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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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LANTERN SERVICES (HOLDINGS) LIMITED
COMPANY INFORMATION
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LANTERN SERVICES (HOLDINGS) LIMITED
CONTENTS
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LANTERN SERVICES (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Company is an investment holding company and the principal activities of its subsidiary undertakings continue to be as noted in the Directors’ Report.
The Directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced by the Group. The main core business activity is the assistance and recovery of vehicles; however, the group continues to gain substantial sales in the multi-car carrying and Prestige vehicle transportation sectors. Other activities include vehicle servicing, vehicle repairs, vehicle storage, as well as an engineering business in the United Kingdom and the selling of fleet vehicles according to the group’s requirements in line with LRS’s motor fleet renewal programme of investment. LRS is a leading supplier of vehicle recovery and vehicle transportation solutions to UK businesses encompassing servicing and storage services. The business operates a unique, technology enabled model, maintaining high levels of service while delivering cost effective solutions to our customers. Our strategy focuses on the efficient utilisation of our assets, both vehicle and depot based, to deliver long term value to our customers and shareholders. Growth is targeted in key market sectors that are complementary to the company's current network and core competencies. We have continued to deliver excellent service to our customers, at times of exceptional demands we have provided additional resource on very short notice to support our customers. This ability to demonstrate flexibility and provide support on short lead times has been a contributing factor to further customer gains in the year. The results contained in these financial statements reflect the success of the strategy adopted by the management team, led by Ray Coleman, as managing director of Lantern Recovery Specialists Plc (“LRS”) and as Executive Chairman of Lantern Services (Holdings) Limited ('LSH'), the Group parent company.
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LANTERN SERVICES (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The results contained in these financial statements reflect the trading challenges that have faced the recovery and roadside assistance sector in the period 2024-25. Despite being a challenging year for our sector, the Company has adjusted its sales margin to maintain a competitive service offering whilst keeping abreast of increased costs, particularly in relation to the cost of labour and increased taxation. Whilst trading performance was stable, producing a good result, certain core activities have experienced pressure in the year, due to a reduction in demand.
Nonetheless, as the results show, the Company’s success continues and the strategy adopted by the management team, led by Ray Coleman, as managing director of LRS and as Executive Chairman of the LSH Group remains effective. During the year ended 31 March 2025, the Company has continued to build on its solid foundations, strengthening its customer base and continuing to focus on the key strategic priorities: • Management of central costs and overheads; • Maintaining vehicle utilisation levels; and • Driving efficiencies and improving profitability through a re-focus of the customer base, ensuring customers and sectors remain balanced and profitable throughout. As highlighted in more detail in the principal risks and uncertainties section of the Strategic Report, the challenging market conditions continue to impact the business, however the directors are satisfied that the Company continues to provide its customers with a market leading service. The Company operates entirely without funding from external sources and is financially very strong and robust, so the directors are confident the business is well placed to meet the challenges of the on-going economic climate and market conditions.
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LANTERN SERVICES (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Our key performance indicators are, Turnover and Profit from operating activities before exceptional items.
Turnover decreased by £1,823,374 in the year with revenues of £22,028,452 (2024: £23,851,826) down by 7.64% on the prior year. The decrease is a result of the trading challenges that have faced the recovery and roadside assistance sector in the period. However, the Company continues to be positive taking all necessary actions to deliver the strategy to focus on core capabilities. Profit from operating activities before exceptional items and tax was £7,935,569 for the year, which is a slight decrease of £425,364 compared to a profit from operating activities before exceptional items and tax of £8,360,933 in 2024. Although there is a decrease in Profit the actual percentage profit has increased. Whilst we remain mindful of the current economic uncertainties, we are confident that our operating model provides us with the flexibility to respond rapidly to changing conditions. We continue to follow central Government guidance and advice. We continue to manage our operations in the safest way possible prioritising the health and safety of our people. Following ongoing strategic reviews, which confirm the view that LRS is a solid business with a robust customer base, a unique state of the art transport fleet, strong operational capabilities and network, the management team identified its strategic priorities: Coordinating and streamlining operations Central costs are being reduced and management teams have taken responsibility and accountability for their operations on a fully casted basis. This will enable better visibility of the profitability of each division. Additionally, the development of the Group's own bespoke software will greatly assist in enabling the coordinating and streamlining of operations. Increasing utilisation levels of vehicles and operational sites Any underutilisation is being addressed and operated more effectively, by the use of enhanced reporting of utilisation levels, which has allowed for better planning and is expected to drive profitability in the future. Re-focusing the customer base Review of the existing customer sectors and focus on areas aligned to the Group's core operational capabilities, is driving efficiencies and improving profitability. Throughout the year, the business has continued to invest for the future and continued its programme of capital expenditure, which for the year 2025 was £2,037,724. In particular, the continued renewal of its motor fleet will deliver future savings as LRS will not have the high maintenance and fuel costs that would otherwise be incurred. LRS's corporate discipline and keen reviews has enabled the business to respond flexibly and to continue to provide high levels of customer service. Despite the impact of continued uncertain times the Group has come out of this period of trading with demonstrable successes against its key strategic objectives and against a background of unprecedented economic pressures, by focusing on the core competences of the business. Following the year end, the Company has continued to trade successfully. The Group is focused on growing and improving the profitability and to that end continues to invest in increasing growth. The principal activities of the Company are expected to continue in line with the year ended 31 March 2025 to ensure that LRS remains as a leading supplier of vehicle recovery and vehicle transportation solutions to UK businesses encompassing servicing and storage services. The business operates a unique, technology enabled model, maintaining high levels of service while delivering cost effective solutions to our customers. Our strategy focuses on the efficient utilisation of our assets, both vehicle and depot based, to deliver long term value to our customers and shareholders. Growth is targeted in key market sectors that are complementary to
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LANTERN SERVICES (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
the company's current network and core competencies.
We have continued to deliver excellent service to our customers; at times of exceptional demands, we have provided additional resource on very short notice to support our customers. This ability to demonstrate flexibility and provide support on short lead times has been a contributing factor to further customer gains in the year.
Our business performance will continue to be driven by our strategy to achieve improved performance from a more stable footing. This will be achieved through:
• Maintaining our market leading customer service position • Continuing to innovate and invest in asset renewal and technology led operations • Maintaining an experienced and high performing management team
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LANTERN SERVICES (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
During the year, the Board was and is ultimately responsible for setting the Group's risk appetite and for overseeing the effective management of risk. The risk strategy for the company is based on the Group's risk framework, management and internal controls. Day to day risk management is the responsibility of the senior management team of the Group and a risk management framework setting out the Group's risk management processes and procedures in place.
A summary of the more significant risks specific to our operations and industry are outlined below. Economic Environment Risk Changes in the economic environment, whether resulting from the changing government policy and legislation or other external factors, may adversely affect our business and our customers' businesses. The Board monitors developments in the economic environment and other factors that may affect the Company. Advisers are retained to assist in minimising the impact of adverse changes in the economic environment. The Board also monitors economic developments that present opportunities which offset the downside risks. Operating Environment Risk Customer demand for outsourced vehicle recovery and transportation and storage services may change, reflecting the changing behaviors of consumers. There may be changes in the availability of depot and storage capacity and other property opportunities to support business growth. New technologies may emerge that change the nature of our industry. We continually review and monitor market developments including new technologies, property opportunities and emerging business models, and review our strategy accordingly. The Group stays in close contact with its customers to ensure we understand and can respond to their changing needs. We continue to invest in developing our own state of the art technology in order to stay at the forefront of technological expertise in our industry. People Risk Loss of one or more key member of the senior management team or failure to retain and attract experienced and skilled people at all levels across the business could also have an adverse impact. The executive management structure of LRS and management team of the Group bring with them market and sector experience into the business. The management team is appropriately rewarded for its efforts and succession plans are in place across key positions in each of the divisions. We take pride in creating a positive workplace environment, through training, engagement, rewards and values for all positions. Customer Risk Loss of one or more of our key customers could have a material impact on Group revenues. We believe that the best way to mitigate this risk is to continue to deliver excellent levels of service at competitive rates. We monitor our key customer dependency regularly and seek to balance our exposure to each market sector we operate in by targeting new customer opportunities. We typically have long- standing customer relationships and many of our key relationships have lasted for over 15 years. A healthy pipeline of new opportunities is being evaluated. This risk is also mitigated by our strategy of building a balanced portfolio across the sectors we operate in. Health and Safety Risk
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LANTERN SERVICES (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Our business involves operating vehicles and other assets, and working in environments that can be a risk to people and property. Our primary concern is to minimise, to the extent possible, the risk of harm to people who work in our business or are affected by it.
Induction sessions for new employees (including our drivers and depot operatives) involve health and safety training and we run an ongoing health and safety training program. We also have a comprehensive suite of health and safety procedures that all new joiners must confirm they will adhere to. Reputational Risk Our potential to win new business or develop existing relationships could be adversely affected by a material incident and negative press could affect public perception of our brand. Such incidents could include a significant failure to deliver a customer project, wrongdoing or fraud by an employee, breach of our IT security system, a natural disaster such as a fire or flood preventing us from operating from a site or a major health and safety incident. We have comprehensive processes and procedures in place to manage operational risk and adherence to those processes and procedures is regularly reviewed by our Health, Safety, Environment and Quality Management team. We also have business continuity plans in place and escalation processes to ensure significant incidents are dealt with promptly and effectively. Systems and Technical Risk A failure or unavailability of a key IT system, unauthorised access or a cyber security breach could have a significant impact on operational performance, company reputation and financial performance. All critical core IT infrastructure and data is replicated across dual data centres, to provide resilience and availability. A formal testing programme is in place to provide assurance of recovery in the event of a disaster. We continue to invest in cyber-security solutions, tools and infrastructure in line with industry best practice. Financial Risk Lack of available liquidity could result in the Group being unable to meet its financial obligations. Through its operations, the company is exposed to liquidity risk and Credit risk from trade debtors. Net debt and expected cash flow movements are monitored on a daily basis to ensure that adequate funds are in place. The Group has no significant concentration of credit risk, with exposure spread over a large number of customers. The revenue from one customer amounted to more than 10% of the Company's total revenue however this does not give rise to an increased credit risk. Legal and regulatory risk We are required to comply with extensive and complex legal and regulatory requirements. Non- compliance could result in significant fines, reputational damage and possibly criminal proceedings, withdrawal of operating licenses and closure of sites. Changes in laws and regulations could have an adverse impact on operations and financial performance. We have systems and procedures in place to ensure compliance with, and to manage the impact of, and changes in, government legislation and regulation such as, vehicle operating procedures and environmental requirements.
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LANTERN SERVICES (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors have an excellent expectation that the Company has more than sufficient resources to continue in operation for the foreseeable future, a period of at least 24 months from the date of this report.
The Group's liquidity is managed centrally alongside other fellow subsidiaries within the LSH Group. In making their judgment around the going concern assumption, the Company's directors have considered the future trading forecasts of the Company and confirmed that: • The trading forecasts of the Group are included within the forecasts for the Group as a whole. • The trading forecasts for the Group show more than sufficient headroom with regards to liquidity and covenant compliance such that the use of the going concern assumption is appropriate. • The directors have considered sensitivities to their forecasts, which we believe adequately cover any sensitivities that may be relevant to the Group. • Sensitivities considered included material reductions in trading volumes allied to increased costs, the failure to achieve cost and efficiency savings and a deterioration in working capital system of measurement. • The directors of the Group continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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LANTERN SERVICES (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Board of directors of LRS considers that it has, both individually and collectively, acted in good faith in a way which would most likely promote the success of the Group for the benefit of the members as a whole, and in doing so have had a regard, amongst other matters, to factors in (a) to (f) as set out in s172(1) of the Companies Act 2006 for the decisions during the year ended 31 March 2024. In making this statement the directors have considered the following matters:
Likely consequences of any decision in the long-term: The Board reviewed the Group's strategy, as disclosed in the Strategic Report, during the year and concluded that it remains appropriate to support the long-term success of the Group. Shorter term expectations in supporting that strategy are approved by the Board as part of the annual budgeting process, against which the performance of the Group is then monitored. Decisions taken during the year are made in the context of the Group's strategy in order to ensure that they are consistent with that strategy. The interests of the Group's employees: Our people are critical to the success of our business and a core component of our business model. We endeavor to recruit the best people, train them well and look after them so that they provide the best possible service for our customers and remain with us for the long term. The Board has ultimate responsibility for ensuring the Groups's decisions consider the interests of our employees. The need to foster the Group's business relationships with suppliers, customers and others: Managing the Group's relationships with suppliers and customers is critical in ensuring the Group delivers on its strategy. Management at all levels are dedicated to ensuring that we maintain an ongoing dialogue with customers and suppliers to enable us to respond at all levels of the organisation appropriately. The impact of the Group's operations on the community and the environment: The Group seeks to have a positive impact on the communities in which it operates and minimise the environmental impact on our operations. We recognise the impact of poor air quality on the communities in which we operate and continue to trial and deploy new technology to reduce our impact. During the year, we continued to invest in the renewal of our fleet and equipment, with an additional £x,xxx,xxx invested in 2023-24. We continued to develop sustainability plans, designed to reduce our environmental impacts and ensure that we continue to move towards achieving our Environmental, social, and governance (ESG) targets. Our commitment to net-zero by 2040 is a definite target for carbon emissions reduction, irrespective of future growth, and we strive to dissociate emissions performance from business performance, demonstrating that we are a company 'managing carbon' and that we are implementing actions, policies and strategies to address climate risks. The desirability of the Group maintaining a reputation for high standards of business conduct: The Group regularly reviews and updates, where appropriate, its business conduct and ethics policies and ensures that these are communicated to employees, customers and suppliers and that appropriate training is undertaken by relevant employees on a regular basis to reinforce the Group's policies. The Company business ethics and conduct policy is approved by the Board and is communicated to relevant stakeholders. The need to act fairly as between members of the Group: The Company always seeks to ensure that its communications are transparent and its actions are in accordance
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LANTERN SERVICES (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
with the Company's stated strategic aims to promote the long-term success of the Group.
This report was approved by the board on 23 September 2025 and signed on its behalf.
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LANTERN SERVICES (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £5,920,622 (2024 - £6,288,404).
During the year, the Directors declared dividends of £Nil (2024 - £284,179).
The directors who served during the year were:
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LANTERN SERVICES (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Group has financial risk management objectives and policies in place as noted in the Strategic Report.
The Group's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. Funding and Liquidity risk The Group manages its cash flows and ensures that is has sufficient available funds for operations and planned developments. Credit risk from trade debtors The Group's principal financial assets are cash at bank and trade debtors. The Group's credit risk is primarily attributable to its trade debtors which is managed very closely through the use of tight credit control procedures. however certain of the risk and rewards of trade debtors remain with the group. The amounts presented in the balance sheet are net of impairment and expected credit loss provision. The Group has no significant concentration of credit risk, with exposure spread over a large number of customers. The revenue from one customer amounted to more than 10% of the Group's total revenue however this does not lead to an increased credit risk.
The strategic report sets our strategy for growth and 2025 priorities. The Group has the following key priorities:
• Maintaining our market leading customer service position • Continuing to innovate and invest in asset renewal and technology led operations • Maintaining an experienced and high performing management team We plan to actively review our operating criteria and handling processes to seek to ensure profitability is maintained in difficult market conditions. This includes gaining a better understanding of our component costs, pricing and profit profile to develop a strategy to remain competitive in the market. Overall, in the coming year we aim to grow net profits at a rate consistent with the current year whilst continuing to maintain and develop our relationships with customers, generating new business where possible and increasing retention levels while navigating the pressure on pricing.
It is the Group's policy to:
a) settle the terms of payment when agreeing the terms of each transaction; b) ensure that the suppliers are made aware of the terms of payment; c) abide by the terms of payment. Based on the amounts outstanding at the year end, the average time taken to pay creditors during the year was 64 days (2024 - 45 days). This policy and practice applies to all suppliers of goods and services whose claim on the Group falls to be described as "trade creditors" within "creditors: amounts falling due within one year"
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LANTERN SERVICES (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
We undertake research and development activities, predominantly in connection with our continued investment in IT systems and technologies that help us deliver logistics solutions to our customers.
Our policy during the 2025 financial year was to employ the best people irrespective of race, gender, nationality, disability or sexual orientation. Consultation with employees or their representatives occurred regularly, with the aim of ensuring employees' views were taken into account when decisions were made that were likely to affect their interests. Factors affecting the performance of the Group are shared with employees and updates about significant events are communicated on the internal newsletters as well as on noticeboards.
Our employees are the face of the group and we could not deliver our services without them. We know that the more engaged, skilled and motivated our people are, the better service they provide to our customers. Our policy throughout 2025 was to employ the best people irrespective of race, gender, nationality, disability or sexual orientation.
We have an engaged a workforce who take pride in their work and value opportunities to learn new skills, and we maintain an open and honest dialogue with all colleagues. Line managers play a vital role in supporting employees with regular one-to-one meetings and we continue to communicate business wide performance updates on the internal newsletter.
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LANTERN SERVICES (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
For the year ended 31 March 2025, under The Companies (Miscellaneous Reporting) Regulations 2018, the Group has not applied any Corporate Governance Code. Although no specific Corporate Governance Code has been adopted by the Group, it is believed that the policies adopted by the Group ensure strong Corporate Governance. The titles from the Wates Principles have been used in the Corporate Governance Statement to ensure that the Group is following the same corporate governance themes of all companies that adopt the Wates Principles.
Purpose and Leadership The Board of Directors is responsible for the long-term success of the Group and for setting a clear purpose, vision and sustainable strategy which creates value for existing and future customers, stakeholders and shareholders. It provides the leadership necessary for the Group to meet its business objectives while ensuring a sound system of internal control and risk management is in place. The powers and the duties of the directors are determined by legislation and by the Group's Articles of Association. The directors scrutinise, measure and review the performance of management; constructively challenge and assist in the development of strategy; review the Group financial information; and ensure systems of internal control and risk management are appropriate and effective. During the year, the Group Board was directly assisted in the discharge of its duties by the Audit Committee of Lantern Services (Holdings) Limited, whose remit, authority and composition are monitored to ensure continued and appropriate Board support. Board composition The Board comprises four executive directors and Group Secretary and is the principal decision-making forum for the Company. The directors represent investors, operational and Group management. The directors are nominated by the Board of the Group's ultimate parent entity, Lantern Services (Holdings) Limited, including the Group Audit Committee. Raymond Coleman was appointed as Executive Chairman of Lantern Services (Holdings) Limited, the ultimate parent company of the Lantern Group of companies, on 8 February 2013 and fulfils the same role for Lantern Recovery Specialists Plc. Directors Responsibilities There are clear lines of accountability and responsibility when there is a decision made by the Group. All decisions are made in line with the Group's internal authorities. The directors also consider their directors' duties; details of the stakeholder engagement under section 172 of the Companies Act can be found on the Strategic Report. Regular Board meetings take place to ensure the directors' responsibilities are fulfilled. Opportunity and risk The Group has an embedded risk management approach with clear roles, responsibilities and authorities to ensure that all opportunities are robustly reviewed and to ensure there are no gaps. Through this approach the Group ensures that it is prepared for any risks that it might face in the short, medium and long term. This helps to ensure that there is good corporate governance within the Group. Remuneration The Group follows the remuneration policy approved by the Board of Lantern Services (Holdings) Limited. Director and employee remuneration is based on clear structures and policies.
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LANTERN SERVICES (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Stakeholder Relationships and Engagement
With every decision that the Group makes, the directors acknowledge their duties under section 172 of the Companies Act, and give consideration to the stakeholders of the Group. These stakeholder engagements can be seen on the Strategic Report. The Board also ensures it spends time out of the Boardroom with stakeholders. During the year, members of the Board met with representatives of the workforce and other stakeholders.
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
This report was approved by the board on
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LANTERN SERVICES (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANTERN SERVICES (HOLDINGS) LIMITED
We have audited the financial statements of Lantern Services (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, 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 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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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 directors with respect to going concern are described in the relevant sections of this report.
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LANTERN SERVICES (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANTERN SERVICES (HOLDINGS) LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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LANTERN SERVICES (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANTERN SERVICES (HOLDINGS) LIMITED (CONTINUED)
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LANTERN SERVICES (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANTERN SERVICES (HOLDINGS) LIMITED (CONTINUED)
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 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:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - laws and regulations identified were communicated with the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - reviewed the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations; and - performed analytical procedures and tested journal entries to identify any unusual or unexpected relationships or transactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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LANTERN SERVICES (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANTERN SERVICES (HOLDINGS) LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA
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LANTERN SERVICES (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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LANTERN SERVICES (HOLDINGS) LIMITED
REGISTERED NUMBER: 08394724
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
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LANTERN SERVICES (HOLDINGS) LIMITED
REGISTERED NUMBER: 08394724
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2025.
The notes on pages 29 to 52 form part of these financial statements.
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LANTERN SERVICES (HOLDINGS) LIMITED
REGISTERED NUMBER: 08394724
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 29 to 52 form part of these financial statements.
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LANTERN SERVICES (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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LANTERN SERVICES (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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LANTERN SERVICES (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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LANTERN SERVICES (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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LANTERN SERVICES (HOLDINGS) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Lantern Services (Holdings) Limited ("the Company") and its subsidiaries (together "the Group") had the following principal activities during the year:
The principal activities of Lantern Recovery Specialists Plc were that of vehicle assistance and recovery, vehicle servicing, vehicle sale, vehicle hire and storage; The principal acitivities of Worldwide Recovery Systems Limited were that of construction and sale of recovery vehicles, vehicle servicing and vehicle hire. The principal activity of LSHSPV Ltd was that of investment holding company. The Company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is Lantern House, 39 - 41 High Street, Potters Bar, Hertfordshire, EN6 5AJ.
2.Accounting policies
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 principal accounting policies in the preparation of these Group and Company financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Group consolidated financial statements including the financial statements of the Company and all of its undertakings are made up to 31 March each year.
A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. Where consideration for a subsidiary is an exchange of shares and certain conditions per FRS 102 section 19 paragraph 27 are met, merger accounting has been used. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements. Any subsidiary undertakings sold or acquired during the year are included up to, or from, the dates of change of control. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
FRS 102 section 1.12 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the Company’s shareholders.
The Company has taken advantage of the following exemption: (i) From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the Company’s cash flows.
The directors have considered the ability of the Company to continue as a Going Concern. In making their assessment the directors have prepared and critically reviewed the Company's cash flow forecast for the next 12 months and ensured that this forecast is modelled on a suitably cautious basis.
Based on these assessments the directors have concluded that the Company has adequate resources to continue in existence for the forseeable future as a Going Concern and accordingly these financial statements have been prepared on that basis.
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Group and value added taxes.
The Group recognises revenue when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) that Company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Group’s sales channels have been met, as described below: Lantern Recovery Specialists Plc ("the Company" for the purposes of this note) (i) The Company provides a variety of services related to assistance, recovery and servicing of vehicles, and also call handling, transportation and Institute of Vehicle Recovery training programmes. Revenue is recognised in the accounting period in which the services are rendered. (ii) The Company also make sales in respect of its fleet vehicles. Revenue is recognised when the Company has delivered the vehicle to the customer and no other significant obligation remains unfulfilled that may affect the customer’s acceptance of the vehicle. The risk of obsolescence and loss of the vehicles are considered to have been transferred to the customer when the vehicles are delivered to the location specified by the customer and the customer has accepted the vehicle. (iii) Rental income from operating leases is recognised on a straight-line basis over the term of the lease. All sales, with the exception of investment income, are normally made with credit terms, unless settled immediately in cash. The element of financing is deemed immaterial and disregarded in the measurement of revenue. Worldwide Recovery Systems Limited ("the Company" for the purposes of this note) (i) The Company provides services relating to the repair of vehicles. Revenue is recognised in the accounting period in which the services are rendered. (ii) The Company also recognises revenue on the construction and sale of motor vehicles. Revenue is recognised when the Company has delivered the vehicle to the customer and no other significant obligation remains unfulfilled that may affect the customer's acceptance of the vehicle. The risk of obsolescence and loss of the vehicles are considered to have been transferred to the customer when the vehicles are delivered to the location specified by the customer and the customer has accepted the vehicle. For vehicles under construction at the balance sheet date, revenue represents fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received in advance of services provided, the amounts are recorded as deferred income and included as part of accruals and deferred income due within one year. All sales are normally made with credit terms, unless settled immediately in cash. The element of financing is deemed immaterial and disregarded in the measurement of revenue.
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Lantern Recovery LLP ("the LLP" for the purposes of this note) (i) The LLP's only source of revenue is rental income from investment properties let to connected entities and third parties. Sales invoices are raised monthly in advance for services provided. Revenue is recognised in the accounting period in which the services are rendered. Sales are made with credit terms. The element of financing is deemed immaterial and disregarded in the treatment of revenue. LSHSPV Limited ("the Company" for the purposes of this note) (i) Investment income is recognised on an accruals basis and based on the results of Lantern Recovery LLP.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities. Goodwill is amortised over its expected useful life. Where the Group is unable to make a reliable estimate of useful life, goodwill is amortised over a period not exceeding ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply. 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.
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Page 35
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.
Depreciation is provided on the following basis:
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.
Fair values are determined from market based evidence.
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Investment properties, which form part of the Group's investment in associates, for which fair values can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually, with the surplus or deficit being recognised in the Consolidated statement of comprehensive income.
Investment properties are not depreciated. This treatment is contrary to the Companies Act 2006 which states that investment properties should be depreciated but is, in the opinion of the Directors, necessary in order to give a true and fair view of the financial position of the Group.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Where the outcome of a vehicle under construction at the balance sheet date can be estimated reliably, revenue and costs are recognised on a straight line basis by reference to the stage of completion of the contract. This is normally measured as the proportion that vehicle's costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. When it is probable that total costs will exceed contract revenue, the expected loss is recognised as an expense immediately.
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
The Group and Company discloses transactions with related parties which are not wholly owned within the same Group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transaction on the Group financial statements.
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
a) Critical judgements in applying the entity's accounting policies No significant judgements have had to be made by management in preparing these financial statements. b) Critical accounting estimates and assumptions i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on the technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 15 for the carrying amount of the property plant and equipment, and note 2.8 for useful economic lives for each class of assets. ii) Impairment of debtors The Group makes an estimate of the recoverabale value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 18 for the net carrying amount of the debtors and associated impairment provision. iii) Taxation The Group establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 2.24. iv) Valuation of properties in associated undertaking Lantern Recovery LLP, an associated undertaking, revalues certain fixed asset investments. The revaluation of these fixed asset investments are conducted by the members of the LLP. The members have used their knowledge and experience of the property market in which the LLP operates, recent market transactions, current rental yields and valuations performed by financial institutions on borrowings taken out by connected entities which are secured on investment properties held by the LLP. The members annually assess whether any investment property is impaired. Impairment reviews consist of assessing a number of factors including impairment due to market conditions that may only be transient or factors that indicate permanent impairment. Impairment losses are recognised in the Consolidated statement of comprehensive income. This directly impacts the investment in the LLP held by LSHSPV Limited, a subsidiary of Lantern Services (Holdings) Limited, as the results are consolidated into the results of the Group using the equity method of accounting. Further details are contained in note 16.
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The whole of the turnover is attributable to the principal activities of the Group and there are no other material sources of turnover. It is in the opinion of the directors that disclosure by class of turnover would be seriously prejudicial to the interests of the Group.
Page 41
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 42
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 43
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 profit after tax of the parent Company for the year was £
Page 44
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 45
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15.Tangible fixed assets (continued)
Page 46
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 47
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 48
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 49
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 50
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Revaluation reserve
Profit and loss account
The Group operates a defined contributions pension scheme for the benefit of the directors and employees. The assets of the scheme are administered by trustees in a fund independent from those of the Group.
During the year the Group contributed £96,057 (2024 - £88,651) to a defined contribution pension scheme. Included within other creditors are unpaid contributions of £56,034 (2024 - £62,644).
Page 51
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LANTERN SERVICES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company has taken advantage of the exemption available under FRS 102 paragraph 1.12 and paragraph 33.1A not to disclose transactions between Group undertakings where 100% of the voting rights are controlled within the Group as the consolidated accounts are prepared and publicly available.
Included within other creditors are amounts due to a Trust in which the Trustees are related parties. The amounts owed to the Trust at the year end amounted to £170,921 (2024 - £233,771). Included within other debtors is an amount due from the directors of the group amounting to £922,573 (2024 - £849,803). Interest of £19,950 (2024 – £25,175) has been accrued on the loan during the year. Included within other creditors are amounts due to directors of £380 (2024 - £11,105). The directors had an interest in all dividends declared during the current and prior year. During the year directors had an interest in salaries of £252,000 (2024 - £517,246).
The Group regards R M Coleman as its ultimate controlling party.
Page 52
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