Company registration number 03332515 (England and Wales)
LAR LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
LAR LIMITED
COMPANY INFORMATION
Directors
A Whitfield
S Hannah
R Clarke
Secretary
A Whitfield
Company number
03332515
Registered office
Unit 5, Crossley Park Industrial Estate
Crossley Road
Heaton Chapel
Stockport
Cheshire
SK4 5BF
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
Cheshire
SK3 8AB
LAR LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
LAR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The company is an award-winning provider of asbestos abatement services, and a member of the Asbestos Removal Contractors Association; the company continues to demonstrate the high levels of competence and commitment to the stringent Health and Safety requirements of the industry by investing heavily in a range of memberships and accreditations.

 

This year turnover decreased to £10,806,216 (2023 - £12,872,254), also showing a decrease in profit before taxation to £980,576 (2023 - £1,451,521).

 

Principal risks and uncertainties

The directors consider the principal risks and uncertainties of the business to relate to:

 

Key performance indicators

The key performance indicators are as follows

  • Turnover - decrease of 16.05% (2023 - increase of 19.22%)

  • Operating profit – decrease of 32.76% (2023 - increase of 11.00%)

  • Shareholders’ funds – increase of 2.73% (2023 - increase of 5.87%)

  • Sales per employee – decrease of 10.93% (2023 - decrease of 19.22%)

The performance against KPI’s is considered satisfactory.

Other performance indicators

The management of the business and the execution of the company’s strategy are subject to a number of risks, which have been considered by the directors.

Other information and explanations

The future strategy and business plan of the company are focussed on further growth in sales and profitability.

 

Going concern

In carrying out their duties in respect of going concern, the directors have carried out a review of the Company's financial position and cash flow forecast for a period of twelve months from the date of approval of these financial statements. The forecasts have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the uncertainties brought about by the current economic environment.

 

To ensure the continuation of the Company the directors regularly review the cash flows of the Company both in the short and medium term, have a thorough approach to managing the working capital and hold regular reviews which includes an assessment of any bad debt risk or contract profitability concerns; this is supported by regular monitoring of key performance indicators.

 

The Company continues to meet its financial obligations as they fall due. Accordingly the Directors have presented the financial statements on a going concern basis.

 

LAR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

A Whitfield
Director
18 August 2025
LAR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities
The principal activity of the company is the removal of asbestos and other hazardous materials.
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £600,000. The directors do not recommend payment of a final dividend.

Directors

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

A Whitfield
S Hannah
R Clarke
Research and development
The directors continue to pursue a policy of continual development of the methods used for their services.
Future developments

The directors are confident that there continues to be scope for the continuation of the business and consider that the company is still well placed to take advantage of opportunities in trading in the short to medium term. The business maintains the necessary accreditations to continue to operate and is still securing new business.

Auditor

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

Statement of directors' responsibilities

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LAR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
A Whitfield
Director
18 August 2025
LAR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAR LIMITED
- 5 -
Opinion

We have audited the financial statements of LAR Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the 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:

LAR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAR LIMITED
- 6 -
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:

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 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.

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.

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.

LAR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAR LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Jonathan Ward
Senior Statutory Auditor
For and on behalf of Azets Audit Services
18 August 2025
Chartered Accountants
Statutory Auditor
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
LAR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,806,216
12,872,254
Cost of sales
(7,648,896)
(9,307,558)
Gross profit
3,157,320
3,564,696
Administrative expenses
(2,177,413)
(2,107,462)
Operating profit
4
979,907
1,457,234
Interest receivable and similar income
8,172
-
0
Interest payable and similar expenses
8
(7,503)
(5,713)
Profit before taxation
980,576
1,451,521
Tax on profit
9
(257,108)
(340,327)
Profit for the financial year
723,468
1,111,194

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LAR LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
195,984
308,529
Current assets
Stocks
12
63,867
58,721
Debtors
13
4,290,123
5,047,816
Cash at bank and in hand
1,102,814
1,168,581
5,456,804
6,275,118
Creditors: amounts falling due within one year
14
(976,670)
(1,995,789)
Net current assets
4,480,134
4,279,329
Total assets less current liabilities
4,676,118
4,587,858
Creditors: amounts falling due after more than one year
15
(24,030)
(59,857)
Provisions for liabilities
Deferred tax liability
17
619
-
0
(619)
-
Net assets
4,651,469
4,528,001
Capital and reserves
Called up share capital
19
80
80
Capital redemption reserve
20
20
Other reserves
138,375
138,375
Profit and loss reserves
4,512,994
4,389,526
Total equity
4,651,469
4,528,001
The financial statements were approved by the board of directors and authorised for issue on 18 August 2025 and are signed on its behalf by:
A Whitfield
Director
Company Registration No. 03332515
LAR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
80
20
138,375
4,138,332
4,276,807
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
1,111,194
1,111,194
Dividends
10
-
-
-
(860,000)
(860,000)
Balance at 31 December 2023
80
20
138,375
4,389,526
4,528,001
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
723,468
723,468
Dividends
10
-
-
-
(600,000)
(600,000)
Balance at 31 December 2024
80
20
138,375
4,512,994
4,651,469
LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

LAR Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Crossley Park Industrial Estate, Crossley Road, Heaton Chapel, Stockport, Cheshire, SK4 5BF.

1.1
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 £.

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

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of LAR Group Limited. These consolidated financial statements are available from its registered office, Unit 5, Crossley Park Industrial Estate, Crossley Road, Stockport, Cheshire, SK4 5BF.

1.2
Going concern

In carrying out their duties in respect of going concern, the directors have carried out a review of the Company's financial position and cash flow forecast for a period of twelve months from the date of approval of these financial statements. The forecasts have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the uncertainties brought about by the current economic environment.true

 

The Company continues to meet its financial obligations as they fall due. Accordingly the Directors  have presented the financial statements on a going concern basis.

LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the professional removal services of asbestos and other hazardous materials provided.

 

When the outcome of contracts can be estimated reliably, contract revenue and costs are recognised and revenue and expenses respectively by reference to the stage of completion at the end of the reporting period. Reliable estimation of the outcome of asbestos removal contracts requires estimates of the stage of completion, future costs and collectability of billings. The stage of completion is measured by surveys of work performed.

 

When the outcome of a contract cannot be estimated reliably, revenue is only recognised to the extent of contract costs incurred that it is probable will be recoverable. When it is probable that the total contract costs will exceed contract revenue, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.

1.4
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.

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:

Short leasehold improvements
over the term of the lease
Plant and machinery
20% straight line
Fixtures and fittings
20% 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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company 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).

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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 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 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.

LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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 company’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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.11
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.

LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12
Retirement benefits

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

1.13
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 payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Amounts recoverable on contracts

Provision is made in the accounts for the unrecoverable amounts on contracts. The level of provision is reviewed annually based on the experience of the directors.

LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of services
10,806,216
12,872,254
2024
2023
£
£
Other revenue
Interest income
8,172
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
91,501
93,841
Depreciation of tangible fixed assets held under finance leases
26,321
36,623
Loss on disposal of tangible fixed assets
6,590
-
Operating lease charges
159,638
157,424

 

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,750
16,000
LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
6
Employees

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

2024
2023
Number
Number
Weekly operatives
60
65
Salaried staff
22
22
Total
82
87

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,004,225
4,241,498
Social security costs
453,754
479,691
Pension costs
310,001
109,289
4,767,980
4,830,478
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
414,280
390,382
Company pension contributions to defined contribution schemes
102,152
24,754
516,432
415,136

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
169,342
169,895
Company pension contributions to defined contribution schemes
25,200
2,833
8
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
7,503
5,713
LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
250,006
375,907
Adjustments in respect of prior periods
(1,364)
-
0
Total current tax
248,642
375,907
Deferred tax
Origination and reversal of timing differences
8,466
(35,580)
Total tax charge
257,108
340,327

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

2024
2023
£
£
Profit before taxation
980,576
1,451,521
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
245,144
341,398
Tax effect of expenses that are not deductible in determining taxable profit
18,739
5,370
Adjustments in respect of prior years
(1,364)
-
0
Effect of change in corporation tax rate
-
0
(734)
Group relief
(5,648)
(7,083)
Permanent capital allowances in excess of depreciation
237
1,376
Taxation charge for the year
257,108
340,327
10
Dividends
2024
2023
£
£
Interim paid
600,000
860,000
LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Tangible fixed assets
Short leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
58,943
481,527
51,157
378,653
970,280
Additions
-
0
30,633
-
0
-
0
30,633
Disposals
-
0
-
0
-
0
(39,500)
(39,500)
At 31 December 2024
58,943
512,160
51,157
339,153
961,413
Depreciation and impairment
At 1 January 2024
58,943
352,454
43,223
207,131
661,751
Depreciation charged in the year
-
0
52,367
2,855
62,600
117,822
Eliminated in respect of disposals
-
0
-
0
-
0
(14,144)
(14,144)
At 31 December 2024
58,943
404,821
46,078
255,587
765,429
Carrying amount
At 31 December 2024
-
0
107,339
5,079
83,566
195,984
At 31 December 2023
-
0
129,073
7,934
171,522
308,529

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

2024
2023
£
£
Motor vehicles
57,369
109,046
12
Stocks
2024
2023
£
£
Raw materials and consumables
63,867
58,721
LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
918,686
968,814
Gross amounts owed by contract customers
404,729
1,117,295
Amounts owed by group undertakings
2,780,790
2,780,790
Other debtors
5,371
256
Prepayments and accrued income
180,547
172,814
4,290,123
5,039,969
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 17)
-
0
7,847
Total debtors
4,290,123
5,047,816

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

14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
16
28,805
42,444
Trade creditors
391,868
944,533
Corporation tax
44,591
254,076
Other taxation and social security
271,577
455,795
Other creditors
90,242
44,173
Accruals and deferred income
149,587
254,768
976,670
1,995,789

Finance lease borrowings are secured on the assets to which they relate.

15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
24,030
59,857

Finance lease borrowings are secured on the assets to which they relate.

LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
28,805
42,444
In two to five years
24,030
59,857
52,835
102,301

Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
619
-
-
7,847
2024
Movements in the year:
£
Asset at 1 January 2024
(7,847)
Charge to profit or loss
8,466
Liability at 31 December 2024
619

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
310,001
109,289

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

LAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
80
80
80
80
20
Other reserves
2024
2023
£
£
At the beginning and end of the year
138,375
138,375

Reserves provided for by the Articles of Association.

21
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
123,233
73,518
Between two and five years
264,494
233,457
387,727
306,975
22
Related party transactions

Included within debtors are amounts owed by AMB Holdings Limited, a group company, of £2,780,790 (2023: £2,780,790).

23
Ultimate controlling party

The immediate parent company is AMB Holdings Limited.

 

The ultimate parent company is LAR Group Limited; the consolidated financial statements of LAR Group Limited will be available from LAR Group Limited's registered office at Unit 5, Crossley Park Industrial Estate, Heaton Chapel, Stockport, Cheshire, SK4 5BF.

 

The ultimate controlling party of LAR Group Limited is Mr A Whitfield.

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