Company registration number 14490669 (England and Wales)
LAKELAND GLOBAL SAFETY, LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
LAKELAND GLOBAL SAFETY, LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LAKELAND GLOBAL SAFETY, LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investments
4
9,000,000
Current assets
-
Creditors: amounts falling due within one year
5
(8,999,900)
Net current liabilities
(8,999,900)
Net assets
100
Capital and reserves
Called up share capital
6
100
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 October 2024 and are signed on its behalf by:
J. C. Swinea Jr
Director
Company registration number 14490669 (England and Wales)
LAKELAND GLOBAL SAFETY, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Lakeland Global Safety, Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Units 9-10 Jetpark, Jetpark Way, 244 Main Road, Newport, East Yorkshire, HU15 2JU.
1.1
Reporting period
The company presents its financial statements for the period from 17 November 2022 to 31 January 2024. The accounting period was extended to coincide with the accounting period end of its parent company. No comparatives are presented as this is the company's first period of preparing financial statements.
1.2
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. The principal accounting policies adopted are set out below.
1.3
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 the foreseeable future. The directors consider that the going concern basis of accounting should be used in preparing the financial statements.true
1.4
Fixed asset investments
Interests in subsidiaries 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.
1.5
Financial instruments
Financial assets and liabilities are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets
Financial assets are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.
Basic financial assets 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.
LAKELAND GLOBAL SAFETY, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
Financial assets, other than those held at fair value through the profit and loss account, are assessed for indicators of impairment at each reporting end date. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit and loss account. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss account.
Financial liabilities and equity
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.
Basic financial liabilities 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.
Financial liabilities that are not classified as financial instruments are recorded at transaction cost. All changes to transaction cost are recognised in the profit and loss account.
1.6
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.
1.7
The company has taken advantage of the exemption from preparing consolidated accounts because the company and the group headed by it qualify as small. These financial statements present information about the company as an individual undertaking and not about its group.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
LAKELAND GLOBAL SAFETY, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
1
4
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
9,000,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 17 November 2022
-
Additions
9,000,000
At 31 January 2024
9,000,000
Carrying amount
At 31 January 2024
9,000,000
5
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings
8,999,900
6
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
During the period the company issued 100 Ordinary £1 shares at par.
LAKELAND GLOBAL SAFETY, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 5 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jonathan Waters BA FCA
Statutory Auditor:
Dutton Moore
Date of audit report:
18 October 2024
8
Ultimate controlling party
The immediate and ultimate parent company is Lakeland Industries, Inc., a company incorporated in the United States of America and whose registered office is 1525 Perimeter Parkway, Suite 325, Huntsville, Alabama, United States of America, 35806. Lakeland Industries, Inc. is the parent company of both the smallest and largest group into which the company's financial statements are consolidated.