REGISTERED NUMBER: 00421094 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 July 2025

for

LECK CONSTRUCTION LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

Directors:

V Barker

T Jackson

G D Jewell

D R Barker

S N Croasdale

E Scott

Secretary:

D R Barker

Registered office:

Ironworks Road

Barrow-in-Furness

Cumbria

LA14 2PQ

Registered number:

00421094 (England and Wales)

Auditors:

S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

The directors present their strategic report for the year ended 31 July 2025.

The principal activity of the company in the year under review was that of building contractors and property developers.

Review of business

The company's turnover has decreased by 11.8% from the previous year which is due to a shift in project mix, with fewer large-scale contracts and a higher proportion of smaller projects. The gross profit margin however has increased, rising from 15.34% to 20.36% due to a higher proportion of self-delivered work. Admin expenses have increased by 9.4%, due to increased employment costs and other general overheads. The Directors are satisfied with figures achieved during the period.

Principal risks and uncertainties

Due to the nature of the industry safety, health and environmental issues are ever changing. Accordingly the health and safety of our employees and third parties is our priority. Financial and commercial risks are a continual issue for the industry. Competitive pricing is keener than ever making it difficult to pass on cost increases in material and labour. The board continually review these risks and have policies in place to manage them.

Key performance indicators

The company's key financial and other performance indicators during the year were as follows:

Category

Unit

2025

2024

Sales

£

14,101,939

15,996,452

Gross profit

£

2,871,606

2,454,986

Gross margin

%

20.36

15.34

On behalf of the board:

D R Barker - Director

27 March 2026

The directors present their report with the financial statements of the company for the year ended 31 July 2025.

Principal activities

The principal activities of the company in the year under review were those of building contractors and property developers.

Dividends

A dividend of £350,000 was paid in the year ended 31 July 2025.

Future developments

As for many businesses of our size, the environment in which the company operates continues to be challenging. The industry is subject to constraints on spending partly brought about by uncertainty in the British economy and partly by other factors. With these risks and uncertainties in mind the directors are aware that any plans for future development of the company may be subject to unforeseen future events outside of their control. Nevertheless the directors consider that the company is well placed to sustain the current level of activity in the foreseeable future.

Directors

The directors shown below have held office during the whole of the period from 1 August 2024 to the date of this report.

V Barker

T Jackson

G D Jewell

D R Barker

S N Croasdale

Other changes in directors holding office are as follows:

A C Murphy - resigned 31 March 2025

E Scott - appointed 31 March 2025

Financial instruments

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Statement of directors' responsibilities

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

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:

D R Barker - Director

27 March 2026

Opinion

We have audited the financial statements of Leck Construction Limited (the 'company') for the year ended 31 July 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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

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

We obtained a general understanding of the company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the company's industry and regulation.

We understand that the company complies with the framework through outsourcing accounts preparation and tax compliance to external experts.

In the context of the audit, we considered those laws and regulations which determine the form and context of the financial statements, which are central to the company's ability to conduct its business, and where there is a risk that failure to comply could result n material penalties. We identified the following laws and regulations as being of significance in the context of the company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of financial statements;

- UK Taxation Law

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility in the entity's financial statements to material misstatement including how fraud might occur, The areas identifies in this discussion were:

- Manipulation of financial statements, especially revenue, via fraudulent journal entries, particularly as the size of the company means there is little opportunity for segregation of duties; and

- Manipulation of financial statements via fraudulent journal entries;

These areas were communicated to the other members of the engagement team not present at the discussion.

The procedures we carried out to gain evidence in the above areas included:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- Understanding how those charge with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Challenging assumptions and judgements made by management in its significant accounting estimates, in particular we have verified the ability of management to accurately estimate amounts recoverable on contract;

- Assessing whether the company has complied with laws and regulations;

- Revenue recognition, we reviewed all jobs including amounts recoverable on contracts for movements in the year and investigated any inconsistencies to cover completeness;

- Cost provision, we tested this significant accounting estimate as it can be easily manipulated by management. We reviewed margins at year end and after date, amounts recoverable on contracts and costs to ensure they are correctly stated and are recognised in the correct period; and

- Testing journal entries, focusing particularly on posting to unexpected or unusual accounts and those posted at unusual times.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

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 Report of the Auditors.

Use of our report

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

Angela Chorlton FCA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

27 March 2026

Turnover

4

14,101,939

15,996,452

Cost of sales

(11,230,333

)

(13,541,466

)

Gross profit

2,871,606

2,454,986

Administrative expenses

(2,373,450

)

(2,168,813

)

498,156

286,173

Other operating income

5

86,036

85,839

Operating profit

7

584,192

372,012

Income from fixed asset investments

326

489

Interest receivable and similar income

27,477

39,621

611,995

412,122

Interest payable and similar expenses

8

(31,179

)

(51,402

)

Profit before taxation

580,816

360,720

Tax on profit

9

(135,770

)

(64,080

)

Profit for the financial year

445,046

296,640

Other comprehensive income

-

-

Total comprehensive income for the year

445,046

296,640

Fixed assets

Tangible assets

11

387,655

398,999

Investments

12

540

540

Investment property

13

1,027,500

1,042,018

1,415,695

1,441,557

Current assets

Stocks

14

118,377

1,859

Debtors

15

5,160,835

3,458,069

Cash at bank and in hand

190,243

431,665

5,469,455

3,891,593

Creditors

Amounts falling due within one year

16

3,780,165

3,895,747

Net current assets/(liabilities)

1,689,290

(4,154

)

Total assets less current liabilities

3,104,985

1,437,403

Creditors

Amounts falling due after more than one year

17

(2,169,591

)

(568,403

)

Provisions for liabilities

18

(30,492

)

(59,144

)

Net assets

904,902

809,856

Capital and reserves

Called up share capital

19

5,400

5,400

Fair value reserve

20

5,368

16,257

Retained earnings

20

894,134

788,199

Shareholders' funds

904,902

809,856

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2026 and were signed on its behalf by:

D R Barker - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 August 2023

5,400

746,059

11,757

763,216

Changes in equity

Dividends

-

(250,000

)

-

(250,000

)

Total comprehensive income

-

292,140

4,500

296,640

Balance at 31 July 2024

5,400

788,199

16,257

809,856

Changes in equity

Dividends

-

(350,000

)

-

(350,000

)

Total comprehensive income

-

455,935

(10,889

)

445,046

Balance at 31 July 2025

5,400

894,134

5,368

904,902

1.	Statutory information

Leck Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of liabilities within the next financial year are addressed below.

(i) Provisions

Provision is made for work which has been undertaken by sub-contractors during the year but not invoiced at the year end. This provision requires management's best estimate of these costs.

Turnover

Turnover comprises completed sales of development properties and the value of contracting work performed which includes attributable profit in respect of long term contracts.

Profit is recognised on long-term contracts if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related cost as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% straight line and 20% on reducing balance

Motor vehicles

-

33% on reducing balance and 25% on reducing balance

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for intended use.

Investment property

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in market value is charged or credited to the profit and loss account and then transferred to a non-distributable reserve, net of any deferred tax.

Although this accounting policy is in accordance with FRS 102 it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view.

Stocks, developments and long term contracts

Stock of raw materials and land are valued at the lower of costs and net realisable value.

Developments included in stocks are valued at the lower of direct costs and net realisable value after deducting payments received.

Net realisable value is based on estimated selling price, less further costs to completion and disposal. Provision is made for obsolete, slow moving or defective items where appropriate.

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

4.

Turnover

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Construction services

14,101,939

15,316,412

Sale of development properties

-

680,040

14,101,939

15,996,452

5.	Other operating income

2025

2024

£

£

Rents received

51,481

17,204

Other income

49,073

62,635

Fair value gain/(loss)

(14,518

)

6,000

86,036

85,839

6.	Employees and directors

2025

2024

£

£

Wages and salaries

3,042,602

3,070,650

Social security costs

368,494

345,633

Other pension costs

252,159

88,762

3,663,255

3,505,045

The average number of employees during the year was as follows:

2025

2024

Administration and support

18

18

Other departments

50

53

68

71

2025

2024

£

£

Directors' remuneration

452,583

377,939

Directors' pension contributions to money purchase schemes

145,842

51,552

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

174,702

140,340

Pension contributions to money purchase schemes

10,079

4,079

7.	Operating profit

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

2025

2024

£

£

Purchases - Plant hire

892,688

403,673

Depreciation - owned assets

130,215

132,581

Profit on disposal of fixed assets

(23,718

)

(635

)

Auditors' remuneration

17,085

17,050

Other non- audit services

1,675

1,500

8.

Interest payable and similar expenses

2025

2024

£

£

Group interest payable

31,179

51,402

9.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

164,422

70,165

Deferred tax

(28,652

)

(6,085

)

Tax on profit

135,770

64,080

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

580,816

360,720

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

145,204

90,180

Effects of:

Expenses not deductible for tax purposes

24,499

486

Income not taxable for tax purposes

(5,930

)

(21,718

)

Depreciation in excess of capital allowances

649

8,645

(Profit)/Loss on disposal of fixed assets

-

(159

)

Deferred tax

(28,652

)

(6,085

)

Fair value adjustment

-

(1,500

)

Group relief

-

(5,769

)

Total tax charge

135,770

64,080

10.

Dividends

2025

2024

£

£

Ordinary shares of £1 each

Interim

350,000

250,000

11.	Tangible fixed assets

Plant and

Motor

machinery

vehicles

Totals

£

£

£

Cost

At 1 August 2024

437,497

576,124

1,013,621

Additions

41,664

80,790

122,454

Disposals

(45,800

)

(10,000

)

(55,800

)

At 31 July 2025

433,361

646,914

1,080,275

Depreciation

At 1 August 2024

240,262

374,360

614,622

Charge for year

47,640

82,575

130,215

Eliminated on disposal

(42,823

)

(9,394

)

(52,217

)

At 31 July 2025

245,079

447,541

692,620

Net book value

At 31 July 2025

188,282

199,373

387,655

At 31 July 2024

197,235

201,764

398,999

12.	Fixed asset investments

Unlisted

investments

£

Cost

At 1 August 2024

and 31 July 2025

540

Net book value

At 31 July 2025

540

At 31 July 2024

540

Fixed asset investments are stated at cost as the fair value is not materially different.

13.	Investment property

Total

£

Fair value

At 1 August 2024

1,042,018

Revaluations

(14,518

)

At 31 July 2025

1,027,500

Net book value

At 31 July 2025

1,027,500

At 31 July 2024

1,042,018