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REGISTERED NUMBER: 02343429 (England and Wales)















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: C R Scott
R P Glossop





Secretary: C R Scott





Registered office: Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN





Registered number: 02343429 (England and Wales)





Auditors: Haines Watts
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 5 607,238 406,814

Current assets
Stocks 190,050 144,732
Debtors 6 179,798 118,628
Cash at bank and in hand 332,589 667,400
702,437 930,760
Creditors
Amounts falling due within one year 7 332,543 362,883
Net current assets 369,894 567,877
Total assets less current liabilities 977,132 974,691

Creditors
Amounts falling due after more than one
year

8

(162,186

)

(124,816

)

Provisions for liabilities (33,234 ) (30,559 )
Net assets 781,712 819,316

Capital and reserves
Called up share capital 10 383,000 383,000
Retained earnings 398,712 436,316
Shareholders' funds 781,712 819,316

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2023 and were signed on its behalf by:





C R Scott - Director


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 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.

2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% straight line
Equipment and displays - at varying rates on cost
Motor vehicles - 20% straight line

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 42 (2022 - 35 ) .

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 458,401 2,543,871 16,435 3,018,707
Additions 154,159 148,413 - 302,572
At 31 January 2023 612,560 2,692,284 16,435 3,321,279
Depreciation
At 1 February 2022 241,580 2,360,891 9,422 2,611,893
Charge for year 28,817 71,687 1,644 102,148
At 31 January 2023 270,397 2,432,578 11,066 2,714,041
Net book value
At 31 January 2023 342,163 259,706 5,369 607,238
At 31 January 2022 216,821 182,980 7,013 406,814

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 3,211 10,556
Other debtors 176,587 108,072
179,798 118,628

7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 61,798 45,988
Trade creditors 42,420 61,944
Corporation tax - 32,582
Social security and other taxes 11,193 -
VAT 17,988 2,354
Other creditors 57,766 109,850
Directors' current accounts 86,107 86,107
Accruals and deferred income 55,271 24,058
332,543 362,883

8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans - 1-2 years 65,086 38,783
Bank loans - 2-5 years 97,100 86,033
162,186 124,816

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 223,984 170,804

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: £ £
383,000 Ordinary £1 383,000 383,000

11. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Angela Chorlton FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts

12. Capital commitments
2023 2022
£ £
Contracted but not provided for in the
financial statements - 18,969

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).