Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-314093Civil engineering contracting services to the utilities and highways industriestrue2022-06-01false1917true 03370155 2022-06-01 2023-05-31 03370155 2021-06-01 2022-05-31 03370155 2023-05-31 03370155 2022-05-31 03370155 2021-06-01 03370155 1 2022-06-01 2023-05-31 03370155 1 2021-06-01 2022-05-31 03370155 2 2022-06-01 2023-05-31 03370155 2 2021-06-01 2022-05-31 03370155 d:Director1 2022-06-01 2023-05-31 03370155 e:Buildings e:ShortLeaseholdAssets 2022-06-01 2023-05-31 03370155 e:Buildings e:ShortLeaseholdAssets 2023-05-31 03370155 e:Buildings e:ShortLeaseholdAssets 2022-05-31 03370155 e:PlantMachinery 2022-06-01 2023-05-31 03370155 e:PlantMachinery 2023-05-31 03370155 e:PlantMachinery 2022-05-31 03370155 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 03370155 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 03370155 e:MotorVehicles 2022-06-01 2023-05-31 03370155 e:MotorVehicles 2023-05-31 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03370155 e:CurrentFinancialInstruments e:WithinOneYear 2022-05-31 03370155 e:Non-currentFinancialInstruments e:AfterOneYear 2023-05-31 03370155 e:Non-currentFinancialInstruments e:AfterOneYear 2022-05-31 03370155 e:ShareCapital 2022-06-01 2023-05-31 03370155 e:ShareCapital 2023-05-31 03370155 e:ShareCapital 2021-06-01 2022-05-31 03370155 e:ShareCapital 2022-05-31 03370155 e:ShareCapital 2021-06-01 03370155 e:CapitalRedemptionReserve 2022-06-01 2023-05-31 03370155 e:CapitalRedemptionReserve 2023-05-31 03370155 e:CapitalRedemptionReserve 1 2022-06-01 2023-05-31 03370155 e:CapitalRedemptionReserve 2 2022-06-01 2023-05-31 03370155 e:CapitalRedemptionReserve 2021-06-01 2022-05-31 03370155 e:CapitalRedemptionReserve 2022-05-31 03370155 e:CapitalRedemptionReserve 2021-06-01 03370155 e:RevaluationReserve 1 2021-06-01 2022-05-31 03370155 e:RevaluationReserve 2 2021-06-01 2022-05-31 03370155 e:OtherMiscellaneousReserve 2022-06-01 2023-05-31 03370155 e:OtherMiscellaneousReserve 2023-05-31 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2022-06-01 2023-05-31 03370155 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-05-31 03370155 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03370155










LPC CONSTRUCTION LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
LPC CONSTRUCTION LIMITED
REGISTERED NUMBER:03370155

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
341,604
262,535

Investment property
 5 
-
1,150,000

  
341,604
1,412,535

Current assets
  

Stocks
 6 
56,852
37,545

Debtors: amounts falling due after more than one year
 7 
88,454
-

Debtors: amounts falling due within one year
 7 
1,557,803
1,997,870

Cash at bank and in hand
 8 
5,051,044
2,280,902

  
6,754,153
4,316,317

Creditors: amounts falling due within one year
 9 
(1,736,693)
(1,565,644)

Net current assets
  
 
 
5,017,460
 
 
2,750,673

Total assets less current liabilities
  
5,359,064
4,163,208

Creditors: amounts falling due after more than one year
 10 
(87,217)
(19,452)

Provisions for liabilities
  

Deferred tax
 12 
(68,305)
(213,780)

  
 
 
(68,305)
 
 
(213,780)

Net assets
  
5,203,542
3,929,976


Capital and reserves
  

Called up share capital 
  
200
300

Capital redemption reserve
 14 
100
-

Other reserves
 14 
-
818,002

Profit and loss account
 14 
5,203,242
3,111,674

  
5,203,542
3,929,976


Page 1

 
LPC CONSTRUCTION LIMITED
REGISTERED NUMBER:03370155
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

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 profit and loss account 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: 




N Coates
Director

Date: 10 November 2023

The notes on pages 4 to 14 form part of these financial statements.

Page 2

 
LPC CONSTRUCTION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 June 2021
300
-
(348)
1,161,561
1,161,513


Comprehensive income for the year

Profit for the year
-
-
-
2,768,463
2,768,463

Revaluation of assets
-
-
1,000,000
(1,000,000)
-

Deferred tax movement
-
-
(181,650)
181,650
-
Total comprehensive income for the year
-
-
818,350
1,950,113
2,768,463



At 1 June 2022
300
-
818,002
3,111,674
3,929,976


Comprehensive income for the year

Profit for the year
-
-
-
1,690,177
1,690,177

Disposal of revalued assets
-
-
(999,652)
999,652
-

Deferred tax movement
-
-
181,650
(181,650)
-
Total comprehensive income for the year
-
-
(818,002)
2,508,179
1,690,177

Purchase and cancellation of own shares
(100)
100
-
(416,611)
(416,611)


Total transactions with owners
(100)
100
-
(416,611)
(416,611)


At 31 May 2023
200
100
-
5,203,242
5,203,542


The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

LPC Construction Limited is a private company limited by shares and is incorporated in England and Wales (03370155). The registered address is Unit 9 Orbital 25 Business Park, Dwight Road, Watford, WD18 9DA.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has produced post year end management accounts which indicate that the Company will have sufficient reserves to meet its liabilities as they fall due. Therefore the directors consider it appropriate to prepare the accounts on a going concern basis.

 
2.3

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.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

Page 4

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

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.

Page 5

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Plant and machinery
-
25% Reducing balance and 5% straight line
Motor vehicles
-
25% Reducing balance
Office equipment
-
15% Reducing balance

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.

 
2.11

Investment property

Investment property is carried at fair value determined regularly by directors, with advice from external valuers when necessary, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

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. 

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.

 
2.13

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.

 
2.14

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 3 months.

Page 6

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.15

Creditors

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

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.17

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.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Page 7

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 17).

Page 8

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost


At 1 June 2022
18,850
344,298
280,256
27,286
670,690


Additions
-
385
164,270
2,698
167,353


Disposals
-
-
(26,697)
-
(26,697)



At 31 May 2023

18,850
344,683
417,829
29,984
811,346



Depreciation


At 1 June 2022
-
241,892
157,387
8,877
408,156


Charge for the year on owned assets
4,093
17,616
-
2,932
24,641


Charge for the year on financed assets
-
-
54,452
-
54,452


Disposals
-
-
(17,507)
-
(17,507)



At 31 May 2023

4,093
259,508
194,332
11,809
469,742



Net book value



At 31 May 2023
14,757
85,175
223,497
18,175
341,604



At 31 May 2022
18,850
102,407
122,869
18,409
262,535




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Leasehold improvements
14,757
18,850


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
165,796
56,856

Page 9

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Investment property


Freehold investment property

£





At 1 June 2022
1,150,000


Disposals
(1,150,000)



At 31 May 2023
-







If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
-
150,000


6.


Stocks

2023
2022
£
£

Raw materials and other consumables
56,852
37,545



7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
88,454
-


Page 10

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.Debtors (continued)




2023
2022
£
£

Due within one year

Trade debtors
529,185
1,585,901

Amounts owed by group undertakings
-
18,013

Other debtors
1,022,200
289,889

Prepayments and accrued income
6,418
104,067

1,557,803
1,997,870



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,051,043
2,280,902



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
405,363
757,544

Amounts owed to group undertakings
18,102
-

Corporation tax
281,738
546,397

Other taxation and social security
85,666
68,578

Obligations under finance lease and hire purchase contracts
62,993
17,668

Other creditors
163,864
80,612

Accruals and deferred income
718,967
94,845

1,736,693
1,565,644



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
87,217
19,452


Page 11

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
62,993
17,668

Between 1-5 years
87,217
21,357

150,210
39,025


12.


Deferred taxation




2023


£






At beginning of year
(213,779)


Charged to profit or loss
145,473



At end of year
(68,306)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(68,306)
(32,130)

Fair value movement of investment property
-
(181,649)

(68,306)
(213,779)

Page 12

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 (2022 - 300) Ordinary shares of £1.00 each
200
300

On 11 August 2022 the company repurchased and cancelled 100 ordinary shares of £1.00 each.


14.


Reserves

Capital redemption reserve

Capital redemption reserve comprise the cost of the company shares bought back by the company.

Other reserves

The other reserves comprise the balance of revaluations relating to the investment property net of deferred tax on the gain.

Profit and loss account

The profit and loss account comprise accumulated profits and losses by the company since incorporation.

15.


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 £69,491 (2022 - £147,488). Contributions totalling £12,308 (2022 - £6,973) were payable to the fund at the balance sheet date and are included in creditors.


16.


Commitments under operating leases

At 31 May 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
57,720
45,000

Later than 1 year and not later than 5 years
138,265
162,247

195,985
207,247

Page 13

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

17.


Related party transactions

Included within other creditors is an amount of £2,450 owed to the directors of the company (2022 - £2,450).

18.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2023 was unqualified.

The audit report was signed on 10 November 2023 by Rajiv Thakerar (Senior statutory auditor) on behalf of Simmons Gainsford LLP.

 
Page 14