Company registration number 09142176 (England and Wales)
LAKESIDE RECYCLING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
LAKESIDE RECYCLING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LAKESIDE RECYCLING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,402
3,402
Tangible assets
4
1,466,436
1,051,160
1,469,838
1,054,562
Current assets
Debtors
5
896,137
803,838
Cash at bank and in hand
228,903
84,600
1,125,040
888,438
Creditors: amounts falling due within one year
6
(1,347,743)
(973,766)
Net current liabilities
(222,703)
(85,328)
Total assets less current liabilities
1,247,135
969,234
Provisions for liabilities
(324,535)
(163,969)
Net assets
922,600
805,265
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
922,598
805,263
Total equity
922,600
805,265

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 7 October 2024
Mrs M P Matthews
Director
Company registration number 09142176 (England and Wales)
LAKESIDE RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information

Lakeside Recycling Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Great Brynn Barton, Roche, St Austell, Cornwall, PL26 8LH.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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.

 

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Cherished plates
Not provided for

No amortisation is provided in respect of the cherished number plate as the residual value is at least equal to cost. Any amortisation therefore would not be material.

1.4
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
2% per annum on the straight line method
Leasehold improvements
2% per annum on the straight line method
Plant and equipment
15% per annum on the reducing balance method and 33.33% per annum on the straight line method
Motor vehicles
25% per annum on the reducing balance method
LAKESIDE RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash at bank and in hand

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 current liabilities.

1.7
Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.8
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 profit and loss account 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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

LAKESIDE RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
9
3
Intangible fixed assets
Cherished plates
£
Cost
At 1 March 2022 and 28 February 2023
3,402
Amortisation and impairment
At 1 March 2022 and 28 February 2023
-
0
Carrying amount
At 28 February 2023
3,402
At 28 February 2022
3,402
4
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022
36,500
6,636
1,507,580
172,599
1,723,315
Additions
11,681
-
0
629,401
26,600
667,682
At 28 February 2023
48,181
6,636
2,136,981
199,199
2,390,997
Depreciation and impairment
At 1 March 2022
730
798
564,783
105,844
672,155
Depreciation charged in the year
867
133
228,067
23,339
252,406
At 28 February 2023
1,597
931
792,850
129,183
924,561
Carrying amount
At 28 February 2023
46,584
5,705
1,344,131
70,016
1,466,436
At 28 February 2022
35,770
5,838
942,797
66,755
1,051,160
LAKESIDE RECYCLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
5
Debtors: amounts falling due within one year
2023
2022
£
£
Trade debtors
766,686
742,133
Other debtors
20,030
19,232
786,716
761,365
Deferred tax asset
109,421
42,473
896,137
803,838
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,010,637
642,454
Taxation and social security
16,112
76,360
Other creditors
320,994
254,952
1,347,743
973,766
7
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
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