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REGISTERED NUMBER: 14978495 (England and Wales)















Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 30 September 2024

for

LPK Group Limited

LPK Group Limited (Registered number: 14978495)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Income and Retained
Earnings

10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


LPK Group Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: PJ Kemp
LC Kemp



REGISTERED OFFICE: 5 Harvington Park
Pitstone Business Park
Pitstone
Bedfordshire
LU7 9GX



REGISTERED NUMBER: 14978495 (England and Wales)



SENIOR STATUTORY AUDITOR: John Grant FCCA



INDEPENDENT AUDITORS: TC Group
Brightfield Business Hub
Bakewell Rd
Orton Southgate
Peterborough
PE2 6XU

LPK Group Limited (Registered number: 14978495)

Group Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
The Group was formed on 1st October 2023 by an amalgamation of our main trading business PRS Office Furniture Limited, the company which owns our freehold trading premises MSP 003 Limited and our company which holds our other freehold property investments, LARR Residential Properties Limited.

PRS Office Furniture Limited enjoyed a very successful trading year, exceeding its budgets in terms of turnover. The group's team of staff met, and in most cases exceeded, their KPIs.

We work with Positive Plant and Ecovadis and are aiming within 2025 to become a top 15% company in terms of sustainability. We have invested in solar panels and electric vehicles and our target is to be carbon net zero by 2045.

Our further efforts have led us to initiate our 'Keep It Going' scheme whereby serviceable pre-used furniture is offered to registered local charities rather than being sent to landfill.

We are on track to achieve ISO 14001 status for our Environmental Management Systems in 2025

The business continues to maintain a healthy balance across all of its activities, with a wide range of opportunities in the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks facing the business are liquidity risk, credit risk, currency risk, cash flow risk. The directors have reviewed and agreed policies for managing each of these risks.

The group seeks to manage liquidity risk by ensuring that sufficient funding is available to meet future requirements. This is done using forecasting methods.

The group trades only with recognised, creditworthy third parties. In addition, receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is not significant.

The group makes an element of its sales and purchases in foreign currencies. The directors monitor on an ongoing basis the currency risk arising to the company and ensures that the risk remains at an acceptable level. Where possible, costs and incomes are matched in that foreign currency to minimise exchange risk with bank accounts held in the major overseas currencies.


LPK Group Limited (Registered number: 14978495)

Group Strategic Report
for the Year Ended 30 September 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The key financial performance indicators of the group include gross profit, and turnover.

The group's turnover for the financial year was £13,275,462.

The group's gross profit margin was 25%.

ON BEHALF OF THE BOARD:





PJ Kemp - Director


13 March 2025

LPK Group Limited (Registered number: 14978495)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

COMMENCEMENT OF TRADING
The group was formed on 1st October 2023 by the acquisition of its subsidiaries in a share for share exchange.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

PJ Kemp
LC Kemp

POLITICAL DONATIONS AND EXPENDITURE
The group has made charitable donations during the year. No political donations were made.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

LPK Group Limited (Registered number: 14978495)

Report of the Directors
for the Year Ended 30 September 2024


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

ON BEHALF OF THE BOARD:





PJ Kemp - Director


13 March 2025

Report of the Independent Auditors to the Members of
LPK Group Limited

Opinion
We have audited the financial statements of LPK Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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).

The prior year financial statements have not been audited, therefore the corresponding figures are unaudited.

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's 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 group 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 group's and the parent 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
LPK Group Limited


Other information
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.

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 year 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 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 parent 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
LPK Group 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. 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to 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; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.


Report of the Independent Auditors to the Members of
LPK Group Limited

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.




John Grant FCCA (Senior Statutory Auditor)
for and on behalf of TC Group
Brightfield Business Hub
Bakewell Rd
Orton Southgate
Peterborough
PE2 6XU

13 March 2025

LPK Group Limited (Registered number: 14978495)

Consolidated Statement of Income and Retained Earnings
for the Year Ended 30 September 2024

30.9.24 30.9.23
(Unaudited)
Notes £    £   

TURNOVER 3 13,275,462 7,675,670

Cost of sales 9,964,474 5,371,178
GROSS PROFIT 3,310,988 2,304,492

Administrative expenses 3,028,064 2,101,088
282,924 203,404

Other operating income 37,326 31,909
OPERATING PROFIT 5 320,250 235,313

Profit/loss - assets disposed 6 - 2,287
320,250 233,026

Interest receivable and similar income 6,476 3,972
326,726 236,998

Interest payable and similar expenses 7 - 259
PROFIT BEFORE TAXATION 326,726 236,739

Tax on profit 8 73,557 67,646
PROFIT FOR THE FINANCIAL YEAR 253,169 169,093


RETAINED EARNINGS FOR THE GROUP
AT END OF YEAR

253,169

169,093

Profit attributable to:
Owners of the parent 253,169 169,093

LPK Group Limited (Registered number: 14978495)

Consolidated Balance Sheet
30 September 2024

30.9.24 30.9.23
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,266,534 2,291,351
Investments 11 - -
Investment property 12 1,487,251 1,487,251
3,753,785 3,778,602

CURRENT ASSETS
Stocks 13 1,209,031 1,323,022
Debtors 14 3,974,063 2,140,286
Cash at bank and in hand 1,385,735 1,800,232
6,568,829 5,263,540
CREDITORS
Amounts falling due within one year 15 3,121,344 2,089,184
NET CURRENT ASSETS 3,447,485 3,174,356
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,201,270

6,952,958

PROVISIONS FOR LIABILITIES 17 349,458 354,319
NET ASSETS 6,851,812 6,598,639

CAPITAL AND RESERVES
Called up share capital 18 106 102
Merger reserves 19 6,598,537 6,401,169
Retained earnings 19 253,169 197,368
SHAREHOLDERS' FUNDS 6,851,812 6,598,639

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2025 and were signed on its behalf by:





PJ Kemp - Director


LPK Group Limited (Registered number: 14978495)

Company Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 104 -
Investment property 12 - -
104 -

CURRENT ASSETS
Debtors 14 2 -
NET CURRENT ASSETS 2 -
TOTAL ASSETS LESS CURRENT
LIABILITIES

106

-

CAPITAL AND RESERVES
Called up share capital 18 106 -
SHAREHOLDERS' FUNDS 106 -

Company's profit for the financial year - -

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

The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2025 and were signed on its behalf by:





PJ Kemp - Director


LPK Group Limited (Registered number: 14978495)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (328,569 ) 784,988
Interest paid - (259 )
Tax paid (24,296 ) (71,530 )
Net cash from operating activities (352,865 ) 713,199

Cash flows from investing activities
Purchase of tangible fixed assets (68,212 ) (279,888 )
Purchase of investment property - (747,450 )
Sale of tangible fixed assets - 2,286
Interest received 6,474 3,972
Net cash from investing activities (61,738 ) (1,021,080 )

Cash flows from financing activities
Share issue 106 -
Net cash from financing activities 106 -

Decrease in cash and cash equivalents (414,497 ) (307,881 )
Cash and cash equivalents at beginning
of year

2

1,800,232

2,108,113

Cash and cash equivalents at end of
year

2

1,385,735

1,800,232

LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.24 30.9.23
(Unaudited)
£    £   
Profit before taxation 326,726 236,739
Depreciation charges 93,029 86,043
Finance costs - 259
Finance income (6,476 ) (3,972 )
413,279 319,069
Decrease/(increase) in stocks 113,991 (261,464 )
(Increase)/decrease in trade and other debtors (1,884,883 ) 1,130,908
Increase/(decrease) in trade and other creditors 1,029,044 (403,525 )
Cash generated from operations (328,569 ) 784,988

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 1,385,735 1,800,232
Year ended 30 September 2023
30.9.23 1.10.22
(Unaudited)
£    £   
Cash and cash equivalents 1,800,232 2,108,113


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 1,800,232 (414,497 ) 1,385,735
1,800,232 (414,497 ) 1,385,735
Total 1,800,232 (414,497 ) 1,385,735

LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

LPK Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The financial statements are presented in British pounds and amounts are rounded to the nearest whole currency unit.

Business Combination
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company LPK Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates.

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the accounts of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group's share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group's share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group's interest in the entity.




Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Judgements and key sources of estimation uncertainty
In the application of the group'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 on 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, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Bad debt provision
Trade debtors carry an inherent risk factor related to recoverability. The directors have provided for a bad debt provision over the year end trade debtors balance based on their knowledge of the customer, past experience and the most relevant reliable information to them.

Stock provision
Stocks carry an inherent risk factor relating to obsolescence, returns and warranties. Directors have provided for impairment over the year end stock balance based on historical data and/ or anticipated future effects based on the most relevant reliably information available to them.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Fixtures and fittings - 33% on reducing balance, 33% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance

An annual impairment review is carried out on the Group's freehold properties. Any diminution in value is recognised in profit & loss as a charge to depreciation.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

30.9.24 30.9.23
(Unaudited)
£    £   
United Kingdom 12,373,338 7,079,164
Europe 902,124 596,506
13,275,462 7,675,670

LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

4. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
(Unaudited)
£    £   
Wages and salaries 1,837,163 1,418,345
Social security costs 209,916 183,480
Other pension costs 221,494 25,125
2,268,573 1,626,950

The average number of employees during the year was as follows:
30.9.24 30.9.23
(Unaudited)

Management 11 10
Operations 18 17
29 27

The highest paid director received £360,434 ( 2023: £179,654), including pension contributions.

5. OPERATING PROFIT

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

30.9.24 30.9.23
(Unaudited)
£    £   
Other operating leases 49,261 800
Depreciation - owned assets 93,029 86,043
Auditors' remuneration 17,500 -
Foreign exchange differences 2,508 (1,540 )

6. EXCEPTIONAL ITEMS
30.9.24 30.9.23
(Unaudited)
£    £   
Profit/loss - assets disposed - (2,287 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
(Unaudited)
£    £   
Interest payable - 259

LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
(Unaudited)
£    £   
Current tax:
UK corporation tax 73,557 67,646
Tax on profit 73,557 67,646

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

30.9.24 30.9.23
(Unaudited)
£    £   
Profit before tax 326,726 236,739
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 25 %)

81,682

59,185

Effects of:
Expenses not deductible for tax purposes 7,726 (1,410 )
Capital allowances in excess of depreciation (169 ) (5,811 )
Utilisation of tax losses (15,682 ) 15,682
Total tax charge 73,557 67,646

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 1,958,500 309,573 124,522 91,747 2,484,342
Additions - 68,212 - - 68,212
At 30 September 2024 1,958,500 377,785 124,522 91,747 2,552,554
DEPRECIATION
At 1 October 2023 - 149,922 32,137 10,932 192,991
Charge for year - 49,729 23,097 20,203 93,029
At 30 September 2024 - 199,651 55,234 31,135 286,020
NET BOOK VALUE
At 30 September 2024 1,958,500 178,134 69,288 60,612 2,266,534
At 30 September 2023 1,958,500 159,651 92,385 80,815 2,291,351

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 104
At 30 September 2024 104
NET BOOK VALUE
At 30 September 2024 104


LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

11. FIXED ASSET INVESTMENTS - continued


Subsidiaries
Details of the company's subsidiaries at 30th September 2024 are as follows:

PRS Office Furniture Limited
Company registration number: 04026031
Registered Office: England & Wales
Class of shares held: Ordinary
Direct holding: 100%
Indirect holding: 0%

MSP 003 Limited
Company registration number: 04202929
Registered Office: England & Wales
Class of shares held: Ordinary
Direct holding: 100%
Indirect holding: 0%

LARR Residential Property Limited
Company registration number: 14977414
Registered Office: England & Wales
Class of shares held: Ordinary
Direct holding: 100%
Indirect holding: 0%

MSP 003 Limited and LARR Residential Property Limited are exempt from the requirements of an audit in accordance with section 479A of the Companies Act 2006.

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 1,487,251
NET BOOK VALUE
At 30 September 2024 1,487,251
At 30 September 2023 1,487,251

The directors consider the value of the investment properties to be at an open market value at the balance sheet date.

LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

13. STOCKS

Group
30.9.24 30.9.23
(Unaudited
£    £   
Finished goods 1,209,031 1,323,022

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
(Unaudited)
£    £    £    £   
Trade debtors 3,758,038 1,781,081 - -
Amounts owed by participating interests 84,691 215,905 - -
Other debtors 20,957 32,608 2 -
Called up share capital not paid 2 - - -
Prepayments and accrued income 110,375 110,692 - -
3,974,063 2,140,286 2 -

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
30.9.24 30.9.23
(Unaudited
£    £   
Trade creditors 1,923,870 1,069,700
Amounts owed to participating interests 28,425 58,425
Tax 78,417 24,295
Social security and other taxes 40,761 27,466
VAT 258,782 152,378
Other creditors 67,414 88,144
Directors' current accounts 94,936 36,174
Accruals and deferred income 628,739 632,602
3,121,344 2,089,184

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

Group
Non-cancellable operating leases
30.9.24 30.9.23
(Unaudited)
£    £   
Within one year 23,324 -
Between one and five years 27,544 -
50,868 -

17. PROVISIONS FOR LIABILITIES

Group
30.9.24 30.9.23
(Unaudited
£    £   
Deferred tax 349,458 354,319

Group
Deferred
tax
£   
Balance at 1 October 2023 354,319
Credit to Income Statement during year (4,861 )
Balance at 30 September 2024 349,458

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
106 ordinary 1 106 102

During the period, the company issued 104 ordinary shares of £1 each.

LPK Group Limited (Registered number: 14978495)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

19. RESERVES

Group
Retained Merger
earnings reserves Totals
£    £    £   

At 1 October 2023 - 6,598,537 6,598,537
Profit for the year 253,169 253,169
At 30 September 2024 253,169 6,598,537 6,851,706


20. PENSION COMMITMENTS

The total amount charged to Profit & Loss account in respect of retirement benefit contributions was £221,494 (2023: £25,125)

21. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 720,867 (2023 - £ 359,306 ) was paid.

During the year, the group made sales of £368,387 to entities in which the directors have a participating interest.

At the year end, debtors included £98,648 and creditors included £28,425 in respect of entities in which the directors have a participating interest.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are P. J. Kemp and L. C. Kemp, each of whom owns 50% of the issued share capital of LPK Group Limited.