Company registration number 11259962 (England and Wales)
LAKESIDE@OURPLACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
LAKESIDE@OURPLACE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LAKESIDE@OURPLACE LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,694
44,048
Current assets
Debtors
4
3,519,076
2,116,251
Cash at bank and in hand
11,135
140,045
3,530,211
2,256,296
Creditors: amounts falling due within one year
5
(2,450,717)
(907,166)
Net current assets
1,079,494
1,349,130
Net assets
1,111,188
1,393,178
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,111,187
1,393,177
Total equity
1,111,188
1,393,178
For the financial year ended 31 August 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 director acknowledges his 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 director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 18 March 2025
S Maguinness
Director
Company registration number 11259962 (England and Wales)
LAKESIDE@OURPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Lakeside@OurPlace Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Orchard, Bransford, Worcestershire, WR6 5JE. The company registration number is 11259962.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
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:
Fixtures and fittings
15% reducing balance
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
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.
LAKESIDE@OURPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
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.
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.
1.7
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.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.9
Retirement benefits
The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
LAKESIDE@OURPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
2
Employees
Wages costs going through the profit and loss relate to recharges, there are no direct employees.
2024
2023
Number
Number
Total
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 September 2023
67,740
10,201
77,941
Disposals
(7,519)
(7,519)
At 31 August 2024
60,221
10,201
70,422
Depreciation and impairment
At 1 September 2023
27,672
6,221
33,893
Depreciation charged in the year
5,295
2,302
7,597
Eliminated in respect of disposals
(2,762)
(2,762)
At 31 August 2024
30,205
8,523
38,728
Carrying amount
At 31 August 2024
30,016
1,678
31,694
At 31 August 2023
40,068
3,980
44,048
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
251,455
224,257
Amounts owed by group undertakings
3,265,264
1,891,994
Other debtors
2,357
3,519,076
2,116,251
LAKESIDE@OURPLACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,867
36,067
Amounts owed to group undertakings
2,386,768
859,274
Other creditors
49,082
11,825
2,450,717
907,166
6
Parent company
Our Place (2008) Limited is regarded by the director as being the company's ultimate parent company.
The company is a 100% owned subsidiary of Our Place (2008) Limited, a company registered in the UK.