Company Registration Number
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LAKE DISTRICT ESTATES COMPANY LIMITED
COMPANY INFORMATION
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LAKE DISTRICT ESTATES COMPANY LIMITED
CONTENTS
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LAKE DISTRICT ESTATES COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
To be an influential family owned player in the Cumbrian tourism industry, contributing positively to the economy,
community and environment of the region.
The objective will be delivered by:
• Creating special, individual places in outstanding natural surroundings. • Delivering consistently high quality experiences and memories for our visitors. • Developing our workforce so that they are well-trained, motivated and capable employees. • Acting sustainably and responsibly by putting environmental, community and health and safety considerations at the centre of everything we do.
The company is principally involved in the provision of visitor attractions and public transport, retail outlets and accommodation for visitors and others in the Lake District and Cumbria. As such, the principal risks it faces are:
• Events which deter or prevent holidaymakers travelling and using facilities which the company has to offer: such events would include health alarms and pandemics, terrorism and natural disasters, particularly storms and flooding. The group seeks to mitigate the impact of such events both by building in resilience and through insurance. • The economic climate: holiday spending is discretionary and, at a time when people’s budgets are under pressure, spending on holidays can be one of the first things to be cut. Exchange rates also have an effect with more people holidaying in the UK when Sterling is weak. • Interest rates: the company has invested heavily in recent years with much of the funding provided by bank borrowing. As a result, interest is now a significant cost. The company mitigates the risk of adverse interest rates through the use of financial instruments. • The weather: the number of visitors is particularly dependent on good weather, especially in the main summer season between mid-July and the end of August when a substantial part of the income is earned. The company continues to weatherproof its facilities to enable visitors to enjoy themselves whatever the weather. • Health and Safety: there are health and safety risks associated with the company’s business. The company seeks to minimise the likelihood and potential effect of an accident by the implementation of rigorous health and safety policies. It also recognises that sometimes accidents are outside its control and protects itself from any claims that might consequently result by carrying good third-party insurance cover. Business review Performance during the year ended 31 January 2023 Performance was strong across the business, with all areas open to visitors for the full year without Government lock-downs or social distancing restrictions for the first time since 2019. As a result, turnover was up 7% on prior year at £15.8m (PY: £14.7m). Other Operating Income returned to a normal level of £Nil as all Covid related support and grants ended in the prior year (PY: £953k). Following the high level of caravan sales in 2021 across our holiday parks we began the year with limited pitch availability. In addition, we have seen fewer owners leaving the parks, reducing the opportunities for new sales. Conversely, we also saw demand begin to slow as we approached the 2022 season. As a result, we achieved lower numbers of caravan sales than planned; however, the limited availability has enabled us to maintain margins in spite of the increased cost of sales. A focus of 2022 was to increase the number of pitches available on our parks and we were successful in our planning application to add 8 new lodge and caravan pitches at Waterfoot, our park on Ullswater. Work began on these in October and the pitches became available for sale shortly after the year end.
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LAKE DISTRICT ESTATES COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
Demand for our self-catering accommodation remained strong and we maintained a similar booking pattern to 2021. We invested in our self-catering offering during the year with a new glamping offering of ‘S-pods’ and through the successful planning application to renovate unused space in the Mansion House at Waterfoot into apartments. This work also began in October and the apartments will be available to book in the Summer. It was a positive year for the Ullswater ‘Steamers’ with the attraction able to operate a full year of services, including Easter, for the first time since 2019. Passenger numbers increased from 2021 but continued to lag behind pre Covid levels. Adverse weather in the autumn impacted visitor numbers and caused a higher number of cancelled sailing days than normal.
Retail sales have been steady throughout the year and again benefitted from the lack of COVID restrictions; however, many of the physical shops continue to be adversely impacted by the lack of international visitors. In March we opened our new flagship shop in Keswick, with a larger size over two floors allowing us to include a wider range of products and offer a small café. Our online offering, The Veg Patch, has also seen strong growth as a result of focused marketing activity. Supply chain pressures have continued to impact our ability to procure stock and we have seen significant increases in product costs. Throughout the year, rental property income remained stable with high occupancy rates bringing a secure cash stream into the business. Going Concern and Outlook At this early stage of 2023 trading has been in line with our expectations, with many of the trends seen in 2022 continuing. The domestic holiday market remains strong but booking patterns are moving back to the shorter lead times seen pre-pandemic. We continue to be impacted by limited international visitors and pressures on disposable incomes have intensified further. Our strong cash position going into the year and our forecasted trading over the next 12 months gives us confidence in our ability to continue to operate as a going concern. We are looking forward to seeing the returns from investments in 2022 and continuing the development of our businesses
The directors monitor the performance of the group through turnover, profitability and cash flow. The pandemic continued to reduce the meaningfulness of comparison of turnover and profitability with previous years but performance against forecasts and cash flow was monitored carefully.
The strong trading outlined above resulted in an excellent financial performance for the year. The return to a full year of trading drove an increase in turnover of 7% to £15.8m (PY: £14.7m) and gross margin was increased to 64% (PY: 61%) as a result of the increase in fares at the attractions and continued strong margins on caravan and lodge sales. Operating profit of £2.5m is down on prior year (PY: £3.2m) due to the absence of Covid related grants as well as increasing costs, particularly electricity, employee wages and fuel. Group profitability is shown on page 10 of this report. The cash balance at the year end was £650k (PY: £1.3m) with the reduction due to capital investment, particularly pitch development and improving facilities across our caravan and holiday parks. Health & Safety Health and safety is always a major focus across the group. Health and safety regimes have continued to evolve during the year to ensure that both staff and customers remain safe. The group continued to place increased emphasis on the reduction of our carbon footprint. This is a key area of discussion for new investments but also for improvements that can be made to existing areas of the business with an amount set aside in our budget for these projects. Progress to date includes replacing fossil fuel cars and vehicles with electric vehicles, the introduction of technology to better control heating in our holiday properties and modernising heating systems in our older residential properties. The dependence on single use materials necessary during Covid regardless of the product’s environmental credentials, was also reduced, with the reintroduction of reusable cups and plates.
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LAKE DISTRICT ESTATES COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
Our people are key to consistently delivering high quality experiences and memories for our visitors and they continue to show great commitment and enthusiasm in providing this. They have responded well to another year of change as we’ve assessed which practices introduced during Covid provide value to the customer and should be kept, such as the online booking systems at the attractions, and where we should transition back to prepandemic ways of working, such as in person greetings for holiday guests. Our people are core to our future success which is why we continue to invest in their training and development. On behalf of the Board, I would like to thank each and every one of them for their valued contribution.
This report was approved by the board and signed on its behalf.
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LAKE DISTRICT ESTATES COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
The directors present their report and the financial statements for the year ended 31 January 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,587,190 (2022 - £1,995,282).
During the year dividends of £1,200,000 (2022 - £1,000,000) were declared.
The directors who served during the year were:
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LAKE DISTRICT ESTATES COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
Plans for the future include improvement to the company’s digital systems, improved facilities at the holiday parks, upgrading of properties in general to meet energy performance standards and extending the retail offer. Work will also be carried out to assess the company’s carbon footprint and plans drawn up for moving to net zero.
There were no post balance sheet events to disclose at the date the financial statements were signed.
The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LAKE DISTRICT ESTATES COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT ESTATES COMPANY LIMITED
We have audited the financial statements of Lake District Estates Company Limited (the 'company') for the year ended 31 January 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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LAKE DISTRICT ESTATES COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT ESTATES COMPANY LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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LAKE DISTRICT ESTATES COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT ESTATES COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and • reviewing the key areas of the financial statements most susceptible to fraud whilst tailoring our audit plans. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates, such as the investment property valuations were indicative of potential bias; - investigated the rationale behind significant or unusual transactions; and
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LAKE DISTRICT ESTATES COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT ESTATES COMPANY LIMITED (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; - reviewing correspondence with HMRC and the company’s legal advisors; There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
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LAKE DISTRICT ESTATES COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023
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LAKE DISTRICT ESTATES COMPANY LIMITED
REGISTERED NUMBER: 00346999
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023
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LAKE DISTRICT ESTATES COMPANY LIMITED
REGISTERED NUMBER: 00346999
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 32 form part of these financial statements.
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LAKE DISTRICT ESTATES COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Lake District Estates Company Limited ('the company') is a limited company incorporated in the United
Kingdom. The address of the registered office and principal place of business is Maudlands, Maude Street, Kendal, Cumbria, LA9 4QD. The principal activity of the company is the provision of visitor attractions and public transport, retail outlets and accommodation for visitors and others in the Lake District and Cumbria. These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Lake District Holdings Limited as at 31 January 2023 and these financial statements may be obtained from the Registered Office.
At the balance sheet date, the company had £39k of net current liabilities and net assets of £25,134k after a profit after tax of £1,587k.
Included in current liabilities is £1,570k deferred site fee income, which is not a creditor requiring to be settled via cash. The Directors continue to monitor the cash position and have produced cashflow forecasts to ensure that there is sufficient cash to pay creditors as liabilities fall due for at least 12 months from signing the financial statements. They therefore deem the going concern basis appropriate.
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2.Accounting policies (continued)
Where the payment of VAT liabilities has been deferred, the liability is included within other taxation
and social security within creditors due within one year.
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Judgments and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (a) Establishing useful economic lives for depreciation purposes of property, plant and equipment Long-lived assets, consisting primarily of property, plant and equipment, comprise a significant portion of the total fixed assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these assets useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation charges for the period. Details of the depreciation policies based on estimated useful economic lives are included in accounting policies note 2.15. (b) Revaluation of investment property Under FRS102, investment property must be accounted for at its fair value in the financial statements. The directors review the revaluation each year, which requires their judgement to apply reasonable assumptions when calculating the true and fair value of each investment property. The directors deemed using a yield percentage of annual rental income an appropriate measure to calculate the fair value of each investment property to the group. They also use professional surveyors to help assess the fair value of the investment property portfolio.
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
12.Taxation (continued)
In May 2021 the UK Parliament substantively enacted an increase in the rate of Corporation tax to 25%
which will apply from 1 April 2023.
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
The 2023 valuations were made by Savills in January 2023, on an open market value for existing use basis.
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
24.Deferred taxation (continued)
Share premium account
transaction costs.
Investment property revaluation reserve
Profit and loss account
An unlimited guarantee has been given by the company in respect of the Lake District Holdings Group's
borrowings with Barclays Bank Plc.
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LAKE DISTRICT ESTATES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £
The ultimate parent undertaking is
The entity has taken the exemption not to disclose related party transactions with wholly owned subsidiaries.
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