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REGISTERED NUMBER: 05156621 (England and Wales)












LAKES GARAGE DOORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






LAKES GARAGE DOORS LIMITED (REGISTERED NUMBER: 05156621)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LAKES GARAGE DOORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







Directors: Mrs L Darnell
Mr J A Darnell
Mrs H V V Darnell
Mr A J Darnell





Secretary: Mrs H V V Darnell





Registered office: Unit 5 Leachfield Industrial Estate
Green Lane West
GARSTANG
PR3 1PR





Registered number: 05156621 (England and Wales)





Accountants: Xeinadin
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

LAKES GARAGE DOORS LIMITED (REGISTERED NUMBER: 05156621)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 366,035 104,587

Current assets
Stocks 82,150 99,305
Debtors 5 167,810 86,736
Cash at bank and in hand 36,143 210,392
286,103 396,433
Creditors
Amounts falling due within one year 6 571,367 445,134
Net current liabilities (285,264 ) (48,701 )
Total assets less current liabilities 80,771 55,886

Provisions for liabilities 62,521 22,076
Net assets 18,250 33,810

Capital and reserves
Called up share capital 100 100
Retained earnings 18,150 33,710
18,250 33,810

LAKES GARAGE DOORS LIMITED (REGISTERED NUMBER: 05156621)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:





Mrs H V V Darnell - Director


LAKES GARAGE DOORS LIMITED (REGISTERED NUMBER: 05156621)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. Statutory information

Lakes Garage Doors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for goods and services provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good or service to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - Straight line over 10 years and Straight line over 5 years
Plant and machinery etc - 25% on reducing balance, 25% on cost and 15% Reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


LAKES GARAGE DOORS LIMITED (REGISTERED NUMBER: 05156621)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. Accounting policies - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 11 (2023 - 8 ) .

4. Tangible fixed assets
Plant and
Leasehold machinery
improvements etc Totals
£    £    £   
Cost
At 1 April 2023 201,347 125,002 326,349
Additions 261,383 79,559 340,942
Disposals - (17,122 ) (17,122 )
At 31 March 2024 462,730 187,439 650,169
Depreciation
At 1 April 2023 135,503 86,259 221,762
Charge for year 53,454 23,754 77,208
Eliminated on disposal - (14,836 ) (14,836 )
At 31 March 2024 188,957 95,177 284,134
Net book value
At 31 March 2024 273,773 92,262 366,035
At 31 March 2023 65,844 38,743 104,587

LAKES GARAGE DOORS LIMITED (REGISTERED NUMBER: 05156621)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 78,264 22,790
Other debtors 89,546 63,946
167,810 86,736

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 94,681 21,316
Taxation and social security 8,727 35,950
Other creditors 467,959 387,868
571,367 445,134

7. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 30,000 15,000
Between one and five years 50,625 20,625
80,625 35,625