REGISTERED NUMBER: 06574086 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Lode Products And Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P Melling

REGISTERED OFFICE:

c/o Wilson Partners Limited,

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

REGISTERED NUMBER:

06574086 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

FIXED ASSETS

Intangible assets

4

14,854

5,412

Tangible assets

5

7,094

716

21,948

6,128

CURRENT ASSETS

Stocks

77,988

147,751

Debtors

6

746,012

748,756

Cash at bank

7,180

16,145

831,180

912,652

CREDITORS

Amounts falling due within one year

7

(716,311

)

(923,295

)

NET CURRENT ASSETS/(LIABILITIES)

114,869

(10,643

)

TOTAL ASSETS LESS CURRENT LIABILITIES

136,817

(4,515

)

CREDITORS

Amounts falling due after more than one year

8

(16,072

)

(82,284

)

NET ASSETS/(LIABILITIES)

120,745

(86,799

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

120,645

(86,899

)

120,745

(86,799

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the director and authorised for issue on 13 July 2026 and were signed by:

Mr P Melling - Director

1.	STATUTORY INFORMATION

Lode Products And Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Preparation of consolidated financial statements

The financial statements contain information about Lode Products And Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

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

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

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

Turnover

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

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

Intangible assets

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

Intellectual property are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Tangible assets are included at cost less depreciation and impairment.

Stocks

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

Stock is rotated on a first in first out basis.

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

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

Financial instruments

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Operating lease commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

10,825

Additions

10,702

At 31 December 2025

21,527

AMORTISATION

At 1 January 2025

5,413

Charge for year

1,260

At 31 December 2025

6,673

NET BOOK VALUE

At 31 December 2025

14,854

At 31 December 2024

5,412

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2025

33,687

Additions

7,609

At 31 December 2025

41,296

DEPRECIATION

At 1 January 2025

32,971

Charge for year

1,231

At 31 December 2025

34,202

NET BOOK VALUE

At 31 December 2025

7,094

At 31 December 2024

716

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

686,786

727,853

Other debtors

59,226

20,903

746,012

748,756

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

485,550

585,516

Trade creditors

64,732

81,726

Amounts owed to group undertakings

4,643

72,531

Taxation and social security

104,024

75,110

Other creditors

57,362

108,412

716,311

923,295

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans

16,072

55,803

Other creditors

-

26,481

16,072

82,284

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.25

31.12.24

£

£

Within one year

14,583

35,490

Between one and five years

-

25,000

14,583

60,490

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.25

31.12.24

£

£

Aldermore Bank PLC

447,615

547,581

At the balance sheet date an invoice finance balance of £447,615 (2024: £547,581) was secured by a fixed and floating charge over the assets of the company.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

31.12.25

31.12.24

£

£

Mr P Melling

Balance outstanding at start of year

-

(7,580

)

Amounts advanced

15,577

34,497

Amounts repaid

(8,143

)

(26,917

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,434

-

12.	RELATED PARTY DISCLOSURES

Lode Products and Services Limited owed Big Dog Maidenhead Limited, of which Shearwater Group Holdings Limited is also the shareholder, £0 (2024: £35,099) at the year end.

Merlin Direct Supplies Limited, of which Shearwater Group Holdings Limited is also the shareholder, owed Lode Products and Services Limited £0 (2024: £0) at year end.

Lode Products and Services Limited owed Shearwater Group Holdings Limited, the shareholder, £4,226 (2024: £4,226) at year end.

Lode Products and Services Limited owed Shanghai LODE Light Industry Equipment Co.,Ltd of which it is a 100% subsidiary of the company £417 (2024: £33,206) and sales were made during the year to the company of £52,351 (2024: £84,218).

In addition the following sales were made during the year, Big Dog Maidenhead Limited £22,901 (2024: £13,466) and Merlin Direct Supplies Limited £798 (2024: £3,479). As well as purchases from Merlin Direct Supplies Limited of £5,588 (2024: £1,417).

Lode Products and Services Limited had a £0 (2024: £6,860) debtors balance due from Merlin Direct Supplies Limited at year end.

Lode Products and Services Limited had a £6,325 (2024: £3,532) debtors balance due from Big Dog Maidenhead Limited at year end.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Shearwater Group Holdings Limited.