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Lake Inns and Leisure Limited

Annual Report and Unaudited Financial Statements
Year Ended 29 February 2024

Registration number: 03217997

 

Lake Inns and Leisure Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lake Inns and Leisure Limited

Company Information

Director

Mr N Lake

Registered office

Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

Bankers

Barclays Bank Plc
83 Wandsworth High Street
Wandsworth
London
SW18 2PR

Accountants

Francis Clark LLP
Chartered Accountants
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Lake Inns and Leisure Limited

Balance Sheet

29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2

2

Tangible assets

5

29,125

546,348

Investment property

6

2,316,000

2,616,000

 

2,345,127

3,162,350

Current assets

 

Stocks

7

1,243,065

642,205

Debtors

8

62,635

103,301

Cash at bank and in hand

 

763,461

80,420

 

2,069,161

825,926

Creditors: Amounts falling due within one year

9

(616,438)

(489,260)

Net current assets

 

1,452,723

336,666

Total assets less current liabilities

 

3,797,850

3,499,016

Creditors: Amounts falling due after more than one year

9

(1,090,000)

(1,090,000)

Provisions for liabilities

(32,546)

(62,824)

Net assets

 

2,675,304

2,346,192

Capital and reserves

 

Called up share capital

5,100

5,100

Fair value reserve

803,172

1,170,783

Profit and loss account

1,867,032

1,170,309

Shareholders' funds

 

2,675,304

2,346,192

 

Lake Inns and Leisure Limited

Balance Sheet

29 February 2024

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.

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 28 November 2024
 

.........................................
Mr N Lake
Director

Company Registration Number: 03217997

 

Lake Inns and Leisure Limited

Notes to the Unaudited Financial Statements

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:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

These financial statements were authorised for issue by the director on 28 November 2024.

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, property and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue at the point of sale in the public houses and on receipt of funds on the sale of properties.

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 corporation 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.

 

Lake Inns and Leisure Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Freehold land and buildings

Straight line over 15 years

Fixtures and fittings

10% reducing balance

Motor vehicles

25% reducing balance

Investment properties

Not provided

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Not provided

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 stocks 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.

 

Lake Inns and Leisure Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 16).

 

Lake Inns and Leisure Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

2

2

At 29 February 2024

2

2

Carrying amount

At 29 February 2024

2

2

At 28 February 2023

2

2

5

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

500,868

253,701

18,227

772,796

Additions

-

368

-

368

Disposals

(500,000)

(68,634)

-

(568,634)

At 29 February 2024

868

185,435

18,227

204,530

Depreciation

At 1 March 2023

868

207,504

18,076

226,448

Charge for the year

-

3,224

38

3,262

Eliminated on disposal

-

(54,305)

-

(54,305)

At 29 February 2024

868

156,423

18,114

175,405

Carrying amount

At 29 February 2024

-

29,012

113

29,125

At 28 February 2023

500,000

46,197

151

546,348

 

Lake Inns and Leisure Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

6

Investment properties

2024
£

At 1 March 2023

2,616,000

Disposals

(300,000)

At 29 February 2024

2,316,000

The investment properties were valued on an open market basis on 29 February 2024 by the director, Mr N Lake.

7

Stocks

2024
£

2023
£

Work in progress

1,237,709

632,956

Other inventories

5,356

9,249

1,243,065

642,205

8

Debtors

2024
£

2023
£

Prepayments

5,491

7,539

Other debtors

57,144

95,762

62,635

103,301

 

Lake Inns and Leisure Limited

Notes to the Unaudited Financial Statements

Year Ended 29 February 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

100,000

100,000

Trade creditors

 

46,321

57,514

Corporation tax

 

149,348

25,513

Taxation and social security

 

16,670

14,957

Other creditors

 

303,349

289,776

Accruals and deferred income

 

750

1,500

 

616,438

489,260

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,090,000

1,090,000

10

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Other borrowings

1,090,000

1,090,000

2024
£

2023
£

Current loans and borrowings

Other borrowings

100,000

100,000

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(367,611)

(367,611)