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REGISTERED NUMBER: 03015175 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Lakeland Arts Enterprises Limited

Lakeland Arts Enterprises Limited (Registered number: 03015175)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Lakeland Arts Enterprises Limited (Registered number: 03015175)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
CURRENT ASSETS
Stocks 24,986 30,482
Debtors 4 46,013 57
Cash at bank 2,274 16,773
73,273 47,312
CREDITORS
Amounts falling due within one year 5 74,007 168,642
NET CURRENT LIABILITIES (734 ) (121,330 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(734

)

(121,330

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (736 ) (121,332 )
(734 ) (121,330 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





D Reid - Director


Lakeland Arts Enterprises Limited (Registered number: 03015175)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Lakeland Arts Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03015175

Registered office: Abbot Hall
Kendal
Cumbria
LA9 5AL

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern

The financial statements have been prepared on a going concern basis.

Trading activity has continued to grow, with significant improvements seen for the cafés and retail activities at each site and particularly at Windermere Jetty Museum. Additionally, the commercial arm of the Boat Conservation Team has made further progress, increasing the earned income of Lakeland Arts Enterprises Limited (LAE), a subsidiary of Lakeland Arts. While the self-sustainability target of the Boat Conservation Team has been adjusted, the commercial activity remains a key focus for development.

Lakeland Arts Enterprises Limited continues to remit profits to its parent charity, Lakeland Arts, under the Gift Aid scheme. The intercompany loan account balance of £132,263 owed to Lakeland Arts which was reflected in liabilities year ending March 2023 has now been repaid.

The directors have reviewed the group's financial position, including current cash flow forecasts and future funding opportunities, and are satisfied that adequate resources are available to continue in operational existence for the foreseeable future. No material uncertainties have been identified regarding the company's ability to continue as a going concern, and any group-level considerations are disclosed in the group accounts.

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

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 Statement of Income and Retained Earnings, 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.

Lakeland Arts Enterprises Limited (Registered number: 03015175)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

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

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 31,214 -
Amounts owed by group undertakings 13,090 -
Other debtors 1,709 57
46,013 57

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 57,876 26,205
Amounts owed to group undertakings - 132,263
Taxation and social security - 447
Other creditors 16,131 9,727
74,007 168,642

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


We draw your attention to note 2 in the financial statements which confirms the existence of a material uncertainty related to going concern. The company’s trading position has much improved in the year but it has no reserves. The company is dependent on Lakeland Arts group as a whole to continue as a going concern. Our opinion is not modified in respect of this matter.

Helen Holmes BSc FCA (Senior Statutory Auditor)
for and on behalf of Stables Thompson & Briscoe

7. RELATED PARTY DISCLOSURES

The company is wholly owned by Lakeland Arts, a registered charity, which owns or leases the sites from which the company operates. Lakeland Arts charges a management charge reflecting services provided and licences covered by the parent company of £84,000 (2023 - £76,632). Lakeland Arts also runs the payroll and the company is charged a proportion of the wages and salaries from the parent based on the proportion of time spent acting for the company. In 2024 the wage recharge was £388,730 (2023 - £295,998).

Lakeland Arts Enterprises Limited (Registered number: 03015175)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. ULTIMATE CONTROLLING PARTY

The controlling party is Lakeland Arts.

The company's immediate parent is Lakeland Arts, incorporated in England and Wales.
These financial statements are available upon request from Lakeland Arts
The parent of the largest group in which these financial statements are consolidated is Lakeland Arts,
incorporated in England and Wales.