Company registration number 10955005 (England and Wales)
LANE7 DURHAM LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
LANE7 DURHAM LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
LANE7 DURHAM LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
480,434
516,155
Current assets
Stocks
20,544
23,216
Debtors
4
2,476,365
1,411,223
2,496,909
1,434,439
Creditors: amounts falling due within one year
5
(1,572,893)
(999,693)
Net current assets
924,016
434,746
Total assets less current liabilities
1,404,450
950,901
Provisions for liabilities
(90,471)
(69,059)
Net assets
1,313,979
881,842
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,313,978
881,841
Total equity
1,313,979
881,842

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

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

The director acknowledges his 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 and signed by the director and authorised for issue on 4 July 2025
T Wilks
Director
Company Registration No. 10955005
LANE7 DURHAM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Lane7 Durham Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 70 Victoria Road, Darlington, Co Durham, United Kingdom, DL1 5JG.

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:

Leasehold land and buildings
15 years straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% 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.

1.4
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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

LANE7 DURHAM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

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.

1.7
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.

Basic financial assets

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 transaction 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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 constitutes 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LANE7 DURHAM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.10
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.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 November 2023
336,316
279,205
74,007
689,528
Additions
9,963
49,652
882
60,497
At 31 October 2024
346,279
328,857
74,889
750,025
Depreciation and impairment
At 1 November 2023
54,380
92,134
26,859
173,373
Depreciation charged in the year
21,007
60,353
14,858
96,218
At 31 October 2024
75,387
152,487
41,717
269,591
Carrying amount
At 31 October 2024
270,892
176,370
33,172
480,434
At 31 October 2023
281,936
187,071
47,148
516,155
LANE7 DURHAM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,476,365
1,411,223
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
5,773
-
0
Corporation tax
169,487
136,382
Other taxation and social security
-
0
337,187
Other creditors
1,397,633
526,124
1,572,893
999,693
6
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
4,263,840
4,466,880

In addition to the fixed commitment, if turnover exceeds limit per lease an additional rent will be payable.

7
Related party transactions
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
5,773
-
Connected companies
1,245,472
213,181

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Connected companies
2,263,170
1,213,494
LANE7 DURHAM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
8
Parent company

The parent company Gutterball Ltd. It's registered office is 70 Victoria Road, Darlington, Co. Durham, DL1 5JG.

9
Prior period adjustment

An adjustment was made to other creditors to recognise a previously unrecognised operating lease incentive on a straight line basis over the lease term, in accordance with FRS 102.

 

In summary the following adjustments were made to the amounts recognised in the balance sheet at the date of initial application (1 November 2023) and the beginning of the earliest period presented (1 November 2022).

Changes to the balance sheet
As previously reported
Adjustment at 1 Nov 2022
Adjustment at 31 Oct 2023
As restated at 31 Oct 2023
£
£
£
£
Creditors due within one year
Other creditors
(436,786)
(93,398)
4,060
(526,124)
Capital and reserves
Profit and loss reserves
971,179
(93,398)
4,060
881,841

The adjustment to other creditors of £89,338 is in respect of the recogniton of the brought foward lease incentive creditor arising from the rent free period contained within the premises rental lease. At 31 October 2023 £4,061 was released to the profit and loss to reduce the lease expense on a straight line basis over the term of the lease.

Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 October 2023
£
£
£
Administrative expenses
(2,635,792)
4,061
(2,631,731)
Profit for the financial period
463,977
4,061
468,038
Reconciliation of changes in equity
1 November
31 October
2022
2023
£
£
Adjustments to prior year
Recognition of lease creditor
(93,399)
(89,338)
Equity as previously reported
507,203
971,180
Equity as adjusted
413,804
881,842
Analysis of the effect upon equity
Profit and loss reserves
(93,398)
(89,338)
LANE7 DURHAM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Prior period adjustment
(Continued)
- 7 -
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Release of rent free period
4,061
Profit as previously reported
463,977
Profit as adjusted
468,038
2024-10-312023-11-01falsefalsefalse04 July 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityT WilksMr D Bence2025-06-30109550052023-11-012024-10-31109550052024-10-31109550052023-10-3110955005core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-10-3110955005core:PlantMachinery2024-10-3110955005core:FurnitureFittings2024-10-3110955005core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-10-3110955005core:PlantMachinery2023-10-3110955005core:FurnitureFittings2023-10-3110955005core:CurrentFinancialInstrumentscore:WithinOneYear2024-10-3110955005core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3110955005core:CurrentFinancialInstruments2024-10-3110955005core:CurrentFinancialInstruments2023-10-3110955005core:ShareCapital2024-10-3110955005core:ShareCapital2023-10-3110955005core:RetainedEarningsAccumulatedLosses2024-10-3110955005core:RetainedEarningsAccumulatedLosses2023-10-3110955005bus:Director12023-11-012024-10-3110955005core:LandBuildingscore:LongLeaseholdAssets2023-11-012024-10-3110955005core:PlantMachinery2023-11-012024-10-3110955005core:FurnitureFittings2023-11-012024-10-31109550052022-11-012023-10-3110955005core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-10-3110955005core:PlantMachinery2023-10-3110955005core:FurnitureFittings2023-10-31109550052023-10-3110955005core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-11-012024-10-3110955005core:WithinOneYear2024-10-3110955005core:WithinOneYear2023-10-3110955005core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-10-3110955005core:ContinuingOperations2022-11-012023-10-3110955005bus:PrivateLimitedCompanyLtd2023-11-012024-10-3110955005bus:SmallCompaniesRegimeForAccounts2023-11-012024-10-3110955005bus:FRS1022023-11-012024-10-3110955005bus:AuditExemptWithAccountantsReport2023-11-012024-10-3110955005bus:CompanySecretary12023-11-012024-10-3110955005bus:FullAccounts2023-11-012024-10-31xbrli:purexbrli:sharesiso4217:GBP