Company Registration No. 03058695 (England and Wales)
LAKES AND GREENS LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
Lawfords Consulting Limited
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
LAKES AND GREENS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LAKES AND GREENS LIMITED
Company Registration No. 03058695
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
618,215
472,217
Current assets
Stocks
15,500
14,120
Debtors
4
244,211
456,684
Cash at bank and in hand
1,239,597
797,858
1,499,308
1,268,662
Creditors: amounts falling due within one year
5
(435,675)
(362,019)
Net current assets
1,063,633
906,643
Total assets less current liabilities
1,681,848
1,378,860
Creditors: amounts falling due after more than one year
6
(92,035)
(61,069)
Provisions for liabilities
(109,378)
(65,107)
Net assets
1,480,435
1,252,684
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
1,480,433
1,252,682
Total equity
1,480,435
1,252,684

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

LAKES AND GREENS LIMITED
Company Registration No. 03058695
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 July 2024
J Good
Director
LAKES AND GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Lakes and Greens Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for construction services provided in the normal course of business, and is shown net of VAT.

 

Income is recognised in the period in which the payments for services rendered has been received.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
5% on cost
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LAKES AND GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

LAKES AND GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
5
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
210,525
918,049
1,128,574
Additions
21,196
268,592
289,788
Disposals
-
0
(162,198)
(162,198)
At 31 July 2023
231,721
1,024,443
1,256,164
Depreciation and impairment
At 1 August 2022
37,974
618,383
656,357
Depreciation charged in the year
6,370
80,243
86,613
Eliminated in respect of disposals
-
0
(105,021)
(105,021)
At 31 July 2023
44,344
593,605
637,949
Carrying amount
At 31 July 2023
187,377
430,838
618,215
At 31 July 2022
172,551
299,666
472,217

Included in the cost of land and buildings is freehold land of £104,316 (2022 - £83,120) which is not depreciated.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
166,804
288,628
Other debtors
77,407
168,056
244,211
456,684
LAKES AND GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,829
9,586
Trade creditors
185,100
237,852
Taxation and social security
100,598
49,524
Other creditors
140,148
65,057
435,675
362,019

Included within other creditors is a hire purchase liability of £74,774 (2022 - £12.952). This is secured on the assets to which it relates.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,442
37,271
Other creditors
64,593
23,798
92,035
61,069

Included within creditors due after one year is a hire purchase liability of £64,593 (2022 - £23,798) This is secured on the assets to which it relates.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Related party transactions

At the beginning of the year, the company was owed £21,995 from the director, J S Good. During the year advances totaling £14,713 were made to the director and repayments totaling £36,905 were made to the company. At the balance sheet date, the balance due to the director was £196.

 

 

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