REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Lakeland Arts Enterprises Limited |
REGISTERED NUMBER: |
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 |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Amounts owed by group undertakings |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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. |
for and on behalf of |
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. |