Registered number
05171812
Lakeland Central (Hull) Limited
Filleted Accounts
31 July 2023
Lakeland Central (Hull) Limited
Registered number: 05171812
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 90,000
Current assets
Stocks - 85,893
Debtors 4 158 4,697
Cash at bank and in hand 99,538 960
99,696 91,550
Creditors: amounts falling due within one year 5 (520,194) (549,418)
Net current liabilities (420,498) (457,868)
Net liabilities (420,498) (367,868)
Capital and reserves
Called up share capital 100 100
Profit and loss account (420,598) (367,968)
Shareholders' funds (420,498) (367,868)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr FTB Hooson
Director
Approved by the board on 25 January 2024
Lakeland Central (Hull) Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less any accumulative impairment losses. Depreciation is not provided on freehold land and buildings held by the company which are in the process of being developed.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 August 2022 90,000
At 31 July 2023 -
Depreciation
At 31 July 2023 -
Net book value
At 31 July 2023 -
At 31 July 2022 90,000
4 Debtors 2023 2022
£ £
Other debtors 158 4,697
5 Creditors: amounts falling due within one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 407,777 423,101
Other creditors 112,417 126,317
520,194 549,418
6 Related party transactions
DW Hooson is a director and shareholder of DH Developments (Hull) Limited. During the year management fees of £28,600 were paid to this company. At the year end an amount of £111,667 was due to this company, and it is included in Other creditors. This amount is interest free and repayable on demand.
During the year, £15,324 was repaid to Lakeland Properties (Hull) Limited, the parent company. At the year end £407,777 was due to the parent company. This amount is interest free and repayable on demand.
7 Controlling party
The company is controlled by the director, Mr FTB Hooson.
8 Other information
Lakeland Central (Hull) Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Church View
Barton-upon-Humber
DN18 8LD
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