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Company No: 02161627 (England and Wales)

LAKELAND FILMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

LAKELAND FILMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

LAKELAND FILMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
LAKELAND FILMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR D R South
REGISTERED OFFICE Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
United Kingdom
COMPANY NUMBER 02161627 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
GU9 7PT
LAKELAND FILMS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
LAKELAND FILMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 9 13
9 13
Current assets
Debtors 4 158 169
Cash at bank and in hand 59 194
217 363
Creditors: amounts falling due within one year 5 ( 24,133) ( 22,579)
Net current liabilities (23,916) (22,216)
Total assets less current liabilities (23,907) (22,203)
Net liabilities ( 23,907) ( 22,203)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 24,007 ) ( 22,303 )
Total shareholder's deficit ( 23,907) ( 22,203)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Lakeland Films Limited (registered number: 02161627) were approved and authorised for issue by the Director on 17 September 2024. They were signed on its behalf by:

D R South
Director
LAKELAND FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
LAKELAND FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lakeland Films Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

During the year under review the Company made a trading loss of £1,704 (2022 - £1,799), which resulted in a balance sheet deficit of £23,907 (2022 - £22,203). This may call into question the Company's continued ability to trade.

The Company continues to be supported financially by the director and this support will remain for the foreseeable future. The director therefore considers it is appropriate for the accounts to be prepared on a going concern basis.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Office equipment 33 % reducing balance
Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 January 2023 6,451 9,375 15,826
At 31 December 2023 6,451 9,375 15,826
Accumulated depreciation
At 01 January 2023 6,447 9,366 15,813
Charge for the financial year 1 3 4
At 31 December 2023 6,448 9,369 15,817
Net book value
At 31 December 2023 3 6 9
At 31 December 2022 4 9 13

4. Debtors

2023 2022
£ £
Other debtors 158 169

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 810 640
Other creditors 23,323 21,939
24,133 22,579