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Registration number: 03851764

Lakedrive Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

(filleted for filing purposes)

 

Lakedrive Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Lakedrive Limited

Company Information

Directors

JR Hutchings

C Hutchings

Registered office

The New Barn Mill Lane
Eastry
Sandwich
Kent
CT13 0JW

 

Lakedrive Limited

(Registration number: 03851764)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

313

368

Investment property

4

680,000

1,220,314

Investments

5

-

1

 

680,313

1,220,683

Current assets

 

Debtors

6

1,235

421

Cash at bank and in hand

 

108,593

136,962

 

109,828

137,383

Creditors: Amounts falling due within one year

7

(1,380)

(32,198)

Net current assets

 

108,448

105,185

Total assets less current liabilities

 

788,761

1,325,868

Provisions for liabilities

-

(28,308)

Net assets

 

788,761

1,297,560

Capital and reserves

 

Called up share capital

8

6

6

Profit and loss account (non-distributable)

-

139,828

Profit and loss account (distributable)

788,755

1,157,726

Shareholders' funds

 

788,761

1,297,560

 

Lakedrive Limited

(Registration number: 03851764)
Balance Sheet as at 31 March 2025

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 May 2025 and signed on its behalf by:
 

.........................................
JR Hutchings
Director

 

Lakedrive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The New Barn Mill Lane
Eastry
Sandwich
Kent
CT13 0JW
England

The principal place of business is:
79 Albert Road
Deal
Kent
CT14 9JQ
England

These financial statements were authorised for issue by the Board on 27 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Lakedrive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the Financial Reporting Standard 102 Section 1A, as follows:

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4

Investment properties

2025
£

At 1 April

1,220,314

Disposals

(370,314)

Fair value adjustments

(170,000)

At 31 March

680,000

 

Lakedrive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

There has been no valuation of investment property by an independent valuer.

5

Investments

2025
£

2024
£

Investments in subsidiaries

-

1

Subsidiaries

£

Cost or valuation

At 1 April 2024

1

Disposals

(1)

At 31 March 2025

-

Provision

Carrying amount

At 31 March 2025

-

At 31 March 2024

1

6

Debtors

Current

2025
£

2024
£

Prepayments

205

421

Other debtors

1,030

-

 

1,235

421

 

Lakedrive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Other creditors

 

1,380

32,198

8

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary shares of £0.20 each

30

6

30

6

         

9

Dividends

Interim dividends paid

   

2025
£

 

2024
£

Interim dividend of £11,667.00 (2024 - £41,666.67) per each Ordinary shares

 

350,000

 

1,250,000