REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
LECK CONSTRUCTION LIMITED |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
LECK CONSTRUCTION LIMITED |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Contents of the Financial Statements |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Notes to the Financial Statements | 10 |
LECK CONSTRUCTION LIMITED |
Company Information |
for the Year Ended 31 July 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Strategic Report |
for the Year Ended 31 July 2024 |
The directors present their strategic report for the year ended 31 July 2024. |
The principal activity of the company in the year under review was that of building contractors and property developers. |
Review of business |
The company's turnover increased by 13.00% from the previous year which is due to an uptake of new projects and an increase in trade with existing contractors. The gross profit margin however has reduced, falling from 20.13% to 15.34% due to higher start up costs in relation to the new projects. Admin expenses have reduced by 13.47%, primarily due to a reduction to the payroll expenses and management charges in response to a reduction gross profit margin. |
The Directors are satisfied with figures achieved during the period. |
Principal risks and uncertainties |
Due to the nature of the industry safety, health and environmental issues are ever changing. Accordingly the health and safety of our employees and third parties is our priority. Financial and commercial risks are a continual issue for the industry. Competitive pricing is keener than ever making it difficult to pass on cost increases in material and labour. The board continually review these risks and have policies in place to manage them. |
Key performance indicators |
The company's key financial and other performance indicators during the year were as follows: |
Category | Unit | 2024 | 2023 |
Sales | £ | 15,996,452 | 14,151,586 |
Gross profit | £ | 2,454,986 | 2,848,275 |
Gross margin | % | 15.34 | 20.13 |
On behalf of the board: |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Report of the Directors |
for the Year Ended 31 July 2024 |
The directors present their report with the financial statements of the company for the year ended 31 July 2024. |
Principal activity |
The principal activity of the company in the year under review was that of building contractors and property developers. |
Dividends |
A dividend of £250,000 was paid in the year ended 31 July 2024. |
Future developments |
As for many businesses of our size, the environment in which the company operates continues to be challenging. The industry is subject to constraints on spending partly brought about by uncertainty in the British economy and partly by other factors. With these risks and uncertainties in mind the directors are aware that any plans for future development of the company may be subject to unforeseen future events outside of their control. Nevertheless the directors consider that the company is well placed to sustain the current level of activity in the foreseeable future. |
Directors |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
Financial instruments |
The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations. |
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. |
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Report of the Directors |
for the Year Ended 31 July 2024 |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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 company's auditors are aware of that information. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Leck Construction Limited |
Opinion |
We have audited the financial statements of Leck Construction Limited (the 'company') for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The other information comprises the information included in the report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. 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 the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Leck Construction Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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: |
- Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud; |
- Understanding how management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. |
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and unusual words; and |
- Challenging assumptions and judgements made by management in their significant accounting estimates, in particular those relating to the valuation of investment property, amounts recoverable on contract and contract accruals, by verifying third party evidence; and |
- Reviewed the cashbook for large and unusual items including evidence of fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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. |
for and on behalf of |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Statement of Comprehensive |
Income |
for the Year Ended 31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
Turnover | 4 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
286,173 | 341,783 |
Other operating income | 5 |
Operating profit | 7 |
Income from fixed asset investments |
Interest receivable and similar income |
412,122 | 369,165 |
Interest payable and similar expenses | 8 | ( |
) | ( |
) |
Profit before taxation |
Tax on profit | 9 | ( |
) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
Current assets |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 16 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
17 |
( |
) |
Provisions for liabilities | 18 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 19 |
Fair value reserve | 20 |
Retained earnings | 20 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Statement of Changes in Equity |
for the Year Ended 31 July 2024 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2024 |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Notes to the Financial Statements |
for the Year Ended 31 July 2024 |
1. | Statutory information |
Leck Construction Limited is a |
2. | Statement of compliance |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
There are not considered to be any critical judgements in applying the company's accounting policies. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of liabilities within the next financial year are addressed below. |
(i) Provisions |
Provision is made for work which has been undertaken by sub-contractors during the year but not invoiced at the year end. This provision requires management's best estimate of these costs. |
Turnover |
Turnover comprises completed sales of development properties and the value of contracting work performed which includes attributable profit in respect of long term contracts. |
Profit is recognised on long-term contracts if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related cost as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for intended use. |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
3. | Accounting policies - continued |
Investment property |
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in market value is charged or credited to the profit and loss account and then transferred to a non-distributable reserve, net of any deferred tax. |
Although this accounting policy is in accordance with FRS 102 it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. |
Stocks, developments and long term contracts |
Stock of raw materials and land are valued at the lower of costs and net realisable value. |
Developments included in stocks are valued at the lower of direct costs and net realisable value after deducting payments received. |
Net realisable value is based on estimated selling price, less further costs to completion and disposal. Provision is made for obsolete, slow moving or defective items where appropriate. |
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. Excess progress payments are included in creditors as payments on account. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
3. | Accounting policies - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
There are no assets which are initially measured at fair value. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, loans from fellow group companies 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
4. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
5. | Other operating income |
2024 | 2023 |
£ | £ |
Rents received |
Other income | 62,635 | 212 |
Fair value gain/(loss) |
85,839 | 25,564 |
6. | Employees and directors |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
6. | Employees and directors - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration and support | 18 | 19 |
Other departments | 53 | 53 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
7. | Operating profit |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Purchases - Plant hire |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Other non- audit services |
8. | Interest payable and similar expenses |
2024 | 2023 |
£ | £ |
Group interest payable |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
9. | Taxation |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
(Over)/under provision PY | - | (97,278 | ) |
Total current tax | ( |
) |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
UK corporation tax was charged at 21.01%) in 2023. |
Reconciliation of total tax charge/(credit) 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: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
received |
(Profit)/Loss on disposal of fixed assets | ( |
) | ( |
) |
Deferred tax | ( |
) |
Research and development | ( |
) |
Fair value adjustment | ( |
) |
Group relief | ( |
) |
Total tax charge/(credit) | 64,080 | (48,267 | ) |
10. | Dividends |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
11. | Tangible fixed assets |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2024 |
Depreciation |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
12. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
At 1 August 2023 |
and 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
Fixed asset investments are stated at cost as the fair value is not materially different. |
13. | Investment property |
Total |
£ |
Fair value |
At 1 August 2023 |
Revaluations | 6,000 |
Reclassification/transfer | 586,018 |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
The transfer was in regards to a development property, and the associated land, being transferred from stock. |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
13. | Investment property - continued |
Fair value at 31 July 2024 is represented by: |
£ |
Valuation in 2024 | 17,757 |
Cost | 1,024,261 |
1,042,018 |
14. | Stocks |
2024 | 2023 |
£ | £ |
Raw materials |
Developments | - | 816,237 |
Land | - | 142,673 |
The decrease in stock is due to a transfer to investment property and the sale of other development properties. |
15. | Debtors |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on |
contracts |
Other debtors |
Tax |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts recoverable on contract |
Aggregate amounts |
Trade debtors are stated after provisions for bad debts of £1,245 (2023 - £1,245). |
16. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 188,933 | 159,778 |
Other creditors |
Wages control | 9,450 | 9,941 |
Accruals and deferred income |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
16. | Creditors: amounts falling due within one year - continued |
Included in trade creditors at year end are contract provisions of £820,944 (2023 - £340,506). |
17. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
18. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 59,144 | 65,229 |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 July 2024 |
19. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 5,400 | 5,400 |
All shares are ranked pari passu. |
20. | Reserves |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2023 | 757,816 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
Profit and loss account transfer | (6,000 | ) | 6,000 | - |
Deferred tax | 1,500 | (1,500 | ) | - |
At 31 July 2024 | 804,456 |
21. | Pension commitments |
Defined contribution pension scheme |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £88,762 (2023 - £212,258). |
Contributions totalling £33,671 (2023 - £129,819) were payable to the scheme at the year end and are included in creditors. |
LECK CONSTRUCTION LIMITED (REGISTERED NUMBER: 00421094) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2024 |
22. | Contingent liabilities |
There is a contingent liability in respect of contract bonds which at 31 July 2024 amounted to £136,392 (2023 - £296,438). |
23. | Related party disclosures |
2024 | 2023 |
£ | £ |
Sale of development properties | 430,000 | - |
Key Management Personnel are considered to be the directors of the company and their remuneration is disclosed in note 5. |
24. | Ultimate controlling party |
The company is a subsidiary undertaking of Leck Group Limited, a company incorporated in Great Britain. V and CM Barker control Leck Group Limited as they own 89% of its share capital. |
Leck Group Limited is the sole parent company of the group of which the company is a member and for which group accounts are drawn up. Copies of the group accounts are available from Leck House, 80 Deansgate Lane, Timperley, Altrincham, Cheshire WA14 1SP. |
As a subsidiary undertaking of Leck Group Limited, the company has taken advantage of the exemption in FRS 102 from disclosing transactions with other members of the group headed by Leck Group Limited. |