Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31279574243315Fit Parks Limited Exclusive Residential Limited LTS Refurb Property Maintenance Ltd Heddons Pizzeria Ltd Marble Stories Ltd29402486420913394710483829630994245968false2024-01-01false43390 - Other building completion and finishing8586falsefalse 03301464 2024-01-01 2024-12-31 03301464 2023-01-01 2023-12-31 03301464 2024-12-31 03301464 2023-12-31 03301464 2023-01-01 03301464 1 2024-01-01 2024-12-31 03301464 1 2023-01-01 2023-12-31 03301464 3 2024-01-01 2024-12-31 03301464 3 2023-01-01 2023-12-31 03301464 5 2024-01-01 2024-12-31 03301464 5 2023-01-01 2023-12-31 03301464 d:CompanySecretary1 2024-01-01 2024-12-31 03301464 d:Director2 2024-01-01 2024-12-31 03301464 d:Director3 2024-01-01 2024-12-31 03301464 d:Director3 2024-12-31 03301464 d:Director4 2024-01-01 2024-12-31 03301464 d:Director5 2024-01-01 2024-12-31 03301464 d:RegisteredOffice 2024-01-01 2024-12-31 03301464 e:MotorVehicles 2024-01-01 2024-12-31 03301464 e:MotorVehicles 2024-12-31 03301464 e:MotorVehicles 2023-12-31 03301464 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03301464 e:FurnitureFittings 2024-01-01 2024-12-31 03301464 e:FurnitureFittings 2024-12-31 03301464 e:FurnitureFittings 2023-12-31 03301464 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03301464 e:OfficeEquipment 2024-01-01 2024-12-31 03301464 e:OfficeEquipment 2024-12-31 03301464 e:OfficeEquipment 2023-12-31 03301464 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03301464 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03301464 e:CurrentFinancialInstruments 2024-12-31 03301464 e:CurrentFinancialInstruments 2023-12-31 03301464 e:Non-currentFinancialInstruments 2024-12-31 03301464 e:Non-currentFinancialInstruments 2023-12-31 03301464 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 03301464 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03301464 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 03301464 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 03301464 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-12-31 03301464 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 03301464 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-12-31 03301464 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-12-31 03301464 e:UKTax 2024-01-01 2024-12-31 03301464 e:UKTax 2023-01-01 2023-12-31 03301464 e:ShareCapital 2024-12-31 03301464 e:ShareCapital 2023-12-31 03301464 e:ShareCapital 2023-01-01 03301464 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 03301464 e:RetainedEarningsAccumulatedLosses 2024-12-31 03301464 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03301464 e:RetainedEarningsAccumulatedLosses 2023-12-31 03301464 e:RetainedEarningsAccumulatedLosses 2023-01-01 03301464 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 03301464 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03301464 e:TaxLossesCarry-forwardsDeferredTax 2024-12-31 03301464 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03301464 d:OrdinaryShareClass1 2024-01-01 2024-12-31 03301464 d:OrdinaryShareClass1 2024-12-31 03301464 d:OrdinaryShareClass1 2023-12-31 03301464 d:FRS102 2024-01-01 2024-12-31 03301464 d:Audited 2024-01-01 2024-12-31 03301464 d:FullAccounts 2024-01-01 2024-12-31 03301464 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03301464 e:WithinOneYear 2024-12-31 03301464 e:WithinOneYear 2023-12-31 03301464 e:BetweenOneFiveYears 2024-12-31 03301464 e:BetweenOneFiveYears 2023-12-31 03301464 e:HirePurchaseContracts e:WithinOneYear 2024-12-31 03301464 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 03301464 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-12-31 03301464 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 03301464 e:SaleOrPurchaseGoods 2024-01-01 2024-12-31 03301464 e:SaleOrPurchaseGoods 2023-01-01 2023-12-31 03301464 e:SaleOrPurchaseGoods 2024-12-31 03301464 e:SaleOrPurchaseGoods 2023-12-31 03301464 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Company Registration Number:  03301464



















LTS REFURBISHMENT LIMITED
FINANCIAL STATEMENTS
 31 DECEMBER 2024


















img1821.png

 
LTS REFURBISHMENT LIMITED
 

COMPANY INFORMATION


Directors
G F Banks 
C A G Wint (resigned 4 February 2025)
J Tice 
D Poole 




Company secretary
C D Johnson



Registered number
03301464



Registered office
Beaufront Park
Anick Road

Hexham

Northumberland

NE46 4TU




Independent auditor
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

One Strawberry Lane

Newcastle Upon Tyne

NE1 4BX





 
LTS REFURBISHMENT LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3
Directors' Responsibilities Statement
 
4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 28


 
LTS REFURBISHMENT LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal activity

LTS Refurbishment Limited ('LTS') provides property refurbishment services.

Business review and key performance indicators
 
The construction sector is a very volatile market, which often reflects the position of the overall economy.
However, LTS operates in the high-end residential market which has its own economy and does not reflect the markets around it.
LTS's order book increased throughout 2024, winning some larger contracts which provides a pipeline of work into 2027. These contracts mainly started in the latter part of 2024. This is reflected in the decrease in turnover in the year from £50.0m in 2023 to £37.6m in 2024. However costs have been managed well in 2024, which is reflected in the increase in gross margin in the year from 6.01% in 2023 to 8.47% in 2024.

Principal risks and uncertainties
 
During the past few years, LTS has been introduced to clients from varying regions, which shows that whilst macroeconomic factors continue to impact the general housing market, there is still an appetite for number of clients wishing to have a high-end residential property in and around London.
The performance of LTS for the 2024 year to the point of signing these financial statements has been good and the current order book indicates that the 2025 financial year should see positive growth in the financial performance of the company.
Financial risk management
Financial risk management is integral to the management of the business. The primary risks to which the company is exposed are liquidity risk and credit risk.
Liquidity risk
The company ensures that there are sufficient funds available to meet the requirements of its on-going operations. During the year, the company had a term loan repayable over 5 years which is due to be paid by mid-2026.
Credit risk
Credit risk principally arises on trade debtors. Policies and procedures exist to ensure that appropriate credit limits are set. Significant new accounts or increased credit limits are approved by a director. Monthly management information is produced and reviewed by directors and senior management.

Financial key performance indicators
 
LTS has been able to develop strong relations with many of its clients, from which LTS have procured further works. There have been a number of enquiries from both our regular design teams as well as introductions to tender opportunities through our existing clients. LTS have been tendering on a number of different types of projects, which want to draw from our ability to produce high-end, quality finishes that their clients expect.

Page 1

 
LTS REFURBISHMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board and signed on its behalf.



................................................
G F Banks
Director

Date: 3 June 2025

Page 2

 
LTS REFURBISHMENT LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Results and dividends

The profit for the year, after taxation, amounted to £156,259 (2023 - loss £2,102,705).

The directors do not recommend a final dividend in respect of the year (2023: £nil).

Directors

The directors who served during the year were:

G F Banks 
C A G Wint (resigned 4 February 2025)
J Tice 
D Poole 

Matters covered in the strategic report

Future developments, which would otherwise be disclosed in the directors' report is instead disclosed in the strategic report, as permitted by section 414c(11) of the Companies Act 2006.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Under section 487(2) of the Companies Act 2006Armstrong Watson Audit Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
G F Banks
Director

Date: 3 June 2025
Page 3

 
LTS REFURBISHMENT LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 4

 
LTS REFURBISHMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LTS REFURBISHMENT LIMITED
 

Opinion


We have audited the financial statements of LTS Refurbishment Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 December 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 5

 
LTS REFURBISHMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LTS REFURBISHMENT LIMITED (CONTINUED)


Opinion 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
LTS REFURBISHMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LTS REFURBISHMENT LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and    other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the company;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team     remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of Directors as to where they considered there was susceptibility to fraud,                                                             their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• designed and performed unpredictable procedures to address the risk of fraud in payroll processes;
• assessed whether judgements and assumptions made in determining the accounting estimates were    indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
 
Page 7

 
LTS REFURBISHMENT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LTS REFURBISHMENT LIMITED (CONTINUED)


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• enquiring of Directors as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


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 Auditor's Report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Simon Turner (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors
Newcastle

3 June 2025
Page 8

 
LTS REFURBISHMENT LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
37,635,088
50,033,956

Cost of sales
  
(34,437,482)
(47,027,714)

Gross profit
  
3,197,606
3,006,242

Administrative expenses
  
(2,994,874)
(5,078,530)

Other operating income
 5 
84,560
102,342

Operating profit/(loss)
 6 
287,292
(1,969,946)

Interest receivable and similar income
  
6,623
12,160

Interest payable and similar expenses
 10 
(10,227)
(14,866)

Profit/(loss) before tax
  
283,688
(1,972,652)

Tax on profit/(loss)
 11 
(127,429)
(130,053)

Profit/(loss) for the financial year
  
156,259
(2,102,705)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 28 form part of these financial statements.
Page 9

 
LTS REFURBISHMENT LIMITED
REGISTERED NUMBER: 03301464

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
15,946
14,651

  
15,946
14,651

Current assets
  

Debtors: amounts falling due after more than one year
 13 
1,815,464
-

Debtors: amounts falling due within one year
 13 
8,099,786
7,735,696

Cash at bank and in hand
  
1,247,595
4,668,715

  
11,162,845
12,404,411

Creditors: amounts falling due within one year
 14 
(10,690,914)
(11,910,533)

Net current assets
  
 
 
471,931
 
 
493,878

Total assets less current liabilities
  
487,877
508,529

Creditors: amounts falling due after more than one year
 15 
(93,333)
(270,244)

  

Net assets
  
394,544
238,285


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account
 20 
394,444
238,185

  
394,544
238,285


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




................................................
G F Banks
Director

Date: 3 June 2025

The notes on pages 14 to 28 form part of these financial statements.
Page 10

 
LTS REFURBISHMENT LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
100
2,340,890
2,340,990



Loss for the year
-
(2,102,705)
(2,102,705)



At 1 January 2024
100
238,185
238,285



Profit for the year
-
156,259
156,259


At 31 December 2024
100
394,444
394,544


The notes on pages 14 to 28 form part of these financial statements.
Page 11

 
LTS REFURBISHMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
156,259
(2,102,705)

Adjustments for:

Depreciation of tangible assets
13,641
37,535

Interest paid
10,227
14,866

Interest received
(6,623)
(12,160)

Taxation charge
127,429
225,208

(Increase) in debtors
(1,872,778)
(1,858,145)

(Increase)/decrease in amounts owed by related undertakings
(399,714)
1,280,770

(Decrease)/increase in creditors
(1,172,130)
1,798,804

Corporation tax (paid)
(52,177)
(60,462)

Net cash generated from operating activities

(3,195,866)
(676,289)


Cash flows from investing activities

Purchase of tangible fixed assets
(14,936)
(11,387)

Interest received
6,623
12,160

Net cash from investing activities

(8,313)
773

Cash flows from financing activities

Repayment of loans
(195,848)
(160,000)

Repayment of/new finance leases
(10,866)
(10,867)

Interest paid
(10,227)
(14,866)

Net cash used in financing activities
(216,941)
(185,733)

Net (decrease) in cash and cash equivalents
(3,421,120)
(861,249)

Cash and cash equivalents at beginning of year
4,668,715
5,529,964

Cash and cash equivalents at the end of year
1,247,595
4,668,715


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,247,595
4,668,715

1,247,595
4,668,715


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
LTS REFURBISHMENT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

4,668,715

(3,421,120)

1,247,595

External debt > 1 year

(266,667)

173,334

(93,333)

External debt < 1 year

(160,000)

-

(160,000)

Finance leases

(14,424)

10,866

(3,558)


4,227,624
(3,236,920)
990,704

The notes on pages 14 to 28 form part of these financial statements.
Page 13

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

LTS Refurbishment Limited ("the company") provides property refurbishment services.
The company is a private company limited by shares, incorporated and domiciled in England. The address of the registered office is given in the company information page of these financial statements.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
The financial statements are prepared on a going concern basis and under the historical cost convention. They are presented in pounds sterling and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its working capital requirements through its cash resources and operating cash flows supported by funding facilities.
The financial forecasts prepared and post year end trading performance indicate that the company will maintain sufficient financial headroom to enable it to continue meeting its liabilities as they fall due in the normal course of business for at least the next twelve months following approval of these financial statements. Notwithstanding any further potential ongoing impact on the company's financial performance and position beyond that already anticipated by the forecasts, the company maintains net funds, working capital and confirmed funding facilities which the directors consider are sufficient to fully mitigate the risks which remain due to the current economic environment.
The directors have a reasonable expectation that the company has adequate financial and other resources to continue in operational existence for the foreseeable future. Accordingly, they continue to prepare the financial statements on a going concern basis.

Page 14

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue and long term contracts

Turnover comprises revenue recognised in respect of goods and services supplied during the year, net of discounts and excluding Value Added Tax.
Turnover is recognised under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date based on the expected consideration at completion.
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 any 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 accounts.
Provisions for costs are made where the realised and expected final margin differ, with those provisions representing the incurred but not yet realised costs of delivering the recognised revenue. 
Where contracts are expected to be loss-making, those losses are provided for in full in the period in which they are first foreseen.

  
2.4

Long term retention debtors and creditors

Retention receivable and payable balances arise on contracts where a portion of the contract value is not due until practical completion, and a further portion after a pre-defined retention period. Included within other debtors due in more than one year, and accruals and deferred income due in more than one year, are those retentions receivable and payable which, given the expected practical completion date and/or the retention period, are not due for settlement until at least 12 months from the balance sheet date. 
It is common for the practical completion date to be estimated. However, the estimation is applied consistently across retentions receivable and payable by contract. 

 
2.5

Leases

Assets held under finance leases and hire purchase contracts, which confer rights and obligations on the company similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future lease obligations are recorded as liabilities, and the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of charge on the remaining balance of the liability.
Leases that do not confer rights and obligations approximating to ownership are classified as operating leases. Rental payments under operating leases are charged to the profit and loss account on a straight-line basis over the lease term, even if payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight- line basis over the lease term.

Page 15

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Employee benefits

Short-term benefits
Short-term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the employee's entitlement to the benefit accrues.

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.

 
2.7

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.


 
2.8

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.

Page 16

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives as folows:

Depreciation is provided on the following basis:

Motor vehicles
-
33% straight line
Fixtures and fittings
-
20% - 33% straight line
Office equipment
-
33% - 50% straight line

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.

  
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.10

Financial instruments


The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, bank loans and loans to or from related parties. All such instruments are due within one year, and are measured, initially and subsequently at the transaction price.
At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the profit and loss account.

 
2.11

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.

Page 17

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

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.
Significant judgements in applying the entity's accounting policies
Revenue recognition - construction contract accounting
The judgements and estimates which have the most significant effect on the amounts recognised in the financial statements relate to the application of construction contract accounting.
The amount of revenue and profit recognised in relation to contracts which are part complete at the balance sheet date is dependent on estimates of the further costs that will be required to complete the contract, and hence the overall profitability of the contract. Estimates of further costs (and potential revenue variations) are continually evaluated and updated, based on management's detailed knowledge of the project status and contractual requirements. In addition, the estimates are confirmed by external surveyors whom provide interim certificates throughout the life of the contracts.
Judgement is then required to assess the reliability of the estimates, which is affected by various factors, including the specific requirements of the contract (ie. whether 'routine' or specialised in nature), and the stage of completion of the project. The amount of revenue and profit recognised reflects management's judgement of these factors. The value of amounts receivable on long term contracts at 31 December 2024 was £110,136 (2023: £13,935).


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
84,560
102,342

84,560
102,342



6.


Operating profit/(loss)

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

2024
2023
£
£

Depreciation of tangible fixed assets
13,641
35,063

Auditors remuneration
24,500
22,000

Other operating lease rentals
113,595
14,200

Page 18

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
24,500
22,000

Fees payable to the Company's auditor in respect of:

Taxation compliance services
3,525
3,325

All non-audit services not included above
1,900
1,800


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,135,172
5,035,104

Social security costs
565,655
563,220

Cost of defined contribution scheme
129,542
110,508

5,830,369
5,708,832


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Operational
74
75



Administrator
5
5



Management
6
6

85
86

Page 19

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
472,936
462,655

Company contributions to defined contribution pension schemes
9,688
10,365

482,624
473,020


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £126,250 (2023 - £172,824).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,788 (2023 - £4,800).


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
10,227
14,866

Page 20

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
122,422
133,023

Adjustments in respect of previous periods
3,481
-


125,903
133,023


Total current tax
125,903
133,023

Deferred tax


Origination and reversal of timing differences
1,526
(2,970)

Total deferred tax
1,526
(2,970)


Tax on profit/(loss)
127,429
130,053
Page 21

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - higher than) the standard rate of corporation tax in the UK of 25.00% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
283,688
(1,972,652)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
73,957
(463,968)

Effects of:


Non-tax deductible expenses
49,667
607,626

Income not taxable
-
(14,101)

Adjustments to tax charge in respect of prior periods
3,481
-

Benefit of superdeduction
324
(48)

Effect of differential tax rates
-
544

Total tax charge for the year
127,429
130,053


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
128,146
25,419
128,440
282,005


Additions
-
-
14,936
14,936


Disposals
-
-
(23,183)
(23,183)



At 31 December 2024

128,146
25,419
120,193
273,758



Depreciation


At 1 January 2024
128,146
25,419
113,789
267,354


Charge for the year on owned assets
-
-
13,641
13,641


Disposals
-
-
(23,183)
(23,183)



At 31 December 2024

128,146
25,419
104,247
257,812



Net book value



At 31 December 2024
-
-
15,946
15,946



At 31 December 2023
-
-
14,651
14,651

Page 23

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
1,815,464
-


2024
2023
£
£

Due within one year

Trade debtors
3,163,468
3,985,695

Amounts owed by related undertakings
626,834
314,419

Other debtors
2,183,921
1,051,451

Prepayments and accrued income
2,014,402
2,367,645

Amounts recoverable on long-term contracts
110,136
13,935

Deferred taxation
1,025
2,551

8,099,786
7,735,696


Included within other debtors due within once year is loan to C Johnson, a director, amounting to £NIL (2023 - £270,540). Amounts repaid in the year totalled £270,540.
Included within other debtors within one year is a loan to D Poole, a director, amounting to £NIL (2023 - £102,500). Amounts repaid in the year totalled £102,500. The main conditions were as follows:
The loans have been provided interest free, and the balances are repayable on demand.
Other debtors presented as due after more than one year represent retentions from projects that are ongoing, or completed that are not expected to be received for at least 12 months. No interest is applied to these amounts.


14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
160,000
160,000

Trade creditors
1,013,171
1,334,026

Corporation tax
119,451
133,023

Other taxation and social security
119,469
716,499

Obligations under finance lease and hire purchase contracts
3,558
10,847

Other creditors
133,936
152,842

Accruals and deferred income
9,141,329
9,403,296

10,690,914
11,910,533


Page 24

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
93,333
266,667

Net obligations under finance leases and hire purchase contracts
-
3,577

93,333
270,244



16.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
160,000
160,000


160,000
160,000

Amounts falling due 1-2 years

Bank loans
93,333
160,000


93,333
160,000

Amounts falling due 2-5 years

Bank loans
-
106,667


-
106,667


253,333
426,667


Bank loans totalling £230,819 (2023: £426,667) are subject to interest of 2.62% above base rate, are repayable in equal monthly installments and are secured over the assets of the company.
Bank loans are secured against all assets of the company.

Page 25

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
3,577
10,848

Between 1-5 years
-
3,577

3,577
14,425

Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.


18.


Deferred taxation




2024


£






At beginning of year
2,551


Charged to profit or loss
(1,526)



At end of year
1,025

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(172)
457

Short term timing differences
1,197
2,094

1,025
2,551


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


Page 26

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Reserves

Profit and loss account

The profit and loss account represents the company's cumulative profits and losses, net of cumulative dividends paid and other adjustments.


21.


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 £129,542 (2023 - £110,508).  Contributions totalling £20,490 (2023 - £22,299) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

At 31 December 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
14,200
14,200

Later than 1 year and not later than 5 years
9,467
37,867

23,667
52,067


23.


Related party transactions

During the year the company made purchases from Fit Parks Limited, a company in which C D Johnson and G Banks are directors of £15,307 (2023: £17,438) and made sales of £- (2023: £5,625). £Nil (2023: £-) was outstanding at the year end and is included within debtors.
G Banks is a director of Exclusive Residential Limited. During the year the company made sales to Exclusive Residential Limited of £370,425 (2023: £478,204). The company also made purchases of £2,496,984 (2023: £6,395,375). £2,589 (2023: £213,168) was owed to (2023: owed from) Exclusive Residential Limited at the year end. 
 
CD Johnson & G Banks are directors of LTS Refurb Property Maintenance Ltd. During the year the company made purchases from LTS Refurb Property Maintenance Ltd of £Nil (2023: £8,100). £307,882 (2023: £80,633) was outstanding at the year end and is included within debtors.
CD Johnson & G Banks are directors of LTS Resource Procurement Limited. During the year the company made purchases of £Nil (2023: £31,950). £138,551 (2023: £-) was outstanding at the year end and is included within debtors.
CD Johnson & G Banks are directors of Heddons Pizzeria Ltd. During the year the company made purchases of £Nil (2023: £-) from Heddons Pizzeria Ltd. £167,525 was owing at the year end (2023: £165,335) and is included within debtors.
CD Johnson & G Banks are directors of Marble Stories Ltd. During the year the company made sales to Marble Stories Ltd of £24,285 (2023: £Nil). The company also made purchases of £427,957 (2023: £Nil) from Marble Stories Ltd. £17,036 was owing at the year end (2023: £Nil) and is included within debtors.

Page 27

 
LTS REFURBISHMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Controlling party

The ultimate controlling party is C D Johnson by virtue of his majority shareholding.
Page 28