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REGISTERED NUMBER: 02719162 (England and Wales)















Unaudited Financial Statements for the Year Ended 30th June 2024

for

Lakeland Commercials Limited

Lakeland Commercials Limited (Registered number: 02719162)






Contents of the Financial Statements
for the Year Ended 30th June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lakeland Commercials Limited

Company Information
for the Year Ended 30th June 2024







DIRECTORS: J R Bowman
Mrs J L Bowman
G J Bowman
C Curr





SECRETARY: C Curr





REGISTERED OFFICE: Croft Cottage
Hartley
Kirkby Stephen
Cumbria
CA17 4JJ





REGISTERED NUMBER: 02719162 (England and Wales)





ACCOUNTANTS: Noble Accountants ltd
Tarn Villa
Culgaith
Penrith
Cumbria
CA10 1QL

Lakeland Commercials Limited (Registered number: 02719162)

Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 756,225 706,120

CURRENT ASSETS
Stocks 6,027 2,080
Debtors 5 1,063,530 861,618
Cash at bank and in hand 132,731 127,338
1,202,288 991,036
CREDITORS
Amounts falling due within one year 6 670,308 565,588
NET CURRENT ASSETS 531,980 425,448
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,288,205

1,131,568

PROVISIONS FOR LIABILITIES 115,271 101,559
NET ASSETS 1,172,934 1,030,009

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,172,834 1,029,909
SHAREHOLDERS' FUNDS 1,172,934 1,030,009

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

Lakeland Commercials Limited (Registered number: 02719162)

Balance Sheet - continued
30th June 2024


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 27th August 2024 and were signed on its behalf by:




Mrs J L Bowman - Director J R Bowman - Director




G J Bowman - Director


Lakeland Commercials Limited (Registered number: 02719162)

Notes to the Financial Statements
for the Year Ended 30th June 2024

1. STATUTORY INFORMATION

Lakeland Commercials 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.

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, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 20% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, 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.

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.

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.

Lakeland Commercials Limited (Registered number: 02719162)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2023 - 49 ) .

4. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1st July 2023 375,897 42,644 278,893
Additions - - 8,977
Disposals - - -
At 30th June 2024 375,897 42,644 287,870
DEPRECIATION
At 1st July 2023 76,011 42,644 236,488
Charge for year 4,746 - 12,845
Eliminated on disposal - - -
At 30th June 2024 80,757 42,644 249,333
NET BOOK VALUE
At 30th June 2024 295,140 - 38,537
At 30th June 2023 299,886 - 42,405

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st July 2023 29,195 716,898 41,317 1,484,844
Additions - 246,031 1,346 256,354
Disposals - (210,801 ) - (210,801 )
At 30th June 2024 29,195 752,128 42,663 1,530,397
DEPRECIATION
At 1st July 2023 28,281 360,627 34,673 778,724
Charge for year 229 109,286 1,998 129,104
Eliminated on disposal - (133,656 ) - (133,656 )
At 30th June 2024 28,510 336,257 36,671 774,172
NET BOOK VALUE
At 30th June 2024 685 415,871 5,992 756,225
At 30th June 2023 914 356,271 6,644 706,120

Included in cost of land and buildings is freehold land of £ 138,587 (2023 - £ 138,587 ) which is not depreciated.

Depreciation has been charged on motor vehicles at the rate of 25% reducing balance with a charge in the month of addition and none in the month of disposal.

Lakeland Commercials Limited (Registered number: 02719162)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2024

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 981,395 754,841
Other debtors 35,034 37,598
1,016,429 792,439

Amounts falling due after more than one year:
Other debtors 47,101 69,179

Aggregate amounts 1,063,530 861,618

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 43,269
Trade creditors 466,375 352,715
Taxation and social security 179,345 144,346
Other creditors 24,588 25,258
670,308 565,588

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 43,075

8. RELATED PARTY DISCLOSURES

The company paid rent of £4,680 (2023: £4,680) re Unit 3, Station Yard, Kirkby Stephen, a property owned by JL Bowman (Director) 50 % share, GJ Bowman (Director) 25% share and PE Bowman 25% share.

The company paid rent of £nil (2023: £3,000) re Mintsfeet Road, Kendal, a property owned by JR Bowman (Director) 50 % share, GJ Bowman (Director) 25% share and PE Bowman 25% share.