REGISTERED NUMBER: |
LAKESIDE INVESTMENT PLATFORM LTD |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
REGISTERED NUMBER: |
LAKESIDE INVESTMENT PLATFORM LTD |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
LAKESIDE INVESTMENT PLATFORM LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
2 Lakeview Stables |
Lower St. Clere |
Kemsing |
Sevenoaks |
Kent |
TN15 6NL |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
The directors present their report with the financial statements of the company for the year ended 30 January 2024. |
CESSATION OF TRADING |
The company ceased trading on 6 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of management of financial investments. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 31 January 2023 to the date of this report. |
GOING CONCERN |
As a result of the company ceasing to trade, the financial statements have been prepared on a basis other than going concern. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Lakeview Southern Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LAKESIDE INVESTMENT PLATFORM LTD |
Opinion |
We have audited the financial statements of Lakeside Investment Platform Ltd (the 'company') for the year ended 30 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 January 2024 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Emphasis of matter- Financial statements basis other than a going concern |
We draw attention to note 2 in the financial statements, which indicates that the financial statements have been prepared on a basis other than that of a going concern. Our opinion is not modified in respect of this matter. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LAKESIDE INVESTMENT PLATFORM LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LAKESIDE INVESTMENT PLATFORM LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We considered the central laws and regulations to the entity and identified those being of significance. We undertook an enquiry of management and those charged with governance to evaluate those of significance and any instances of non-compliance. |
Through discussion and, where appropriate, written representation we obtained an understanding of the entity's policies and procedures in relation to fraud risks, including knowledge of any actual, suspected or alleged fraud. |
The Senior Statutory Auditor has assessed that the engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations within the areas that they are responsible for testing. |
Where necessary, documentation scrutiny was used to determine the significance of any instances with non-compliance of central laws and regulations and reviewed disclosures made in the financial statements to ensure these were appropriately made. We also reviewed the journals processed by the finance team and reviewed all transactions outside the normal course of the entity's business.Based on our understanding of the company and industry, in particular we identified that the principal risks of non-compliance with laws and regulations related to the Financial Conduct Authority (FCA) and we considered the extent to which non-compliance might have a material effect on the information. |
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Irregularities that result from fraud are inherently more difficult to detect from irregularities that result from error. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditors |
2 Lakeview Stables |
Lower St. Clere |
Kemsing |
Sevenoaks |
Kent |
TN15 6NL |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
30.1.24 | 30.1.23 |
Notes | £ | £ |
TURNOVER | 3 |
Administrative expenses |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(1,947 | ) | 132,134 |
Interest payable and similar expenses | 5 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 6 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JANUARY 2024 |
30.1.24 | 30.1.23 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
BALANCE SHEET |
30 JANUARY 2024 |
30.1.24 | 30.1.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JANUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 31 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 January 2024 |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
30.1.24 | 30.1.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Finance costs paid | - | (97 | ) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Intra-group loan movements |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
16,924 |
Cash and cash equivalents at end of year | 2 | - | 139,345 |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JANUARY 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.1.24 | 30.1.23 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Finance costs | - | 97 |
Finance income | (76 | ) | - |
(2,023 | ) | 132,134 |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 January 2024 |
30.1.24 | 31.1.23 |
£ | £ |
Cash and cash equivalents | - | 139,345 |
Year ended 30 January 2023 |
30.1.23 | 31.1.22 |
£ | £ |
Cash and cash equivalents | 139,345 | 16,924 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 31.1.23 | Cash flow | At 30.1.24 |
£ | £ | £ |
Net cash |
Cash at bank | 139,345 | (139,345 | ) | - |
139,345 | ( |
) | - |
Total | 139,345 | (139,345 | ) | - |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Lakeside Investment Platform Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net amounts receivable for financial services. All amounts are shown within the financial statements excluding value added tax. |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classified as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains and losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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. |
Trade and other debtors |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments. |
Trade and other creditors |
Trade and other creditors are stated at cost. |
Going concern |
As noted in the Director's Report, the Company has ceased trading and accordingly, the financial statements have been prepared on the basis other than going concern. The directors have confirmed that MNK Holdings Ltd, the ultimate holding company, will continue to provide the necessary level of support to enable the Company to meet its liabilities. |
The directors consider there to be no difference between the valuation on a going concern basis and valuation on cessation. |
3. | TURNOVER |
The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business for the year ended 30 January 2023 is given below: |
£ |
This analysis is not considered to be applicable to the year ended 30 January 2024. |
An analysis of turnover by geographical market for the year ended 30 January 2023 is given below: |
£ |
United Kingdom |
This analysis is not considered to be applicable to the year ended 30 January 2024. |
Turnover represents net amounts receivable for financial services. All amounts are shown within the financial statements excluding value added tax. |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging: |
30.1.24 | 30.1.23 |
£ | £ |
Auditors' remuneration |
Other non- audit services |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.1.24 | 30.1.23 |
£ | £ |
Other interest |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
30.1.24 | 30.1.23 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on (loss)/profit |
UK corporation tax was charged at 19%) in 2023. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.1.24 | 30.1.23 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Utilisation of tax losses |
Total tax charge | - | 25,087 |
The tax charge in the accounts is equal to the profit before tax figure multiplied by the corporation tax rate. |
7. | DIVIDENDS |
30.1.24 | 30.1.23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.1.24 | 30.1.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.1.24 | 30.1.23 |
£ | £ |
Amounts owed to group undertakings |
Tax |
Accruals and deferred income |
10. | FINANCIAL INSTRUMENTS |
The company has basic financial debt instruments which are all measured at cost. These include trade debtors, other debtors, cash and bank in hand and trade creditors. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.1.24 | 30.1.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
The ordinary shares are non redeemable but hold full rights in respect of voting and entitle the holder to full participation in respect of equity and in the event of a winding up of the company. |
12. | RESERVES |
Retained |
earnings |
£ |
At 31 January 2023 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 30 January 2024 |
The retained earnings are the cumulative profit and loss net of distributions. |
13. | ULTIMATE PARENT COMPANY |
MNK Holdings Ltd is regarded by the directors as being the company's ultimate parent company which prepares group financial statements. The registered office of MNK Holdings Ltd is Lakeside House, 15 Mariner Court, Wakefield, West Yorkshire, WF4 3FL. |
Lakeside Investment Platform Ltd is 100% owned by MNK Holdings Ltd. |
LAKESIDE INVESTMENT PLATFORM LTD (REGISTERED NUMBER: 11787302) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JANUARY 2024 |
14. | RELATED PARTY DISCLOSURES |
At 30 January 2024 Lakeside Investment Platform was owed £nil by LM10 Property Ltd (2023: £20,000) another subsidiary of MNK Holdings Ltd. The company owed £nil to Lakeside Corporate Services Ltd (2023: £1,233). These are all repayable on demand without any guarantees. |
Last year receipt of sales were collected by a company in which directors are also connected. These amounts were transferred over with no deductions and totalled £138,513. There were no transactions in the current year. At the year end, £3,417 (2023: £35,990) was owed from the connected party. |
Due to the fellow subsidiary LP10 Ltd being a MiFID company, Lakeside Investment Platform Ltd is deemed to be part of a medium sized group. The company has taken advantage of exemptions for subsidiaries in a non eligible group regarding the Strategic Report. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is N Hibbert and M Hibbert. |