LV PARENT COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
Company Registration No. 14700083 (England and Wales)
LV PARENT COMPANY LIMITED
COMPANY INFORMATION
Directors
J Ashe
P Ventre
T Ventre
M Ventre
Company number
14700083
Registered office
Laker House
North Road
Ellesmere Port
CH65 1BA
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
LV PARENT COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
LV PARENT COMPANY LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 MARCH 2025
- 1 -

The directors present the strategic report for the period ended 29 March 2025.

Principal activities

The principal activity of the group during the period was the design, fabrication and installation of process and service pipework, mechanical plant and associated equipment.

 

The principal activity of the parent company during the period was that of a holding company.

Review of the business

The business of the group is project and maintenance work for the power, pharmaceutical and process industries. During this period, we have focused our business in line with the third year of our strategic business plan 2022-27. This has allowed us to focus on our specific strategies which are both measurable and achievable, which has helped achieve the main point of our plan. We continue to work with key customers while also developing new routes to market.

Principal risks and uncertainties

The Directors consider the principal risks and uncertainties faced by the group are in the following categories.

 

 

 

 

 

 

 

Internal Controls

The directors are responsible for the group’s systems of internal controls and for reviewing its effectiveness. Our internal control system is designed to manage, rather than eliminate the risks of failure to achieve our business objectives and can only provide reasonable and not absolute assurance against misstatement or loss. Our Risk Register is assessed monthly.

 

The directors prepare regular cash flow forecasts to review liquidity requirements for the next twelve months and beyond. The plan/forecasts are updated on a regular basis.

 

Going concern statement

The directors believe that it is well placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the group will have adequate resources to continue in operation for at least twelve months from the signing date of these consolidated financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 

The group’s operating profits have decreased by 17.1% in the period. However, our forecasts for the next 12 months show a solid trading position moving forward with a good order book and strong cash position to support the group's trading for a period of at least 12 months following the approval of these financial statements.

LV PARENT COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
- 2 -
Key performance indicators
Period ended
Period ended
29 March
30 March
2025
2024
£000's
£000's
Turnover
26,405
21,508
Operating profit
1,325
1,598
Profit after tax
1,026
1,153
Shareholder funds
3,818
2,975

The group's operating profits have decreased by 17.1% from the previous period. However, with the group having a good order book, strong cash position and established client base the group expects to continue to trade profitably during the next financial period. We will continue to invest in our workforce and key technologies, which we see as paramount to our business and key to successful growth, efficiency, and client satisfaction.

On behalf of the board

M Ventre
Director
1 August 2025
LV PARENT COMPANY LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the period ended 29 March 2025.

 

Principal activities

The principal trading activity of the group and parent company are disclosed within the strategic report.

Results and dividends

The results for the period are set out on page 9.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

J Ashe
P Ventre
T Ventre
M Ventre
Financial risk management objectives and policies
Treasury policies

The group finances its activities through bank borrowings. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the group's operating activities. The group does not enter into interest rate swaps and does not trade in financial instruments.

Liquidity risk

The group seeks to mitigate liquidity risk by managing cash generation by its operations and applying cash collection targets. The group's funding strategy is to maintain a balance between continuity of funding and flexibility through use of overdrafts, loans and finance leases.

Interest rate risk

The group's policy is to manage its cost of borrowing using variable rate debt. At 29 March 2025 100% (2024: 100%) of the group's borrowings were at variable rate.

Foreign currency risk

The group has no operations outside the United Kingdom and has no exposure to foreign currencies.

Credit risk

The risk of financial loss due to a counterparty's failure to honour its obligations arise principally in relation to transactions where the group provides goods and services.

 

Group policies are aimed at minimising such losses, and require that credit terms are only granted to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored to ensure that the group's exposure to bad debts in minimised.

Price risk

The group does not seek to hedge any transactions and no trading in derivative financial instruments is undertaken.

Future developments

Future developments are detailed in the Strategic Report on page 1.

Auditor

The auditor, DSG Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

LV PARENT COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
M Ventre
Director
1 August 2025
LV PARENT COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 29 MARCH 2025
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LV PARENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LV PARENT COMPANY LIMITED
- 6 -
Opinion

We have audited the financial statements of LV Parent Company Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 29 March 2025 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 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:

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 group and parent 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 group's and 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.

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:

LV PARENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LV PARENT COMPANY LIMITED
- 7 -
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 their 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:

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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

LV PARENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LV PARENT COMPANY LIMITED
- 8 -

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.

 

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the group and parent company.

 

The following laws and regulations were identified as being of significance to the group and parent company:

 

Audit procedures undertaken in response to the potential risk relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the group and parent company complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries which may be indicative of fraud; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the group and parent company's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Laura Leslie BSc FCA (Senior Statutory Auditor)
For and on behalf of DSG Audit, Statutory Auditor
Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
1 August 2025
LV PARENT COMPANY LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 29 MARCH 2025
- 9 -
Period
Period
ended
ended
29 March
30 March
2025
2024
Notes
£'000
£'000
Turnover
3
26,405
21,508
Cost of sales
(21,198)
(16,862)
Gross profit
5,207
4,646
Administrative expenses
(3,882)
(3,048)
Operating profit
4
1,325
1,598
Interest receivable and similar income
8
73
33
Interest payable and similar expenses
9
(13)
(16)
Profit before taxation
1,385
1,615
Tax on profit
10
(359)
(462)
Profit for the financial period
23
1,026
1,153
Profit for the financial period is all attributable to the owners of the parent company.
LV PARENT COMPANY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 MARCH 2025
- 10 -
Period
Period
ended
ended
29 March
30 March
2025
2024
£'000
£'000
Profit for the period
1,026
1,153
Other comprehensive income
Revaluation of tangible fixed assets
-
0
831
Total comprehensive income for the period
1,026
1,984
Total comprehensive income for the period is all attributable to the owners of the parent company.
LV PARENT COMPANY LIMITED
GROUP BALANCE SHEET
AS AT 29 MARCH 2025
29 March 2025
- 11 -
29 March 2025
30 March 2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
12
276
348
276
348
Current assets
Stocks
15
490
53
Debtors
16
3,551
5,075
Cash at bank and in hand
3,349
2,307
7,390
7,435
Creditors: amounts falling due within one year
17
(3,767)
(4,755)
Net current assets
3,623
2,680
Total assets less current liabilities
3,899
3,028
Creditors: amounts falling due after more than one year
18
(32)
-
Provisions for liabilities
Deferred tax liability
21
49
53
(49)
(53)
Net assets
3,818
2,975
Capital and reserves
Called up share capital
22
-
0
-
0
Share premium account
23
6,000
6,000
Other reserves
23
(5,846)
(5,846)
Profit and loss reserves
23
3,664
2,821
Total equity
3,818
2,975
The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
01 August 2025
M Ventre
Director
Company registration number 14700083 (England and Wales)
LV PARENT COMPANY LIMITED
COMPANY BALANCE SHEET
AS AT 29 MARCH 2025
29 March 2025
- 12 -
29 March 2025
30 March 2024
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
13
6,000
6,000
Current assets
Debtors
16
334
152
Creditors: amounts falling due within one year
17
(334)
(152)
Net current assets
-
0
-
0
Net assets
6,000
6,000
Capital and reserves
Called up share capital
22
-
0
-
0
Share premium account
23
6,000
6,000
Total equity
6,000
6,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £181,667 (2024 - £152,162 profit).

The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
01 August 2025
M Ventre
Director
Company registration number 14700083 (England and Wales)
LV PARENT COMPANY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 MARCH 2025
- 13 -
Share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 2 April 2023
-
0
-
0
-
0
-
2,350
2,350
Period ended 30 March 2024:
Profit for the period
-
-
-
-
1,153
1,153
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
831
-
-
831
Total comprehensive income
-
-
831
-
1,153
1,984
Issue of share capital
22
-
0
6,000
-
-
-
6,000
Dividends and distributions to parent company arising on transfer of freehold property
11
-
-
-
-
(1,513)
(1,513)
Transfers
-
-
(831)
-
831
-
Other movements
-
-
-
(5,846)
-
(5,846)
Balance at 30 March 2024
-
0
6,000
-
0
(5,846)
2,821
2,975
Period ended 29 March 2025:
Profit and total comprehensive income
-
-
-
-
1,026
1,026
Dividends and distributions
11
-
-
-
-
(183)
(183)
Balance at 29 March 2025
-
0
6,000
-
0
(5,846)
3,664
3,818
LV PARENT COMPANY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 MARCH 2025
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 2 April 2023
-
0
-
0
-
0
-
Period ended 30 March 2024:
Profit and total comprehensive income for the period
-
-
152
152
Issue of share capital
22
-
0
6,000
-
6,000
Dividends
11
-
-
(152)
(152)
Balance at 30 March 2024
-
0
6,000
-
0
6,000
Period ended 29 March 2025:
Profit and total comprehensive income
-
-
182
182
Dividends
11
-
-
(182)
(182)
Balance at 29 March 2025
-
0
6,000
-
0
6,000
LV PARENT COMPANY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 29 MARCH 2025
- 15 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
28
1,642
1,340
Interest paid
(13)
(16)
Income taxes paid
(444)
(406)
Net cash inflow from operating activities
1,185
918
Investing activities
Purchase of tangible fixed assets
(43)
(157)
Proceeds from disposal of tangible fixed assets
11
1,200
Repayment of loans
2
(3)
Interest received
73
33
Net cash generated from investing activities
43
1,073
Financing activities
Repayment of bank loans
-
(111)
Payment of finance leases obligations
(3)
-
Dividends paid to equity shareholders and distributions
(183)
(1,513)
Net cash used in financing activities
(186)
(1,624)
Net increase in cash and cash equivalents
1,042
367
Cash and cash equivalents at beginning of period
2,307
1,940
Cash and cash equivalents at end of period
3,349
2,307
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
- 16 -
1
Accounting policies
Company information

LV Parent Company Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Laker House, North Road, Ellesmere Port, CH65 1BA.

 

The group consists of LV Parent Company Limited and all of its subsidiaries.

 

The principal activity of the group and parent company is disclosed in the Strategic Report.

1.1
Reporting period

The annual financial statements are compiled for the period to 29 March 2025 being the closest Saturday to the 31 March 2025 accounting reference date.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.3
Business combinations

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.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company LV Parent Company Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 29 March 2025. Where necessary, adjustments are made to the financial statements 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.

1.5
Going concern

The group financial statements have been prepared on a going concern basis, which assumes the group will have sufficient funds to continue to pay its debts as and when they fall due and thus continue to trade for a period of not less than 12 months from the date of signing these financial statements. In making their assessment the directors have reviewed and considered the expected performance across the group’s key contracts using their understanding of expected revenue and costings. They have also taken into consideration the timing of when key debts fall due and the impact these have upon expected cash flows.

 

Having due consideration of the above, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and so the accounts are prepared on a going concern basis.

1.6
Turnover

Turnover is taken into account progressively and in accordance with UK applicable accounting standards relating to long term contracts.

 

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the period end date, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the period in which they are first foreseen. In accordance with FRS 102, the balance of payments on account in excess of amounts matched with turnover and offset against long term balances, is classified as payments on account and separately disclosed within creditors.

 

Turnover in respect of daywork represents the invoiced value of work done during the period stated net of value added tax.

 

Retentions recoverable on contracts are deferred until their receipt becomes virtually certain.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
1
Accounting policies
(Continued)
- 18 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value after making allowance for obsolete and slow-moving items. Cost includes all direct costs and an appropriate apportion of fixed and variable overheads.

 

Work in progress is stated at cost of direct materials and labour plus attributable overheads based on the anticipated normal level of activity, less provision for any know or anticipated losses.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.11
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.12
Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to and from related parties.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

2
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.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Detemining WIP valuations

WIP is valued at direct cost and uplifted to cover associated production overheads and this is based on normal activity levels within the business. Profit is only recognised within WIP when the contract is significantly completed, this ensures minimum risk of overstatement of asset values. Similarly any potential losses on a contract are recognised as soon as the directors are aware of this.

Detemining residual values and useful economic lives of tangible fixed assets

The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about the future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technical innovation, product life cycles and maintenance programmes.

 

Judgement is applied by management when determining the residual values for tangible fixed assets. When determining the residual value, management aim to assess the amount that the group would currently obtain for the disposal of the asset if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

3
Turnover and other revenue
2025
2024
£'000
£'000
Turnover analysed by class of business
Contracts
15,998
7,234
Daywork
10,407
14,274
26,405
21,508
2025
2024
£'000
£'000
Turnover analysed by geographical market
United Kingdom
26,405
21,508
2025
2024
£'000
£'000
Other revenue
Interest income
73
33
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
- 22 -
4
Operating profit
2025
2024
£'000
£'000
Operating profit for the period is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
149
143
Depreciation of tangible fixed assets held under finance leases
3
-
(Profit)/loss on disposal of tangible fixed assets
(8)
1
Operating lease charges
108
97
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the group and company
3
3
Audit of the financial statements of the company's subsidiaries
20
18
23
21
For other services
Other taxation services
3
3
All other non-audit services
1
1
4
4

Auditor's fees for the group are borne by its subsidiary undertaking, Laker Vent Engineering Limited.

6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Installation staff
155
150
-
-
Office and management staff
27
31
-
-
Total
182
181
0
0
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Wages and salaries
11,463
10,476
-
0
-
0
Social security costs
1,155
1,087
-
-
Pension costs
478
431
-
0
-
0
13,096
11,994
-
0
-
0
7
Directors' remuneration
2025
2024
£'000
£'000
Remuneration for qualifying services
514
560
Company pension contributions to defined contribution schemes
174
224
693
784
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£'000
£'000
Remuneration for qualifying services
153
127
Company pension contributions to defined contribution schemes
17
10

The number of directors for whom retirement benefits are accruing under defined contribution schemes amount to 4 (2024: 5).

8
Interest receivable and similar income
2025
2024
£'000
£'000
Interest income
Interest on bank deposits
73
33
9
Interest payable and similar expenses
2025
2024
£'000
£'000
Interest on bank overdrafts and loans
10
16
Interest on finance leases and hire purchase contracts
1
-
Other interest
2
-
Total finance costs
13
16
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
- 24 -
10
Taxation
2025
2024
£'000
£'000
Current tax
UK corporation tax on profits for the current period
382
443
Adjustments in respect of prior periods
(19)
(2)
Total current tax
363
441
Deferred tax
Origination and reversal of timing differences
(6)
21
Adjustment in respect of prior periods
2
-
0
Total deferred tax
(4)
21
Total tax charge
359
462

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2025
2024
£'000
£'000
Profit before taxation
1,385
1,615
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
346
404
Tax effect of expenses that are not deductible in determining taxable profit
29
58
Adjustments in respect of prior years
(16)
-
0
Taxation charge
359
462
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£'000
£'000
Final paid
182
152
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
- 25 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
Cost
At 31 March 2024
844
299
164
1,307
Additions
5
37
41
83
Disposals
(3)
(6)
(25)
(34)
At 29 March 2025
846
330
180
1,356
Depreciation and impairment
At 31 March 2024
661
208
90
959
Depreciation charged in the period
75
40
37
152
Eliminated in respect of disposals
-
0
(6)
(25)
(31)
At 29 March 2025
736
242
102
1,080
Carrying amount
At 29 March 2025
110
88
78
276
At 30 March 2024
183
91
74
348
The company had no tangible fixed assets at 29 March 2025 or 30 March 2024.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Motor vehicles
39
-
0
-
0
-
0
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£'000
£'000
£'000
£'000
Investments in subsidiaries
14
-
0
-
0
6,000
6,000
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£'000
Cost or valuation
At 31 March 2024 and 29 March 2025
6,000
Carrying amount
At 29 March 2025
6,000
At 30 March 2024
6,000
14
Subsidiaries

Details of the company's subsidiaries at 29 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
LV Engineering Limited
Laker House, North Road, Ellesmere Port, South Wirral, CH65 1BA
Ordinary
100.00
-
Laker Vent Engineering Limited
Laker House, North Road, Ellesmere Port, South Wirral, CH65 1BA
Ordinary
0
100.00
15
Stocks
Group
Company
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Work in progress
490
53
-
-
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade debtors
2,350
4,982
-
0
-
0
Amounts owed by group undertakings
-
-
334
152
Other debtors
20
4
-
0
-
0
Prepayments and accrued income
1,181
89
-
0
-
0
3,551
5,075
334
152

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
- 27 -
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£'000
£'000
£'000
£'000
Obligations under finance leases
19
6
-
0
-
0
-
0
Payments received on account
144
1,973
-
0
-
0
Trade creditors
1,742
879
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
334
152
Corporation tax payable
195
276
-
0
-
0
Other taxation and social security
621
883
-
-
Other creditors
497
294
-
0
-
0
Accruals and deferred income
562
450
-
0
-
0
3,767
4,755
334
152

Amounts owed to group undertakings are unsecured, interest free and payable on demand.

 

Finance lease and hire purchase creditors are secured on the assets concerned.

18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£'000
£'000
£'000
£'000
Obligations under finance leases
19
32
-
0
-
0
-
0

Finance lease and hire purchase creditors are secured on the assets concerned.

19
Finance lease obligations
Group
Company
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Future minimum lease payments due under finance leases:
Within one year
6
-
0
-
0
-
0
In two to five years
32
-
0
-
0
-
0
38
-
-
-
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
478
431
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
20
Retirement benefit schemes
(Continued)
- 28 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions of £99,000 (2024: £114,000) were outstanding at the period end date which are included within creditors due within one year.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£'000
£'000
Accelerated capital allowances
63
77
Retirement benefit obligations
(14)
(24)
49
53
Group
Company
2025
2025
Movements in the period:
£'000
£'000
Liability at 31 March 2024
53
-
Credit to profit or loss
(4)
-
Liability at 29 March 2025
49
-

The net deferred tax liabilities set out above are not expected to reverse within the next 12 months.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary D Shares of 1p each
6,530
6,530
-
-
Ordinary E Shares of 1p each
6,530
6,530
-
-
Ordinary F Shares of 1p each
6,530
6,530
-
-
19,590
19,590
-
-

All shares rank pari passu and carry rights to attend, speak and vote at meetings of the group.

LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
- 29 -
23
Reserves
Share premium

The share premium account contains the premium arising on the issue of equity shares.

Profit and loss reserves

The profit and loss reserves represents cumulative profits or losses net of dividends and other adjustments.

Other reserves

Other reserves represents the merger reserve created on the group reorganisation.

24
Financial commitments, guarantees and contingent liabilities

A company within the group has indemnified its bankers in respect of a bonds, guarantees, and indemnities facility to the value of £150,000.

25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Within one year
237
110
-
-
Between two and five years
674
56
-
-
In over five years
520
-
-
-
1,431
166
-
-
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
- 30 -
26
Related party transactions
Transactions with related parties

Included in directors' loan accounts are amounts due from/(to) the following directors:

 

J Ashe            2025: £Nil        2024: £Nil

T Ventre            2025: £Nil        2024: £3,000

P Ventre            2025: £717        2024: (£1,050)

M Ventre        2025: £Nil        2024: £Nil

 

No interest is charged on these loans.

 

The maximum overdrawn balances for J Ashe, T Ventre, P Ventre and M Ventre during the period were £70, £3,000, £850 and £65 respectively.

 

Property rentals paid by the company to Next Property Holding Company Limited, a company with common directors, amounted to £80,000 (2024: £NIL). No amounts were outstanding at the period-end date (2024: £NIL).

 

The company has taken advantage of the exemption in FRS102 section 33 not to disclose transactions with other wholly owned members of the group.

27
Controlling party
There is no one controlling party of the group and company.
28
Cash generated from group operations
2025
2024
£'000
£'000
Profit after taxation
1,026
1,153
Adjustments for:
Taxation charged
359
462
Finance costs
13
16
Investment income
(73)
(33)
(Gain)/loss on disposal of tangible fixed assets
(8)
1
Depreciation and impairment of tangible fixed assets
152
143
Movements in working capital:
Increase in stocks
(437)
(6)
Decrease/(increase) in debtors
1,522
(2,355)
(Decrease)/increase in creditors
(962)
1,959
Increase in deferred income
50
-
Cash generated from operations
1,642
1,340
LV PARENT COMPANY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
- 31 -
29
Analysis of changes in net funds - group
31 March 2024
Cash flows
New finance leases
29 March 2025
£'000
£'000
£'000
£'000
Cash at bank and in hand
2,307
1,042
-
3,349
Obligations under finance leases
-
3
(41)
(38)
2,307
1,045
(41)
3,311
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