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REGISTERED NUMBER: 02343429 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 January 2024

for

LAKES STORY LIMITED

LAKES STORY LIMITED (REGISTERED NUMBER: 02343429)

Contents of the Financial Statements
for the year ended 31 January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LAKES STORY LIMITED

Company Information
for the year ended 31 January 2024







Directors: C R Scott
R P Glossop





Secretary: C R Scott





Registered office: Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN





Registered number: 02343429 (England and Wales)





Accountants: Evelyn Partners (Manchester) Limited
Accountants
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

LAKES STORY LIMITED (REGISTERED NUMBER: 02343429)

Balance Sheet
31 January 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 5 503,283 607,238

Current assets
Stocks 116,811 190,050
Debtors 6 138,208 179,798
Cash at bank and in hand 358,850 332,589
613,869 702,437
Creditors
Amounts falling due within one year 7 340,836 332,543
Net current assets 273,033 369,894
Total assets less current liabilities 776,316 977,132

Creditors
Amounts falling due after more than one
year

8

(92,406

)

(162,186

)

Provisions for liabilities (7,345 ) (33,234 )
Net assets 676,565 781,712

Capital and reserves
Called up share capital 10 383,000 383,000
Retained earnings 293,565 398,712
Shareholders' funds 676,565 781,712

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LAKES STORY LIMITED (REGISTERED NUMBER: 02343429)

Balance Sheet - continued
31 January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2024 and were signed on its behalf by:





C R Scott - Director


LAKES STORY LIMITED (REGISTERED NUMBER: 02343429)

Notes to the Financial Statements
for the year ended 31 January 2024


1. Statutory information

Lakes Story Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. Although the company has incurred a loss this year is still has significant net current assets. Given the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sales of goods and services to customers. Goods include shop and café sales and services include admissions and theatre performances. Sales of goods are recognised on despatch and sales of services are recognised when the service is provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% straight line
Equipment and displays - at varying rates on cost
Motor vehicles - 20% straight line

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

LAKES STORY LIMITED (REGISTERED NUMBER: 02343429)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


3. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies that are classified as debt, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 50 (2023 - 42 ) .

LAKES STORY LIMITED (REGISTERED NUMBER: 02343429)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


5. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£ £ £
Cost
At 1 February 2023 612,560 2,708,719 3,321,279
Additions - 13,408 13,408
Disposals - (16,435 ) (16,435 )
At 31 January 2024 612,560 2,705,692 3,318,252
Depreciation
At 1 February 2023 270,397 2,443,644 2,714,041
Charge for year 36,971 75,402 112,373
Eliminated on disposal - (11,445 ) (11,445 )
At 31 January 2024 307,368 2,507,601 2,814,969
Net book value
At 31 January 2024 305,192 198,091 503,283
At 31 January 2023 342,163 265,075 607,238

6. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 3,172 3,211
Other debtors 135,036 176,587
138,208 179,798

7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 66,966 61,798
Trade creditors 53,679 42,420
Taxation and social security 10,740 29,181
Other creditors 209,451 199,144
340,836 332,543

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 92,406 162,186

LAKES STORY LIMITED (REGISTERED NUMBER: 02343429)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


9. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 159,372 223,984

The bank loans are secured by way of a fixed and floating charge over all the assets of the company.

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
383,000 Ordinary £1 383,000 383,000

11. Other financial commitments

The company has indemnified Bowness Theatre Festival Limited ("Bowness"), a company controlled by C R Scott and R P Glossop, for all its overheads and financial losses. Bowness operates from part of the property used by the company and therefore receives no charges from them for the use of this property or the administration provided. Bowness had a deficit of £30,313 for the year ended 31 January 2024 (2023 - £34,650) and at that date had net liabilities of £59,648 (2023 - £29,335). Lakes Story Limited was owed £35,126 at 31 January 2024 (2023 - £35,126).

12. Related party disclosures

As at 31 January 2024 the directors and shareholders were owed £86,107 (2023 - £86,107) by the company. The loan is interest free and repayable on demand. They have also provided a limited guarantee to the bank amounting to £380,000 (2023 - £380,000).