REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
LAKELAND LEASING LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
LAKELAND LEASING LIMITED |
LAKELAND LEASING LIMITED (REGISTERED NUMBER: 04695609) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LAKELAND LEASING LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 Market Street |
Hebden Bridge |
West Yorkshire |
HX7 6AD |
LAKELAND LEASING LIMITED (REGISTERED NUMBER: 04695609) |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LAKELAND LEASING LIMITED (REGISTERED NUMBER: 04695609) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Lakeland Leasing Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents earned income from commercial leasing and commercial retail financing, net of value added tax. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Finance leases and instalment credit |
The total gross charges under finance leases are allocated over the accounting periods in which rentals are due using the rule of 78 method. |
Income from instalment credit agreements is determined by spreading charges over the accounting periods in which repayments are due using the actuarial method. |
The unearned finance charges representing the balances remaining after allocating the finance charges over the period in which repayments are due, as at the balance sheet date, using the actuarial method. |
Bad debts |
Specific provisions are made against advances when the directors are of the opinion that any advance may not be recovered in full. No round sum provision is made to cover advances which may be bad or doubtful but not yet identified as such. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LAKELAND LEASING LIMITED (REGISTERED NUMBER: 04695609) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts receivable in respect of finance leases |
Amounts receivable in respect of hire purchase contracts |
- |
398 |
VAT |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
VAT | 88 | - |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 49 | 49 |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares of £1 each | £1 | 51 | 51 |
7. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 |
Deficit for the year | ( |
) |
At 31 March 2023 |
8. | RELATED PARTY DISCLOSURES |
The director and one related party have each given a personal guarantee to the company's bankers in respect of the company's bank overdraft. |