COMPANY REGISTRATION NUMBER:
13089793
Lakeland Property Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
Lakeland Property Limited |
|
Abridged Statement of Financial Position |
|
29 February 2024
Fixed assets
Intangible assets |
4 |
|
1 |
1 |
Tangible assets |
5 |
|
170,000 |
170,000 |
|
|
--------- |
--------- |
|
|
170,001 |
170,001 |
|
|
|
|
|
Current assets
Cash at bank and in hand |
62,440 |
|
41,702 |
|
|
|
|
Creditors: amounts falling due within one year |
178,274 |
|
177,418 |
|
--------- |
|
--------- |
Net current liabilities |
|
115,834 |
135,716 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
54,167 |
34,285 |
|
|
-------- |
-------- |
Net assets |
|
54,167 |
34,285 |
|
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
200 |
200 |
Profit and loss account |
|
53,967 |
34,085 |
|
|
-------- |
-------- |
Shareholders funds |
|
54,167 |
34,285 |
|
|
-------- |
-------- |
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the 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 abridged 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 abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Lakeland Property Limited |
|
Abridged Statement of Financial Position (continued) |
|
29 February 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
27 November 2024
, and are signed on behalf of the board by:
Company registration number:
13089793
Lakeland Property Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 29 February 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 Ross Lodge, Natland, Kendal, England, LA9 7PT.
2.
Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4.
Intangible assets
|
£ |
Cost |
|
At 1 March 2023 and 29 February 2024 |
1 |
|
---- |
Amortisation |
|
At 1 March 2023 and 29 February 2024 |
– |
|
---- |
Carrying amount |
|
At 29 February 2024 |
1 |
|
---- |
At 28 February 2023 |
1 |
|
---- |
|
|
5.
Tangible assets
|
£ |
Cost |
|
At 1 March 2023 and 29 February 2024 |
170,000 |
|
--------- |
Depreciation |
|
At 1 March 2023 and 29 February 2024 |
– |
|
--------- |
Carrying amount |
|
At 29 February 2024 |
170,000 |
|
--------- |
At 28 February 2023 |
170,000 |
|
--------- |
|
|
Investment Property was valued at £170,000 at 29/02/2024 by the company directors.
6.
Directors' advances, credits and guarantees
The directors current account remained in credit throughout the current year, therefore no disclosure is required.