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Registered number: 03370155










LPC CONSTRUCTION LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
LPC CONSTRUCTION LIMITED
REGISTERED NUMBER:03370155

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
235,497
341,604

  
235,497
341,604

Current assets
  

Stocks
 5 
47,064
56,852

Debtors: amounts falling due after more than one year
 6 
76,777
88,454

Debtors: amounts falling due within one year
 6 
1,081,485
1,557,803

Cash at bank and in hand
 7 
3,638,339
5,051,044

  
4,843,665
6,754,153

Creditors: amounts falling due within one year
 8 
(732,432)
(1,736,693)

Net current assets
  
 
 
4,111,233
 
 
5,017,460

Total assets less current liabilities
  
4,346,730
5,359,064

Creditors: amounts falling due after more than one year
 9 
(26,973)
(87,217)

Provisions for liabilities
  

Deferred tax
 11 
(52,430)
(68,305)

  
 
 
(52,430)
 
 
(68,305)

Net assets
  
4,267,327
5,203,542


Capital and reserves
  

Called up share capital 
  
200
200

Capital redemption reserve
 13 
100
100

Profit and loss account
 13 
4,267,027
5,203,242

  
4,267,327
5,203,542


Page 1

 
LPC CONSTRUCTION LIMITED
REGISTERED NUMBER:03370155
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

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

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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




N Coates
Director

Date: 29 November 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
LPC CONSTRUCTION LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


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

£
£
£
£
£


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


Comprehensive income for the year

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

Revaluation of assets
-
-
(999,652)
999,652
-

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

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



At 1 June 2023
200
100
-
5,203,242
5,203,542


Comprehensive income for the year

Profit for the year
-
-
-
1,063,785
1,063,785
Total comprehensive income for the year
-
-
-
1,063,785
1,063,785

Dividends: Equity capital
-
-
-
(2,000,000)
(2,000,000)


At 31 May 2024
200
100
-
4,267,027
4,267,327


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

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

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
2.2

Going concern

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

 
2.3

Revenue

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

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

Page 4

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

Finance costs

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

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

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

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

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

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

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

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

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 

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

 
2.12

Debtors

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

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 3 months.

 
2.14

Creditors

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

Page 6

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

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

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

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

Page 7

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Derecognition of financial assets

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

Derecognition of financial liabilities

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

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 19).

Page 8

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





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

£
£
£
£
£



Cost


At 1 June 2023
18,850
344,683
417,829
29,984
811,346


Additions
-
-
-
4,430
4,430


Disposals
-
(3,430)
(140,914)
-
(144,344)



At 31 May 2024

18,850
341,253
276,915
34,414
671,432



Depreciation


At 1 June 2023
4,093
259,508
194,332
11,809
469,742


Charge for the year on owned assets
4,095
14,579
12,868
3,212
34,754


Charge for the year on financed assets
-
-
39,970
-
39,970


Disposals
-
(3,121)
(105,410)
-
(108,531)



At 31 May 2024

8,188
270,966
141,760
15,021
435,935



Net book value



At 31 May 2024
10,662
70,287
135,155
19,393
235,497



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

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


2024
2023
£
£



Motor vehicles
119,909
165,796

119,909
165,796


Page 9

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Stocks

2024
2023
£
£

Raw materials and other consumables
47,064
56,852



6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
76,777
88,454


2024
2023
£
£

Due within one year

Trade debtors
415,438
529,185

Other debtors
658,806
1,022,200

Prepayments and accrued income
7,241
6,418

1,081,485
1,557,803



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,638,339
5,051,044


Page 10

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
255,714
405,363

Amounts owed to group undertakings
18,102
18,102

Corporation tax
38,372
281,738

Other taxation and social security
47,084
85,666

Obligations under finance lease and hire purchase contracts
58,336
62,993

Other creditors
191,896
163,864

Accruals and deferred income
122,928
718,967

732,432
1,736,693



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
26,973
87,217



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
58,336
62,993

Between 1-5 years
26,973
87,217

85,309
150,210


11.


Deferred taxation




2024


£






At beginning of year
(68,305)


Charged to profit or loss
15,875



At end of year
(52,430)

Page 11

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(52,430)
(68,305)

(52,430)
(68,305)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £1.00 each
200
200




13.


Reserves

Capital redemption reserve

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

Profit and loss account

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

14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £484,382 (2023 - £69,491). Contributions totalling £13,179 (2023 - £12,308) were payable to the fund at the balance sheet date and are included in creditors.

Page 12

 
LPC CONSTRUCTION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
57,720
57,720

Later than 1 year and not later than 5 years
80,545
138,265

138,265
195,985


16.


Related party transactions

During the year, an amount of £2,450 owed to the directors and included in other creditors at 31 May 2023 was repaid.

17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 29 November 2024 by Rajiv Thakerar (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
Page 13