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Registered number: 12695462









LANCE CONSOLIDATION LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LANCE CONSOLIDATION LIMITED
 
 
COMPANY INFORMATION


Director
Mark Jonathan Lance 




Registered number
12695462



Registered office
Fair Trade House
3 Whittle Avenue

Fareham

PO15 5SH




Independent auditors
Accendo Consulting Ltd
Chartered Certified Accountants & Statutory Auditors

128 City Road

London

EC1V 2NX





 
LANCE CONSOLIDATION LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 2
Director's Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 9
Consolidated Statement of Comprehensive Income
 
 
10
Consolidated Balance Sheet
 
 
11 - 12
Company Balance Sheet
 
 
13
Consolidated Statement of Changes in Equity
 
 
14 - 15
Company Statement of Changes in Equity
 
 
16 - 17
Consolidated Statement of Cash Flows
 
 
18 - 19
Consolidated Analysis of Net Debt
 
 
19
Notes to the Financial Statements
 
 
20 - 44


 
LANCE CONSOLIDATION LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Directors present their strategic report for the year ended 31 December 2024 for Lance Consolidation Limited (“the Group”).
Lance Consolidation Limited is the management company of the Lance Consolidation group. It does not trade externally.
The strategic report provides a review of the business and outlines the performance of the Group during the financial year, highlight key developments and risks. It also considers key trends and factors that may affect future years.

Business review
 
Lance Consolidation Limited was incorporated on the 24th June 2020 and acts as a holding company and internal management structure for the Group. It’s principal trading business is Your Mortgage People Limited, whose principal activity in the intermediation of mortgages direct to consumers. The group expects to continue to operate in this fashion.
The performance of the principal trading company is key to the success and continued operation of Lance Consolidation Limited. The economic situation is improving with notable reductions in consumer inflation, swap rates and fixed mortgage rates. Consumer spending is stable, and the damage of the 2022 mini budget has proven transient. The next financial year is expected to be one where the Group consolidates its position as a growing force within the mortgage broking market and continues its growth story.

Principal risks and uncertainties
 
Strategic and commercial risk
There are risks of changes to the competitive environment. This risk is mitigated by robust competitor analysis and continued monitoring of the market as a whole. The potential for artificial intelligence to disrupt or improve the market is worthy of attention and the Group remains vigilant in this regard.
Financial risk
There is a risk of adverse impact on the Group’s financial position, which is mitigated by continued management to the business plan. The Group manages its cash flow against risk appetite and notes the risk of over-investment in growth.
Operational Risk
There is a risk of loss, corruption, theft or manipulation of data. There is a risk of failure of systems, software and/or hardware. The Group manages this risk through a robust information security strategy, extensive training to mitigate the risk of foreseeable harm, and recovery processes that ensure business continuity.
Regulatory and legal risk
There is a risk of Regulatory enforcement or sanctions that could reduce Group’s ability to trade or damage its reputation. There is a risk of a poor culture damaging the Group’s ability to adhere to the letter and spirit of regulation. The Group manages this risk via a proactive, forward-looking approach to compliance headed up by the Operations Director. There is a detailed and thorough compliance monitoring programme and control framework that is deeply embedded into colleague culture. 

Page 1

 
LANCE CONSOLIDATION LIMITED
 

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

Financial key performance indicators
 
                            YE 31.12.24                   7 Months ending 31.12.23   Variance
                                                £                                                                £ 
Turnover                           10,738,406                                                 4,718,006          128%
    
Operating profit                     2,416,635                                              551,895           338%
    
Net profit/loss before tax         2,522,135                                                     626,472           303%
 

Other key performance indicators
 
The Group has chosen not to disclose any non-financial key performance indicators, as it feels they are not
material in undestanding performance of the Group.


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



................................................
Mark Jonathan Lance
Director

Date: 26 August 2025

Page 2

 
LANCE CONSOLIDATION LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,740,571 (2023 - £517,360).



Director

The director who served during the year was:

Mark Jonathan Lance 

Future developments

The directors anticipate the business environment will remain consistent. They believe that the Group is in a good financial position and that the risks that have been identified are being well managed. 

Matters covered in the Group Strategic Report

Details of the review of the business, principal risks and uncertanties can be found in the strategic report.

Page 3

 
LANCE CONSOLIDATION LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

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

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsAccendo Consulting Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
Mark Jonathan Lance
Director

Date: 26 August 2025

Page 4

 
LANCE CONSOLIDATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LANCE CONSOLIDATION LIMITED
 

Opinion


We have audited the financial statements of Lance Consolidation Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's 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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 5

 
LANCE CONSOLIDATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LANCE CONSOLIDATION LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
LANCE CONSOLIDATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LANCE CONSOLIDATION LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and 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 director either intends to liquidate the Group or the parent Company or to cease operations, or has no realistic alternative but to do so.


Page 7

 
LANCE CONSOLIDATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LANCE CONSOLIDATION LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud
 We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
 error, and then design and perform audit procedures responsive to those risks, including obtaining audit
 evidence that is sufficient and appropriate to provide a basis for our opinion.
 Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non
compliance with laws and regulations, we considered the following:
 • The nature of the industry and sector, control environment and business performance including the design
 of the remuneration policies, key drivers for directors’ remuneration, bonus levels and performance
 targets;
 • results of our enquiries of management about their own identification and assessment of the risks of
 irregularities and any matters we identified having reviewed the Group’s policies and procedures;
 • the matters discussed among the audit engagement team regarding how and where fraud might occur in
 the financial statements and any potential indicators of fraud.
 As a result of these procedures, we considered the opportunities and incentives that may exist within the
 organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common
 with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of
 management override.
 We also obtained an understanding of the legal and regulatory frameworks that the Group operates in and
 focused on those laws and regulations that had a direct effect on the determination of material amounts and
 disclosures in the financial statements. The key laws and regulations we considered in this context included the
 Companies Act 2006 and local tax legislation.
 In addition, we considered provisions of other laws and regulations that do not have a direct effect on the
 financial statements but compliance with which may be fundamental to the Group’s ability to operate or to
 avoid a material fine or penalty. 
Audit response to risks identified
As a result of performing the above, we identified revenue recognition as a key audit matter related to the
 potential risk of fraud. Our procedures to respond to risks identified included the following:
 • reviewing the financial statement disclosures and testing to supporting documentation to assess
 
Page 8

 
LANCE CONSOLIDATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LANCE CONSOLIDATION LIMITED (CONTINUED)


 compliance with provisions of relevant laws and regulations described as having a direct effect on the financial
 statements;
 • enquiring of management, concerning actual and potential litigation and claims;
 • performing analytical procedures to identify any unusual or unexpected relationships that may indicate
 risks of material misstatement due to fraud;
 • reading minutes of meetings of those charged with governance;
 • obtaining an understanding of provisions and discussing with management to understand the basis of
 recognition or non-recognition of tax provisions; and
 • in addressing the risk of fraud through management override of controls, testing the appropriateness of
 journal entries and other adjustments; assessing whether the judgements made in making accounting estimates
 are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are
 unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
 members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout
 the audit.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.





R M Asif Rafique (Senior Statutory Auditor)
  
for and on behalf of
Accendo Consulting Ltd
 
Chartered Certified Accountants & Statutory Auditors
  

26 August 2025
Page 9

 
LANCE CONSOLIDATION LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

31 December
Period ended
31 December
2024
2023
Note
£
£

  

Turnover
 4 
10,738,406
4,718,005

Cost of sales
  
(99,274)
(87,986)

Gross profit
  
10,639,132
4,630,019

Selling and distribution costs
  
(1,723,822)
(884,777)

Administrative expenses
  
(6,498,675)
(3,193,347)

Operating profit
 5 
2,416,635
551,895

Income from participating interests
  
2,835
24,699

Interest receivable and similar income
 9 
102,915
49,878

Interest payable and similar expenses
 10 
(250)
-

Profit before taxation
  
2,522,135
626,472

Tax on profit
 11 
(442,445)
(53,859)

Profit for the financial year
  
2,079,690
572,613

Profit for the year attributable to:
  

Non-controlling interests
  
339,119
55,253

Owners of the parent Company
  
1,740,571
517,360

  
2,079,690
572,613

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
339,119
55,253

Owners of the parent Company
  
1,740,571
517,360

  
2,079,690
572,613

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

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

The notes on pages 20 to 44 form part of these financial statements.

Page 10

 
LANCE CONSOLIDATION LIMITED
REGISTERED NUMBER: 12695462

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
(1,412,831)
(1,886,712)

Tangible assets
 13 
84,015
116,448

Investments
 14 
137,313
134,478

  
(1,191,503)
(1,635,786)

Current assets
  

Debtors
 15 
8,321,287
8,674,805

Cash at bank and in hand
 16 
627,556
849,687

  
8,948,843
9,524,492

Creditors: amounts falling due within one year
 17 
(3,491,362)
(5,396,702)

Net current assets
  
 
 
5,457,481
 
 
4,127,790

Total assets less current liabilities
  
4,265,978
2,492,004

Provisions for liabilities
  

Deferred taxation
 19 
(840)
(1,075)

Other provisions
 20 
(348,326)
(335,054)

  
 
 
(349,166)
 
 
(336,129)

Net assets excluding pension asset
  
3,916,812
2,155,875

Net assets
  
3,916,812
2,155,875


Capital and reserves
  

Called up share capital 
 21 
75
75

Profit and loss account
 22 
3,341,051
1,600,480

Equity attributable to owners of the parent Company
  
3,341,126
1,600,555

Non-controlling interests
  
575,686
555,320

  
3,916,812
2,155,875


Page 11

 
LANCE CONSOLIDATION LIMITED
REGISTERED NUMBER: 12695462
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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




................................................
Mark Jonathan Lance
Director

Date: 26 August 2025

The notes on pages 20 to 44 form part of these financial statements.

Page 12

 
LANCE CONSOLIDATION LIMITED
REGISTERED NUMBER: 12695462

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
80,655
112,150

Investments
 14 
831,151
838,316

  
911,806
950,466

Current assets
  

Debtors
 15 
2,341,627
5,183,039

Cash at bank and in hand
 16 
51,876
90,429

  
2,393,503
5,273,468

Creditors: amounts falling due within one year
  
(2,751,555)
(5,134,498)

Net current (liabilities)/assets
  
 
 
(358,052)
 
 
138,970

Total assets less current liabilities
  
553,754
1,089,436

  

  

Net assets excluding pension asset
  
553,754
1,089,436

Net assets
  
553,754
1,089,436


Capital and reserves
  

Called up share capital 
 21 
75
75

Profit and loss account brought forward
  
1,089,361
1,194,992

Loss for the year
  
(535,682)
(105,631)

Profit and loss account carried forward
  
553,679
1,089,361

  
553,754
1,089,436


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


................................................
Mark Jonathan Lance
Director

Date: 26 August 2025

The notes on pages 20 to 44 form part of these financial statements.

Page 13

 
LANCE CONSOLIDATION LIMITED
 

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


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£

At 1 January 2024
75
1,600,480
1,600,555
555,320
2,155,875


Comprehensive income for the year

Profit for the year

-
1,740,571
1,740,571
339,119
2,079,690


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
1,740,571
1,740,571
339,119
2,079,690


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(318,753)
(318,753)


Total transactions with owners
-
-
-
(318,753)
(318,753)


At 31 December 2024
75
3,341,051
3,341,126
575,686
3,916,812


The notes on pages 20 to 44 form part of these financial statements.

Page 14

 
LANCE CONSOLIDATION LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£

At 1 June 2023
75
1,083,120
1,083,195
592,815
1,676,010


Comprehensive income for the period

Profit for the period

-
517,360
517,360
55,253
572,613


Other comprehensive income for the period
-
-
-
-
-


Total comprehensive income for the period
-
517,360
517,360
55,253
572,613


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(92,748)
(92,748)


Total transactions with owners
-
-
-
(92,748)
(92,748)


At 31 December 2023
75
1,600,480
1,600,555
555,320
2,155,875


The notes on pages 20 to 44 form part of these financial statements.

Page 15

 
LANCE CONSOLIDATION LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
75
1,089,361
1,089,436


Comprehensive income for the period

Loss for the year

-
(535,682)
(535,682)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(535,682)
(535,682)


Total transactions with owners
-
-
-


At 31 December 2024
75
553,679
553,754


The notes on pages 20 to 44 form part of these financial statements.

Page 16

 
LANCE CONSOLIDATION LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2023
75
1,194,992
1,195,067


Comprehensive income for the period

Loss for the period

-
(105,631)
(105,631)


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
(105,631)
(105,631)


Total transactions with owners
-
-
-


At 31 December 2023
75
1,089,361
1,089,436


The notes on pages 20 to 44 form part of these financial statements.

Page 17

 
LANCE CONSOLIDATION LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,079,690
572,613

Adjustments for:

Amortisation of intangible assets
(473,881)
(277,462)

Depreciation of tangible assets
32,245
31,376

Loss on disposal of tangible assets
(5,563)
834

Interest paid
250
-

Interest received
(102,915)
(49,878)

Taxation charge
442,445
53,859

Decrease/(increase) in debtors
195,398
(131,421)

Decrease in amounts owed by joint ventures
84,950
30,000

(Decrease) in creditors
(2,235,475)
(763,002)

Increase in provisions
13,272
230,314

Share of operating (loss) in associates
(2,835)
(24,699)

Corporation tax (paid)
(28,915)
(92,409)

Net cash generated from operating activities

(1,334)
(419,875)


Cash flows from investing activities

Purchase of tangible fixed assets
(7,290)
(7,621)

Sale of tangible fixed assets
2,581
98

Interest received
102,915
49,878

Net cash from investing activities

98,206
42,355

Cash flows from financing activities

Interest paid
(250)
-

Dividends paid to non-controlling interests
(318,753)
(92,748)

Net cash used in financing activities
(319,003)
(92,748)

Net (decrease) in cash and cash equivalents
(222,131)
(470,268)

Cash and cash equivalents at beginning of year
849,687
1,319,955

Cash and cash equivalents at the end of year
627,556
849,687


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
627,556
849,687

627,556
849,687

Page 18

 
LANCE CONSOLIDATION LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

849,687

(222,131)

627,556

Debt due within 1 year

(5,063,252)

2,386,584

(2,676,668)


(4,213,565)
2,164,453
(2,049,112)

The notes on pages 20 to 44 form part of these financial statements.

Page 19

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The parent company and its subsidiaries are private company limited by shares incorporated in England and Wales under the Companies Act 2006.
Principal place of business and registered office
The Group's principal place of business, which is also its registered office, is: Fair Trade House, 3 Whittle Avenue, Fareham, United Kingdom, PO15 5SH
Principal activities
The principal activities of the Group during the year were the provision of:
• Mortgage brokerage services
• Insurance services
• Recruitment consultancy
• Management charges
There have been no significant changes to the nature of the Group's principal activities during the period.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.



The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

Page 20

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

 
2.3

Going concern

The directors have prepared the financial statements on a going concern basis, which assumes that the Group will continue to operate for the foreseeable future.
The directors have reviewed the Group's forecasts and cash flow projections for a period of at least 12 months from the date of approval of the financial statements. The directors’ assessment includes consideration of the Group's current financial position, available resources, and expected future performance.
Based on this review, the directors are satisfied that the Group has adequate resources to meet its obligations as they fall due and to continue operating as a going concern. Accordingly, the financial statements have been prepared on a going concern basis.

Page 21

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 22

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 23

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both straight line and reducing balance. .

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
25%
Straight line
Computer equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 24

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 25

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
Page 26

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 27

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies 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 concerning the carrying amounts 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 at the time. These estimates are reviewed on an ongoing basis, and any revisions to accounting estimates are recognised in the period in which the estimates are revised.
During the current period, significant judgements were made in relation to  the provision for cancellation of life policies, which is based on historical data, averages, and past experience to estimate the likelihood of cancellations and the associated financial impact.
These judgements and estimates are considered reasonable and are continually evaluated to ensure they remain appropriate in light of current circumstances.


4.


Turnover

An analysis of turnover by class of business is as follows:


31 December
Period ended
31 December
2024
2023
£
£

Mortgage broker services
7,499,321
2,913,873

Insurance services
2,953,770
1,604,552

Recruitment consultancy
164,229
128,415

Miscellaneous
2,732
15

Management charges
118,354
71,150

10,738,406
4,718,005


Analysis of turnover by country of destination:

31 December
Period ended
31 December
2024
2023
£
£

United Kingdom
10,738,406
4,718,005

10,738,406
4,718,005


Page 28

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

31 December
Period ended
31 December
2024
2023
£
£

Exchange differences
1,698
104


6.


Auditors' remuneration

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


31 December
Period ended
31 December
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
6,500
6,500

Page 29

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
5,266,295
2,683,610
180,477
76,846

Social security costs
526,992
252,039
5,597
-

Cost of defined contribution scheme
110,242
62,058
-
-

5,903,529
2,997,707
186,074
76,846


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



Group
Group
Company
Company
     31 December
     Period ended
      31 December
     31 December
     Period ended
      31 December
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Average number of employees
158
166
20
18


8.


Director's remuneration



During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

During the year the director of parent company received total remuneration of £Nil.
The total remuneration of key management personnel, including salaries, bonuses, and employer pension contributions amounted to £271,771 for the year.


9.


Interest receivable

31 December
Period ended
31 December
2024
2023
£
£


Other interest receivable
102,915
49,878

102,915
49,878

Page 30

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

31 December
Period ended
31 December
2024
2023
£
£


Bank interest payable
250
-

250
-


11.


Taxation


31 December
Period ended
31 December
2024
2023
£
£

Corporation tax


Current tax on profits for the year
442,680
53,232


442,680
53,232


Total current tax
442,680
53,232

Deferred tax


Origination and reversal of timing differences
(235)
627

Total deferred tax
(235)
627


442,445
53,859
Page 31

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


Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

31 December
Period ended
31 December
2024
2023
£
£


Profit on ordinary activities before tax
2,522,135
626,472


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
630,534
156,618

Effects of:


Non-tax deductible amortisation of goodwill and impairment
(118,470)
(69,366)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
190
1,105

Capital allowances for year/period in excess of depreciation
(249)
5,383

Utilisation of tax losses
-
(5,328)

Short-term timing difference leading to an increase (decrease) in taxation
(235)
627

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(74,176)
(55,320)

Special factors affecting joint-ventures and associates leading to an increase (decrease) in the tax charge
(709)
(6,175)

Unrelieved tax losses carried forward
5,560
30,385

Other differences leading to an increase (decrease) in the tax charge
-
226

Marginal relief
-
(4,296)

Total tax charge for the year/period
442,445
53,859


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

The Company is subject to taxation in the UK. Changes in UK tax legislation, including corporate tax rates, reliefs, and allowances, could affect the Company's future tax liabilities.

Page 32

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets

Group and Company





Goodwill
Negative goodwill
Total

£
£
£



Cost


At 1 January 2024
9,638
(2,387,882)
(2,378,244)



At 31 December 2024

9,638
(2,387,882)
(2,378,244)



Amortisation


At 1 January 2024
5,943
(497,475)
(491,532)


Charge for the year on owned assets
3,695
(477,576)
(473,881)



At 31 December 2024

9,638
(975,051)
(965,413)



Net book value



At 31 December 2024
-
(1,412,831)
(1,412,831)



At 31 December 2023
3,695
(1,890,407)
(1,886,712)



All of the Group's intangible fixed assets are held in the parent company.

Page 33

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets

Group






Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
55,918
183,237
4,689
243,844


Additions
2,587
4,703
-
7,290


Disposals
(14,319)
(7,953)
-
(22,272)



At 31 December 2024

44,186
179,987
4,689
228,862



Depreciation


At 1 January 2024
26,323
100,682
391
127,396


Charge for the year on owned assets
9,463
21,844
938
32,245


Disposals
(10,326)
(4,468)
-
(14,794)



At 31 December 2024

25,460
118,058
1,329
144,847



Net book value



At 31 December 2024
18,726
61,929
3,360
84,015



At 31 December 2023
29,595
82,555
4,298
116,448

Page 34

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)


Company






Fixtures and fittings
Office equipment
Total

£
£
£

Cost or valuation


At 1 January 2024
55,918
154,610
210,528


Additions
2,587
4,703
7,290


Disposals
(14,319)
(7,953)
(22,272)



At 31 December 2024

44,186
151,360
195,546



Depreciation


At 1 January 2024
26,323
72,055
98,378


Charge for the year on owned assets
9,463
21,844
31,307


Disposals
(10,326)
(4,468)
(14,794)



At 31 December 2024

25,460
89,431
114,891



Net book value



At 31 December 2024
18,726
61,929
80,655



At 31 December 2023
29,595
82,555
112,150

Page 35

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)







14.


Fixed asset investments

Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 January 2024
703,838
134,478
838,316


Share of profit/(loss)
-
2,835
2,835



At 31 December 2024
703,838
137,313
841,151



Impairment


Charge for the period
10,000
-
10,000



At 31 December 2024

10,000
-
10,000



Net book value



At 31 December 2024
693,838
137,313
831,151



At 31 December 2023
703,838
134,478
838,316

Page 36

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Your Mortgage People Limited
Fair Trade House, 3 Whittle Avenue, Fareham, PO15 5SH
Ordinary
82.5%
Lance Mortgages Limited
Fair Trade House, 3 Whittle Avenue, Fareham, PO15 5SH
Ordinary
51%
Roma Black Associates Limited
3 Whittle Avenue, Fareham, PO15 5SH
Ordinary
51%
LCL Claims Limited
Fair Trade House, 3 Whittle Avenue, Fareham, PO15 5SH
Ordinary
100%

The following subsidiaries have claimed audit exemption under Section 479A of the Companies Act 2006:
Lance Mortgages Limited
The parent company has provided guarantees to meet the liabilities of these subsidiaries in compliance with Section 479C of the Companies Act 2006.


15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
1,698,105
2,132,235
1,698,105
2,132,235

1,698,105
2,132,235
1,698,105
2,132,235

Due within one year

Trade debtors
271,063
16,245
158,505
118,689

Amounts owed by group undertakings
-
-
440,126
2,799,342

Amounts owed by joint ventures and associated undertakings
-
84,950
-
84,950

Other debtors
11,168
129,146
1,363
6,610

Prepayments and accrued income
6,340,951
6,312,229
43,528
41,213

8,321,287
8,674,805
2,341,627
5,183,039


Page 37

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
627,556
849,687
51,876
90,429

627,556
849,687
51,876
90,429



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
209,750
91,987
45,679
53,363

Corporation tax
352,027
20,536
-
16,352

Other taxation and social security
200,311
139,147
28,767
15,835

Other creditors
2,695,957
5,077,271
2,665,992
5,048,948

Accruals and deferred income
33,317
67,761
11,117
-

3,491,362
5,396,702
2,751,555
5,134,498


Page 38

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
627,556
849,687
51,191
90,070



Page 39

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Deferred taxation


Group



2024


£






At beginning of year
(1,075)


Charged to profit or loss
235



At end of year
(840)

Page 40

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
19.Deferred taxation (continued)

Company


2024






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(840)
(1,075)

(840)
(1,075)

Page 41

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Provisions


Group



Provision for policy cancellation

£





At 1 January 2024
335,054


Charged to profit or loss
13,272



At 31 December 2024
348,326

This is an estimated amount for life insurance policies cancellations. The provision is based on average cancellation rate.

Page 42

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           20.Provisions (continued)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



7,500 (2023 - 7,500) Ordinary A shares of £0.01 each
75
75



22.


Reserves

Profit and loss account

This reserve includes all current retained profits and losses less amounts distributed to shareholders.


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £110,242 (2023: £62,058). Contributions totalling £27,994 (2023: £22,395) were payable to the fund at the balance sheet date and are included in creditors.


24.


Related party transactions

The Group was owed £Nil (2023: £85,000) by 360Ctrl Limited, an associated company. This is repayable on demand.
 
The Group had the following outstanding trade debtor balances at the balance sheet date. These are between related parties including associated companies:
360Ctrl Limited £1,675 (2023: £1,374)
Lance Holdings Ltd: £22,103
The Protection Specialist Ltd £40,414.
During the year the Group charged following management fees to its associated companies:
360Ctrl Limited £10,999
The Protection Specialist Ltd £107,816.
The Group had the following outstanding trade creditor balances at the balance sheet date.
The Protection Specialist Ltd (an associated company) £Nil (2023: £57,494)
Lance Holdings Ltd (an associated company) £15,000  (2023: £23,137).

Page 43

 
LANCE CONSOLIDATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Post balance sheet events

On 18 March 2025, subsequent to the Group’s reporting date, Roma Black Associates Limited, one of the subsidiaries of the Group, entered into liquidation.
The subsidiary had ceased trading prior to the liquidation and its financial position had been fully consolidated into the Group accounts up to the year ended 31 December 2024. The liquidation is considered to be a non-adjusting post balance sheet event in accordance with FRS 102.
The directors have assessed the impact of the liquidation on the Group’s financial position and performance and concluded that there are no material adverse effects on the Group’s going concern status or on the carrying value of any consolidated assets or liabilities.


26.


Controlling party

The ultimate controlling party is Mark Lance who owns 100% of the issued share capital in Lance Consolidation Limited.

Page 44