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Carter Lauren Construction Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2023






Carter Lauren Construction Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: N A Carter
K A Jenkins



SECRETARY: N A Carter



REGISTERED OFFICE: East Moors House
Nettlefold Road
Cardiff
CF24 5JQ



REGISTERED NUMBER: 02830998 (England and Wales)



AUDITORS: BPU Limited
Chartered Accountants
Statutory Auditor
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA



BANKERS: Barclays Bank Plc
Corporate Banking Centre
Wales & South West
3 Windsor Place
Cardiff
CF10 3BT



SOLICITORS: Mctaggarts Solicitors
36a Park Place
Cardiff
CF10 3BB

Carter Lauren Construction Limited (Registered number: 02830998)

Strategic Report
for the Year Ended 31 March 2023


The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The directors can report that the company recorded a profit for the financial year which resulted in an increase in its net assets to £4,105,243. The company's key performance indicator, an overall gross profit percentage of 6.4% for the year (2022: 3.0%), remains within overall anticipated levels. The profits and increased gross profit percentage were anticipated by the directors given the stabilisation of the industry, the delayed projects being completed and the availability of raw materials improving.

The company continues to develop working relationships with its current partnering customers, however alongside this the company has continued a strategic implementation to diversify and work for new customers operating in different sectors. This strategy has again been successful in the year.

The goals are still to ensure all customers requirements are met in quality, time and cost awareness.

Although the marketplace is still competitive, the nature of the product we achieve within the market outlines our specialist attributes which current and future customers seek.

The company acknowledged and prepared itself for the economic issues imposed on the sectors in which it operates and the results in the year show a recovery from the previous year and a return to profitability. The Directors believe that the recovery of the industry as a whole will be reflected in future results.

RESULTS
The results for the year are set out in the profit and loss account.

PRINCIPAL RISKS AND UNCERTAINTIES
As with all companies within the construction sector the company continues to face pressures on both pricing and margins in what still remains a very competitive market.

As reported in previous years, the company sees that this is the main principal risk to the future together with various external influences that have caused issues with availability of labour, resource and materials. The challenge is met by applying very strong control measures on costs, ordering of materials and control of labour. Further to this there seems to be some stabilisation in these areas, which is reflected in the results for the financial year.

With regard to the availability of labour resources and materials, the company has undertaken an extensive exercise to ensure that it has a robust supply chain, including ensuring that suppliers are capable of delivering and sourcing alternatives.

In line with this the company is, and continuing to do so actively, developing long term relationships, partnering agreements with both customers, suppliers and sub-contractors in the sector to ensure continuation of projects.

The Directors of the company are confident that we are able to manage all risks and uncertainties that the current construction section is undergoing as and when they arise.


Carter Lauren Construction Limited (Registered number: 02830998)

Strategic Report
for the Year Ended 31 March 2023

FUTURE DEVELOPMENTS
Despite the pressures and operational difficulties that the recent periods have entailed, the group with the help of its stakeholders has come through the challenges and we look positively to the future.

The Coronavirus pandemic and Brexit have had a direct effect in past years, however the market has stabilised over the past year and is more stable looking forward.

We will continue to pursue our strategy to diversify our customer base, by delivering on their specific needs.

THIS REPORT WAS APPROVED BY THE BOARD:





N A Carter - Director


24 November 2023

Carter Lauren Construction Limited (Registered number: 02830998)

Report of the Directors
for the Year Ended 31 March 2023


The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of building contractors, principally to the hospitality and leisure sectors in particular new build and refurbishment of hotels, restaurants and public houses.

DIVIDENDS
No dividends were paid in the year (2022: £0).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

N A Carter
K A Jenkins

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Carter Lauren Construction Limited (Registered number: 02830998)

Report of the Directors
for the Year Ended 31 March 2023


AUDITORS
The auditors, BPU Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

THIS REPORT WAS APPROVED BY THE BOARD:





N A Carter - Director


24 November 2023

Report of the Independent Auditors to the Members of
Carter Lauren Construction Limited


Opinion
We have audited the financial statements of Carter Lauren Construction Limited (the 'company') for the year ended 31 March 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 March 2023 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 UK, including the FRC'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.

Report of the Independent Auditors to the Members of
Carter Lauren Construction Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of
Carter Lauren Construction Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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.

The laws and regulations that we determined were most significant to the company were the Companies Act, UK corporate tax laws, Building Regulations, Site Waste Management Legislation and HSE guidelines including the Factories Act.

We obtained an understanding of how the company is complying with those laws and regulations by making enquiries of the management and those charged with governance, and corroborated these enquiries through our review of legal and professional spend for the year.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. We addressed the risk of management override of internal controls and assessed the effectiveness of the controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Carter Lauren Construction Limited


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 a Report of the Auditors 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.




Nicholas Matthew Toye FCA (Senior Statutory Auditor)
for and on behalf of BPU Limited
Chartered Accountants
Statutory Auditor

27 November 2023

Carter Lauren Construction Limited (Registered number: 02830998)

Profit and Loss Account
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 59,179,071 58,160,814

Cost of sales (55,396,185 ) (56,389,561 )
GROSS PROFIT 3,782,886 1,771,253

Administrative expenses (3,423,276 ) (3,686,769 )
OPERATING PROFIT/(LOSS) 3 359,610 (1,915,516 )

Interest receivable & similar income 4 34,137 77
393,747 (1,915,439 )

Interest payable and similar
expenses

5

(117,553

)

(63,113

)
PROFIT/(LOSS) BEFORE TAXATION 276,194 (1,978,552 )

Tax on profit/(loss) 6 (71,775 ) 342,001
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

204,419

(1,636,551

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

204,419

(1,636,551

)

Carter Lauren Construction Limited (Registered number: 02830998)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 373,469 516,588
Investments 8 16,000 8,400
389,469 524,988

CURRENT ASSETS
Stocks 9 4,000 4,000
Debtors 10 13,835,116 13,880,859
Cash at bank 1,022,785 2,171,953
14,861,901 16,056,812
CREDITORS
Amounts falling due within one year 11 11,095,127 12,212,976
NET CURRENT ASSETS 3,766,774 3,843,836
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,156,243

4,368,824

CREDITORS
Amounts falling due after more than
one year

12

-

(400,000

)

PROVISIONS FOR LIABILITIES 16 (51,000 ) (68,000 )
NET ASSETS 4,105,243 3,900,824

CAPITAL AND RESERVES
Called up share capital 17 10,001 10,001
Retained earnings 18 4,095,242 3,890,823
SHAREHOLDERS' FUNDS 4,105,243 3,900,824

Carter Lauren Construction Limited (Registered number: 02830998)

Balance Sheet - continued
31 March 2023


The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by:





N A Carter - Director


Carter Lauren Construction Limited (Registered number: 02830998)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 10,001 5,527,374 5,537,375

Changes in equity
Total comprehensive income - (1,636,551 ) (1,636,551 )
Balance at 31 March 2022 10,001 3,890,823 3,900,824

Changes in equity
Total comprehensive income - 204,419 204,419
Balance at 31 March 2023 10,001 4,095,242 4,105,243

Carter Lauren Construction Limited (Registered number: 02830998)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances at the bank and cash in hand.

Turnover
Turnover comprises revenue in respect of general building and construction activities, net of value added tax and trade discounts. The company recognises revenue in accordance with the terms of client agreements and this is dependent on the stage of completion of the service. Where the amount invoiced to clients in not equal to the revenue recognised, the difference is recoded either as accrued or deferred income.

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% straight line and 25% reducing balance
Motor vehicles - 25% reducing balance

Stocks
Stock is valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Carter Lauren Construction Limited (Registered number: 02830998)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


1. ACCOUNTING POLICIES - continued
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.

Operating lease commitments
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs
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.

Long term contracts
The amount recoverable on each long term contract is based on stage of completion, by calculating costs incurred to date as a percentage of total costs, less any provision for known or anticipated losses and progress payments received and receivable.

Where the outcome of incomplete contracts can be assessed with reasonable certainty, the attributable turnover and costs are recognised in the profit and loss account as an appropriate proportion of the total turnover and costs for that contract. The amount by which turnover is in excess of progress payments received and receivable is classified as amounts recoverable on contracts and separately disclosed in debtors. In assessing amounts recoverable, the directors provide for the cost of potential claims based on experience.

Trade and other debtors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost, less any impairment losses in the case of trade debtors.

Trade and other creditors
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of a similar debt instrument.

Carter Lauren Construction Limited (Registered number: 02830998)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 5,543,340 6,159,694
Social security costs 617,470 629,037
Other pension costs 129,966 150,144
6,290,776 6,938,875

The average number of employees during the year was as follows:
2023 2022

Administration 34 36
Construction 67 73
101 109

2023 2022
£    £   
Directors' remuneration 381,028 474,424
Directors' pension contributions to money purchase schemes 8,330 14,346

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 267,001 267,033
Pension contributions to money purchase schemes 8,330 9,996

3. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

2023 2022
£    £   
Plant hire 1,650,228 2,126,740
Depreciation - owned assets 129,845 243,171
Profit on disposal of fixed assets (7,050 ) (10,654 )
Audit fees 36,250 36,750
Auditors' remuneration for non audit work 19,915 (43,595 )
Operating lease rentals - land & buildings 93,590 66,177

Carter Lauren Construction Limited (Registered number: 02830998)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


4. INTEREST RECEIVABLE & SIMILAR INCOME
2023 2022
£    £   
Interest receivable 34,137 77

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 47,993 63,113
Other interest & charges 69,560 -
117,553 63,113

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 88,775 (325,376 )

Deferred tax (17,000 ) (16,625 )
Tax on profit/(loss) 71,775 (342,001 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit/(loss) before tax 276,194 (1,978,552 )
Profit/(loss) multiplied by the standard rate of corporation tax
in the UK of 19% (2022 - 19%)

52,477

(375,925

)

Effects of:
Expenses not deductible for tax purposes 17,509 3,384
Income not taxable for tax purposes (1,339 ) -
Depreciation in excess of capital allowances 20,128 20,942
Adjustments to tax charge in respect of previous periods - (724 )
Deferred tax (17,000 ) (16,625 )
Losses surrendered as group relief - 26,947
Total tax charge/(credit) 71,775 (342,001 )

Carter Lauren Construction Limited (Registered number: 02830998)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


7. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 338,079 1,259,171 1,597,250
Additions 3,057 - 3,057
Disposals (2,504 ) (119,513 ) (122,017 )
At 31 March 2023 338,632 1,139,658 1,478,290
DEPRECIATION
At 1 April 2022 314,963 765,699 1,080,662
Charge for year 8,901 120,944 129,845
Eliminated on disposal (2,504 ) (103,182 ) (105,686 )
At 31 March 2023 321,360 783,461 1,104,821
NET BOOK VALUE
At 31 March 2023 17,272 356,197 373,469
At 31 March 2022 23,116 493,472 516,588

8. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2022 12,000
Additions 10,000
At 31 March 2023 22,000
PROVISIONS
At 1 April 2022 3,600
Provision for year 2,400
At 31 March 2023 6,000
NET BOOK VALUE
At 31 March 2023 16,000
At 31 March 2022 8,400

Carter Lauren Construction Limited (Registered number: 02830998)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


9. STOCKS
2023 2022
£    £   
Raw materials 4,000 4,000

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 642,311 1,633,721
Amounts owed by group undertakings 1,292,075 1,230,725
Amounts recoverable on contract 10,355,879 8,429,726
Other debtors and prepayments 1,187,925 1,930,871
Directors' loan accounts 118,972 122,895
Corporation tax 237,954 532,921
13,835,116 13,880,859

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 13)
400,000

1,200,000
Trade creditors 2,664,159 2,415,013
Amounts owed to group undertakings 24,702 75,237
Social security and other taxes 1,544,494 2,392,266
Other creditors and accruals 10,956 5,201
Directors' loan accounts - 14,522
Accruals and deferred income 6,450,816 6,110,737
11,095,127 12,212,976

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans (see note 13) - 400,000

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 400,000 1,200,000

Carter Lauren Construction Limited (Registered number: 02830998)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


13. LOANS - continued
2023 2022
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years - 400,000

The bank loan is a long-term loan repayable by instalments. The interest rate applicable to the loan is 2.65% above the Bank of England base rate. The aggregate monthly repayment is £100,000 plus interest and the remaining term on the loan is 4 months from the balance sheet date.

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 60,000 60,000
Between one and five years 240,000 240,000
In more than five years 255,000 315,000
555,000 615,000

The lease commitment noted above relates to the property the company operates from. The annual rental is £60,000 per annum with a 15 year lease term which commenced in July 2017.

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 400,000 1,600,000

The bank loans and bank overdraft are secured over the fixed and floating assets of the company.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 51,000 68,000

Carter Lauren Construction Limited (Registered number: 02830998)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 68,000
Provided during year (17,000 )
Balance at 31 March 2023 51,000

The deferred tax provision relates to accelerated capital allowances.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary A £1 10,000 10,000
1 Ordinary B £1 1 1
10,001 10,001

18. RESERVES
Retained
earnings
£   

At 1 April 2022 3,890,823
Profit for the year 204,419
At 31 March 2023 4,095,242

19. ULTIMATE PARENT COMPANY

Carter Lauren (Construction) Holdings Limited is regarded by the directors as being the company's ultimate parent company.

Carter Lauren (Construction) Holdings Limited's registered office is the same as Carter Lauren Construction Limited.

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There were overdrawn directors loan accounts totalling £118,972 (2022: £122,895) at the year end.

Carter Lauren Construction Limited (Registered number: 02830998)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


21. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption provided by FRS102 Related Party Disclosures not to disclose transactions with other group companies where 100% of the voting rights are controlled within the group. The company's address is East Moors House, Nettlefold, Cardiff, CF24 5JQ.

a) Related parties

Common ownerships:-
Digi4 Limited
Daffion 2019 Limited
NALC Limited
Platinum Mechanical & Plumbing Services Limited

b) Loans to related parties Debtor
Received Paid Written off balance at
in year in year in year year end
£    £    £    £   
2023
Digi4 Limited - - - 33,355
Daffion 2019 Limited - - - 525,092
NALC Limited 950,000 305,438 - 388,181


b) Loans to related parties Debtor
Received Paid Written off balance at
in year in year in year year end
£    £    £    £   
2022
Digi4 Limited - - - 33,355
Daffion 2019 Limited - - - 525,092
NALC Limited 81,600 - - 1,032,743


Carter Lauren Construction Limited (Registered number: 02830998)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023



c) Sales of goods and services to related parties Net value Balance
of supply owed at
in year year end
£    £   
2023
Common directorships 285,282 76,162

2022
Common directorships 52,836 52,836

d) Purchase of goods and services from related parties
Net value Balance
of supply owed at
in year year end
£    £   
2023
Common directorships 264,413 16,912

2022
Common directorships 222,603 -