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COMPANY REGISTRATION NUMBER: 01267850
Lakeland House (Morecambe) Maintenance Company Limited
Company Limited by Guarantee
Financial Statements
29 March 2025
Lakeland House (Morecambe) Maintenance Company Limited
Company Limited by Guarantee
Financial Statements
Year ended 29 March 2025
Contents
Page
Directors' report
1
Independent auditor's report to the members
4
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11
Lakeland House (Morecambe) Maintenance Company Limited
Company Limited by Guarantee
Directors' Report
Year ended 29 March 2025
The directors present their report and the financial statements of the company for the year ended 29 March 2025 .
Directors
The directors who served the company during the year were as follows:
A Liu
G Derbyshire
A Sinclair
M White
H Slinn
J Ford
Susan White
(Appointed 4 July 2024)
T Wignall
(Resigned 19 June 2024)
Annual declaration - lakeland house (morecambe) maintenance company ltd - March 2024
Management
As you know Homestead takes away the worry of organising contractors; dealing with the service charge invoicing and collection: managing contracts and dealing with leases, legislation and disputes. Employing us means that, depending on your property, the following items are dealt with on your behalf:
- Preparation of budgets
- Arranging and attending meetings
- Service Charge Invoicing
- Payment of invoices
- Buildings Insurance, Public Liability Insurance & Directors & Officers Insurance
- Lift Engineering Inspection Policy
- Decoration
- Repairs & General Maintenance - cyclical & reactive
- Annual Contracts including: Accountancy / Cleaning / Electricity / Fire Equipment Maintenance / Landscaping / Lift Maintenance / Risk Assessments
As well as the above, being members of The Property Institute and RICS means that we receive weekly technical updates relevant to our industry to keep us up to date; we attend their regional briefings and conferences to keep abreast of the latest legislation; and we comply with their Charter and Standards. Our management fee, which covers all of the above, for one year for the seventy-eight units on your development, was £14,602 plus vat. Together with £312 plus vat to cover the costs of postage for all documents, invoices and letters sent for the year.
Company Secretarial fee
The company secretarial fee covers the work carried out as Company Secretary: including statutory form filing; maintaining the statutory Registers on our PTP Share Register software and dealing with all Data Subject Access Requests on behalf of the client, in compliance with the regulations set out in the Data Protection Act 2018. The total fee charged this year was £300 plus vat.
Health & Safety Fee
The Health & Safety Fee covers the work carried out by Homestead assisting Lakeland House (Morecambe) Maintenance Co Ltd to achieve compliance with Health & Safety law. This work includes: liaising with suppliers & the Fire Service; ordering risk assessments; keeping records of statutory inspections; and organising any remedial work that is required including the fire door inspections. The total fee for the year was £5,300 plus vat as the building is over 18m.
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 4 June 2025 and signed on behalf of the board by:
G Derbyshire
Director
Registered office:
29 St Annes Road West
Lytham St Annes
Lancashire
FY8 1SB
Lakeland House (Morecambe) Maintenance Company Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of Lakeland House (Morecambe) Maintenance Company Limited
Year ended 29 March 2025
Opinion
We have audited the financial statements of Lakeland House (Morecambe) Maintenance Company Limited (the 'company') for the year ended 29 March 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 29 March 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We considered fraud risk to be low with the entity not handling cash; we enquired with management of any instances of fraud, which it was confirmed there were none. - All legal fees and correspondence were reviewed to ensure that the entity abided with all laws and regulations. - During the audit we speak to management, test the systems and speak to the finance function to understand the entity, its processes and the nature of trade to assist in concluding that the financial statements are true and fair. - We assessed and tested the controls that the entity has; it has good segregation of duties and effective controls in place. - We reviewed the notes of company meeting minutes. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Lyndsay Nicholson FCA
(Senior Statutory Auditor)
For and on behalf of
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
4 June 2025
Lakeland House (Morecambe) Maintenance Company Limited
Company Limited by Guarantee
Statement of Comprehensive Income
Year ended 29 March 2025
2025
2024
Note
£
£
Income
263,661
205,937
---------
---------
Gross profit
263,661
205,937
Administrative expenses
663,661
205,937
Other operating income
400,000
Other interest receivable and similar income
6
5,228
2,865
---------
---------
Profit before taxation
5,228
2,865
Tax on profit
993
544
-------
-------
Profit for the financial year
4,235
2,321
-------
-------
Transfers to / (from) reserves account
305,607
48,855
---------
--------
Total comprehensive income for the year
309,842
51,176
---------
--------
All the activities of the company are from continuing operations.
Lakeland House (Morecambe) Maintenance Company Limited
Company Limited by Guarantee
Statement of Financial Position
29 March 2025
2025
2024
Note
£
£
Current assets
Debtors
7
251,432
136,314
Cash at bank and in hand
526,620
334,051
---------
---------
778,052
470,365
Creditors: amounts falling due within one year
8
8,279
10,434
---------
---------
Net current assets
769,773
459,931
---------
---------
Total assets less current liabilities
769,773
459,931
---------
---------
Net assets
769,773
459,931
---------
---------
Capital and reserves
Reserve account
531,761
456,761
Cladding remediation fund
230,607
Profit and loss account
7,405
3,170
---------
---------
Members funds
769,773
459,931
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 4 June 2025 , and are signed on behalf of the board by:
G Derbyshire
Director
Company registration number: 01267850
Lakeland House (Morecambe) Maintenance Company Limited
Company Limited by Guarantee
Statement of Changes in Equity
Year ended 29 March 2025
Reserve account
Cladding remediation fund
Profit and loss account
Total
£
£
£
£
At 30 March 2023
407,906
849
408,755
Profit for the year
2,321
2,321
Other comprehensive income for the year:
Transfers to / (from) reserves account
48,855
48,855
---------
----
-------
---------
Total comprehensive income for the year
48,855
2,321
51,176
At 29 March 2024
456,761
3,170
459,931
Profit for the year
4,235
4,235
Other comprehensive income for the year:
Transfers to / (from) reserves account
75,000
230,607
305,607
---------
---------
-------
---------
Total comprehensive income for the year
75,000
230,607
4,235
309,842
---------
---------
-------
---------
At 29 March 2025
531,761
230,607
7,405
769,773
---------
---------
-------
---------
Lakeland House (Morecambe) Maintenance Company Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 29 March 2025
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 29 St Annes Road West, Lytham St Annes, FY8 1SB, Lancashire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
4. Company limited by guarantee
The company is a company limited by guarantee and has no share capital. The liability of the members in the event of winding up is limited to £1 per member.
5. Auditor's remuneration
2025
2024
£
£
Fees payable for the audit of the financial statements
1,450
1,384
-------
-------
6. Other interest receivable and similar income
2025
2024
£
£
Interest on cash and cash equivalents
5,228
2,865
-------
-------
7. Debtors
2025
2024
£
£
Trade debtors
44,223
46,823
Other debtors
207,209
89,491
---------
---------
251,432
136,314
---------
---------
8. Creditors: amounts falling due within one year
2025
2024
£
£
Social security and other taxes
994
545
Other creditors
7,285
9,889
-------
--------
8,279
10,434
-------
--------
9. Employee numbers
The average number of employees during the year, including Directors was 7 (2024 - 7).