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COMPANY REGISTRATION NUMBER: 08517019
LAKEWELL UTILITIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2023
LAKEWELL UTILITIES LIMITED
FINANCIAL STATEMENTS
Year ended 31 May 2023
CONTENTS
PAGES
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
LAKEWELL UTILITIES LIMITED
BALANCE SHEET
31 May 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
59,038
46,133
CURRENT ASSETS
Debtors
6
202,368
182,880
Cash at bank and in hand
134,900
129,210
---------
---------
337,268
312,090
CREDITORS: amounts falling due within one year
7
( 104,863)
( 78,729)
---------
---------
NET CURRENT ASSETS
232,405
233,361
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
291,443
279,494
CREDITORS: amounts falling due after more than one year
8
( 26,741)
( 43,823)
PROVISIONS
( 14,760)
( 8,766)
---------
---------
NET ASSETS
249,942
226,905
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
249,842
226,805
---------
---------
SHAREHOLDERS FUNDS
249,942
226,905
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LAKEWELL UTILITIES LIMITED
BALANCE SHEET (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mr B D Powell
Director
Company registration number: 08517019
LAKEWELL UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 May 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the principal place of business is 43 "Shillibiers" Village Farm Road, Pyle, Bridgend, CF33 6BN.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
The revenue shown in the profit and loss account is derived from ordinary activities and represents the value of work done in the financial year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, revenue represents the value of work done in the year, including estimates of amounts not invoiced. Revenue in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% straight line
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
25% reducing balance
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 17 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2022
71,565
378
49,851
2,980
124,774
Additions
38,795
38,795
Disposals
( 378)
( 13,475)
( 2,980)
( 16,833)
--------
----
--------
-------
---------
At 31 May 2023
71,565
75,171
146,736
--------
----
--------
-------
---------
Depreciation
At 1 June 2022
47,982
378
28,873
1,408
78,641
Charge for the year
9,099
11,540
20,639
Disposals
( 378)
( 9,796)
( 1,408)
( 11,582)
--------
----
--------
-------
---------
At 31 May 2023
57,081
30,617
87,698
--------
----
--------
-------
---------
Carrying amount
At 31 May 2023
14,484
44,554
59,038
--------
----
--------
-------
---------
At 31 May 2022
23,583
20,978
1,572
46,133
--------
----
--------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 May 2023
12,975
--------
At 31 May 2022
17,299
--------
6. DEBTORS
2023
2022
£
£
Trade debtors
26,476
37,786
Other debtors
175,892
145,094
---------
---------
202,368
182,880
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,996
9,813
Trade creditors
46,334
21,541
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,496
Corporation tax
5,016
705
Social security and other taxes
207
180
Other creditors
43,310
44,994
---------
--------
104,863
78,729
---------
--------
Included within other creditors due within one year are secured creditors amounting to £8,537 (2022 - £8,537) in respect of the company's hire purchase facilities. The balances are secured over the assets to which they relate.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,990
34,986
Other creditors
1,751
8,837
--------
--------
26,741
43,823
--------
--------
Included within other creditors due after more than one year are secured creditors amounting to £1,751 (2022 - £8,837) in respect of the company's hire purchase facilities. The balances are secured over the assets to which they relate.
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included in other creditors due within one year is an amount of £32,270 (2022 - £34,157) due to the directors. This amount is interest free and repayable on demand.
10. RELATED PARTY TRANSACTIONS
Included within other debtors are amounts of £128,681 due from companies related by common control.