Dividend, any profits which the Company may determine to distribute in respect of any financial period shall be distributed amongst the Holders of the A Shares, the B Shares and the C Shares in proportion to the amounts paid up on the Shares (excluding any premium) held by them respectively pari passu as if they constituted one class of share.

Capital

On a return of capital on a liquidation, sale or otherwise, the surplus assets of the Company remaining after payment of its liabilities (or as the case may be sale proceeds) shall be applied:

First, in paying to the Holders of the Preference Shares any arrears and/or accrual of Preference Dividend calculated to the date of such return of capital;

Second, in paying to the Holders of the Preference Shares the sum of £1 per share. Thereafter the Preference Shares shall carry no further right to participate in any return of capital.

Third, the balance (if any) of such surplus assets (or sale proceeds) shall belong to and be distributed amongst the Holders of the A Shares, the B Shares and the C Shares in proportion to the amounts paid up on the Shares (excluding any premium) held by them respectively pari passu as if they constituted one class of share.

Voting

On a written resolution and on a resolution to be passed at a general meeting of the Company, every shareholder shall have one vote for each share held by them. Provided that no shares other than the C shares shall confer any right to vote upon a resolution for the removal from office of a C Director; and other than at a class meeting of the holders of the Preference Shares, the Preference Shares shall not carry any voting rights.

24.

Reserves

Profit and loss account

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

Page 35

LDL Group Holdings Limited

Notes to the Financial Statements

For the Year Ended 31 December 2025

25.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £34,823 (2024: £30,555). Contributions totalling £6,793 (2024: £5,745) were payable to the fund at the balance sheet date and are included in other creditors.

26.	Commitments under operating leases
	At 31 December 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	144,443	144,799
Later than 1 year and not later than 5 years	142,561	235,935
Later than 5 years	2,684	-
	289,688	380,734

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

27.	Related party transactions
	In preparing these financial statements, the directors have taken advantage of the exemptions available under section 33 paragraph 1A of the Financial Reporting Standard 102, and have not disclosed of transactions entered into between wholly owned group undertakings. Key management personnel compensation totalled £190,855 (2024: £183,081).

28.	Controlling party

There is no overall controlling party of LDL Group Holdings Limited.

Page 36