Lawtech Group Limited
Annual Report and Financial Statements
For the period ended 31 March 2024
Company Registration No. 05301280 (England and Wales)
Lawtech Group Limited
Company Information
Directors
D Lawrence
M Johnston
M Bastone
J Lamont
M Lukac
(Appointed 12 December 2023)
Secretary
D Lawrence
Company number
05301280
Registered office
8 Ambley Green
Gillingham Business Park
Gillingham
ME8 0NJ
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Lawtech Group Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 30
Lawtech Group Limited
Strategic Report
For the period ended 31 March 2024
Page 1
The directors present the strategic report for the period ended 31 March 2024.
Over the past 18 months, the principal activity of the Company has continued to be that of a Principal Contractor specialising in façade refurbishment, typically by way of the complete fabric improvement of buildings. We self-deliver in-house, operating as a “turnkey” solution for our clients, from early building investigations, design, through to project completion achieving legislative compliance.
The Company’s Mission is dedicated to Building Facades for a Safe, Warm, and Sustainable Future.
Our Vision is to achieve this by continuing to build enduring client partnerships based on mutual honesty and trust, fostered through the delivery of outstanding quality, value for money and community development.
Our Values are to:
To embrace excellence in delivering Products, Services, Health & Safety and Management.
Ambition to encourage and facilitate Continuing Professional Development and raising standards in all aspects of the business.
Provide Care to our employees, clients residents and supply chain partners.
Care for the environment and actively promote increased sustainability.
Work Collaboratively with our clients and supply chain partners.
Our portfolio of projects encompasses all aspects of cladding, including Brick/masonry, External Wall Insulation Rainscreen Cladding, Timber Cladding, Curtain wall, Balconies and Roofing. We have also developed a significant reputation for dealing with structural remedial works to buildings where required, particularly Fire doors and Fire-stopping works.
Our client base has continued to grow, and we deliver large-scale external envelope remedial projects to occupied residential properties. Our clients include substantial private landlords, Developers, Housing Associations and Local Authorities.
We carry many industry accreditations as outlined later and are approved on a number of large-scale national frameworks for estate refurbishment works.
Our People
The Company is run independently by a single Board of Directors covering all internal divisions of the business. During the financial period Leigh Renak left the Board of Directors and Martin Lukac was appointed to the Board. The company moved its head office to a larger and more appropriate location providing staff with a better working environment. The company has opened a number of smaller offices as we expend our geographical spread of projects through continued controlled growth. The company has embarked on a long-term motivation and development process to provide its staff with continued improvement, maintaining its specialist excellence within the cladding industry. We are extremely proud of our excellent workforce who work to the highest of standards to continue to make the company successful. We aim to continue to attract, inspire and retain like-minded individuals to bolster our team, facilitate our projected growth, and continue to deliver exceptional customer service.
Lawtech Group Limited
Strategic Report (Continued)
For the period ended 31 March 2024
Page 2
External Wall Insulation (EWI) and Rainscreen Cladding
The company operates as a principal contractor managing a range of works, but specialising in Building Facades including external fire remediation works, specifically EWI, rainscreen cladding and internal fire stopping installations. Our expertise in this field has developed over more than 15 years. We are now one of the primary cladding specialists in the country, and one of very few principal contractors specialising specifically in façade refurbishment. Our in-house Design & Quality Department are experts in the field of cladding refurbishment and have an extensive knowledge of cladding systems and Building Regulations.
We have successfully taken on and completed a large number of cladding projects across the UK during the last 18 months and have a significant order book for 2024/25 which exceeds the same period last year. We have the competency to act as the Principal Designer & Principal Contractor as defined in the Building Safety Act 2022 and have submitted multiply project to the Building Safety Regulator.
Quality Control Quality Assurance (QCQA)
We have always prided ourselves on our rigorous and comprehensive quality control processes. This is essential and ensures we remain at the forefront of the industry in this regard. Our QCQA processes include the implementation of an ISO 9001 Quality Management Plan on each project, the use of software Rsnag, providing live cloud-based QA control, providing an automated a QCQA Tracker System, and the creation of QCQA Reports for every square metre of every installation we undertake based on a grid line system. Our file sharing and tracking software ensures we have full visibility and follow the “Golden Thread” for all our clients.
Pre-Contract Services Agreements (PCSAs) are led by our Pre-Construction Team and allow us to undertake intrusive site investigations and complete design works prior to the commencement of a second-stage contract. This enables us to provide substantially improved cost and design certainty for our clients and comply with the Building Safety Act 2022.
Lawtech Legacy
A significant amount of the company’s retrofit and refurbishment work is carried out in some of the most deprived and socially disadvantaged areas of the UK. We are focused on improving the lives of the people living in these communities via our long-standing programme of employment, training, educational and well- being initiatives.
Financial Performance
Our financial performance for the period ended 31 March 2024 has been strong and we have seen growth in our turnover in line with expectations.
Compared to the previous financial year, turnover grew by 69% gross margin fell slightly to 7.1% due to some exceptional project costs related to inflation. The value of shareholders’ funds has increased to £2,618,576.
18 months ended
30 September 2024
Year ended
30 September 2022
£
£
Turnover
77,247,852
45,752,383
Gross Profit
5,488,746
3,790,641
Profit after tax
913,702
1,339,190
Net Current Assets
2,563,684
2,181,515
Total Shareholders' Funds
2,618,576
2,261,659
Lawtech Group Limited
Strategic Report (Continued)
For the period ended 31 March 2024
Page 3
Projections for the year ended 31st March 2025 are very strong. We have secured contracts totaling some £60m, in addition we are in progress with designs (PCSA Contracts) for projects that total a further £40m and have a significant number of projects being tendered or awaiting award totaling around £200m. New Enquiries are at an all time high with around £30m of tender enquires per month. Gross profit margins are expected to rise to around 10%.
Principal Risks and Uncertainties
2023/24 has again been an unstable year both globally and for the UK specifically. Principal reasons for this include the Russo-Ukrainian War and the inflation surge caused by COVID-19. With inflation falling back to just above normal levels and our market sector stabilising, the outlook for the company is very strong. On all long term contracts we seek clauses allowing for fluctuations with inflation.
The principal risk facing the company is any change to Government Policy in terms of the funding of rectification works and the general restraints on expenditure across all sectors. Our Directors have reviewed and constantly monitor the risks associated with this and are confident that with the delivery of quality and the level of expertise that we offer, together with our strong order book for 2024/25, that we are extremely well placed to see continued growth for the current financial year and beyond.
Future
We will continue to build on the very solid base that has been established over many years by growing our client base across residential, medical and estate refurbishment and offering our well-established client base high-quality delivery of their projects. As we grow, we have enhanced our recruitment practices to allow us to expand our internal resource, ensuring we employ suitable individuals across all areas of our company. Our repeat clients have increased and quality is becoming a bigger motivating factor when awarding contracts and Lawtech is well positioned to capture this trend in contract awards.
D Lawrence
Director
27 September 2024
Lawtech Group Limited
Directors' Report
For the period ended 31 March 2024
Page 4
The directors present their annual report and financial statements for the period ended 31 March 2024.
Results and dividends
The results for the period are set out on page 10.
Ordinary dividends were paid amounting to £346,085 (2022: £366,279).
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
D Lawrence
M Johnston
L Renak
(Resigned 31 October 2023)
M Bastone
J Lamont
E McKenzie
(Resigned 20 February 2023)
M Lukac
(Appointed 12 December 2023)
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
D Lawrence
Director
27 September 2024
Lawtech Group Limited
Directors' Responsibilities Statement
For the period ended 31 March 2024
Page 5
The directors are responsible for preparing the annual report 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
Lawtech Group Limited
Independent Auditor's Report
To the Members of Lawtech Group Limited
Page 6
Opinion
We have audited the financial statements of Lawtech Group Limited (the 'company') for the period ended 31 March 2024 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 2024 and of its profit for the period 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.
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 Auditor's 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.
Material uncertainty related to going concern
We draw attention to note 18 and note 1.2 of the financial statements, which describes an ongoing discussion with HMRC over the correct VAT treatment of replacement cladding products, which indicate a material uncertainty that could have a material impact on the company’s ability to continue as a going concern. The outcome of this matter is currently unknown, but the directors are confident a positive outcome will be achieved. Notwithstanding that confidence, the directors have prudently and successfully sought to collect VAT from customers in order to pre-emptively pay HMRC should the outcome not be positive. Our opinion is not modified in this respect.
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.
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 course of 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.
Lawtech Group Limited
Independent Auditor's Report (Continued)
To the Members of Lawtech Group Limited
Page 7
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 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 Directors' Responsibilities Statement, 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 is 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.
Lawtech Group Limited
Independent Auditor's Report (Continued)
To the Members of Lawtech Group Limited
Page 8
Auditor's 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 an auditor's report 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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Lawtech Group Limited
Independent Auditor's Report (Continued)
To the Members of Lawtech Group Limited
Page 9
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 by, for example, forgery or intentional misrepresentations, or through collusion.
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 an auditor's report 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.
Guy Richardson
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
30 September 2024
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Lawtech Group Limited
Profit and Loss Account
For the period ended 31 March 2024
Page 10
18 months to 31 March
12 months to 30 September
2024
2022
Notes
£
£
Turnover
3
77,247,852
45,752,383
Cost of sales
(71,759,106)
(41,961,742)
Gross profit
5,488,746
3,790,641
Administrative expenses
(4,378,216)
(2,109,429)
Other operating income
3
24,102
Operating profit
4
1,134,632
1,681,212
Interest receivable and similar income
8
1,885
2
Profit before taxation
1,136,517
1,681,214
Tax on profit
9
(222,815)
(342,024)
Profit for the financial period
913,702
1,339,190
The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
Lawtech Group Limited
Statement of Comprehensive Income
For the period ended 31 March 2024
Page 11
2024
2022
£
£
Profit for the period
913,702
1,339,190
Other comprehensive income
-
-
Total comprehensive income for the period
913,702
1,339,190
Lawtech Group Limited
Balance Sheet
As at 31 March 2024
Page 12
31 March
30 September
2024
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
-
-
Tangible assets
12
55,411
91,978
55,411
91,978
Current assets
Debtors
13
11,712,682
10,467,167
Cash at bank and in hand
1,458,567
123,436
13,171,249
10,590,603
Creditors: amounts falling due within one year
14
(10,607,565)
(8,409,088)
Net current assets
2,563,684
2,181,515
Total assets less current liabilities
2,619,095
2,273,493
Provisions for liabilities
Deferred tax liability
16
(519)
(11,834)
(519)
(11,834)
Net assets
2,618,576
2,261,659
Capital and reserves
Called up share capital
17
69,956
76,455
Share premium account
32,268
32,268
Capital redemption reserve
6,499
Profit and loss reserves
2,509,853
2,152,936
Total equity
2,618,576
2,261,659
The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
D Lawrence
Director
Company Registration No. 05301280
Lawtech Group Limited
Statement of Changes in Equity
For the period ended 31 March 2024
Page 13
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2021
76,455
32,268
1,180,025
1,288,748
Period ended 30 September 2022:
Profit and total comprehensive income for the period
-
-
-
1,339,190
1,339,190
Dividends
10
-
-
-
(366,279)
(366,279)
Balance at 30 September 2022
76,455
32,268
2,152,936
2,261,659
Period ended 31 March 2024:
Profit and total comprehensive income for the period
-
-
-
913,702
913,702
Dividends
10
-
-
-
(346,085)
(346,085)
Redemption of shares
17
(6,499)
6,499
(210,700)
(210,700)
Balance at 31 March 2024
69,956
32,268
6,499
2,509,853
2,618,576
Lawtech Group Limited
Statement of Cash Flows
For the period ended 31 March 2024
Page 14
18 months to 31 March
12 months to 30 September
2024
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
3,041,788
(351,827)
Income taxes paid
(253,514)
Net cash inflow/(outflow) from operating activities
2,788,274
(351,827)
Investing activities
Purchase of tangible fixed assets
(25,199)
(72,191)
Proceeds from disposal of tangible fixed assets
350
714
Interest received
1,885
2
Net cash used in investing activities
(22,964)
(71,475)
Financing activities
Redemption of shares
(210,700)
Dividends paid
(346,085)
(366,279)
Net cash used in financing activities
(556,785)
(366,279)
Net increase/(decrease) in cash and cash equivalents
2,208,525
(789,581)
Cash and cash equivalents at beginning of period
(750,320)
39,261
Cash and cash equivalents at end of period
1,458,205
(750,320)
Relating to:
Cash at bank and in hand
1,458,567
123,436
Bank overdrafts included in creditors payable within one year
(362)
(873,756)
Lawtech Group Limited
Notes to the Financial Statements
For the period ended 31 March 2024
Page 15
1
Accounting policies
Company information
Lawtech Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Ambley Green, Gillingham Business Park, Gillingham, England, ME8 0NJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The impact of the matter disclosed in note 19 is currently unknown. However, the directors are proactively engaging with HMRC and believe that a positive result can be achieved. Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
In the 12 months to 30 September 2023, there were 3 exceptional matters that were due to conclude shortly after the 12 month Year End.
There were two on-going projects which had suffered significant losses, and therefore were having a large impact of the Profit and Loss. They were due to finish on site shortly after year end and would therefore have required uncertain calculations within the Work In Progress, as opposed to be able to report at 18 months with the Final Accounts, and therefore full impact factored into the financial position.
In addition, we also saw the departure of shareholder and Finance Director, Leigh Renak. Rather than having this as a post balance sheet event, with the costs associated with the share buy-back, and employment matters being accrued for, we wished to include this matter in full within the next set of filed financial statements.
To provide a fuller, and clearer picture of the company strength after the conclusion of these events, extending the year to 18 month to 31 March, 2024 enabled us to include the full impact of these events.
For this reason, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 16
1.4
Turnover
Turnover arises from increases in valuations on contracts and is normally determined by internal valuations, as agreed with the client's quantity surveyors. It is the gross value of work carried out for the period to the balance sheet date (including retentions).
The general principles for profit recognition are as follows:
Profits from long term contracts 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 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 complete can be measured reliably.
A provision is made for losses incurred or foreseen in bringing the contract to completion as soon as they become apparent;
Variations are included in forecasts to completion when it is considered highly probable that they will be recovered.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
3 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15-33% straight line
Motor vehicles
20% straight line
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 17
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Construction contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account, which are shown separately within debtors.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 18
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of 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 deducting all of its liabilities.
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 19
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
1
Accounting policies
(Continued)
Page 20
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Research and development tax credits
The company has made claims for tax credits for Research and Development work undertaken. These claims may be subject to HM Revenue and Customs review. The company recognises the tax credits as income on an accruals basis.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 21
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed in an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty:
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Amounts recoverable on long term contracts:
The company has calculated its amounts receivable on long term contracts with reference to each contract's stage of completion based on the valuation to date as a percentage of the total estimated value of the works. As the future costs to complete the contracts are projections, the resulting valuation is subject to a degree of uncertainty.
Accrual for future costs on long term contracts:
The accrual for future costs on long term contracts aligns the actual gross profit margin achieved on a contract as at the year-end with the forecast gross profit margin for the contract as a whole. The forecast gross profit margin is inherently subjective so that the resulting accrual contains a degree of uncertainty.
Recoverability of trade debtors:
The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of these balances, management considers factors including the current credit rating of the debtor, the ageing profile and historic experience.
3
Turnover and other revenue
18 months to 31 March
12 months to 30 September
2024
2022
£
£
Turnover analysed by class of business
Contract sales
77,247,852
45,752,383
18 months to 31 March
12 months to 30 September
2024
2022
£
£
Turnover analysed by geographical market
United Kingdom
77,247,852
45,752,383
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
3
Turnover and other revenue
(Continued)
Page 22
18 months to 31 March
12 months to 30 September
2024
2022
£
£
Other significant revenue
Other operating income - RDEC receivable
24,102
4
Operating profit
18 months to 31 March
12 months to 30 September
2024
2022
Operating profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
38,516
30,000
Depreciation of owned tangible fixed assets
58,504
31,947
Loss on disposal of tangible fixed assets
2,912
-
Operating lease charges
180,670
20,900
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
18 months to 31 March
12 months to 30 September
2024
2022
Number
Number
Directors
5
6
Administrative and project related
141
132
Total
146
138
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
5
Employees
(Continued)
Page 23
Their aggregate remuneration comprised:
18 months to 31 March
12 months to 30 September
2024
2022
£
£
Wages and salaries
11,700,043
6,275,462
Social security costs
1,239,091
720,705
Pension costs
590,015
461,398
13,529,149
7,457,565
6
Retirement benefit schemes
18 months to 31 March
12 months to 30 September
2024
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
590,015
461,398
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The company had unpaid pension contributions of £48,901 (2022: £6,929) at year end.
7
Directors' remuneration
18 months to 31 March
12 months to 30 September
2024
2022
£
£
Remuneration for qualifying services
540,528
301,604
Company pension contributions to defined contribution schemes
225,959
65,127
766,487
366,731
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
7
Directors' remuneration
(Continued)
Page 24
Remuneration disclosed above include the following amounts paid to the highest paid director:
18 months to 31 March
12 months to 30 September
2024
2022
£
£
Remuneration for qualifying services
226,225
140,517
Company pension contributions to defined contribution schemes
18,031
36,627
8
Interest receivable and similar income
18 months to 31 March
12 months to 30 September
2024
2022
£
£
Interest income
Interest on bank deposits
1,885
2
9
Taxation
18 months to 31 March
12 months to 30 September
2024
2022
£
£
Current tax
UK corporation tax on profits for the current period
265,798
229,438
Adjustments in respect of prior periods
(31,668)
Total current tax
234,130
229,438
Deferred tax
Origination and reversal of timing differences
(11,315)
112,586
Total tax charge
222,815
342,024
Changes to the UK corporation tax rates were substantively enacted as part of the Finance Bill 2021 on 24 May 2021. The provision for the rate of corporation tax in the UK increased, from April 2023, from 19% to 25% where a company has taxable profits exceeding £250,000 (equivalent to €282,000).
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
9
Taxation
(Continued)
Page 25
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
18 months to 31 March
12 months to 30 September
2024
2022
£
£
Profit before taxation
1,136,517
1,681,214
Expected tax charge based on the standard rate of corporation tax in the UK of 23.00% (2022: 19.00%)
261,399
319,431
Tax effect of expenses that are not deductible in determining taxable profit
2,500
1,084
Remeasurement of deferred tax for changes in tax rates
(896)
21,509
R&D tax credit
(39,105)
Fixed asset differences
(1,083)
Taxation charge for the period
222,815
342,024
10
Dividends
18 months to 31 March
12 months to 30 September
2024
2022
£
£
Final paid
346,085
366,279
11
Intangible fixed assets
Development costs
£
Cost
At 1 October 2022 and 31 March 2024
410,001
Amortisation and impairment
At 1 October 2022 and 31 March 2024
410,001
Carrying amount
At 31 March 2024
At 30 September 2022
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 26
12
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2022
354,898
32,609
387,507
Additions
25,199
25,199
Disposals
(216,091)
(10,419)
(226,510)
At 31 March 2024
164,006
22,190
186,196
Depreciation and impairment
At 1 October 2022
276,429
19,100
295,529
Depreciation charged in the period
55,271
3,233
58,504
Eliminated in respect of disposals
(215,561)
(7,687)
(223,248)
At 31 March 2024
116,139
14,646
130,785
Carrying amount
At 31 March 2024
47,867
7,544
55,411
At 30 September 2022
78,469
13,509
91,978
13
Debtors
31 March
30 September
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
3,422,282
5,189,810
Amounts recoverable on long term contracts
7,948,751
5,000,293
Other debtors
43,331
22,888
Prepayments and accrued income
298,318
254,176
11,712,682
10,467,167
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 27
14
Creditors: amounts falling due within one year
31 March
30 September
2024
2022
Notes
£
£
Bank loans and overdrafts
15
362
873,756
Trade creditors
3,405,691
2,385,254
Corporation tax
210,054
229,438
Other taxation and social security
1,322,636
809,598
Other creditors
2,182,471
1,913,275
Accruals and deferred income
217,480
292,102
Provision for costs on long term contracts
3,268,871
1,905,665
10,607,565
8,409,088
15
Loans and overdrafts
31 March
30 September
2024
2022
£
£
Bank overdrafts
362
873,756
Payable within one year
362
873,756
The bank overdraft represents an Invoice Financing rolling facility which has a fixed and floating charge over the assets of the company.
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
31 March
30 September
2024
2022
Balances:
£
£
Accelerated capital allowances
12,810
21,510
Short term timing differences
(12,291)
(9,676)
519
11,834
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
16
Deferred taxation
(Continued)
Page 28
2024
Movements in the period:
£
Liability at 1 October 2022
11,834
Credit to profit or loss
(11,315)
Liability at 31 March 2024
519
The deferred tax asset (2022: deferred tax liability) set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
17
Share capital
31 March
30 September
31 March
30 September
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of 1p each
4,435,948
4,780,085
44,360
47,801
Ordinary B shares of 1p each
2,368,515
2,368,515
23,685
23,685
Ordinary C shares of 1p each
-
305,800
-
3,058
Ordinary D shares of 1p each
191,100
191,100
1,911
1,911
6,995,563
7,645,500
69,956
76,455
All classes of shares have full voting, dividend and capital distribution rights.
On 9 November 2023, the company repurchased and cancelled 344,137 Ordinary A shares of 1p each and 305,800 Ordinary C shares of 1p each.
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
31 March
30 September
2024
2022
£
£
Within one year
70,904
17,280
Between two and five years
20,548
10,050
91,452
27,330
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 29
19
Contingent Liabilities
Lawtech Group Ltd is in discussion with HMRC regarding the correct VAT treatment of replacement cladding works undertaken over the last 4 years. Lawtech Group Ltd continues to work closely with HMRC to ensure that the correct VAT treatment of these projects is identified.
As a protective measure, and without accepting that this is the correct treatment in law, Lawtech Group Ltd has taken steps to recover any additional sums of VAT which may be due on cladding works from its customers, and to pay such sums to HMRC on a without prejudice basis. The quantification of the final liability is still subject to complex on going discussions with HMRC, to date, Lawtech Group Ltd has collected approximately 50% of the directors’ current estimate of the potential liability. In addition, other customers have indicated that they are prepared to indemnify Lawtech Group Limited against any additional VAT liability which may become payable in the future.
HMRC have indicated that they do not intend to charge penalties on any additional amount of VAT which may be payable. Potential interest charges would be subject to separate discussion.
20
Events after the reporting date
On 5 April 2024, 57,323 A ordinary shares were converted to 57,323 B ordinary shares.
21
Related party transactions
At the period end the company owed £89,838 (2022: £208,567) to directors of the company. These balances are included within other creditors.
During the period the company's directors charged fees of £88,971 (2022: £38,204) for specific services delivered to the company.
Dividends totalling £498,085 (2022: £366,279) were paid in the period in respect of shares held by the company's directors.
At the period end, the company was owed £1,704 (2022: £204) by Lawtech Trust, an entity under common control.
Key management personnel are considered to be the Directors of the company and their remuneration has been disclosed in note 6.
22
Ultimate controlling party
The ultimate controlling party is D Lawrence by virtue of his shareholding.
Lawtech Group Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2024
Page 30
23
Cash generated from/(absorbed by) operations
31 March
30 September
2024
2022
£
£
Profit for the period after tax
913,702
1,339,190
Adjustments for:
Taxation charged
222,815
342,024
Investment income
(1,885)
(2)
Loss on disposal of tangible fixed assets
2,912
-
Depreciation and impairment of tangible fixed assets
58,504
31,947
Movements in working capital:
Increase in debtors
(1,245,515)
(4,032,250)
Increase in creditors
3,091,255
1,967,264
Cash generated from/(absorbed by) operations
3,041,788
(351,827)
24
Analysis of changes in net funds/(debt)
1 October 2022
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
123,436
1,335,131
1,458,567
Bank overdrafts
(873,756)
873,394
(362)
(750,320)
2,208,525
1,458,205
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