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Registered number: 02934714
Lakethorne Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Passman Leonard Associates Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02934714
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 123,973 191,043
123,973 191,043
CURRENT ASSETS
Stocks 4 8,550 8,550
Debtors 5 1,473,189 1,351,522
Cash at bank and in hand 455,083 1,036,929
1,936,822 2,397,001
Creditors: Amounts Falling Due Within One Year 6 (1,489,696 ) (1,918,266 )
NET CURRENT ASSETS (LIABILITIES) 447,126 478,735
TOTAL ASSETS LESS CURRENT LIABILITIES 571,099 669,778
Creditors: Amounts Falling Due After More Than One Year 7 (8,818 ) (25,051 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (22,592 ) (25,371 )
NET ASSETS 539,689 619,356
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 539,679 619,346
SHAREHOLDERS' FUNDS 539,689 619,356
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R Chappell
Director
12 August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
1.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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1.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was: 420 (2022: 399)
420 399
3. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 394,302 485,334 17,730 897,366
Additions - - 6,258 6,258
Disposals (184,717 ) - - (184,717 )
As at 31 December 2023 209,585 485,334 23,988 718,907
Depreciation
As at 1 January 2023 236,648 460,781 8,894 706,323
Provided during the period 24,843 12,591 3,216 40,650
Disposals (152,039 ) - - (152,039 )
As at 31 December 2023 109,452 473,372 12,110 594,934
Net Book Value
As at 31 December 2023 100,133 11,962 11,878 123,973
As at 1 January 2023 157,654 24,553 8,836 191,043
4. Stocks
2023 2022
£ £
Work in progress 8,550 8,550
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 128,980 752,572
Prepayments and accrued income 488,830 38,092
Other debtors - 20,282
Amounts owed by group undertakings 855,379 540,576
1,473,189 1,351,522
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Amounts owed by group undertakings at the balance sheet date included £714,993 (2022: £466,113) by Lakethorne Holdings Limited, which is incorporated and registered in the United Kingdom and was a parent company of Lakethorne Limited as at the date of these accounts, and £140,386 (2022: £74,463) by Lakethorne Safeclean Ltd, which is incorporated and registered in the United Kingdom and was a fellow subsidiary of Lakethorne Holdings Ltd as at the date of these accounts.
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 18,218 6,753
Trade creditors 586,455 271,851
Bank loans and overdrafts - 104,431
Corporation tax - 22,788
Other taxes and social security 57,049 74,044
VAT 33,188 391,172
Net wages 255,994 386,183
Other creditors 29,633 65,576
Pension Creditor 12,340 12,079
Accruals and deferred income 496,819 583,389
1,489,696 1,918,266
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 8,818 25,051
8,818 25,051
8. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The maturity of these amounts is as follows:
Within one year 18,218 6,753
Between one and five years 8,818 25,051
27,036 31,804
27,036 31,804
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10 10
10. Ultimate Controlling Party
The company's ultimate controlling party is Turn Croft Group Ltd by virtue of ownership of 100% of the issued share capital in the company. As at 31 December 2023 the company’s ultimate controlling party was Lakethorne Holdings Ltd by virtue of ownership of 100% of the issued share capital in the company as at that date.
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11. General Information
Lakethorne Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02934714 . The registered office is Unit 15 Wharfside Rosemont Road, Wembley, Middlesex, HA0 4PE.
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