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Registered number: 13456947
Lake & Croft Homes Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13456947
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,395,738 1,396,351
1,395,738 1,396,351
CURRENT ASSETS
Debtors 5 7,644 2,055
Investments 100 100
Cash at bank and in hand 8,330 23,809
16,074 25,964
Creditors: Amounts Falling Due Within One Year 6 (292,609 ) (190,009 )
NET CURRENT ASSETS (LIABILITIES) (276,535 ) (164,045 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,119,203 1,232,306
Creditors: Amounts Falling Due After More Than One Year 7 (1,050,280 ) (1,135,280 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,958 ) (27,865 )
NET ASSETS 47,965 69,161
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 47,865 69,061
SHAREHOLDERS' FUNDS 47,965 69,161
Page 1
Page 2
For the year ending 31 March 2024 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Blaise Jennings
Director
31/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lake & Croft Homes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13456947 . The registered office is 1 Derwent Business Centre, Clarke Street, Derby, DE1 2BU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Straight Line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. The fair value of property is based on director's valuations and has not been based on a valuation by an independent valuer with a professional qualification. No depreciation is provided for.
Changes in fair value are recognised in the profit and loss account.
2.5. Deferred Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
2.6. Investments in subsidiary companies
Shares in subsidiary companies are held at cost.
2.7. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the period was as follows:
2024 2023
Office and administration 2 2
2 2
Page 3
Page 4
4. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 April 2023 1,395,000 2,451 1,397,451
Disposals (1,500 ) - (1,500 )
Revaluation 1,500 - 1,500
As at 31 March 2024 1,395,000 2,451 1,397,451
Depreciation
As at 1 April 2023 - 1,100 1,100
Provided during the period - 613 613
As at 31 March 2024 - 1,713 1,713
Net Book Value
As at 31 March 2024 1,395,000 738 1,395,738
As at 1 April 2023 1,395,000 1,351 1,396,351
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 4,434 -
Other debtors 1,710 2,055
Amounts owed by subsidiaries 1,500 -
7,644 2,055
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other taxes and social security 147 100
Other creditors 93,556 3,656
Accruals and deferred income 17,848 2,795
Directors' loan accounts 181,058 183,458
292,609 190,009
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,050,280 1,050,280
Other creditors - 85,000
1,050,280 1,135,280
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8. Secured Creditors
Of the creditors falling due after more than one year the following amount is secured by fixed charges over the investment properties. The mortgages are on an interest only basis over a term of 20 years. Two of the properties are under a Diminishing Musharakah Agreement with terms of 25 years and with rental payments being made against the lease agreement, no payments are being made towards the diminishing ownership agreement.
2024 2023
£ £
Bank loans and overdrafts 1,050,280 1,050,280
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
At 31st March 2024, Lake & Croft Homes Ltd owed £93,456 (2023 - £88,356) to Jenene22 Limited, a company in which Mr B Jennings is a director and shareholder. Interest is payable at 6% and the capital amount is repayable on 31st March 2025 in full.
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