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Registration number: 08538308

Phocle Lake Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Phocle Lake Limited

(Registration number: 08538308)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,060,489

1,075,822

Current assets

 

Debtors

5

122

30

Cash at bank and in hand

 

10,221

3,604

 

10,343

3,634

Creditors: Amounts falling due within one year

6

(27,891)

(27,388)

Net current liabilities

 

(17,548)

(23,754)

Total assets less current liabilities

 

1,042,941

1,052,068

Creditors: Amounts falling due after more than one year

6

(1,036,297)

(1,045,465)

Provisions for liabilities

11,500

13,650

Net assets

 

18,144

20,253

Capital and reserves

 

Called up share capital

100

100

Retained earnings

18,044

20,153

Shareholders' funds

 

18,144

20,253

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Phocle Lake Limited

(Registration number: 08538308)
Balance Sheet as at 31 July 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 

.........................................
EH Watson
Company secretary and director

 

Phocle Lake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Phocle Lake
Phocle Green
Ross on Wye
Herefordshire
HR9 7TW

These financial statements were authorised for issue by the Board on 2 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Phocle Lake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% pa on a reducing balance basis.

Fixtures & fittings

25% pa on a reducing balance basis.

Freehold property

5% pa on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

 

Phocle Lake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

1,086,027

51,284

18,046

1,155,357

At 31 July 2024

1,086,027

51,284

18,046

1,155,357

Depreciation

At 1 August 2023

23,656

41,374

14,505

79,535

Charge for the year

11,962

2,485

886

15,333

At 31 July 2024

35,618

43,859

15,391

94,868

Carrying amount

At 31 July 2024

1,050,409

7,425

2,655

1,060,489

At 31 July 2023

1,062,371

9,910

3,541

1,075,822

No depreciation is charged on the freehold land included in land and buildings.

 

Phocle Lake Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Debtors

Current

2024
£

2023
£

Other debtors

122

30

 

122

30

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

5,000

5,000

Trade creditors

 

2,839

434

Taxation and social security

 

4,305

4,137

Accruals and deferred income

 

15,747

16,914

Other creditors

 

-

903

 

27,891

27,388

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

1,036,297

1,045,465

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,242

14,242

Other borrowings

1,027,055

1,031,223

1,036,297

1,045,465

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,000

5,000