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Company Registration Number 00346999























LAKE DISTRICT ESTATES COMPANY LIMITED





FINANCIAL STATEMENTS





 31 JANUARY 2025


























img3717.png

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

COMPANY INFORMATION


Directors
Mrs G A Townsend 
Mr E J Clarkson Webb 
Mrs A P Wix 
Mrs L C B Langton 
Mr T L W Raynsford 
Mr R E W Hensman 
Mrs V J Russell 
Mrs C Bourne 
Mrs A Boyd 
Mr R Lancaster 




Company secretary
J E Litten



Registered number
00346999



Registered office
Maudlands
Maude Street

Kendal

Cumbria

LA9 4QD




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants and Statutory Auditors

James Watson House

Montgomery Way

Rosehill

Carlisle

CA1 2UU





 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11 - 12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 32


 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

Objectives
 
Our core objective is to be an influential, family-owned business within the vibrant Cumbrian tourism sector, positively impacting the local economy, community well-being, and environmental sustainability.

Strategy
 
To realise our objectives, our strategy encompasses several key pillars: 
Distinctive Destinations
We are committed to delivering special and memorable visitor experiences set within the stunning landscapes of Cumbria and surrounding area. Our offers are carefully considered to ensure that each site delivers a distinctive experience with enduring appeal.
Delivering Outstanding Guest Experiences
Our goal is to provide consistently exceptional service and create lasting memories for every visitor. We strive for excellence at every stage of the customer journey—from the initial enquiry to the moment of departure.
Investing in Our People
Our workforce is central to our success. We are dedicated to building a knowledgeable, motivated, and high-performing team through continuous training, mentoring, and support. We aim to empower our staff to grow and thrive within the business.
Operating Responsibly and Sustainably
We take our responsibilities seriously and embed sustainability, community engagement, and health and safety into every aspect of our operations. We are committed to reducing our environmental impact, supporting our local communities, and ensuring a safe, inclusive environment for our guests and employees alike.

Principal risks and uncertainties
 
Risk Management Framework
The company maintains a comprehensive risk register, which forms a central part of its risk management framework. This register is used to systematically identify, assess, and manage key risks that may affect the organisation’s operations, financial performance, and long-term sustainability.
Each risk is assigned a severity rating, a designated owner, and a set of mitigating actions. The register is reviewed on a regular basis to ensure that emerging risks are captured and that existing risks are reassessed in light of changing internal and external conditions.
The Group operates a diverse portfolio of visitor attractions, public transport services, retail outlets, and accommodation. As such, it is exposed to a number of risks and uncertainties, including:
External Events
The business is vulnerable to external events that may deter or prevent visitors from travelling, such as health crises, pandemics, terrorism, natural disasters, and extreme weather. The Group mitigates these risks through operational resilience planning and appropriate insurance coverage.
Economic Conditions
Consumer spending on holidays is discretionary and can decline during periods of economic uncertainty or pressure on household budgets. Currency fluctuations also influence domestic tourism, with a weaker Sterling typically encouraging more people to holiday in the UK.
Interest Rates
Following significant capital investment in recent years, much of which was financed through bank borrowing, the Group now faces increased exposure to interest rate fluctuations. Rising interest rates represent a material cost and are closely monitored and managed.
Weather Dependency
Visitor numbers, particularly during the key summer months from mid-July to the end of August, are heavily
Page 1

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

influenced by weather conditions. The Group continues to invest in weather-resilient facilities to ensure a quality visitor experience in all conditions.
Health and Safety
Operating public attractions, accommodation, and transport services presents inherent health and safety risks. The Group actively manages these through robust policies, staff training, and regular audits. Comprehensive third-party insurance is also maintained to protect against potential claims arising from incidents beyond the Group’s control.
Governmental Policy and Legislative Change
Evolving government policy continues to present challenges across several areas of the business. Above-inflation increases to the National Living Wage (NLW), changes to National Insurance, and proposed legislation such as the Employment Rights Bill contribute to rising costs and operational complexity.  Further mandated increases to NLW will inevitably impact pricing and potentially reduce employment opportunities. In addition, new and emerging regulations around waste disposal and tenant rights add further compliance requirements.

Performance Highlights (Year Ended 31 January 2025)
The year ending 31 January 2025 was particularly challenging for the Company, with trading conditions impacted by a combination of adverse weather, continued economic uncertainty, and cost pressures. 
Our visitor attraction, the Ullswater ‘Steamers’, was significantly affected by prolonged periods of wet and windy weather during the spring and summer months. Visitor numbers were subdued during this key trading period. However, we were pleased to see an improvement in performance during the autumn, confirming demand when weather conditions stabilised. That said, we continue to face ongoing challenges in encouraging secondary spend, and work is underway to address this.
In contrast, sales of our holiday accommodation remained encouragingly strong throughout the year despite these headwinds, reflecting the resilience of this core area of the business and the enduring appeal of our locations.
Our retail operations performed well, with solid trading throughout the year. Notably, this was the first full financial year of trading for The Veg Patch Lifestyle shops in both Ambleside and Kirkby Lonsdale. These locations have now found their footing, with stock ranges carefully aligned to suit local demographics. Customer response has been positive.
 
During the year, we made the strategic decision to identify and prepare selected residential properties for sale. This reflects our commitment to reallocating capital from lower-yielding assets into areas of the business that offer stronger growth and return potential. This process is progressing well and forms a key part of our financial strategy going forward.
The most difficult trading area during the year was our caravan and lodge sales. Demand fell sharply early in the year and remained subdued throughout the main season, largely driven by a lack of consumer confidence amid wider political and economic uncertainty, particularly surrounding the Autumn Budget. Encouragingly, we saw signs of recovery in demand towards the end of the financial year, especially in the lodge segment. We are well placed to respond to this renewed interest, with the completion of a development of 6 new pitches at our Buck Yeats Lodge Park on Windermere in August 2024.
Health, Safety & Environmental Initiatives
We remain deeply committed to the safety and well-being of our employees and guests. Our health and safety protocols continue to evolve in line with best practice and regulatory standards.
Sustainability remains a focus for the Group and is a key consideration in both new investments and enhancements to existing operations. We have allocated dedicated budget to support these initiatives, reflecting our long-term commitment to reducing our environmental footprint. Progress continues across a range of projects, including the adoption of energy-efficient technologies, the transition to electric machinery, and the installation of solar panels as part of ongoing property developments and refurbishments.


Page 2

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025


Financial key performance indicators
 
The challenging trading environment during the year is reflected in an 13% decrease in turnover to £14.1m (PY: £16.2m). However, gross profit margin improved to 72% (PY: 66%), partly due to a favourable sales mix. The decline in turnover was primarily driven by lower caravan and lodge sales, while revenue streams such as pitch site fees, property rental, and fares—which incur significantly lower costs of sale—remained stable. This improvement also reflects successful efforts to manage cost of sales in areas such as retail.
Administrative expenses rose by 2% to £9.3m, driven by another year of significant wage inflation. Fair value gains were nil in the current year, down from £1.2m in the prior year, reflecting a slowdown in property value growth. Group operating profit for the year was £0.9m (PY: £2.7m), as shown on page 11 of this report.
Interest costs increased to £0.9m, up 41% on the prior year, due to both a full-year impact of borrowing taken out in 2023 and rising interest rates. The year-end cash position was overdrawn by £1.5m (PY: £0.1m overdrawn), while total borrowings decreased to £12.6m (PY: £13.3m) as a result of scheduled capital repayments.

Going Concern and Outlook
 
Following a challenging year, we have seen a more positive start to 2025 and remain cautiously optimistic about the year ahead. Trading has strengthened through spring, supported by a sustained period of favourable weather, continued strong demand for holiday accommodation, and a noticeable recovery in lodge sales.
Our programme of residential property disposals is progressing and is expected to strengthen our balance sheet and leverage position, allowing us to reinvest in high-returning areas and support the Group’s long-term growth ambitions.
In summary, despite a challenging year, the Group has taken proactive steps to manage costs and strengthen its position. Early trading in 2025 has been encouraging, and we are well placed to build on this momentum. Our focus remains on delivering excellent visitor experiences, supporting our team and managing our financial position so that we can invest sustainably for the future.
People
We remain immensely grateful to our dedicated team across all areas of the business. In the face of a difficult trading environment, their hard work, adaptability, and commitment have been critical. As ever, we continue to prioritise the training, support, and development of our people, recognising that they are fundamental to our continued success.


This report was approved by the board and signed on its behalf.



................................................
Mr R Lancaster
Director

Date: 21 July 2025

Page 3

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

The directors present their report and the financial statements for the year ended 31 January 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company is the provision of visitor attractions and public transport, retail outlets and accommodation for visitors and others in the Lake District and Cumbria.

Results and dividends

The loss for the year, after taxation, amounted to £41,458 (2024 - profit £1,542,756).

During the year dividends of £Nil (2024 - £Nil) were declared.

Directors

The directors who served during the year were:

Mrs G A Townsend 
Mr E J Clarkson Webb 
Mrs A P Wix 
Mrs L C B Langton 
Mr T L W Raynsford 
Mr R E W Hensman 
Mrs V J Russell 
Mrs C Bourne 
Mrs A Boyd 
Mr R Lancaster 

Page 4

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

Future developments

Plans for the future include improvement to the company’s digital systems, improved facilities at the holiday parks, upgrading of properties in general to meet energy performance standards and extending the retail offer. Work will also be carried out to assess the company’s carbon footprint and plans drawn up for moving to net zero.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There were no post balance sheet events to disclose at the date the financial statements were signed.

Auditors

Under section 487(2) of the Companies Act 2006Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
Mr R Lancaster
Director

Date: 21 July 2025

Page 5

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT ESTATES COMPANY LIMITED
 

Opinion


We have audited the financial statements of Lake District Estates Company Limited (the 'company') for the year ended 31 January 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 31 January 2025 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Page 6

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT ESTATES COMPANY LIMITED (CONTINUED)


Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 Strategic Report or 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.


Page 7

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT ESTATES COMPANY LIMITED (CONTINUED)


Auditors' 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 Auditors' 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:

The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence,  capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and    other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the company, such as the Companies Act 2006, taxation    legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team     remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their    knowledge of actual, suspected and alleged fraud;
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations; and
• reviewing the key areas of the financial statements most susceptible to fraud whilst tailoring our audit    plans.
To address the risk of fraud through management bias and override of controls, we:
-  performed analytical procedures to identify any unusual or unexpected relationships;
-  tested journal entries to identify unusual transactions;
-  assessed whether judgements and assumptions made in determining the accounting estimates, such as   the investment property valuations were indicative of potential bias;
-  investigated the rationale behind significant or unusual transactions; and


Page 8

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LAKE DISTRICT ESTATES COMPANY LIMITED (CONTINUED)


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.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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 2006Our 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 Auditors' 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.





Lauren Graham (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants and Statutory Auditors
Carlisle

21 July 2025
Page 9

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025

2025
2024
Note
£
£

  

Turnover
 4 
14,135,322
16,218,206

Cost of sales
  
(3,952,764)
(5,549,269)

Gross profit
  
10,182,558
10,668,937

Administrative expenses
  
(9,315,417)
(9,112,146)

Other operating income
 5 
4,707
4,708

Fair value movements
  
-
1,132,310

Operating profit
 6 
871,848
2,693,809

Interest receivable and similar income
 10 
252
10,316

Interest payable and similar expenses
 11 
(880,540)
(624,674)

(Loss)/profit before tax
  
(8,440)
2,079,451

Tax on (loss)/profit
 12 
(33,018)
(536,695)

(Loss)/profit for the year
  
(41,458)
1,542,756

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 14 to 32 form part of these financial statements.

Page 10

 
LAKE DISTRICT ESTATES COMPANY LIMITED
REGISTERED NUMBER: 00346999

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

Fixed assets
  

Intangible assets
 13 
35,562
46,466

Tangible assets
 14 
21,973,536
21,938,314

Investments
 15 
242
242

Investment property
 16 
28,580,021
28,261,628

  
50,589,361
50,246,650

Current assets
  

Stocks
 17 
2,690,517
2,714,546

Debtors: amounts falling due within one year
 18 
1,919,194
1,673,947

Cash at bank and in hand
 19 
389,557
218,406

  
4,999,268
4,606,899

Creditors: amounts falling due within one year
 20 
(7,038,123)
(5,582,689)

Net current liabilities
  
 
 
(2,038,855)
 
 
(975,790)

Total assets less current liabilities
  
48,550,506
49,270,860

Creditors: amounts falling due after more than one year
 21 
(17,578,158)
(18,227,047)

Provisions for liabilities
  

Deferred tax
 23 
(4,336,507)
(4,366,514)

  
 
 
(4,336,507)
 
 
(4,366,514)

Net assets
  
26,635,841
26,677,299

Page 11

 
LAKE DISTRICT ESTATES COMPANY LIMITED
REGISTERED NUMBER: 00346999

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

Capital and reserves
  

Called up share capital 
 24 
8,569
8,569

Share premium account
 25 
42,845
42,845

Revaluation reserve
 25 
13,876,207
13,876,207

Profit and loss account
 25 
12,708,220
12,749,678

  
26,635,841
26,677,299


The financial statements were approved and authorised for issue by the board and were signed on its behalf by 




................................................
Mr R Lancaster
................................................
Mr T L W Raynsford
Director
Director


Date: 21 July 2025
Date:21 July 2025

The notes on pages 14 to 32 form part of these financial statements.

Page 12

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025


Called up share capital
Share premium account
Investment property fair value reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 February 2023
8,569
42,845
12,279,564
12,803,565
25,134,543


Comprehensive income for the year

Profit for the year
-
-
-
1,542,756
1,542,756


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
1,542,756
1,542,756

Transfer between other reserves
-
-
1,596,643
(1,596,643)
-


Total transactions with owners
-
-
1,596,643
(1,596,643)
-



At 1 February 2024
8,569
42,845
13,876,207
12,749,678
26,677,299


Comprehensive income for the year

Loss for the year
-
-
-
(41,458)
(41,458)


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
(41,458)
(41,458)


Total transactions with owners
-
-
-
-
-


At 31 January 2025
8,569
42,845
13,876,207
12,708,220
26,635,841


The notes on pages 14 to 32 form part of these financial statements.

Page 13

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Lake District Estates Company Limited ('the company') is a limited company incorporated in the United Kingdom. The address of the registered office and principal place of business is Maudlands, Maude Street, Kendal, Cumbria, LA9 4QD.
The principal activity of the company is the provision of visitor attractions and public transport, retail outlets and accommodation for visitors and others in the Lake District and Cumbria.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Lake District Holdings Limited as at 31 January 2025 and these financial statements may be obtained from the Registered Office.

 
2.3

Going concern

At the balance sheet date, the company had £2,089k of net current liabilities and net assets of £26,635k after a loss after tax of £41k.
Included in current liabilities is £1,890k deferred site fee income, which is not a creditor requiring to be settled via cash.
The Directors continue to monitor the cash position and have produced cashflow forecasts to ensure that there is sufficient cash to pay creditors as liabilities fall due for at least 12 months from signing the financial statements. They therefore deem the going concern basis appropriate. 

Page 14

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Where the company sells caravans privately on behalf of third parties, the company is acting as an agent and the commission is recognised as the income on these transactions.

 
2.5

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 15

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Page 16

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5-10
years

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
2% - 25% straight line
Motor vehicles
-
20% - 25% straight line
Fixtures and fittings
-
10% - 20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Investment property

Investment property is carried at fair value; the decision to revalue is determined by the directors annually and any valuation is carried out by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The directors engage with an expert and have professional valuations done over the property on a 3 year cycle. Changes in fair value are recognised in the Statement of Comprehensive Income. Where the directors cannot reasonably determine this value, they use an independent and qualified valuer to undertake a third party valuation.
Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.21

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. 
Financial assets that are measured at cost and amortised cost 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. 
For financial assets measured at cost less impairment. the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. 
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. 

Page 19

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements require management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgments and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 
(a) Establishing useful economic lives for depreciation purposes of property, plant and equipment
Long-lived assets, consisting primarily of property, plant and equipment, comprise a significant portion of the total fixed assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these assets useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation charges for the period. Details of the depreciation policies based on estimated useful economic lives are included in accounting policies note 2.14.
(b) Revaluation of investment property
Under FRS102, investment property must be accounted for at its fair value in the financial statements. The directors review the revaluation each year, which requires their judgement to apply reasonable assumptions when calculating the true and fair value of each investment property. The directors engage with experts to value investment property on a 3 year cycle. On years where an expert isn't used, the directors use existing valuations together with their own assumptions to assess the fair value. The directors deem using a yield percentage of annual rental income an appropriate measure to calculate the fair value of each investment property to the group. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Ownership and operation of caravan parks and other property
9,651,558
12,231,019

Passenger craft on Lake Ullswater
1,932,886
1,799,825

Specialised retail outlets
2,550,878
2,187,362

14,135,322
16,218,206


All turnover arose within the United Kingdom.

Page 20

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

5.


Other operating income

2025
2024
£
£

Other operating income
4,707
4,708

4,707
4,708



6.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Depreciation on tangible fixed assets
773,938
778,676

Amortisation of intangible assets
10,904
41,092

Fair value movements on investment property
-
(512,943)

Other operating lease rentals
277,097
237,609


7.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2025
2024
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
16,433
15,683

Page 21

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
2,712,358
2,634,292

Social security costs
228,630
222,351

Pension scheme costs
106,570
96,567

3,047,558
2,953,210


Key management personnel remuneration is disclosed in the consolidated group financial statements.

The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Holiday park and retail
94
89



Steamers operations
29
28



Management
4
4

127
121


9.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
30,180
66,615

30,180
66,615



10.


Interest receivable

2025
2024
£
£


Other interest receivable
252
10,316

252
10,316

Page 22

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

11.


Interest payable and similar expenses

2025
2024
£
£


Bank interest payable
880,540
624,674

880,540
624,674


12.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
94,009
278,248

Adjustments in respect of previous periods
(30,984)
-


63,025
278,248


Total current tax
63,025
278,248

Deferred tax


Origination and reversal of timing differences
(30,007)
(24,177)

Movement on revaluation surplus
-
282,624

Total deferred tax
(30,007)
258,447


Taxation on profit on ordinary activities
33,018
536,695
Page 23

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


(Loss)/profit on ordinary activities before tax
(8,440)
2,079,451


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
(2,110)
499,965

Effects of:


Chargeable gains
-
271,666

Fixed asset differences
32,779
-

Prior year adjustment
(30,984)
(44,980)

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
5,949
(212,412)

Remeasurement of deferred tax rate
-
4,040

Group relief
6,665
-

Deferred not recognised
20,719
18,416

Total tax charge for the year
33,018
536,695


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

13.


Intangible assets




Goodwill

£



Cost


At 1 February 2024
877,612



At 31 January 2025

877,612



Amortisation


At 1 February 2024
831,146


Charge for the year on owned assets
10,904



At 31 January 2025

842,050



Net book value



At 31 January 2025
35,562



At 31 January 2024
46,466



Page 25

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 February 2024
19,343,489
8,208,712
337,994
532,911
28,423,106


Additions
601,867
210,565
-
15,504
827,936


Disposals
-
(47,639)
(29,711)
-
(77,350)



At 31 January 2025

19,945,356
8,371,638
308,283
548,415
29,173,692



Depreciation


At 1 February 2024
1,281,054
4,531,129
318,395
354,214
6,484,792


Charge for the year on owned assets
212,196
509,128
6,792
45,822
773,938


Disposals
-
(28,863)
(29,711)
-
(58,574)



At 31 January 2025

1,493,250
5,011,394
295,476
400,036
7,200,156



Net book value



At 31 January 2025
18,452,106
3,360,244
12,807
148,379
21,973,536



At 31 January 2024
18,062,435
3,677,583
19,599
178,697
21,938,314

The carrying value of freehold land which is not subject to depreciation is £10,638,597 (2024 -
£10,090,181).

Page 26

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

15.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 February 2024
242



At 31 January 2025
242





Listed investments


The aggregate market value of listed investments is £498 (2024 - £498) which differs from the carrying value in the financial statements.



16.


Investment property


Investment property

£



Valuation


At 1 February 2024
28,261,628


Additions at cost
318,393



At 31 January 2025
28,580,021

The 2025 valuations were made by H&H Land and Estates in May 2024, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2025
2024
£
£


Historic cost
11,389,466
11,071,076

Accumulated depreciation and impairments
(1,418,739)
(1,213,819)

9,970,727
9,857,257

The Directors believe the fair value to be appropriate at 31 January 2025.

Page 27

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

17.


Stocks

2025
2024
£
£

Retail finished goods
797,485
937,265

Caravans and other finished goods
1,893,032
1,777,281

2,690,517
2,714,546



18.


Debtors

2025
2024
£
£


Trade debtors
1,612,005
1,385,636

Other debtors
18,986
-

Prepayments and accrued income
288,203
288,311

1,919,194
1,673,947



19.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
389,557
218,406

Less: bank overdrafts
(1,878,228)
(367,758)

(1,488,671)
(149,352)


Page 28

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

20.


Creditors: Amounts falling due within one year

2025
2024
£
£

Bank overdrafts
1,878,228
367,758

Bank loans
781,015
940,419

Trade creditors
680,872
1,110,035

Corporation tax
10,945
140,223

Other taxation and social security
414,765
355,636

Other creditors
16,808
21,383

Accruals and deferred income
3,255,490
2,647,235

7,038,123
5,582,689


The bank loans included above are secured by a legal fixed charge over specific land and buildings held by the company.


21.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Bank loans
11,796,143
12,395,755

Amounts owed to group undertakings
5,782,015
5,831,292

17,578,158
18,227,047


Page 29

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

22.


Loans


The company has variable rate bank loans secured with fixed and floating charges against certain assets of the group. Interest is payable at variable rates, at between 1.1% and 3.1% (1.1% and 2.8% 2024) above the Bank of England Base Rate.
Analysis of the maturity of loans is given below:


2025
2024
£
£

Amounts falling due within one year

Bank loans
781,015
940,419


781,015
940,419

Amounts falling due 1-2 years

Bank loans
627,740
940,418


627,740
940,418

Amounts falling due 2-5 years

Bank loans
3,954,906
4,629,273


3,954,906
4,629,273

Amounts falling due after more than 5 years

Bank loans
7,213,497
6,826,064

7,213,497
6,826,064

12,577,158
13,336,174



23.


Deferred taxation




2025


£






At beginning of year
(4,366,514)


Charged to profit or loss
30,007



At end of year
(4,336,507)

Page 30

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
 
23.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(1,022,161)
(1,052,168)

Revaluation of investment property
(3,314,346)
(3,314,346)

(4,336,507)
(4,366,514)


24.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



8,569 (2024 - 8,569) Ordinary shares of £1.00 each
8,569
8,569



25.


Reserves

Share premium account

This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.

Investment property revaluation reserve

This reserve represents the cumulative revaluation gains and losses on revaluation of investment properties held by the company less any deferred tax recognised in respect of this property.

Profit and loss account

This reserve represents cumulative profits and losses.


26.


Contingent liabilities

An unlimited guarantee has been given by the company in respect of the Lake District Holdings Group's borrowings with Barclays Bank Plc.


27.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £106,570 (2024 - £96,567). Contributions totaling £NIL (2024 - £NIL) were payable to the fund at the reporting date.

Page 31

 
LAKE DISTRICT ESTATES COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

28.


Commitments under operating leases

At 31 January 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
250,557
277,097

Later than 1 year and not later than 5 years
414,994
630,380

Later than 5 years
139,299
174,470

804,850
1,081,947

A total of £277,097 (2024 - £237,609) was recognised as an operating lease expense in the period.


29.


Controlling party

The ultimate parent undertaking is Lake District Holdings Limited, a company registered in England and Wales.
The entity has taken the exemption not to disclose related party transactions with wholly owned subsidiaries. Key management personnel have been disclosed at group level within Lake District Holdings Limited financial statements.


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