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LAKESIDE MK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

27TH MARCH 2024






LAKESIDE MK LIMITED (REGISTERED NUMBER: 10693706)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27TH MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

LAKESIDE MK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 27TH MARCH 2024







DIRECTORS: Mr H Modi
Mrs P Modi





REGISTERED OFFICE: Winterhill House
Snowdon Drive
Winterhill
Milton Keynes
Buckinghamshire
MK6 1AP





REGISTERED NUMBER: 10693706 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

LAKESIDE MK LIMITED (REGISTERED NUMBER: 10693706)

BALANCE SHEET
27TH MARCH 2024

27/3/24 27/3/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,730,739 3,730,739

CURRENT ASSETS
Debtors 5 450,931 529,439
Cash at bank 144,048 539,733
594,979 1,069,172
CREDITORS
Amounts falling due within one year 6 199,320 849,019
NET CURRENT ASSETS 395,659 220,153
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,126,398

3,950,892

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 3,124,097 3,124,097
Retained earnings 1,002,101 826,595
4,126,398 3,950,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27th March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 27th March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LAKESIDE MK LIMITED (REGISTERED NUMBER: 10693706)

BALANCE SHEET - continued
27TH MARCH 2024


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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th March 2025 and were signed on its behalf by:





Mr H Modi - Director


LAKESIDE MK LIMITED (REGISTERED NUMBER: 10693706)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27TH MARCH 2024

1. STATUTORY INFORMATION

Lakeside MK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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

Turnover represents rents and service recharges received from tenants of properties, stated net of value added tax.

Income received that relates to a period after the year end is treated as deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

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.

LAKESIDE MK LIMITED (REGISTERED NUMBER: 10693706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27TH MARCH 2024

2. ACCOUNTING POLICIES - continued

Basic financial assets and liabilities
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 transactions 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.

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 constitute 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 28th March 2023
and 27th March 2024 3,730,739
NET BOOK VALUE
At 27th March 2024 3,730,739
At 27th March 2023 3,730,739

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27/3/24 27/3/23
£    £   
Trade debtors 73,082 62,284
Service charges receivable 42,899 16,899
Amounts owed by participating interests 334,950 446,000
Prepayments - 4,256
450,931 529,439

LAKESIDE MK LIMITED (REGISTERED NUMBER: 10693706)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27TH MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27/3/24 27/3/23
£    £   
Trade creditors 2,506 9,658
Tenants deposits 21,600 21,600
Amounts owed to participating interests - 711,050
Corporation tax 94,882 36,354
VAT 36,032 13,629
Deferred income 42,800 55,978
Accrued expenses 1,500 750
199,320 849,019

7. RELATED PARTY DISCLOSURES

The following related party balances were outstanding:

Jardines Finance Ltd a company with the same directors and ultimate shareholders owed £334,950 (2023: £446,000). This has no fixed repayment terms and no interest was charged for the period under review.

The company repaid borrowings in the sum of £711,051 to Jardines Finance Ltd (2023: £711,051). Historically, interest was charged at 2.0% above the base rate.

8. GENERAL INFORMATION

Lakeside MK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10693706. The registered office is Winterhill House, Snowdon Drive, Milton Keynes, MK6 1AP.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
LAKESIDE MK LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lakeside MK Limited for the year ended 27th March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lakeside MK Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lakeside MK Limited and state those matters that we have agreed to state to the Board of Directors of Lakeside MK Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lakeside MK Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lakeside MK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lakeside MK Limited. You consider that Lakeside MK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lakeside MK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


24th March 2025