1 April 2023 v2024.57.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP044582402023-04-012024-03-31044582402024-03-31044582402023-03-3104458240core:WithinOneYear2024-03-3104458240core:WithinOneYear2023-03-3104458240core:AfterOneYear2024-03-3104458240core:AfterOneYear2023-03-3104458240core:ShareCapital2024-03-3104458240core:ShareCapital2023-03-3104458240core:OtherReservesSubtotal2024-03-3104458240core:OtherReservesSubtotal2023-03-3104458240core:RetainedEarningsAccumulatedLosses2024-03-3104458240core:RetainedEarningsAccumulatedLosses2023-03-3104458240bus:Director12023-04-012024-03-3104458240bus:RegisteredOffice2023-04-012024-03-3104458240core:LandBuildings2023-04-012024-03-3104458240core:PlantMachinery2023-04-012024-03-31044582402022-04-012023-03-3104458240core:LandBuildings2024-03-3104458240core:PlantMachinery2024-03-3104458240core:PlantMachinery2023-04-01044582402023-04-0104458240core:LandBuildings2023-03-3104458240core:PlantMachinery2023-03-310445824012023-04-012024-03-3104458240countries:EnglandWales2023-04-012024-03-3104458240bus:AuditExemptWithAccountantsReport2023-04-012024-03-3104458240bus:PrivateLimitedCompanyLtd2023-04-012024-03-3104458240bus:SmallEntities2023-04-012024-03-3104458240bus:FullAccounts2023-04-012024-03-31
Company registration number:
04458240
LAKESIDE ESTATES (UK) LIMITED
Unaudited Filleted Financial Statements for the year ended
31 March 2024
PRESTIGE ACCOUNTS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS & CHARTERED TAX ADVISERS
16 KHARTOUM ROAD, ILFORD, IG1 2NP, United Kingdom
LAKESIDE ESTATES (UK) LIMITED
Report to the board of directors on the preparation of the unaudited statutory financial statements of LAKESIDE ESTATES (UK) LIMITED
Year ended
31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
LAKESIDE ESTATES (UK) LIMITED
for the year ended
31 March 2024
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
LAKESIDE ESTATES (UK) LIMITED
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
LAKESIDE ESTATES (UK) LIMITED
and state those matters that we have agreed to state to the Board of Directors of
LAKESIDE ESTATES (UK) LIMITED
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
LAKESIDE ESTATES (UK) LIMITED
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
LAKESIDE ESTATES (UK) LIMITED
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
LAKESIDE ESTATES (UK) LIMITED
. You consider that
LAKESIDE ESTATES (UK) LIMITED
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of LAKESIDE ESTATES (UK) LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PRESTIGE ACCOUNTS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS & CHARTERED TAX ADVISERS
16 KHARTOUM ROAD
ILFORD
IG1 2NP
United Kingdom
Date:
13 November 2024
LAKESIDE ESTATES (UK) LIMITED
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
283,976
 
284,274
 
Current assets    
Debtors 6
56,136
 
51,838
 
Cash at bank and in hand
802
 
1,151
 
56,938
 
52,989
 
Creditors: amounts falling due within one year 7
(19,166
)
(13,048
)
Net current assets
37,772
 
39,941
 
Total assets less current liabilities 321,748   324,215  
Creditors: amounts falling due after more than one year 8
(196,947
)
(196,772
)
Net assets
124,801
 
127,443
 
Capital and reserves    
Called up share capital
2
 
2
 
Other reserves
94,368
 
94,368
 
Profit and loss account
30,431
 
33,073
 
Shareholders funds
124,801
 
127,443
 
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.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
13 November 2024
, and are signed on behalf of the board by:
MR OLYMBOS PAISSIDES
Director
Company registration number:
04458240
LAKESIDE ESTATES (UK) LIMITED
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
16 KHARTOUM ROAD
,
ILFORD
,
IG1 2NP
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied in the financial year, net of trade discounts and Value Added Tax.
The turnover in the financial statements, represents rent receivable from letting out properties in the financial year.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Freehold investment properties are not depreciated, unless their estimated residual value is less than their disclosed value.
Plant and machinery
25% reducing balance

Impairment

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2023
and
31 March 2024
283,082
 
11,488
 
294,570
 
Depreciation      
At
1 April 2023
-  
10,296
 
10,296
 
Charge -  
298
 
298
 
At
31 March 2024
-  
10,594
 
10,594
 
Carrying amount      
At
31 March 2024
283,082
 
894
 
283,976
 
At 31 March 2023
283,082
 
1,192
 
284,274
 
The cost of the land and buildings shown above under tangible assets is relating to an investment property, which its value disclosed above is mainly on a valuation previously obtained . No valuation has been carried out for the company’s investment property in the financial year to 31 March 2024. Under the FRS 102 requirements, If a reliable measure of fair value is not available the investment property shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
The above investment property has not been depreciated since the company’s directors consider the fair value of the property at the end of the financial year to be higher than the property’s carrying value disclosed in the accounts, as stated above.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildingsLand and buildings
20242023
££
Aggregate historical cost 188,714   188,714  
Carrying amount 188,714   188,714  

6 Debtors

20242023
££
Trade debtors
50,633
 
46,136
 
Other debtors
5,503
 
5,702
 
56,136
 
51,838
 
The amount of other debtors shown above, includes the amount of £4,949 (£5,220 in 2023) relating to deferred tax asset on unrelieved tax allowable losses carried forward. The rest is relating to prepayments.

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
641
 
571
 
Other creditors
18,525
 
12,477
 
19,166
 
13,048
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
196,947
 
196,772
 
The loan shown above in 2024 and 2023, is a non-installment secured loan that falls due for repayment after more than five years.

9 Controlling party

The ultimate controlling party during the financial year was Mr Olymbos Paissides, who was also a director and he held 100% of the ordinary shares of the company.