IRIS Accounts Production v24.2.0.383 03178821 Board of Directors 1.1.23 31.12.23 31.12.23 a holding company. true true false true true false false true true true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh031788212022-12-31031788212023-12-31031788212023-01-012023-12-31031788212021-12-31031788212022-01-012022-12-31031788212022-12-3103178821ns15:EnglandWales2023-01-012023-12-3103178821ns14:PoundSterling2023-01-012023-12-3103178821ns10:Director12023-01-012023-12-3103178821ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103178821ns10:FRS1022023-01-012023-12-3103178821ns10:Audited2023-01-012023-12-3103178821ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3103178821ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3103178821ns10:FullAccounts2023-01-012023-12-3103178821ns10:OrdinaryShareClass12023-01-012023-12-3103178821ns10:Director52023-01-012023-12-3103178821ns10:Director62023-01-012023-12-3103178821ns10:Director72023-01-012023-12-3103178821ns10:Director82023-01-012023-12-3103178821ns10:CompanySecretary12023-01-012023-12-3103178821ns10:RegisteredOffice2023-01-012023-12-3103178821ns10:Director22023-01-012023-12-3103178821ns10:Director32023-01-012023-12-3103178821ns10:Director42023-01-012023-12-3103178821ns5:CurrentFinancialInstruments2023-12-3103178821ns5:CurrentFinancialInstruments2022-12-3103178821ns5:ShareCapital2023-12-3103178821ns5:ShareCapital2022-12-3103178821ns5:RetainedEarningsAccumulatedLosses2023-12-3103178821ns5:RetainedEarningsAccumulatedLosses2022-12-3103178821ns5:ShareCapital2021-12-3103178821ns5:RetainedEarningsAccumulatedLosses2021-12-3103178821ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103178821ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103178821ns10:OrdinaryShareClass12022-01-012022-12-3103178821ns5:CostValuation2022-12-3103178821ns5:Subsidiary12023-01-012023-12-3103178821ns5:Subsidiary112023-01-012023-12-3103178821ns5:Subsidiary12023-12-3103178821ns5:Subsidiary12022-12-3103178821ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103178821ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103178821ns10:OrdinaryShareClass12023-12-3103178821ns5:RetainedEarningsAccumulatedLosses2022-12-3103178821ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2023-01-012023-12-3103178821ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2023-12-3103178821ns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2022-12-31
REGISTERED NUMBER: 03178821 (England and Wales)

































Strategic Report,

Report of the Directors and

Financial Statements

For The Year Ended

31 December 2023

for

LAKELAND CHEMICALS LIMITED

LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Statement of Directors' Responsibilities 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


LAKELAND CHEMICALS LIMITED

Company Information
For The Year Ended 31 December 2023







DIRECTORS: Mr P McCormack
Mr J R Clark
Mr E Seddon
Mrs C Buckley
Mrs S Oliver





SECRETARY:





REGISTERED OFFICE: Peel Lane
Astley Green
Tyldesley
Manchester
Greater Manchester
M29 7FE





REGISTERED NUMBER: 03178821 (England and Wales)





AUDITORS: Leavitt Walmsley Associates Limited
Chartered Certified Accountants and
Statutory Auditors
8 Eastway
Sale
Cheshire
M33 4DX

LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)

Strategic Report
For The Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of the company continues to be that of a holding company. The company owns the shares of Lakeland Laboratories Limited, a wholly owned subsidiary, which is incorporated in England and Wales under company number 03178821.

During the year, the company received dividends amounting to £668,253 which were immediately paid to the parent company. The company also incurred expenses in respect of legal fees and bank charges amounting to £2,405 (2022: £67).

There was no other activity undertaken by the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk relating to the company is that its subsidiary undertaking is unable to finance its working capital requirements and remit dividends, as and when required.

The directors have prepared internal management information for the forthcoming financial year which show a reasonable level of profit being made in the subsidiary. The subsidiary also employs sound treasury management protocols to mitigate this liquidity risk to an acceptable level.

GOING CONCERN
The company is non-trading and has no obligations to third parties in respect of liabilities or loans. On this basis, the directors consider the company to be a going concern for the foreseeable future.

ON BEHALF OF THE BOARD:





Mr P McCormack - Director


27 August 2024

LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)

Report of the Directors
For The Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
Interim dividends per share were paid as follows:
£2,580 - 7 June 2023
£143,252 - 23 June 2023
£262,522 - 22 September 2023
£259,899 - 22 December 2023
£668,253

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 668,253 .

DIRECTORS
Mr P McCormack has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

Mr P E Clark - resigned 4 April 2023
C P Mallard - resigned 4 April 2023
J M Thomson - resigned 4 April 2023
Mr J R Clark - appointed 4 April 2023
Mr E Seddon - appointed 4 April 2023
Mrs C Buckley - appointed 4 April 2023
Mrs S Oliver - appointed 4 April 2023

FINANCIAL INSTRUMENTS
The company's principal financial instruments are in respect of:

- Investment in a wholly owned subsidiary
- Intra-group debtor

The company is non-trading and hence does not incur any other financial instruments.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Leavitt Walmsley Associates Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr P McCormack - Director


27 August 2024

LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)

Statement of Directors' Responsibilities
For The Year Ended 31 December 2023

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Lakeland Chemicals Limited

Opinion
We have audited the financial statements of Lakeland Chemicals Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Lakeland Chemicals Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtain and updated our understanding of the entity, its activities, its control environment and likely future developments. We also carry out procedures to ensure the company is complying with the requirements of its applicable financial reporting framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or errors; design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes considering the risk of acts by the entity that are contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Inquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud.
- Reviewing minutes of meetings (including those of the subsidiary).
- Assessing the extent of compliance with laws and regulations that are considered to have a direct material effect on the financial statements.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with laws and regulations.
- Performing audit work over the risk of management bias and override of internal control, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with laws and regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Lakeland Chemicals Limited


Other matters which we are required to address
Without qualifying our opinion, we draw attention to note 2 'Basis of preparing the financial statements' and the fact that the company's comparative financial statements were unaudited. For the year ended 31 December 2022, the company qualified as small (and the group it heads up qualified as small). The directors took advantage of the exemption in section 477 of Companies Act 2006 and did not require the company to have its financial statements for the year then ended audited.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven John Collings FCCA (Senior Statutory Auditor)
for and on behalf of Leavitt Walmsley Associates Limited
Chartered Certified Accountants and
Statutory Auditors
8 Eastway
Sale
Cheshire
M33 4DX

27 August 2024

LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)

Income Statement
For The Year Ended 31 December 2023

31.12.23 31.12.22
(Unaudited)
Notes £    £   

TURNOVER - -

Administrative expenses 2,405 67
OPERATING LOSS (2,405 ) (67 )

Income from fixed asset investments 668,253 -
665,848 (67 )

Interest payable and similar expenses 4 1 -
PROFIT/(LOSS) BEFORE TAXATION 665,847 (67 )

Tax on profit/(loss) 5 - -
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 665,847 (67 )

LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)

Other Comprehensive Income
For The Year Ended 31 December 2023

31.12.23 31.12.22
(Unaudited)
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 665,847 (67 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

665,847

(67

)

LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)

Balance Sheet
31 December 2023

31.12.23 31.12.22
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Investments 7 2,712,228 2,712,228

CURRENT ASSETS
Debtors 8 64,039 66,460

CREDITORS
Amounts falling due within one year 9 5 20
NET CURRENT ASSETS 64,034 66,440
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,776,262

2,778,668

CAPITAL AND RESERVES
Called up share capital 11 100,000 100,000
Retained earnings 12 2,676,262 2,678,668
SHAREHOLDERS' FUNDS 2,776,262 2,778,668

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





Mr P McCormack - Director


LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)

Statement of Changes in Equity
For The Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100,000 2,678,735 2,778,735

Changes in equity
Total comprehensive income - (67 ) (67 )
Balance at 31 December 2022 100,000 2,678,668 2,778,668

Changes in equity
Dividends - (668,253 ) (668,253 )
Total comprehensive income - 665,847 665,847
Balance at 31 December 2023 100,000 2,676,262 2,776,262

LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Lakeland Chemicals 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 the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The 2022 comparative figures were unaudited as the directors took exemption under section 477 of the Companies Act 2006 not to have the financial statements audited as the company (and the group it heads up) qualified as small. The company no longer qualifies as small as its subsidiary has become medium-sized (hence the group the company heads is also medium-sized) and hence the 2023 financial statements are the first ones subject to audit.

Going concern
At the time of approving these financial statements, the directors have a reasonable expectation that the company will have sufficient resources available to continue in existence for the foreseeable future. Hence, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Lakeland Chemicals Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Lakeland Laboratories Holdings Limited, Peel Lane, Astley Green, Tyldesley, Manchester, M29 7FE.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost and are tested annually for evidence of impairment. Where there are indicators that the subsidiary is impaired, it is written down to recoverable amount and the impairment loss is recognised in profit and loss.

LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit or loss. All other investments are subsequently measured at cost less impairment.

Debtors and creditors which fall due within one year are recorded in the financial statements at transaction price and subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded in profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt.

Debtors do not carry interest and are stated at their nominal value.

Trade creditors are not interest-bearing and are stated at their nominal value.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

The average number of employees during the year was as follows:
31.12.23 31.12.22
(Unaudited)

Directors 5 4

31.12.23 31.12.22
(Unaudited)
£    £   
Directors' remuneration - -

4. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
(Unaudited)
£    £   
Bank interest 1 -

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

6. DIVIDENDS
31.12.23 31.12.22
(Unaudited)
£    £   
Ordinary shares of £1 each
Interim 668,253 -

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2,712,228
NET BOOK VALUE
At 31 December 2023 2,712,228
At 31 December 2022 2,712,228

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Lakeland Laboratories Ltd
Registered office: Peel Lane, Astley Green, Tyldesley, Manchester M29 7FE
Nature of business: Manufacturer of chemicals
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 5,444,773 5,191,899

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
(Unaudited)
£    £   
Amts owed by subsidiary 64,039 66,460

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
(Unaudited)
£    £   
Bank loans and overdrafts (see note 10) 5 20

10. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 5 20

LAKELAND CHEMICALS LIMITED (REGISTERED NUMBER: 03178821)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100,000 Ordinary £1 100,000 100,000

Each ordinary share has the right of one vote per share, the right to participate in the distribution of dividends and equal rights of the repayment of capital.

12. RESERVES
Retained
earnings
£   

At 1 January 2023 2,678,668
Profit for the year 665,847
Dividends (668,253 )
At 31 December 2023 2,676,262

Retained earnings is a distributable reserve that includes all current and prior year profits.

13. ULTIMATE PARENT COMPANY

Lakeland Laboratories Holdings Ltd is regarded by the directors as being the company's ultimate parent company.

14. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
31.12.23 31.12.22
(Unaudited)
£    £   
Amount due from related party 64,039 66,460

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Lakeland Laboratories Holdings Ltd.