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COMPANY REGISTRATION NUMBER: 05754242
Lakeland Construction (Special Earthworks) Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
Lakeland Construction (Special Earthworks) Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
387,332
249,182
Current assets
Debtors
6
57,074
48,752
Cash at bank and in hand
74,051
76,990
---------
---------
131,125
125,742
Creditors: amounts falling due within one year
7
78,579
52,468
---------
---------
Net current assets
52,546
73,274
---------
---------
Total assets less current liabilities
439,878
322,456
Creditors: amounts falling due after more than one year
8
144,326
91,864
Provisions
Taxation including deferred tax
78,889
29,574
---------
---------
Net assets
216,663
201,018
---------
---------
Lakeland Construction (Special Earthworks) Limited
Statement of Financial Position (continued)
31 December 2021
2021
2020
Note
£
£
£
Capital and reserves
Called up share capital
150
150
Capital redemption reserve
150
150
Profit and loss account
216,363
200,718
---------
---------
Shareholders funds
216,663
201,018
---------
---------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 December 2021 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 7 September 2022 , and are signed on behalf of the board by:
W Freeman
Director
Company registration number: 05754242
Lakeland Construction (Special Earthworks) Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Erwin House, Brotts Road, Normanton-on-Trent, Newark, NG23 6RL.
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.
Going concern
During the year, the COVID-19 pandemic continued in the UK resulting in national and local lockdowns. This had a negative impact on the growth of the company however the directors have taken appropriate action to ensure the company remained profitable throughout this period. The directors remain committed to the protection of the business and are mindful of the significant ongoing support being offered by the Government and where appropriate the directors will seek to ensure the company receives all available support. For these reasons the financial statements have been prepared on a going concern basis.
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. 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 as as disclosed in the accounting policies. 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:- Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
33% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2020: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2021
634,921
41,351
476
676,748
Additions
171,511
57,200
228,711
Disposals
( 25,000)
( 25,000)
---------
--------
----
---------
At 31 December 2021
806,432
73,551
476
880,459
---------
--------
----
---------
Depreciation
At 1 January 2021
402,195
24,895
476
427,566
Charge for the year
77,632
6,502
84,134
Disposals
( 18,573)
( 18,573)
---------
--------
----
---------
At 31 December 2021
479,827
12,824
476
493,127
---------
--------
----
---------
Carrying amount
At 31 December 2021
326,605
60,727
387,332
---------
--------
----
---------
At 31 December 2020
232,726
16,456
249,182
---------
--------
----
---------
6. Debtors
2021
2020
£
£
Trade debtors
38,308
47,425
Other debtors
18,766
1,327
--------
--------
57,074
48,752
--------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
8,167
Trade creditors
5,217
1,636
Social security and other taxes
4,148
10,656
Other creditors
69,214
32,009
--------
--------
78,579
52,468
--------
--------
Included within other creditors are hire purchase agreements which are secured against assets to which they relate.
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
40,833
Other creditors
144,326
51,031
---------
--------
144,326
91,864
---------
--------
Included within other creditors are hire purchase agreements which are secured against assets to which they relate.
9. Directors' advances, credits and guarantees
The Directors loan account remaining in credit throughout the year.