Silverfin false false 31/07/2023 01/08/2022 31/07/2023 Mr J N Hawkins 20/11/2014 Mr S P Highfield 20/11/2014 31 July 2024 The principal activity of the company during the financial year was property development. 09320506 2023-07-31 09320506 bus:Director1 2023-07-31 09320506 bus:Director2 2023-07-31 09320506 2022-07-31 09320506 core:CurrentFinancialInstruments 2023-07-31 09320506 core:CurrentFinancialInstruments 2022-07-31 09320506 core:Non-currentFinancialInstruments 2023-07-31 09320506 core:Non-currentFinancialInstruments 2022-07-31 09320506 core:ShareCapital 2023-07-31 09320506 core:ShareCapital 2022-07-31 09320506 core:RetainedEarningsAccumulatedLosses 2023-07-31 09320506 core:RetainedEarningsAccumulatedLosses 2022-07-31 09320506 core:OtherPropertyPlantEquipment 2022-07-31 09320506 core:OtherPropertyPlantEquipment 2023-07-31 09320506 core:CostValuation 2022-07-31 09320506 core:AdditionsToInvestments 2023-07-31 09320506 core:DisposalsRepaymentsInvestments 2023-07-31 09320506 core:CostValuation 2023-07-31 09320506 core:ProvisionsForImpairmentInvestments 2022-07-31 09320506 core:ImpairmentLossProvisionsForImpairmentInvestments 2023-07-31 09320506 core:ProvisionsForImpairmentInvestments 2023-07-31 09320506 2022-08-01 2023-07-31 09320506 bus:FilletedAccounts 2022-08-01 2023-07-31 09320506 bus:SmallEntities 2022-08-01 2023-07-31 09320506 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 09320506 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 09320506 bus:Director1 2022-08-01 2023-07-31 09320506 bus:Director2 2022-08-01 2023-07-31 09320506 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-08-01 2023-07-31 09320506 2021-08-01 2022-07-31 09320506 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 09320506 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Company No: 09320506 (England and Wales)

LAKE DEVELOPMENTS (WEYMOUTH ) LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

LAKE DEVELOPMENTS (WEYMOUTH ) LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

LAKE DEVELOPMENTS (WEYMOUTH ) LIMITED

BALANCE SHEET

As at 31 July 2023
LAKE DEVELOPMENTS (WEYMOUTH ) LIMITED

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 419
Investments 4 31,543 32,747
31,543 33,166
Current assets
Debtors 5 31,063 32,424
Cash at bank and in hand 1,280 249
32,343 32,673
Creditors: amounts falling due within one year 6 ( 32,846) ( 25,645)
Net current (liabilities)/assets (503) 7,028
Total assets less current liabilities 31,040 40,194
Creditors: amounts falling due after more than one year 7 ( 158,657) ( 165,619)
Net liabilities ( 127,617) ( 125,425)
Capital and reserves
Called-up share capital 4 4
Profit and loss account ( 127,621 ) ( 125,429 )
Total shareholders' deficit ( 127,617) ( 125,425)

For the financial 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 financial statements of Lake Developments (Weymouth ) Limited (registered number: 09320506) were approved and authorised for issue by the Board of Directors on 31 July 2024. They were signed on its behalf by:

Mr J N Hawkins
Director
LAKE DEVELOPMENTS (WEYMOUTH ) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
LAKE DEVELOPMENTS (WEYMOUTH ) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lake Developments (Weymouth ) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £127,617. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2022 1,258 1,258
At 31 July 2023 1,258 1,258
Accumulated depreciation
At 01 August 2022 839 839
Charge for the financial year 419 419
At 31 July 2023 1,258 1,258
Net book value
At 31 July 2023 0 0
At 31 July 2022 419 419

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 August 2022 59,730 59,730
Additions 2,690 2,690
Disposals ( 1,318) ( 1,318)
At 31 July 2023 61,102 61,102
Provisions for impairment
At 01 August 2022 26,983 26,983
Impairment 2,576 2,576
At 31 July 2023 29,559 29,559
Carrying value at 31 July 2023 31,543 31,543
Carrying value at 31 July 2022 32,747 32,747

5. Debtors

2023 2022
£ £
Other debtors 31,063 32,424

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 335
Trade creditors 16,477 15,877
Taxation and social security 3,807 3,612
Other creditors 12,562 5,821
32,846 25,645

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 158,657 165,619

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with the entity's directors

During the year the directors maintained an interest free loan account with the company, which is repayable on demand. At the balance sheet date, the amount due to the directors was £168,732 (2022 £169,390 ).