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REGISTERED NUMBER: 04511450 (England and Wales)


















LAKESIDE WINDOW SYSTEMS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022






LAKESIDE WINDOW SYSTEMS LTD (REGISTERED NUMBER: 04511450)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


LAKESIDE WINDOW SYSTEMS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: Ms H M Nichols
P C Nichols





REGISTERED OFFICE: Century House Peniel Green Road
Llansamlet
Swansea
SA7 9BZ





REGISTERED NUMBER: 04511450 (England and Wales)





ACCOUNTANTS: Gerald Thomas
Chartered Accountants
3 New Mill Court
Swansea Enterprise Park
Swansea
SA7 9FG

LAKESIDE WINDOW SYSTEMS LTD (REGISTERED NUMBER: 04511450)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 60,918 59,401

CURRENT ASSETS
Stocks 172,500 179,000
Debtors 5 101,741 52,621
Cash at bank and in hand 5,866 6,627
280,107 238,248
CREDITORS
Amounts falling due within one year 6 192,758 179,067
NET CURRENT ASSETS 87,349 59,181
TOTAL ASSETS LESS CURRENT
LIABILITIES

148,267

118,582

CREDITORS
Amounts falling due after more than one
year

7

(50,556

)

(92,036

)

PROVISIONS FOR LIABILITIES (9,415 ) (11,287 )
NET ASSETS 88,296 15,259

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 88,294 15,257
88,296 15,259

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LAKESIDE WINDOW SYSTEMS LTD (REGISTERED NUMBER: 04511450)

BALANCE SHEET - continued
31 MARCH 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2022 and were signed on its behalf by:





Ms H M Nichols - Director


LAKESIDE WINDOW SYSTEMS LTD (REGISTERED NUMBER: 04511450)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022


1. STATUTORY INFORMATION

Lakeside Window Systems Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements:

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods or services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks ans rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.The amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work.

LAKESIDE WINDOW SYSTEMS LTD (REGISTERED NUMBER: 04511450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in other income within profit or loss in the same period as the related expenditure.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured 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.

Basic financial liabilities, including trade and other creditors and bank loans, 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 payments discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

LAKESIDE WINDOW SYSTEMS LTD (REGISTERED NUMBER: 04511450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Amounts recoverable on contracts
At the balance sheet date, the directors quantify the amounts recoverable on each contract in progress. A valuation is determined by reference to the stage of completion and invoice value.

Going concern
In preparing the financial statements, the directors have considered the current financial position and have also assessed the financial future of the business. The directors have concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion, the directors have considered the company's net assets and the profit reported in the current financial year.

Regarding the impact of COVID-19, the directors have taken all reasonable and necessary measures to safeguard the business and the welfare of the staff. The directors are aware that the situation is continually evolving and are prepared to adapt with the latest developments and recommendations.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2021 - 16 ) .

LAKESIDE WINDOW SYSTEMS LTD (REGISTERED NUMBER: 04511450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2021 78,856 15,304 57,242 151,402
Additions 21,245 - - 21,245
Disposals (8,403 ) - - (8,403 )
At 31 March 2022 91,698 15,304 57,242 164,244
DEPRECIATION
At 1 April 2021 47,429 12,179 32,393 92,001
Charge for year 14,016 1,875 3,705 19,596
Eliminated on disposal (8,271 ) - - (8,271 )
At 31 March 2022 53,174 14,054 36,098 103,326
NET BOOK VALUE
At 31 March 2022 38,524 1,250 21,144 60,918
At 31 March 2021 31,427 3,125 24,849 59,401

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 9,741 15,521
Amounts recoverable on contract 92,000 37,000
Other debtors - 100
101,741 52,621

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 30,000 27,500
Hire purchase contracts (see note 8) 11,480 10,756
Trade creditors 96,920 79,926
Taxation and social security 46,730 54,864
Other creditors 7,628 6,021
192,758 179,067

Included in other creditors is an amount owed to the directors of £4,185 (2021 - £1,216). There are no set repayment terms.

LAKESIDE WINDOW SYSTEMS LTD (REGISTERED NUMBER: 04511450)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 42,500 72,500
Hire purchase contracts (see note 8) 8,056 19,536
50,556 92,036

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 11,480 10,756
Between one and five years 8,056 19,536
19,536 30,292

Non-cancellable operating leases
2022 2021
£    £   
Within one year - 19,200

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Hire purchase contracts 19,536 30,292

The hire purchase agreements are secured upon the assets to which they relate.