REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 January 2023 |
for |
LAKES STORY LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 January 2023 |
for |
LAKES STORY LIMITED |
LAKES STORY LIMITED (REGISTERED NUMBER: 02343429) |
Contents of the Financial Statements |
for the year ended 31 January 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LAKES STORY LIMITED |
Company Information |
for the year ended 31 January 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
LAKES STORY LIMITED (REGISTERED NUMBER: 02343429) |
Balance Sheet |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LAKES STORY LIMITED (REGISTERED NUMBER: 02343429) |
Notes to the Financial Statements |
for the year ended 31 January 2023 |
1. | Statutory information |
Lakes Story Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. Although the company has incurred a loss this year is still has significant net current assets. Given the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the sales of goods and services to customers. Goods include shop and café sales and services include admissions and theatre performances. Sales of goods are recognised on despatch and sales of services are recognised when the service is provided. |
Tangible fixed assets |
Leasehold improvements | - |
Equipment and displays | - |
Motor vehicles | - |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. |
Government grants |
Grants have been received in respect of furloughed staff and from the Arts Council. Such grants are taken to profit and loss on receipt. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
LAKES STORY LIMITED (REGISTERED NUMBER: 02343429) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2023 |
3. | Accounting policies - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
There are no assets which are initially measured at fair value. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies that are classified as debt, 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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 payment is due within one year or less. If not, they are presented as non-current liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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. |
4. | Employees and directors |
The average number of employees during the year was |
LAKES STORY LIMITED (REGISTERED NUMBER: 02343429) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2023 |
5. | Tangible fixed assets |
Equipment |
Leasehold | and | Motor |
improvements | displays | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 February 2022 |
Additions |
At 31 January 2023 |
Depreciation |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
Net book value |
At 31 January 2023 |
At 31 January 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 17,988 | 2,354 |
Other creditors |
Directors' current accounts | 86,107 | 86,107 |
Accruals and deferred income |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
LAKES STORY LIMITED (REGISTERED NUMBER: 02343429) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2023 |
9. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans are secured by way of a fixed and floating charge over all the assets of the company. |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 383,000 | 383,000 |
11. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | Capital commitments |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
13. | Other financial commitments |
The company has indemnified Bowness Theatre Festival Limited ("Bowness"), a company controlled by C R Scott and R P Glossop, for all its overheads and financial losses. Bowness operates from part of the property used by the company and therefore receives no charges from them for the use of this property or the administration provided. Bowness had a deficit of £34,650 for the year ended 31 January 2023 (2022 - £1,932) and at that date had net liabilities of £29,335 (2022 - assets of £5,315). Lakes Story Limited was owed £35,126 at 31 January 2023 (2022 - £35,125). |
14. | Related party disclosures |
As at 31 January 2023 the directors and shareholders were owed £86,107 (2022 - £86,107) by the company. The loan is interest free and repayable on demand. They have also provided a limited guarantee to the bank amounting to £380,000 (2022 - £380,000). |