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REGISTERED NUMBER: 06420101 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LOVE THE LAKES LIMITED

LOVE THE LAKES LIMITED (REGISTERED NUMBER: 06420101)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Chartered Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


LOVE THE LAKES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs L P McMahon
Mr S M McMahon





SECRETARY: Mr S M McMahon





REGISTERED OFFICE: Waterside
4 The Gardens
Barrow-in-Furness
Cumbria
LA14 4RE





REGISTERED NUMBER: 06420101 (England and Wales)





ACCOUNTANTS: R F Miller & Co
Double Tree Court
10A Cavendish St
Ulverston
Cumbria
LA12 7AD

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
LOVE THE LAKES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.

This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.

You have acknowledged on the balance sheet as at 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.






R F Miller & Co
Double Tree Court
10A Cavendish St
Ulverston
Cumbria
LA12 7AD


23 August 2024

LOVE THE LAKES LIMITED (REGISTERED NUMBER: 06420101)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,858 9,018
Tangible assets 5 10,559 9,903
17,417 18,921

CURRENT ASSETS
Stocks 130,196 133,432
Debtors 6 37,115 40,619
Cash at bank and in hand 8,247 4,889
175,558 178,940
CREDITORS
Amounts falling due within one year 7 144,595 132,211
NET CURRENT ASSETS 30,963 46,729
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,380

65,650

PROVISIONS FOR LIABILITIES 3,309 3,595
NET ASSETS 45,071 62,055

CAPITAL AND RESERVES
Called up share capital 10 101 100
Retained earnings 11 44,970 61,955
SHAREHOLDERS' FUNDS 45,071 62,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

LOVE THE LAKES LIMITED (REGISTERED NUMBER: 06420101)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:





Mrs L P McMahon - Director


LOVE THE LAKES LIMITED (REGISTERED NUMBER: 06420101)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Love The Lakes 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.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website are being amortised evenly over their estimated useful life of nil years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Leasehold improvements - 10% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 25% on cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale.

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


LOVE THE LAKES LIMITED (REGISTERED NUMBER: 06420101)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

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 20 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 4,999 11,745 16,744
AMORTISATION
At 1 January 2023 4,999 2,727 7,726
Charge for year - 2,160 2,160
At 31 December 2023 4,999 4,887 9,886
NET BOOK VALUE
At 31 December 2023 - 6,858 6,858
At 31 December 2022 - 9,018 9,018

LOVE THE LAKES LIMITED (REGISTERED NUMBER: 06420101)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Short Leasehold Plant and
leasehold improvements machinery
£    £    £   
COST
At 1 January 2023 58,297 21,416 1,098
Additions - - -
At 31 December 2023 58,297 21,416 1,098
DEPRECIATION
At 1 January 2023 58,297 19,192 251
Charge for year - 398 170
At 31 December 2023 58,297 19,590 421
NET BOOK VALUE
At 31 December 2023 - 1,826 677
At 31 December 2022 - 2,224 847

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 46,251 10,885 137,947
Additions 789 3,180 3,969
At 31 December 2023 47,040 14,065 141,916
DEPRECIATION
At 1 January 2023 43,705 6,599 128,044
Charge for year 453 2,292 3,313
At 31 December 2023 44,158 8,891 131,357
NET BOOK VALUE
At 31 December 2023 2,882 5,174 10,559
At 31 December 2022 2,546 4,286 9,903

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,048 4,472
Amazon Control 29,349 24,575
Prepayments 1,718 11,572
37,115 40,619

LOVE THE LAKES LIMITED (REGISTERED NUMBER: 06420101)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 14,296
Trade creditors 72,418 62,093
Corporation tax 7,272 -
Social security and other taxes 3,741 4,095
VAT 33,493 31,659
Credit Card 7,176 9,126
Directors' current accounts 18,655 8,936
Accrued expenses 1,840 2,006
144,595 132,211

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 68,450 35,650
Between one and five years 169,175 139,600
In more than five years 19,975 52,350
257,600 227,600

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 14,296

The bank loan, which was secured by a legal charge on the private home of the director, was fully repaid during the year.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary C Class £1 1 -

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
99 Share capital 2 £1 99 99
1 Share capital 3 £1 1 1
100 100

LOVE THE LAKES LIMITED (REGISTERED NUMBER: 06420101)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. CALLED UP SHARE CAPITAL - continued

The following shares were issued during the year for cash at par :

1 Ordinary C Class share of £1

11. RESERVES
Retained
earnings
£   

At 1 January 2023 61,955
Profit for the year 39,515
Dividends (56,500 )
At 31 December 2023 44,970

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors is an amount due to the director by the company of £18,655 (2022: £8,936).

13. RELATED PARTY DISCLOSURES

During the year Mrs L P McMahon received dividends of £21,000 (2022: £2,000) and Mr S M McMahon received dividends of £33,000 (2022: £2,000)

14. ULTIMATE CONTROLLING PARTY

The company was under the control of Mrs L P McMahon throughout the current and previous periods. Mrs McMahon is the managing director and together with members of her immediate family owns 100% of the issued share capital of the company.