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REGISTERED NUMBER: 01085483 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

M.L. LAKE (ELECTRICAL SERVICES) LIMITED

M.L. LAKE (ELECTRICAL SERVICES) LIMITED (REGISTERED NUMBER: 01085483)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M.L. LAKE (ELECTRICAL SERVICES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mrs S A Lake
M L Lake
J D Lake





SECRETARY: Mrs S A Lake





REGISTERED OFFICE: 18 Riverway Industrial Estate
Newport
Isle of Wight
PO30 5UX





REGISTERED NUMBER: 01085483 (England and Wales)





ACCOUNTANTS: Mackenzies
Chartered Accountants
1 Langley Court
Pyle Street
Newport
Isle of Wight
PO30 1LA

M.L. LAKE (ELECTRICAL SERVICES) LIMITED (REGISTERED NUMBER: 01085483)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 683,673 668,522
Investments 5 6,091 3,497
689,764 672,019

CURRENT ASSETS
Stocks 305,776 326,641
Debtors 6 69,502 82,262
Cash at bank and in hand 52,229 665
427,507 409,568
CREDITORS
Amounts falling due within one year 7 418,874 442,653
NET CURRENT ASSETS/(LIABILITIES) 8,633 (33,085 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

698,397

638,934

CREDITORS
Amounts falling due after more than one
year

8

(188,751

)

(227,213

)

PROVISIONS FOR LIABILITIES 9 (21,533 ) (13,116 )
NET ASSETS 488,113 398,605

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Revaluation reserve 11 199,056 199,056
Retained earnings 288,057 198,549
SHAREHOLDERS' FUNDS 488,113 398,605

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

M.L. LAKE (ELECTRICAL SERVICES) LIMITED (REGISTERED NUMBER: 01085483)

BALANCE SHEET - continued
29 FEBRUARY 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 Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





M L Lake - Director


M.L. LAKE (ELECTRICAL SERVICES) LIMITED (REGISTERED NUMBER: 01085483)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

M.l. Lake (Electrical Services) 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - at varying rates on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - at varying rates on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

M.L. LAKE (ELECTRICAL SERVICES) LIMITED (REGISTERED NUMBER: 01085483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 March 2023 882,452 39,746 72,778 166,605 1,161,581
Additions - - 46,995 1,865 48,860
Disposals - - (8,350 ) - (8,350 )
At 29 February 2024 882,452 39,746 111,423 168,470 1,202,091
DEPRECIATION
At 1 March 2023 267,933 38,826 49,853 136,447 493,059
Charge for year 16,978 138 5,282 3,796 26,194
Eliminated on disposal - - (835 ) - (835 )
At 29 February 2024 284,911 38,964 54,300 140,243 518,418
NET BOOK VALUE
At 29 February 2024 597,541 782 57,123 28,227 683,673
At 28 February 2023 614,519 920 22,925 30,158 668,522

5. FIXED ASSET INVESTMENTS
Other
investments
£
COST
At 1 March 2023 3,497
Additions 2,594
At 29 February 2024 6,091
NET BOOK VALUE
At 29 February 2024 6,091
At 28 February 2023 3,497

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 20,645 26,204
Other debtors 47,467 44,907
Prepayments and accrued income 1,390 11,151
69,502 82,262

M.L. LAKE (ELECTRICAL SERVICES) LIMITED (REGISTERED NUMBER: 01085483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Other debtors consists of the share of CIH profits of £47,467 (2023: £44,907).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 38,463 106,585
Trade creditors 161,845 120,191
Tax 25,457 9,327
Social security and other taxes 9,235 6,137
VAT 25,353 16,048
Other creditors 97,036 119,009
Directors' current accounts 47,512 61,512
Accruals and deferred income 13,973 3,844
418,874 442,653

Other creditors consists of loans from shareholder of of £14,023 (2023: £53,422), deposits received in advance of £78,260 (2023: 60,715), pension payable of £1,075 (2023: £Nil), salaries of £Nil (2023: £75) and other creditors of £3,677 (2023: £4,797).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans - 1-2 years 38,463 38,463
Bank loans - 2-5 years 87,888 95,834
Bank loans - over 5 years 62,400 92,916
188,751 227,213

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - over 5 years 62,400 92,916

9. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 21,533 13,116

Deferred tax
£
Balance at 1 March 2023 13,116
Provided during year 8,417
Balance at 29 February 2024 21,533

M.L. LAKE (ELECTRICAL SERVICES) LIMITED (REGISTERED NUMBER: 01085483)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
760 Ordinary A £1 760 760
80 Ordinary B £1 80 80
80 Ordinary C £1 80 160
80 Ordinary D £1 80 -
1,000 1,000

11. RESERVES
Revaluation
reserve
£
At 1 March 2023
and 29 February 2024 199,056

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M L Lake.