IRIS Accounts Production v24.3.0.553 10083558 director 1.4.23 31.3.24 31.3.24 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh100835582023-03-31100835582024-03-31100835582023-04-012024-03-31100835582022-03-31100835582022-04-012023-03-31100835582023-03-3110083558ns15:EnglandWales2023-04-012024-03-3110083558ns14:PoundSterling2023-04-012024-03-3110083558ns10:Director12023-04-012024-03-3110083558ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3110083558ns10:SmallEntities2023-04-012024-03-3110083558ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3110083558ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3110083558ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110083558ns10:FullAccounts2023-04-012024-03-3110083558ns10:RegisteredOffice2023-04-012024-03-3110083558ns5:CurrentFinancialInstruments2024-03-3110083558ns5:CurrentFinancialInstruments2023-03-3110083558ns5:Non-currentFinancialInstruments2024-03-3110083558ns5:Non-currentFinancialInstruments2023-03-3110083558ns5:ShareCapital2024-03-3110083558ns5:ShareCapital2023-03-3110083558ns5:RetainedEarningsAccumulatedLosses2024-03-3110083558ns5:RetainedEarningsAccumulatedLosses2023-03-3110083558ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3110083558ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31
REGISTERED NUMBER: 10083558 (England and Wales)















Lakefern Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






Lakefern Limited (Registered number: 10083558)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Lakefern Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: P D McCauley





REGISTERED OFFICE: 18 Crook Log
Bexleyheath
Kent
DA6 8BP





REGISTERED NUMBER: 10083558 (England and Wales)





ACCOUNTANTS: Aggarwal & Co Limited
Chartered Accountants
5 London Road
Rainham
Gillingham
Kent
ME8 7RG

Lakefern Limited (Registered number: 10083558)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Inventories 1,190,427 836,620
Debtors 4 20,410 35,041
Cash at bank 4,411 44,389
1,215,248 916,050
CREDITORS
Amounts falling due within one year 5 721,166 320,415
NET CURRENT ASSETS 494,082 595,635
TOTAL ASSETS LESS CURRENT LIABILITIES 494,082 595,635

CREDITORS
Amounts falling due after more than one
year

6

466,591

485,712
NET ASSETS 27,491 109,923

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 27,471 109,903
27,491 109,923

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

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

The director acknowledges his 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.

Lakefern Limited (Registered number: 10083558)

Statement of Financial Position - continued
31 March 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 November 2024 and were signed by:





P D McCauley - Director


Lakefern Limited (Registered number: 10083558)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Lakefern 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

It is the first year that the company has presented its financial statements under Financial Reporting Standard 102. The last financial statements prepared under previous FRS 105 were for the year ended 31 March 2022 and the date of transition to FRS 102 was therefore 1 April 2022.
As a consequence of adopting FRS 102, a number of accounting policies have changed to comply with those standards. The accounting policies applied under the company's previous accounting framework are not materially different to FRS 102 and have not impacted on the income statement or the statement of financial position/balance sheet.

Income recognition
Income represents the fair value of consideration received or receivable derived from the provision of goods and services to customers during the year (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.
In respect of work in progress and finished goods, cost includes an appropriate proportion of attributable overheads according to the stage of manufacture/completion.
Land held for development is recorded at the lower of direct cost and net realisable value. Direct cost comprises the cost of land, raw materials, development costs and interest but excludes indirect overheads.

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Basic financial instruments are recognised at amortised cost, with changes recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Lakefern Limited (Registered number: 10083558)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Government grants
Government grants in relation to COVID-19 are recognised on the accruals basis and credited to the Income Statement and any related expenditure is charged to the Income Statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - NIL ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 28,459
Other debtors 20,410 6,582
20,410 35,041

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 -
Trade creditors 26,368 34,382
Taxation and social security 44,403 29,744
Other creditors 640,395 256,289
721,166 320,415

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 466,591 485,712

7. SECURED DEBTS

The bank loans are secured on the development properties held by the company.