ACCOUNTS - Final Accounts

HP AND FINANCE LEASES

Minimum lease payments under hire purchase fall due as follows:

Registered number: 00537328

LAPMASTER WOLTERS LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2025

LAPMASTER WOLTERS LIMITED

REGISTERED NUMBER:00537328

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		1,208,077		1,204,056
			1,208,077		1,204,056
Current assets
Stocks	6	872,446		1,151,873
Debtors: amounts falling due after more than one year	7	7,032,446		6,604,821
Debtors: amounts falling due within one year	7	2,964,928		2,074,117
Cash at bank and in hand		435,025		557,175
		11,304,845		10,387,986
Creditors: amounts falling due within one year	8	(1,184,976)		(1,699,629)
Net current assets			10,119,869		8,688,357
Total assets less current liabilities			11,327,946		9,892,413
Creditors: amounts falling due after more than one year	9		(1,318,808)		(1,418,448)

Net assets			10,009,138		8,473,965

Capital and reserves
Called up share capital		2,324,380	2,324,380
Revaluation reserve	11	924,827	934,388
Capital redemption reserve	11	9,200	9,200
Other reserves	11	5,608,171	5,608,171
Profit and loss account	11	1,142,560	(402,174)
		10,009,138	8,473,965

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LAPMASTER WOLTERS LIMITED

REGISTERED NUMBER:00537328

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2025

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

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

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

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

Mr F Brinken

Director

Date: 25 August 2026

The notes on pages 3 to 12 form part of these financial statements.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	GENERAL INFORMATION

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

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The parent entity in which consolidated statements are being produced is Lapmaster Group Holdings LLC. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The Company has made a current year profit of £1.54m (2024: loss of £0.04m). At the year end, it had net current assets of £10.12m (2024: £8.69m). This becomes a net current asset of £3.09m (2024: £2.08m) when excluding a long term debtor owing from a group entity.

The Company has prepared operational income and cash flow forecasts showing positive results for 2026 & 2027. Such forecasts have been prepared on a conservative basis and therefore, the Company anticipates operational results and resulting EBITDA to exceed these forecasts.

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

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

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

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

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

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

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

∙the amount of revenue can be measured reliably;

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

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

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

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.5

OPERATING LEASES: THE COMPANY AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

INTEREST INCOME

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

2.7

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses with the exception of Freehold Property. Freehold Property is held at its deemed cost on transition to FRS 102 based on a third party valuation as at 9 September 2015. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.9

TANGIBLE FIXED ASSETS (CONTINUED)

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

Depreciation is provided on the following basis:

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

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.14

FINANCIAL INSTRUMENTS

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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

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

Stock impairment:

Management review stock for obsolescence on a yearly basis. The stock value in the financial statements is impaired for any obsolete stock identified.

Deferred tax asset:
Deferred tax assets are recognised to the extent it is probable that the underlying tax loss or deductible temporary difference will be utilised against future taxable income. A potential deferred tax asset of £331,540 has not been recongised.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 26 (2024: 27).

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	TANGIBLE FIXED ASSETS

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
COST
At 1 January 2025	1,050,000	767,289	12,550	56,290	1,886,129
Additions	-	26,801	32,633	7,016	66,450
Disposals	-	-	-	(21,274)	(21,274)
At 31 December 2025	1,050,000	794,090	45,183	42,032	1,931,305
DEPRECIATION
At 1 January 2025	125,028	495,436	12,273	49,336	682,073
Charge for the year on owned assets	13,396	39,057	-	3,107	55,560
Charge for the year on financed assets	-	-	6,869	-	6,869
Disposals	-	-	-	(21,274)	(21,274)
At 31 December 2025	138,424	534,493	19,142	31,169	723,228
NET BOOK VALUE
At 31 December 2025	911,576	259,597	26,041	10,863	1,208,077
At 31 December 2024	924,972	271,853	277	6,954	1,204,056

6.	STOCKS
		2025	2024
		£	£

Raw materials and consumables	514,585	514,584
Work in progress (goods to be sold)	329,706	570,535
Finished goods and goods for resale	28,155	66,754
	872,446	1,151,873

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

7.	DEBTORS
		2025	2024
		£	£

DUE AFTER MORE THAN ONE YEAR
Amounts owed by group undertakings	7,032,446	6,604,821
	7,032,446	6,604,821

					2025	2024
					£	£

DUE WITHIN ONE YEAR
Trade debtors	201,671	135,754
Amounts owed by group undertakings	2,372,999	1,741,089
Other debtors	-	139,237
Prepayments and accrued income	390,258	58,037
	2,964,928	2,074,117

Amounts owed by group undertakings of £7.03m are receivable in one instalment on 30 April 2029. Interest is charged at 2% per annum and is receivable in full on repayment of the loan.

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2025	2024
		£	£

Trade creditors	377,679	342,395
Amounts owed to group undertakings	430,138	447,146
Taxation and social security costs	32,689	17,576
Accruals	70,512	29,584
Obligations under finance lease and hire purchase contracts	27,602	-
Deferred income	246,356	862,928
	1,184,976	1,699,629

9.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		2025	2024
		£	£

Amounts owed to group undertakings	1,318,808	1,418,448
	1,318,808	1,418,448

Amounts owed to group undertakings of £1.32m are payable in one instalment on 30 April 2029. Interest is charged at 2% per annum and is repayable in full on repayment of the loan.

Within one year	5,557	5,557
Between 1-5 years	28,480	30,333
	34,037	35,890

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LAPMASTER WOLTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.

RESERVES

Revaluation reserve

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

Capital redemption reserve

The capital redemption reserve was created upon the repurchase by the Company of its own shares. The nominal value of the repurchased share capital was transferred from retained earnings into this reserve.

Capital contribution reserve

The capital contribution surplus was created when the shareholders injected assets into the Company with no return of shares.

Profit and loss account

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

12.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £101,184 (2024: £103,493). Contributions totaling £Nil (2024: £Nil) were payable to the fund at the reporting date.

13.	CONTROLLING PARTY

The immediate parent undertaking is Lapmaster Group Holdings LLC. The ultimate parent undertaking is Lapmaster US Holdings, Inc. with the majority shareholding of Lapmaster Group Holdings LLC.

The parent undertaking of the smallest group to consolidate these financial statements is Lapmaster Group Holdings LLC, a company incorporated in the United States of America.

14.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.

The audit report was signed on 25 August 2026 by Kevin Connor FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Audit Limited.

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