Company registration number 01596485 (England and Wales)
LAKE ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LAKE ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LAKE ESTATES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
363
491
Investment property
4
5,100,000
5,100,000
Investments
5
2,705,075
2,592,151
7,805,438
7,692,642
Current assets
Debtors
7
1,404,769
2,320,481
Cash at bank and in hand
80,506
38,026
1,485,275
2,358,507
Creditors: amounts falling due within one year
8
(296,691)
(159,576)
Net current assets
1,188,584
2,198,931
Total assets less current liabilities
8,994,022
9,891,573
Provisions for liabilities
9
(1,176,023)
(1,147,792)
Net assets
7,817,999
8,743,781
Capital and reserves
Called up share capital
10,000
10,000
Non-distributable profits reserve
4,346,036
4,261,343
Distributable profit and loss reserves
3,461,963
4,472,438
Total equity
7,817,999
8,743,781
LAKE ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 15 March 2025 and are signed on its behalf by:
A B Zogolovitch
Director
Company registration number 01596485 (England and Wales)
LAKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Lake Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Arthur Stanley House, 45-50 Tottenham Street, London, United Kingdom, W1T 4RN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
20% straight line
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
The cumulative revaluation surplus relating to investment properties is voluntarily transferred to a non-distributable profit reserve from the profit and loss reserve net of any deferred tax provision on the gain. Upon realisation of the gain, the surplus relating to the profit is transferred back to the profit and loss reserve.
LAKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries are stated at fair value at the reporting date with fair value considered by the directors to represent the net asset value of the underlying subsidiary, since the subsidiary is an investment property company with its property assets included at fair value at its reporting date, with any changes in fair value recorded through the profit and loss. The cumulative revaluation surplus relating to the investment is voluntarily transferred to a non distributable profit reserve from the profit and loss reserve net of any deferred tax provision on the gain. Upon realisation of the gain, the surplus relating to the profit is transferred back to the profit and loss reserve.
Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
LAKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
LAKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 and 30 September 2024
640
Depreciation and impairment
At 1 October 2023
149
Depreciation charged in the year
128
At 30 September 2024
277
Carrying amount
At 30 September 2024
363
At 30 September 2023
491
4
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
5,100,000
The fair value of the investment properties have been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an fair value basis by reference to market evidence of transaction prices for similar properties. The original cost of the investment properties is £1,031,800 (2023: £1,031,800).
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,705,075
2,592,151
LAKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 October 2023
2,592,151
Valuation changes
112,924
At 30 September 2024
2,705,075
Carrying amount
At 30 September 2024
2,705,075
At 30 September 2023
2,592,151
6
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Freshshire Limited
England and Wales
Ordinary
100.00
Registered office address
1st Floor, 40-50 Tottenham Street, London, W1T 4RN
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Freshshire Limited
2,704,075
112,924
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,007
8,160
Corporation tax recoverable
259,031
243,943
Amounts owed by group undertakings
1,005,131
1,018,102
Other debtors
133,600
791,245
1,404,769
2,061,450
LAKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Debtors
(Continued)
- 8 -
2024
2023
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
259,031
Total debtors
1,404,769
2,320,481
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
28,516
11,663
Corporation tax
8,186
Other taxation and social security
9,120
4,115
Other creditors
259,055
135,612
296,691
159,576
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
1,176,023
1,147,792
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Unrealised capital gain
1,176,023
1,147,792
2024
Movements in the year:
£
Liability at 1 October 2023
1,147,792
Charge to profit or loss
28,231
Liability at 30 September 2024
1,176,023
11
Related party transactions
LAKE ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Related party transactions
(Continued)
- 9 -
The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related party disclosures' not to disclose transactions entered into between members of the group provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.
12
Directors' transactions
A director was owed £100,000 by the company (2023: £649,622 due to a director) by way of a director's loan.
13
Ultimate controlling party
The intermediate parent company is ZRF Holdings Limited, a company incorporated in the UK. It's registered office is 1st Floor Arthur Stanley House, 40-50 Tottenham Street, London, W1T 4RN.
The company has no ultimate controlling party.
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