ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Company Registration Number: 08029251

FIVE LAMPS TRADING LIMITED

FINANCIAL STATEMENTS

30 SEPTEMBER 2025

FIVE LAMPS TRADING LIMITED

REGISTERED NUMBER: 08029251

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	4		-		177,603
Investment property	5		28,000		60,000
			28,000		237,603
Current assets
Debtors: amounts falling due within one year	6	34,043		32,146
Cash at bank and in hand	7	792,320		265,736
		826,363		297,882
Creditors: amounts falling due within one year	8	(3,627,826)		(1,960,771)
Net current liabilities			(2,801,463)		(1,662,889)
Total assets less current liabilities			(2,773,463)		(1,425,286)
Creditors: amounts falling due after more than one year	9		-		(5,312,500)

Net liabilities			(2,773,463)		(6,737,786)

Capital and reserves
Called up share capital	11	850,002	850,002
Revaluation reserve		-	11,486
Profit and loss account		(3,623,465)	(7,599,274)
		(2,773,463)	(6,737,786)

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:

T Watson

Director

Date: 27 October 2026

The notes on pages 2 to 8 form part of these financial statements.

Page 1

FIVE LAMPS TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.Accounting policies

1.1

General information

The company is a private company limited by share capital incorporated in the United Kingdom.

The address of the registered office is:

Community Resource Centre
Eldon Street
Thornaby
TS17 7DJ

The principal activity of the company is responsible lending and property management/refurbishment.

The financial statements are presented in pounds sterling.

1.2

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 requirements and 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 following principal accounting policies have been applied:

1.3

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 The Five Lamps Organisation as at 30 September 2025 and these financial statements may be obtained from Eldon Street, Thornaby, TS17 7DJ.

1.4

Going concern

The Directors have prepared the financial statements on a basis other than going concern basis. This is because this company intends to cease trading in the future.

No material adjustments were necessary to the amounts at which the net assets are included in these financial statements to reflect differences between the book value and its amounts expected to be realised for assets or incurred liabilities. The company considers, due to parental support, that is has sufficient funds to settle any future liabilities as they fall due.

Page 2

FIVE LAMPS TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.Accounting policies (continued)

1.5

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:

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.

Income includes interest generated from loans being serviced and managed by the company.

Also included in income are the rents generated from the investment properties.

1.6

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparble real estate, adjusted if necessary for any difference in the nature, location or condition of the comparable specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.7

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.

1.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

1.9

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.

Page 3

FIVE LAMPS TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.Accounting policies (continued)

1.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

1.11

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Programme related investments (loan book) are reviewed at annually for impairment, an adjustment is made to provide for amounts considered to be irrecoverable, but only once normal recovery procedures have been followed and no further repayments have been made.

1.12

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.

1.13

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.

1.14

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 4

FIVE LAMPS TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.	Significant judgements and estimates

Management consider there to be an element of judgement and uncertainty in determining the carrying value of the loan book. Accordingly management has assessed the performance of each debtor based on available financial and management information. Where that information shows a net realisable value less than carrying management recognise an impairment against said asset accordingly.

The management team routinely monitor and review loan debtors and investments on a monthly basis and present to the Directors on a quarterly basis for consideration.

The Directors have commenced a process to determine how they would wind down the debt book in an orderly manner. This process has included the use of a third party to value the likely realisation of the portfolio. As such the net book value of debtors has been set at a value aligned to this third party assessment.

Employees

The average monthly number of employees, including directors, during the year was 5 (2024 - 11).

4.	Fixed asset and programme related investments

	Unlisted investments	Loan book	Total
	£	£	£

At 1 October 2024	14,000	1,776,030	1,790,030
Disposals	(14,000)	(1,776,030)	(1,790,030)
At 30 September 2025	-	-	-

At 1 October 2024	14,000	1,598,427	1,612,427
Impairment on disposals	(14,000)	(1,776,030)	(1,790,030)
Reversal of impairment losses	-	177,603	177,603
At 30 September 2025	-	-	-
Net book value
At 30 September 2025	-	-	-
At 30 September 2024	-	177,603	177,603

The unlisted investments are an investment in Ask Inclusive Finance Group Holding Limited, which equates to a holding of less than 2%, to establish a platform in order to provide software, services and a market place for community lending to medium, small and micro enterprises. This investment ceased to trade and as such management have recognised an impairment.

Page 5

FIVE LAMPS TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

5.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 October 2024	60,000
	Deficit on revaluation	(32,000)
	At 30 September 2025	28,000

The property was revalued in the year to the value obtained on its sale in July 2026.

Debtors

					2025	2024
					£	£


Trade debtors	22,339	29,724
Other debtors	-	14
Prepayments and accrued income	11,704	2,408
	34,043	32,146

7.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	792,320	265,736

8.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	330,914	408,243
Amounts owed to group undertakings	2,505,857	1,119,900
Other taxation and social security	3,081	3,374
Other creditors	771,545	400,780
Accruals and deferred income	16,429	28,474
	3,627,826	1,960,771

Page 6

FIVE LAMPS TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

9.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

CBIL loans	-	500,000
Other loans	-	4,812,500
	-	5,312,500

The other loans were secured by various fixed and floating charges including a debenture over 'The Youthy', Thornaby Road, Thornaby and the ringfenced loan portfolio associated with the investment.

Other loans £Nil (2024: £4,812,500) were split between Tranche A Noteholders = £1,937,500 (capital) and Tranche B Noteholders = £2,875,000 (capital). All loans were waived in the year with the release being recorded through the profit and loss account.



Amounts falling due 2-5 years
CBIL loans	-	500,000
Other loans	-	4,812,500

	-	5,312,500

The other loans were secured by various fixed and floating charges over all the property and undertakings in this company and its parent, The Five Lamps Organisation. The loans have been written off in the current accounting year.

11.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

850,002 (2024 - 850,002) Ordinary shares of £1.00 each	850,002	850,002

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 £3,153 (2024 - £5,627). Contributions totalling £607 (2024 - £780) were payable to the fund at the balance sheet date and are included in creditors.

Page 7

FIVE LAMPS TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

13.	Related party transactions
	The company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" to not disclose transactions and balances with other wholly owned members of the group, as 100% of the voting rights are controlled within the group.

14.	Ultimate parent undertaking

Throughout the period the company was under control of the Board of its parent company, The Five Lamps Organisation. This report forms part of the consolidated financial statements filed by the Five Lamps Organisation. The Trustees of the parent organisation have, with full knowledge, supported the Directors decisions and resolved that FLT as an entity should cease trading and wind down, preferably through an orderly wind down.

15.	Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2025 was unqualified.

The audit report was signed on 29 October 2026 by Simon Turner (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

Page 8