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COMPANY REGISTRATION NUMBER: 07713548
Lake Fabrications Limited
Filleted Unaudited Financial Statements
31 July 2023
Lake Fabrications Limited
Financial Statements
Year ended 31 July 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Lake Fabrications Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
4,332
4,617
Current assets
Debtors
6
376,362
289,206
Cash at bank and in hand
17,850
13,277
---------
---------
394,212
302,483
Creditors: amounts falling due within one year
7
700,673
249,871
---------
---------
Net current (liabilities)/assets
( 306,461)
52,612
---------
--------
Total assets less current liabilities
( 302,129)
57,229
---------
--------
Net (liabilities)/assets
( 302,129)
57,229
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 302,229)
57,129
---------
--------
Shareholders (deficit)/funds
( 302,129)
57,229
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 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:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lake Fabrications Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr John Harriss
Director
Company registration number: 07713548
Lake Fabrications Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Royal Sea Bathing, Canterbury Road, Margate, Kent, CT9 5NT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the directors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 14 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2022
4,339
656
4,995
Additions
196
334
530
-------
----
-------
At 31 July 2023
4,535
990
5,525
-------
----
-------
Depreciation
At 1 August 2022
345
33
378
Charge for the year
675
140
815
-------
----
-------
At 31 July 2023
1,020
173
1,193
-------
----
-------
Carrying amount
At 31 July 2023
3,515
817
4,332
-------
----
-------
At 31 July 2022
3,994
623
4,617
-------
----
-------
6. Debtors
2023
2022
£
£
Trade debtors
134,871
34,392
Amounts owed by group undertakings and undertakings in which the company has a participating interest
183,608
Other debtors
57,883
254,814
---------
---------
376,362
289,206
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
151,299
92,820
Amounts owed to group undertakings and undertakings in which the company has a participating interest
368,859
Corporation tax
5,192
5,192
Social security and other taxes
106,218
85,174
Other creditors
69,105
66,685
---------
---------
700,673
249,871
---------
---------
8. Directors' advances, credits and guarantees
At the year end, the company owed the directors £66,894 (2022: £64,178).