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COMPANY REGISTRATION NUMBER: 01414849
Fritton Lake Limited
Unaudited financial statements
31 March 2024
Fritton Lake Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,703,172
3,754,773
Current assets
Stocks
74,099
303,727
Debtors
6
757,237
730,369
Cash at bank and in hand
70,295
555,720
---------
-----------
901,631
1,589,816
Creditors: Amounts falling due within one year
7
( 2,640,928)
( 3,714,730)
-----------
-----------
Net current liabilities
( 1,739,297)
( 2,124,914)
-----------
-----------
Total assets less current liabilities
1,963,875
1,629,859
Creditors: Amounts falling due after more than one year
8
( 639,335)
( 667,419)
Provisions
Taxation including deferred tax
( 255,613)
( 160,600)
-----------
-----------
Net assets
1,068,927
801,840
-----------
-----------
Capital and reserves
Called up share capital
24,313
24,313
Share premium account
13,269
13,269
Profit and loss account
1,031,345
764,258
-----------
---------
Shareholders funds
1,068,927
801,840
-----------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fritton Lake Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 November 2024 , and are signed on behalf of the board by:
The Right Hon. the Lord Somerleyton
Director
Company registration number: 01414849
Fritton Lake Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Manor Barn Estate Office, Herringfleet Road, Herringfleet, Lowestoft, Suffolk, NR32 5QS. The trading address of the company is Fritton Lake, Church Lane, Fritton, Norfolk, NR31 9HA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Preference shares
Preference shares are treated as debt and included at cost within creditors: amounts falling due after more than one year.
Going concern
The company has the continued support of associated entities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
2% straight line
Fritton Arms property improvements
-
2% straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles and boats
-
25% reducing balance
Outside effects
-
15% reducing balance
Fritton Arms fixtures and fittings
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 54 (2023: 41 ).
5. Tangible assets
At 1 April 2023
Additions
At 31 March 2024
£
£
£
Cost
Land
36,925
36,925
Property improvements
2,508,217
40,385
2,548,602
Fritton Arms property improvements
889,896
1,545
891,441
Hillwood
409,500
409,500
Fixtures and fittings
174,870
1,360
176,230
Motor vehicles and boats
78,432
78,432
Outside effects
43,552
43,552
Fritton Arms fixtures and fittings
94,140
7,810
101,950
-----------
-------
-----------
4,235,532
51,100
4,286,632
-----------
-------
-----------
At 1 April 2023
Charge for the year
At 31 March 2024
£
£
£
Depreciation
Land
Property improvements
180,115
50,424
230,539
Fritton Arms property improvements
106,788
17,801
124,589
Hillwood
Fixtures and fittings
70,882
15,611
86,493
Motor vehicles and boats
37,210
10,304
47,514
Outside effects
27,537
2,402
29,939
Fritton Arms fixtures and fittings
58,227
6,159
64,386
-----------
---------
---------
480,759
102,701
583,460
-----------
---------
---------
At 31 March 2024
At 31 March 2023
£
£
Carrying amount
Land
36,925
36,925
Property improvements
2,318,063
2,328,102
Fritton Arms property improvements
766,852
783,108
Hillwood
409,500
409,500
Fixtures and fittings
89,737
103,988
Motor vehicles and boats
30,918
41,222
Outside effects
13,613
16,015
Fritton Arms fixtures and fittings
37,564
35,913
-----------
-----------
3,703,172
3,754,773
-----------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
710,751
684,114
Other debtors
46,486
46,255
---------
---------
757,237
730,369
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
1,084,294
219,276
Social security and other taxes
35,140
119,285
Other creditors
1,521,494
3,376,169
-----------
-----------
2,640,928
3,714,730
-----------
-----------
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
235,002
251,802
Other creditors
404,333
415,617
---------
---------
639,335
667,419
---------
---------
Included within other creditors are preference shares of £400,000. These shares attract a cumulative dividend at 4% above the Bank of England base rate (1% above the Bank of England base rate up until 20 January 2020) and are redeemable at the option of the company as well as the holders (on the fifth anniversary of their acquisition) of the shares, as well as the calendar date every subsequent five years thereafter. Interest paid this year amounted to £34,048 (2023: £21,116).