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Logo On Report
Reports Dated : 26/07/2024 Registered Number: 04830039
England and Wales

 

 

 

LAKES DESIGN AND PRINT LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 August 2022

End date: 31 July 2023
In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the accounts of Lakes Design and Print Limited for the year ended 31 July 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at


http://rulebook.accaglobal.com.




This report is made solely to the member of Lakes Design and Print Limited, as a body, in accordance with the terms of our engagement letter dated 09 December 2016. Our work has been undertaken solely to prepare for your approval the accounts of Lakes Design and Print Limited and state those matters that we have agreed to state to the Board of Lakes Design and Print Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants and as detailed at


http://www.accaglobal.com/factsheet163.


To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lakes Design and Print Limited and its members as a body for our work or for this report.

It is your duty to ensure that Lakes Design and Print Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and Profit of Lakes Design and Print Limited. You consider that Lakes Design and Print Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lakes Design and Print Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.


SJW ACCOUNTANTS
Chartered Certified Accountants Casterton Suite, CHBC
Burton in Kendal
Carnforth
Lancashire
LA6 1NU
26 July 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 8,444    16,191 
8,444    16,191 
Current assets      
Stocks 12,954    13,569 
Debtors: amounts falling due within one year 27,323    32,259 
Cash at bank and in hand 48,530    99,674 
88,807    145,502 
Creditors: amount falling due within one year (46,178)   (51,068)
Net current assets 42,629    94,434 
 
Total assets less current liabilities 51,073    110,625 
Creditors: amount falling due after more than one year (19,983)   (28,984)
Provisions for liabilities (1,831)   (3,310)
Net assets 29,259    78,331 
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account 29,159    78,231 
Shareholders' funds 29,259    78,331 
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 26 July 2024 and were signed on its behalf by:


-------------------------------
Stuart Michael Holden
Director
-------------------------------
Alan Fawcett
Director
2
General Information
Lakes Design and Print Limited is a private company, limited by shares, registered in England and Wales, registration number 04830039, registration address Unit 7 Woodgate Park, White Lund Industrial Estate, Morecambe, Lancs, LA3 3PS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Straight Line
Computer Equipment 33.33% Straight Line
Inventory
Inventories are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Directors' Emoluments

2023
£
  2022
£
Administrative Expenses
Directors Salaries 5,073    15,219 
5,073    15,219 

3.

Average number of employees


Average number of employees during the year was 6 (2022 : 6).
4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 August 2022 155,975    2,040    158,015 
Additions    
Disposals    
At 31 July 2023 155,975    2,040    158,015 
Depreciation
At 01 August 2022 139,901    2,040    141,941 
Charge for year 7,630      7,630 
On disposals    
At 31 July 2023 147,531    2,040    149,571 
Net book values
Closing balance as at 31 July 2023 8,444      8,444 
Opening balance as at 01 August 2022 14,446    1,745    16,191 


5.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

3