Company registration number 05640119 (England and Wales)
LAKETOR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LAKETOR LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 6
LAKETOR LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF LAKETOR LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Laketor Limited for the year ended 30 November 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Laketor Limited, as a body, in accordance with the terms of our engagement letter dated 30 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Laketor Limited and state those matters that we have agreed to state to the board of directors of Laketor Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laketor Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Laketor Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Laketor Limited. You consider that Laketor Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Laketor Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jerroms GCN Limited
22 August 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
LAKETOR LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
325,000
325,000
Current assets
Cash at bank and in hand
31,362
31,379
Creditors: amounts falling due within one year
4
(40,896)
(40,393)
Net current liabilities
(9,534)
(9,014)
Total assets less current liabilities
315,466
315,986
Creditors: amounts falling due after more than one year
5
(257,373)
(258,014)
Net assets
58,093
57,972
Capital and reserves
Called up share capital
7
2
2
Revaluation reserve
8
60,331
60,331
Profit and loss reserves
(2,240)
(2,361)
Total equity
58,093
57,972
LAKETOR LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
A Kaur
Director
Company Registration No. 05640119
LAKETOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Laketor Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Woodbourne Road, Edgbaston, Birmingham, West Midlands, B15 3QJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
0%
Depreciation has been provided at 0% on freehold property as in the opinion of the directors, these are maintained in a continual state of sound repair, their lives are long and residual values are such that depreciation is not material. .
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
LAKETOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 December 2022 and 30 November 2023
325,000
Depreciation and impairment
At 1 December 2022 and 30 November 2023
Carrying amount
At 30 November 2023
325,000
At 30 November 2022
325,000
Freehold land and buildings were revalued on an open market basis on 6 December 2016 by Onesavings Bank Plc.
Land and buildings
2023
2022
£
£
Cost
264,669
264,669
LAKETOR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
14,560
14,560
Trade creditors
12,150
Corporation tax
70
42
Other creditors
26,266
13,641
40,896
40,393
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
257,373
258,014
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
201,441
201,441
6
Secured debts
2023
2022
£
£
Bank loans
271,933
272,574
Payable within one year
14,560
14,560
Payable after one year
257,373
258,014
The bank loan is secured by a legal charge dated February 2017 granted to Onesavings Bank Plc on certain assets of the business.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
60,331
60,331