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Registered number: 07078986 LDL Components Ltd Annual Report and Financial Statements For the Year Ended 31 December 2025
LDL Components Ltd Company Information
Directors | R Darroch
| S Noble
| J Penrice (appointed 8 October 2025)
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 - 29
LDL Components Ltd Strategic Report For the Year Ended 31 December 2025
Introduction
The directors present the strategic report for the year ended 31 December 2025. 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
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 Company delivered a strong financial performance. The Company’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 Company’s strategy. The Directors believe this performance demonstrates an increase in market share, driven by the Company’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 Company’s customer base and the value placed on its premium product offering and service proposition. Operating profit increased to £913,528 (2024: £789,846), whilst profit before taxation rose to £786,533 (2024: £641,958). 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 Company 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 Company’s ability to deliver growth despite the continuing challenges facing the wider market. The Company’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 Company is well positioned to continue outperforming the market through further investment in its people, systems, product offering and customer relationships. Page 1
LDL Components Ltd Strategic Report (continued) For the Year Ended 31 December 2025
Principal risks and uncertainties
The Company’s activities expose it to a number of risks and uncertainties, notably its 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 Company’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 Company 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 Company’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 Company well to continue gaining market share even in subdued market conditions, whilst remaining able to benefit from any broader recovery in demand. conditions into 2025 are showing signs of improvement, though the pace of change is slow. Persistent high interest rates, inflation and political uncertainty are still present and will continue to impede growth in the housing and home improvement markets. 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 focused 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. The Company 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 Company 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 Company 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. Page 2
LDL Components Ltd 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 | £441,790 | £391,441
Other key performance indicators
Other key performance indicators measured by the company 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 Components Ltd 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 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 2006. They 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 £589,731 (2024 - £480,840). The directors do not recommend payment of a final dividend.
Directors
The directors who served during the year were:
R Darroch
S Noble
J Penrice (appointed 8 October 2025)
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 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 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 2025, 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 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 Company's affairs as at 31 December 2025 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 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. 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 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 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. 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 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 Components Ltd 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 |  | (2,578,992) | (2,273,559)
Operating profit | 5 | 913,528 | 789,846
Interest payable and similar expenses | 9 | (126,995) | (147,888)
Profit before tax |  | 786,533 | 641,958
Tax on profit | 10 | (196,802) | (161,118)
Profit for the financial year |  | 589,731 | 480,840
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 13 to 29 form part of these financial statements.
Page 10
LDL Components Ltd Registered number: 07078986 Balance Sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 138,353 |  | 132,853
Tangible assets | 12 |  | 143,156 |  | 192,912
Investments | 13 |  | 300 |  | 300
|  |  | 281,809 |  | 326,065
Current assets |  |  |  |  |
Stocks | 14 | 1,390,163 |  | 1,317,439 |
Debtors: amounts falling due after more than one year | 15 | 6,328,237 |  | 5,603,577 |
Debtors: amounts falling due within one year | 15 | 1,208,383 |  | 1,109,704 |
Cash at bank and in hand | 16 | 206,441 |  | 522,511 |
|  | 9,133,224 |  | 8,553,231 |
Creditors: amounts falling due within one year | 17 | (2,866,004) |  | (2,639,062) |
Net current assets |  |  | 6,267,220 |  | 5,914,169
Total assets less current liabilities |  |  | 6,549,029 |  | 6,240,234
Creditors: amounts falling due after more than one year | 18 |  | (442,135) |  | (711,155)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 |  | (30,583) |  | (42,499)
Net assets |  |  | 6,076,311 |  | 5,486,580
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 10,000 |  | 10,000
Profit and loss account | 23 |  | 6,066,311 |  | 5,476,580
|  |  | 6,076,311 |  | 5,486,580
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 13 to 29 form part of these financial statements. Page 11
LDL Components Ltd 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 | 10,000 | 4,995,740 | 5,005,740
Comprehensive income for the year |  |  |
Profit for the year | - | 480,840 | 480,840
Total comprehensive income for the year | - | 480,840 | 480,840
At 1 January 2025 | 10,000 | 5,476,580 | 5,486,580
Comprehensive income for the year |  |  |
Profit for the year | - | 589,731 | 589,731
Total comprehensive income for the year | - | 589,731 | 589,731
At 31 December 2025 | 10,000 | 6,066,311 | 6,076,311
| The notes on pages 13 to 29 form part of these financial statements.
Page 12
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
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); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of LDL Group Holdings Limited as at 31 December 2025 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.
| 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 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. Page 13
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 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'.
| 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. Page 14
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 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 | 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.
| 2.10 | 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. Page 15
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.11 | 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.
| 2.12 | 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
| 2.13 | 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. Page 16
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
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.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | 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.
| 2.18 | 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. Page 17
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025 2.Accounting policies (continued)
| 2.19 | 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.
| 2.20 | 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.
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).
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of goods | 14,579,080 | 12,917,574
| All turnover arose within the United Kingdom.
Page 18
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (7,404) | (40,343)
| Other operating lease rentals | 123,673 | 78,309
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 20,450 | 19,000
| 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.
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 946,545 | 841,734
| Social security costs | 111,010 | 76,151
| Cost of defined contribution scheme | 34,823 | 30,440
|  | 1,092,378 | 948,325
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Total | 33 | 33
Page 19
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 25,105 | -
| Company contributions to defined contribution pension schemes | 1,000 | -
|  | 26,105 | -
| During the year retirement benefits were accruing to 1 director (2024 - NIL) in respect of defined contribution pension schemes.
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 96,711 | 143,865
| Finance leases and hire purchase contracts | 7,219 | -
| Other interest payable | 23,065 | 4,023
|  | 126,995 | 147,888
Page 20
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 208,718 | 127,047
| Deferred tax |  |
| Origination and reversal of timing differences | (11,916) | 34,071
| Tax on profit | 196,802 | 161,118
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 786,533 | 641,958
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 196,633 | 160,490
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 130 | 265
| Other differences leading to an increase (decrease) in the tax charge | 39 | 363
| Total tax charge for the year | 196,802 | 161,118
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 21
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
11. | Intangible assets
|  | Website development | Images | Computer software | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2025 | 319,498 | 23,925 | 516,840 | 860,263
| Additions | 48,112 | 19,120 | 4,095 | 71,327
| At 31 December 2025 | 367,610 | 43,045 | 520,935 | 931,590
| Amortisation |  |  |  |
| At 1 January 2025 | 231,066 | 13,395 | 482,949 | 727,410
| Charge for the year | 43,844 | 6,316 | 15,667 | 65,827
| At 31 December 2025 | 274,910 | 19,711 | 498,616 | 793,237
| Net book value |  |  |  |
| At 31 December 2025 | 92,700 | 23,334 | 22,319 | 138,353
| At 31 December 2024 | 88,432 | 10,530 | 33,891 | 132,853
Page 22
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
12. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2025 | 133,344 | 278,419 | 22,112 | 145,863 | 199,411 | 779,149
| Additions | - | 5,593 | 2,583 | 14,964 | 11,171 | 34,311
| At 31 December 2025 | 133,344 | 284,012 | 24,695 | 160,827 | 210,582 | 813,460
| Depreciation |  |  |  |  |  |
| At 1 January 2025 | 126,571 | 163,625 | 14,047 | 111,573 | 170,421 | 586,237
| Charge for the year | 1,903 | 42,939 | 3,865 | 19,478 | 15,882 | 84,067
| At 31 December 2025 | 128,474 | 206,564 | 17,912 | 131,051 | 186,303 | 670,304
| Net book value |  |  |  |  |  |
| At 31 December 2025 | 4,870 | 77,448 | 6,783 | 29,776 | 24,279 | 143,156
| At 31 December 2024 | 6,773 | 114,794 | 8,065 | 34,290 | 28,990 | 192,912
Page 23
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
13. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 40,300
| At 31 December 2025 | 40,300
| Impairment |
| At 1 January 2025 | 40,000
| At 31 December 2025 | 40,000
| Net book value |
| At 31 December 2025 | 300
| At 31 December 2024 | 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%
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 1,390,163 | 1,317,439
|  | 1,390,163 | 1,317,439
Page 24
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings | 6,328,237 | 5,603,577
| Amounts owed by group undertakings are unsecured, interest free and repayable in one year and one day.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 965,357 | 816,799
| Other debtors | 27,384 | 46,761
| Prepayments and accrued income | 215,642 | 246,144
|  | 1,208,383 | 1,109,704
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 206,441 | 522,511
| Less: bank overdrafts | (148,986) | -
|  | 57,455 | 522,511
Page 25
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts and cash flow lend | 148,986 | -
| Bank loans | 591,205 | 634,537
| Trade creditors | 1,642,355 | 1,761,275
| Corporation tax | 135,704 | -
| Other taxation and social security | 190,733 | 100,763
| Obligations under finance lease and hire purchase contracts | 32,536 | -
| Other creditors | 54,086 | 71,030
| Accruals and deferred income | 70,399 | 64,814
| Financial instruments | - | 6,643
|  | 2,866,004 | 2,639,062
| 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 The Term Loan was repaid within the year. A new facility was taken out to replace this, see below. 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 Company 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 Company 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 26
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 403,743 | 555,255
| Net obligations under finance leases and hire purchase contracts | 38,392 | -
| Amounts owed to group undertakings | - | 155,900
|  | 442,135 | 711,155
| Terms of the bank loans and hire purchase liabilities can be seen in Note 17. Amounts owed to group undertakings are unsecured, interest free and repayable in one year and one day.
19. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 591,205 | 634,537
| Amounts falling due 1-2 years |  |
| Bank loans | 403,743 | 555,255
|  | 994,948 | 1,189,792
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 32,536 | -
| Between 1-5 years | 38,392 | -
|  | 70,928 | -
Page 27
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
21. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (42,499) | (8,428)
| Credited to profit or loss | 11,916 | (34,071)
| At end of year | (30,583) | (42,499)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (32,381) | (43,935)
| Other timing differences | 1,798 | 1,436
|  | (30,583) | (42,499)
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 9,900 (2024 - 9,900) Ordinary A shares of £1.00 each | 9,900 | 9,900
|  | 100 (2024 - 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 £33,823 (2024: £30,440). Contributions totalling £6,793 (2024: £5,745) were payable to the fund at the balance sheet date and are included in other creditors. Page 28
LDL Components Ltd Notes to the Financial Statements For the Year Ended 31 December 2025
25. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 144,443 | 144,799
| Later than 1 year and not later than 5 years | 145,245 | 235,935
|  | 289,688 | 380,734
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, CF14 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 29