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REGISTRAR OF COMPANIES

Registration number: 06688124

Lakeland Logs Limited

Unaudited Financial Statements

29 February 2024

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Lakeland Logs Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lakeland Logs Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lakeland Logs Limited for the year ended 29 February 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Lakeland Logs Limited, as a body, in accordance with the terms of our engagement letter dated 2 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of Lakeland Logs Limited and state those matters that we have agreed to state to the Board of Directors of Lakeland Logs Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lakeland Logs Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lakeland Logs Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lakeland Logs Limited. You consider that Lakeland Logs 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 accounts of Lakeland Logs 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 accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

11 November 2024

 

Lakeland Logs Limited

(Registration number: 06688124)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

210,121

206,218

Current assets

 

Stocks

20,100

28,375

Debtors

5

26,971

23,487

Cash at bank and in hand

 

605,704

612,470

 

652,775

664,332

Creditors: Amounts falling due within one year

6

(162,516)

(248,735)

Net current assets

 

490,259

415,597

Total assets less current liabilities

 

700,380

621,815

Creditors: Amounts falling due after more than one year

6

(54,492)

(86,865)

Provisions for liabilities

(46,653)

(46,294)

Net assets

 

599,235

488,656

Capital and reserves

 

Allotted, called up and fully paid share capital

50

50

Profit and loss account

599,185

488,606

Total equity

 

599,235

488,656

 

Lakeland Logs Limited

(Registration number: 06688124)
Balance Sheet as at 29 February 2024 (continued)

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 November 2024 and signed on its behalf by:
 

.........................................

J Ball

Director

 

Lakeland Logs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Greenways House
Maidenhill
PENRITH
CA11 8SH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Lakeland Logs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10% straight line basis

Plant and equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Furniture, fittings and office equipment

33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Lakeland Logs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Lakeland Logs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 6).

 

Lakeland Logs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 March 2023

12,642

623,887

51,408

6,903

694,840

Additions

-

44,250

25,771

-

70,021

Disposals

-

-

(12,208)

-

(12,208)

At 29 February 2024

12,642

668,137

64,971

6,903

752,653

Depreciation

At 1 March 2023

8,717

439,454

33,836

6,615

488,622

Charge for the year

476

56,252

5,656

193

62,577

Eliminated on disposal

-

-

(8,667)

-

(8,667)

At 29 February 2024

9,193

495,706

30,825

6,808

542,532

Carrying amount

At 29 February 2024

3,449

172,431

34,146

95

210,121

At 28 February 2023

3,925

184,433

17,572

288

206,218

5

Debtors

2024
£

2023
£

Trade debtors

1,737

-

Other debtors

25,234

23,487

26,971

23,487

 

Lakeland Logs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

64,460

133,608

Trade creditors

 

39,964

55,737

Taxation and social security

 

319

1,096

Corporation tax liability

 

43,677

38,862

Other creditors

 

14,096

19,432

 

162,516

248,735

Due after one year

 

Loans and borrowings

7

54,492

86,865

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase & finance lease

22,372

32,756

Other borrowings

32,088

90,852

64,460

133,608

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Hire purchase & finance lease

22,372

32,756

Finance lease liabilities are secured on the assets to which they relate.

 

Lakeland Logs Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

14,057

24,058

Hire purchase & finance lease

40,435

62,807

54,492

86,865

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Hire purchase & finance lease

40,435

62,807

Finance lease liabilities are secured on the assets to which they relate.