Lakeside Property Development Co. Ltd.
Unaudited Financial Statements
For the year ended 31 January 2024
Pages for Filing with Registrar
Company Registration No. 03321026 (England and Wales)
Lakeside Property Development Co. Ltd.
Company Information
Directors
Mr C. Toye
Mr K. J. Weatherill
Mr M. Sinclair
Company number
03321026
Registered office
Alexandra House
Waterfront
Lakeside
Thurrock
Essex
RM20 1WL
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Lakeside Property Development Co. Ltd.
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Lakeside Property Development Co. Ltd.
Balance Sheet
As at 31 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,224
21,518
Investments
4
1,993,339
1,993,339
2,009,563
2,014,857
Current assets
Debtors
7
727,421
621,898
Cash at bank and in hand
367,833
90,013
1,095,254
711,911
Creditors: amounts falling due within one year
8
(324,339)
(54,878)
Net current assets
770,915
657,033
Total assets less current liabilities
2,780,478
2,671,890
Provisions for liabilities
(3,845)
(3,892)
Net assets
2,776,633
2,667,998
Capital and reserves
Called up share capital
10
166
166
Share premium account
1,423,059
1,423,059
Profit and loss reserves
1,353,408
1,244,773
Total equity
2,776,633
2,667,998

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

Lakeside Property Development Co. Ltd.
Balance Sheet (Continued)
As at 31 January 2024
Page 2

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr K. J. Weatherill
Director
Company Registration No. 03321026
Lakeside Property Development Co. Ltd.
Notes to the Financial Statements
For the year ended 31 January 2024
Page 3
1
Accounting policies
Company information

Lakeside Property Development Co. Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Alexandra House, Waterfront, Lakeside, Thurrock, Essex, RM20 1WL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for thetrue foreseeable future and for a period of at least twelve months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the fair value of the consideration receivable in respect of services provided in the normal course of business, net of value added tax. All income was derived from activities wholly within the United Kingdom.

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
10% straight line
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% reducing balance

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.

Lakeside Property Development Co. Ltd.
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 4
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
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 current liabilities.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

Lakeside Property Development Co. Ltd.
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 5
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.

1.10
Retirement benefits

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

2
Employees

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

3
Tangible fixed assets
Improvements to freehold property
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
71,934
47,682
119,616
Depreciation and impairment
At 1 February 2023
71,934
26,164
98,098
Depreciation charged in the year
-
0
5,294
5,294
At 31 January 2024
71,934
31,458
103,392
Carrying amount
At 31 January 2024
-
0
16,224
16,224
At 31 January 2023
-
0
21,518
21,518
Lakeside Property Development Co. Ltd.
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
3
Tangible fixed assets
(Continued)
Page 6

The freehold premises owned and occupied by the company were valued by an Independent Chartered Surveyors as at 8 August 2023 and were considered to have a market value of £415,000. The original cost of these premises, excluding the property improvements costs above, was £nil.

 

Deferred tax of £103,750 would arise if the property were to be disposed of at the revalued amount.

 

The first floor of this property is being rented out on an operating lease basis.

 

4
Fixed asset investments
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 February 2023 & 31 January 2024
1,993,339
Carrying amount
At 31 January 2024
1,993,339
At 31 January 2023
1,993,339
5
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Second Thames Land Limited
England & Wales
Property rental, development and sales
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Second Thames Land Limited
407,585
7,155,466
Lakeside Property Development Co. Ltd.
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 7
6
Associates

Details of the company's associates at 31 January 2024 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
% Held
incorporation or residency
shareholding
Direct
Indirect
Aveley Property Holdings Limited
England & Wales
Property development dealership
Ordinary
37.50
-
Aveley Properties (West Thurrock) Limited
England & Wales
Land and property investment
Ordinary
-
37.50
Aveley Washmill Limited
England & Wales
Property development dealership
Ordinary
37.50
-
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,158
15,678
Amounts due from group undertakings
693,495
585,172
Other debtors
24,768
21,048
727,421
621,898
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
588
2,958
Corporation tax
-
0
1,136
Other taxation and social security
46,082
27,330
Other creditors
257,682
3,682
Accruals and deferred income
19,987
19,772
324,339
54,878
9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated Capital Allowances
3,845
3,892
Lakeside Property Development Co. Ltd.
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
9
Deferred taxation
(Continued)
Page 8
2024
Movements in the year:
£
Liability at 1 February 2023
3,892
Credit to profit or loss
(47)
Liability at 31 January 2024
3,845
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
16,600
16,600
166
166
Lakeside Property Development Co. Ltd.
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 9
11
Related party transactions

A management charge of £120,000 (2023: £120,000) was received from its subsidiary, Second Thames Land Limited, during the year, together with £25,000 (2023: £25,000) rent charge. At the balance sheet date an amount of £693,495 (2023: £585,172) was due from Second Thames Land Limited.

 

Included in other creditors at the year end is an amount of £1,730 (2023: £1,730) due to Aveley Properties Holdings Limited, a company related by virtue of elements of common ownership.

 

During the year, a management charge of £10,000 (2023: £10,000) was received from Aveley Properties (West Thurrock) Limited, a company related by virtue of elements of common ownership. Included in other debtors at the year end is an amount of £1,603 (2023: £1,309) due from Aveley Properties (West Thurrock) Limited.

 

During the year directors' remuneration of £85,104 (2023: £82,755) relating to Mr C. Toye was charged by Aristotle Holdings Limited, a company related by virtue of common directorship. Included in accruals and deferred income at the year end is £5,832 (2023: £5,022) due to Aristotle Holdings Limited in relation to services provided.

 

During the year directors' remuneration of £11,372 (2023: £nil) relating to Mr M. Sinclair was charged by Mr M Sinclair Consultancy, a company related by virtue of common directorship. Included in accruals and deferred income at the year end is £435 (2023: £nil) due to Mr M Sinclair Consultancy in relation to services provided.

 

Included in other creditors is £1,948 (2023: £1,948) owed to the Estate of Mr R. Pledger, a related party by virtue of the executors being the ultimate controlling party.

 

Included in other creditors is £4 (2023: £4) owed to Aveley Washmill Limited, an associate company.

 

Included in other creditors is £4,000 owed to (2023: £1,000 owed from) Safeplot Limited, a company related by common control.

 

Included in other debtors at the year end is an amount of £1,446 (2023: £1,446) owed from Belhus Land Ltd, a company related by common control.

12
Control

On 28 April 2023 50% of the shares were transferred to Michael Sinclair and Moore Kingston Smith Trust Corporation Limited meaning effective from this date, The Executors of the Estate of Mr R. Pledger and Michael Sinclair and Moore Kingston Smith Trust Corporation Limited have an equal shareholding in the company of 50% each.

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