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Registration number: 02793283

Lakes Food Euro Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Lakes Food Euro Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Lakes Food Euro Limited

Company Information
__________________________________________________________________________

Director

Mr W Khan

Company secretary

Mr M Shah

Registered office

Abbey House
342 Regents Park Road
N3 2LJ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

Lakes Food Euro Limited

(Registration number: 02793283)
Balance Sheet as at 31 May 2023
__________________________________________________________________________

Note

2023
£

2022
£

   

     

Fixed assets

   

 

Tangible assets

3

 

153,956

 

130,592

Current assets

   

 

Stocks

4

380,511

 

273,530

 

Debtors

5

768,138

 

723,884

 

Cash at bank and in hand

 

326,258

 

342,530

 

 

1,474,907

 

1,339,944

 

Creditors: Amounts falling due within one year

6

(570,076)

 

(503,732)

 

Net current assets

   

904,831

 

836,212

Total assets less current liabilities

   

1,058,787

 

966,804

Creditors: Amounts falling due after more than one year

6

 

(24,049)

 

(64,884)

Net assets

   

1,034,738

 

901,920

Capital and reserves

   

 

Called up share capital

8

 

8

 

Profit and loss account

1,034,730

 

901,912

 

Total equity

   

1,034,738

 

901,920

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 September 2023
 


Mr W Khan

Director

 

Lakes Food Euro Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
__________________________________________________________________________

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

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

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 sales/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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet 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

Vehicles, plant, fixtures and fittings

15% to 25% on written down value

 

Lakes Food Euro Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
__________________________________________________________________________

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

Lakes Food Euro Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
__________________________________________________________________________

Leases

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 balance sheet as a finance lease obligation.

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

 

Lakes Food Euro Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
__________________________________________________________________________

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

168,361

139,429

307,790

Additions

39,273

-

39,273

At 31 May 2023

207,634

139,429

347,063

Depreciation

At 1 June 2022

157,602

19,595

177,197

Charge for the year

12,508

3,402

15,910

At 31 May 2023

170,110

22,997

193,107

Carrying amount

At 31 May 2023

37,524

116,432

153,956

At 31 May 2022

10,758

119,834

130,592

4

Stocks

2023
£

2022
£

Other inventories

380,511

273,530

5

Debtors

Current

2023
£

2022
£

Trade debtors

550,183

537,670

Prepayments

14,508

27,323

Other debtors

203,447

158,891

 

768,138

723,884

 

Lakes Food Euro Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
__________________________________________________________________________

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans, overdrafts and hire purchase finance

40,492

75,470

Trade creditors

 

335,832

298,405

Amounts owed to group undertakings and undertakings in which the company has a participating interest

6,985

6,985

Taxation and social security

 

581

558

Other creditors

 

186,186

122,314

 

570,076

503,732

Due after one year

 

Bank loans and hire purchase finance

24,049

64,884

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts are secured on Company assets.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

8

8

8

8

         

8

Parent and ultimate parent undertaking

The ultimate controlling party is Mr W Khan.