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LAKEWOOD DEVELOPMENTS LIMITED

Registered Number
06924576
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

LAKEWOOD DEVELOPMENTS LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

BENNETT, Alex Ormiston
BENNETT, Derek
WOOD, Robert John

Registered Address

39 Chapel Road
Southampton
SO30 3FG

Registered Number

06924576 (England and Wales)
LAKEWOOD DEVELOPMENTS LIMITED
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets473,864488,152
473,864488,152
Current assets
Stocks3828,0011,020,000
Debtors4503,082482,985
Cash at bank and on hand65,20013,923
1,396,2831,516,908
Creditors amounts falling due within one year5(1,574,467)(1,770,984)
Net current assets (liabilities)(178,184)(254,076)
Total assets less current liabilities295,680234,076
Creditors amounts falling due after one year6(4,933)(14,834)
Net assets290,747219,242
Capital and reserves
Called up share capital1,0001,000
Profit and loss account289,747218,242
Shareholders' funds290,747219,242
The financial statements were approved and authorised for issue by the Board of Directors on 15 October 2024, and are signed on its behalf by:
BENNETT, Derek
Director
Registered Company No. 06924576
LAKEWOOD DEVELOPMENTS LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year11
3.Stocks

2024

2023

££
Work in progress828,0011,020,000
Total828,0011,020,000
4.Debtors: amounts due within one year

2024

2023

££
Other debtors494,708474,611
Prepayments and accrued income8,3748,374
Total503,082482,985
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables122,509146,469
Bank borrowings and overdrafts328,844-
Taxation and social security26,32118,438
Other creditors1,070,3141,542,554
Accrued liabilities and deferred income26,47963,523
Total1,574,4671,770,984
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts4,93314,834
Total4,93314,834