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COMPANY REGISTRATION NUMBER: 10091121
Lakes and Lambs Limited
Filleted Unaudited Financial Statements
31 March 2018
Lakes and Lambs Limited
Financial Statements
Year ended 31 March 2018
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Lakes and Lambs Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
4
149
186
Current assets
Stocks
4,600
5,828
Debtors
5
47
Cash at bank and in hand
4,668
1,966
--------
--------
9,315
7,794
Creditors: amounts falling due within one year
6
18,693
14,378
---------
---------
Net current liabilities
9,378
6,584
--------
--------
Total assets less current liabilities
( 9,229)
( 6,398)
--------
--------
Net liabilities
( 9,229)
( 6,398)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 9,329)
( 6,498)
--------
--------
Shareholder deficit
( 9,229)
( 6,398)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lakes and Lambs Limited
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 17 October 2018 , and are signed on behalf of the board by:
Mrs J A Taylor
Director
Company registration number: 10091121
Lakes and Lambs Limited
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Granary Barn, Plumpton, Penrith, United Kingdom, CA11 9NP, Cumbria.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The balance sheet shows a balance of £9,229. However, the director has continued to offer her full support to the company since the year end.
Disclosure exemptions
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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - None. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - None.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% reducing balance
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.
4. Tangible assets
Equipment
£
Cost
At 1 April 2017 and 31 March 2018
233
-----
Depreciation
At 1 April 2017
47
Charge for the year
37
-----
At 31 March 2018
84
-----
Carrying amount
At 31 March 2018
149
-----
At 31 March 2017
186
-----
5. Debtors
2018
2017
£
£
Other debtors
47
-----
-----
6. Creditors: amounts falling due within one year
2018
2017
£
£
Other creditors
18,693
14,378
---------
---------
7. Director's advances, credits and guarantees
The directors were not advanced any amounts during the period.
8. Related party transactions
At the year end the company owed £17,893 (2017: £13,878) to the director by way of an interest free loan. This loan is included in other creditors. No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.