Company registration number 08517019 (England and Wales)
LAKEWELL UTILITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
LAKEWELL UTILITIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LAKEWELL UTILITIES LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
3
88,349
59,038
CURRENT ASSETS
Debtors
4
295,207
202,368
Cash at bank and in hand
64,240
134,900
359,447
337,268
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(134,540)
(104,863)
NET CURRENT ASSETS
224,907
232,405
TOTAL ASSETS LESS CURRENT LIABILITIES
313,256
291,443
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
6
(48,986)
(26,741)
PROVISIONS FOR LIABILITIES
(22,088)
(14,760)
NET ASSETS
242,182
249,942
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss reserves
242,082
249,842
TOTAL EQUITY
242,182
249,942
LAKEWELL UTILITIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
Mr B Powell
Director
Company registration number 08517019 (England and Wales)
LAKEWELL UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
ACCOUNTING POLICIES
Company information

Lakewell Utilities Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cedar House, Hazell Drive, Newport, South Wales, NP10 8FY.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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:

Plant and equipment
20% straight line
Motor vehicles
25% reducing balance

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.

LAKEWELL UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.5
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.

1.6
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.

 

 

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

LAKEWELL UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
TANGIBLE FIXED ASSETS
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
71,565
75,171
146,736
Additions
-
0
67,425
67,425
Disposals
(12,250)
(39,672)
(51,922)
At 31 May 2024
59,315
102,924
162,239
Depreciation and impairment
At 1 June 2023
57,081
30,617
87,698
Depreciation charged in the year
7,788
8,105
15,893
Eliminated in respect of disposals
(12,250)
(17,451)
(29,701)
At 31 May 2024
52,619
21,271
73,890
Carrying amount
At 31 May 2024
6,696
81,653
88,349
At 31 May 2023
14,484
44,554
59,038
LAKEWELL UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,272
26,476
Corporation tax recoverable
4,197
-
0
Other debtors
270,738
175,892
295,207
202,368
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Bank loans
9,996
9,996
Trade creditors
80,979
46,336
Corporation tax
-
0
5,016
Other taxation and social security
19
207
Other creditors
43,546
43,308
134,540
104,863

Included within other creditors due within one year are secured creditors amounting to £10,419 (2023- £8,537) in respect of the company's hire purchase facilities. The balances are secured over the assets to which they relate.

6
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
£
£
Bank loans and overdrafts
12,404
24,990
Other creditors
36,582
1,751
48,986
26,741

Included within other creditors due after more than one year are secured creditors amounting to £36,582 (2023 - £1,751) of the company's hire purchase facilities. The balances are secured over the assets to which they relate.

LAKEWELL UTILITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
7
RELATED PARTY TRANSACTIONS

Included within other debtors are amounts of £242,198 due from companies related by common control.

8
DIRECTORS' TRANSACTIONS

Included within other creditors due within one year is an amount of £30,506 (2023 - £32,270) due to directors. This amount is interest free and repayable on demand.

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