Company registration number SC409912 (Scotland)
SIX LAKES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SIX LAKES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SIX LAKES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
45,700
62,428
Current assets
Debtors
4
471,985
916,514
Cash at bank and in hand
390,448
45,690
862,433
962,204
Creditors: amounts falling due within one year
5
(52,688)
(80,359)
Net current assets
809,745
881,845
Total assets less current liabilities
855,445
944,273
Provisions for liabilities
-
(13,700)
Net assets
855,445
930,573
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
855,345
930,473
Total equity
855,445
930,573
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 December 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.
SIX LAKES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
W M SMITH
D SMITH
Mr W M Smith
Mrs D Smith
Director
Director
Company Registration No. SC409912
SIX LAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Six Lakes Limited is a private company limited by shares incorporated in Scotland. The registered office is 7 Wallace Way, Peterhead, AB42 1GQ.
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 £.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the 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
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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:
Other fixed assets
4 - 5 years straight line
Motor vehicles
4 years 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.
1.5
Cash at bank and in hand
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.
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
SIX LAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.9
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.
1.10
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
1.11
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
SIX LAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Other fixed assets
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
16,279
64,717
80,996
Additions
253
-
253
Disposals
-
(5,417)
(5,417)
At 31 December 2024
16,532
59,300
75,832
Depreciation and impairment
At 1 January 2024
13,350
5,218
18,568
Depreciation charged in the year
967
12,041
13,008
Eliminated in respect of disposals
-
(1,444)
(1,444)
At 31 December 2024
14,317
15,815
30,132
Carrying amount
At 31 December 2024
2,215
43,485
45,700
At 31 December 2023
2,929
59,499
62,428
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,647
105,236
Corporation tax recoverable
-
2,365
Amounts owed by related parties
-
340,000
Other debtors
5,338
3,913
6,985
451,514
Amounts falling due after more than one year:
Amounts owed by related parties
465,000
465,000
Total debtors
471,985
916,514
SIX LAKES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
397
1,037
Taxation and social security
-
16,066
Other creditors
52,291
63,256
52,688
80,359
6
Related party transactions
During the year, the company made advances to the director of £97,176. Credits of £87,678 were received, which resulted in amounts due from the company at the year end of £47,401 (2023 - £56,899) .
The loan is unsecured and there are no fixed repayment terms in place.