Lance Purchase Construction Ltd

Contents

Accountants' Report	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lance Purchase Construction Ltd
for the Period Ended 31 March 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lance Purchase Construction Ltd for the period ended 31 March 2026 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Lance Purchase Construction Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lance Purchase Construction Ltd and state those matters that we have agreed to state to the Board of Directors of Lance Purchase Construction Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lance Purchase Construction Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lance Purchase Construction Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lance Purchase Construction Ltd. You consider that Lance Purchase Construction Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Lance Purchase Construction Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Westcotts
Chartered Accountants
7 Castle Street
Bridgwater
Somerset
TA6 3DD

28 October 2026

Lance Purchase Construction Ltd

(Registration number: 08913109)
Statement of Financial Position as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	535,617	511,489
Current assets
Stocks	5	3,500	3,500
Debtors	6	238,676	324,627
Cash at bank and in hand		118,573	55,582
		360,749	383,709
Creditors: Amounts falling due within one year	7	(182,030)	(166,943)
Net current assets		178,719	216,766
Total assets less current liabilities		714,336	728,255
Creditors: Amounts falling due after more than one year	7	(159,417)	(249,921)
Provisions for liabilities		(121,836)	(85,221)
Net assets		433,083	393,113
Capital and reserves
Called up share capital		20	20
Profit and loss account		433,063	393,093
Shareholders' funds		433,083	393,113

For the financial period ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Lance Purchase Construction Ltd

(Registration number: 08913109)
Statement of Financial Position as at 31 March 2026 (continued)

Approved and authorised by the Board on 28 October 2026 and signed on its behalf by:

Mr L Purchase
Director

Lance Purchase Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2025 to 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
River Haze
Summerhedge
Othery
Bridgwater
Somerset
TA7 0JD

Principal activity

The principal activity of the company is construction.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Lance Purchase Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2025 to 31 March 2026 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	2% straight line
Plant and machinery	25% reducing balance

Lance Purchase Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2025 to 31 March 2026 (continued)

2	Accounting policies (continued)

Motor vehicles	25% reducing balance
Equipment	25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Lance Purchase Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2025 to 31 March 2026 (continued)

2	Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4 (2025 - 4).

Lance Purchase Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2025 to 31 March 2026 (continued)

4	Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
£

Total
£

Cost or valuation

At 1 March 2025

4,500

1,195,048

28,892

249,867

1,478,307

Additions

-

334,946

981

-

335,927

Disposals

-

(157,450)

-

-

(157,450)

At 31 March 2026

4,500

1,372,544

29,873

249,867

1,656,784

Depreciation

At 1 March 2025

1,125

765,579

26,312

173,802

966,818

Charge for the period

225

157,307

890

19,016

177,438

Eliminated on disposal

-

(23,089)

-

-

(23,089)

At 31 March 2026

1,350

899,797

27,202

192,818

1,121,167

Carrying amount

At 31 March 2026

3,150

472,747

2,671

57,049

535,617

At 28 February 2025

3,375

429,469

2,580

76,065

511,489

5

Stocks

2026
£

2025
£

Raw materials and consumables

3,500

3,500

6

Debtors

2026
£

2025
£

Trade debtors

237,111

220,650

Prepayments

1,565

1,471

Gross amount due from customers for contract work

-

102,506

238,676

324,627

Lance Purchase Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2025 to 31 March 2026 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	9	93,878	79,241
Trade creditors		55,676	28,437
Taxation and social security		30,251	54,969
Accruals and deferred income		2,225	2,200
Other creditors		-	2,096
		182,030	166,943

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £93,878 (2025 - £79,241). Security is given over the use of the asset to which it relates.

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Due after one year
Loans and borrowings	9	159,417	249,921

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £109,377 (2025 - £88,782). Security is given over the use of the asset to which it relates.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Lance Purchase Construction Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2025 to 31 March 2026 (continued)

9	Loans and borrowings

Non-current loans and borrowings

	2026 £	2025 £

Bank borrowings	50,000	50,000
Hire purchase contracts	109,377	88,782
Other borrowings	40	111,139
	159,417	249,921

Current loans and borrowings

	2026 £	2025 £

Hire purchase contracts	93,878	79,241

	Land and buildings £	Plant and machinery £	Office equipment £	Motor vehicles £	Total £
Cost or valuation
At 1 March 2025	4,500	1,195,048	28,892	249,867	1,478,307
Additions	-	334,946	981	-	335,927
Disposals	-	(157,450)	-	-	(157,450)
At 31 March 2026	4,500	1,372,544	29,873	249,867	1,656,784
Depreciation
At 1 March 2025	1,125	765,579	26,312	173,802	966,818
Charge for the period	225	157,307	890	19,016	177,438
Eliminated on disposal	-	(23,089)	-	-	(23,089)
At 31 March 2026	1,350	899,797	27,202	192,818	1,121,167
Carrying amount
At 31 March 2026	3,150	472,747	2,671	57,049	535,617
At 28 February 2025	3,375	429,469	2,580	76,065	511,489

	2026 £	2025 £
Trade debtors	237,111	220,650
Prepayments	1,565	1,471
Gross amount due from customers for contract work	-	102,506
	238,676	324,627