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Lakeside Inns Limited

Registered Number
02739468
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

Lakeside Inns Limited
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors | DENBY, Peter Jonathan
| NICOLSON, Margaret Anne

Company Secretary | DENBY, Peter Jonathan

Registered Address | 6 Station Road
| Hest Bank
| Lancaster
| LA2 6HP

Registered Number | 02739468 (England and Wales)

Lakeside Inns Limited
Statement of Financial Position
31 December 2024

| Notes | 2024 |  | 2023
--- | --- | --- | --- | ---
|  | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |
Intangible assets | 3 |  |  | 5,000 |  |  |  | 7,000
Tangible assets | 4 |  |  | 1,900,347 |  |  |  | 1,830,632
|  |  |  | 1,905,347 |  |  |  | 1,837,632
Current assets |  |  |  |  |  |  |  |
Stocks | 5 | 13,357 |  |  |  | 22,792 |  |
Debtors | 6 | 566,300 |  |  |  | 526,444 |  |
Cash at bank and on hand |  | 1,972 |  |  |  | - |  |
|  | 581,629 |  |  |  | 549,236 |  |
Creditors amounts falling due within one year | 7 | (765,514) |  |  |  | (523,488) |  |
Net current assets (liabilities) |  |  |  | (183,885) |  |  |  | 25,748
Total assets less current liabilities |  |  |  | 1,721,462 |  |  |  | 1,863,380
Creditors amounts falling due after one year | 8 |  |  | (1,683,573) |  |  |  | (1,783,098)
Provisions for liabilities | 9 |  |  | (45,694) |  |  |  | (34,803)
Net assets |  |  |  | (7,805) |  |  |  | 45,479
Capital and reserves |  |  |  |  |  |  |  |
Called up share capital |  |  |  | 10,000 |  |  |  | 10,000
Profit and loss account |  |  |  | (17,805) |  |  |  | 35,479
Shareholders' funds |  |  |  | (7,805) |  |  |  | 45,479

- The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
- The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
- These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
- The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 16 September 2025, and are signed on its behalf by:
DENBY, Peter Jonathan Director Registered Company No. 02739468

Lakeside Inns Limited
Notes to the Financial Statements
for the year ended 31 December 2024

1. | Accounting policies
--- | ---

| Statutory information
--- | ---
| The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| Basis of preparation
--- | ---
| The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

| Functional and presentation currency
--- | ---
| The financial statements are presented in sterling and this is the functional currency of the company.

| Turnover policy
--- | ---
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

| Employee benefits
--- | ---
| Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

| Current taxation
--- | ---
| 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
--- | ---
| Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

| 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.

| Tangible fixed assets and depreciation
--- | ---
| Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

|  | Reducing balance (%) |  | Straight line (years)
| Land and buildings | - |  | 50
| Fixtures and fittings | - |  | 50
| Vehicles | 25 |  | -
| Office Equipment | 15 |  | -

| Stocks and work in progress
--- | ---
| Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of financial position, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Statement of Earnings.

| Trade and other debtors
--- | ---
| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

| Trade and other creditors
--- | ---
| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

| Financial instruments
--- | ---
| The Company 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.

2. | Average number of employees
--- | ---

|  | 2024 |  | 2023
| Average number of employees during the year | 35 |  | 40

3. | Intangible assets
--- | ---

|  | Goodwill |  | Other |  | Total
--- | --- | --- | --- | --- | --- | ---
|  | £ |  | £ |  | £
| Cost or valuation
| At 01 January 24 | 28,000 |  | 10,000 |  | 38,000
| At 31 December 24 | 28,000 |  | 10,000 |  | 38,000
| Amortisation and impairment
| At 01 January 24 | 28,000 |  | 3,000 |  | 31,000
| Charge for year | - |  | 2,000 |  | 2,000
| At 31 December 24 | 28,000 |  | 5,000 |  | 33,000
| Net book value
| At 31 December 24 | - |  | 5,000 |  | 5,000
| At 31 December 23 | - |  | 7,000 |  | 7,000

4. | Tangible fixed assets
--- | ---

|  | Land & buildings |  | Vehicles |  | Fixtures & fittings |  | Office Equipment |  | Total
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | £ |  | £ |  | £ |  | £ |  | £
| Cost or valuation
| At 01 January 24 | 2,344,301 |  | 62,631 |  | 606,643 |  | 145,538 |  | 3,159,113
| Additions | - |  | - |  | 146,130 |  | - |  | 146,130
| At 31 December 24 | 2,344,301 |  | 62,631 |  | 752,773 |  | 145,538 |  | 3,305,243
| Depreciation and impairment
| At 01 January 24 | 688,073 |  | 53,572 |  | 451,119 |  | 135,717 |  | 1,328,481
| Charge for year | 41,144 |  | 2,265 |  | 30,180 |  | 2,826 |  | 76,415
| At 31 December 24 | 729,217 |  | 55,837 |  | 481,299 |  | 138,543 |  | 1,404,896
| Net book value
| At 31 December 24 | 1,615,084 |  | 6,794 |  | 271,474 |  | 6,995 |  | 1,900,347
| At 31 December 23 | 1,656,228 |  | 9,059 |  | 155,524 |  | 9,821 |  | 1,830,632

| Included in Land and buildings is land at a cost of £305,000 (2023 - £305,000) which is not depreciated

5. | Stocks
--- | ---

|  | 2024 |  | 2023
--- | --- | --- | --- | ---
|  | £ |  | £
| Raw materials and consumables | 13,357 |  | 22,792
| Total | 13,357 |  | 22,792

6. | Debtors: amounts due within one year
--- | ---

|  | 2024 |  | 2023
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade debtors / trade receivables | 52,277 |  | 262,015
| Amounts owed by group undertakings | 235,783 |  | 210,485
| Other debtors | 273,458 |  | 39,587
| Prepayments and accrued income | 4,782 |  | 14,357
| Total | 566,300 |  | 526,444

7. | Creditors: amounts due within one year
--- | ---

|  | 2024 |  | 2023
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade creditors / trade payables | 105,680 |  | 127,545
| Bank borrowings and overdrafts | 260,317 |  | 95,116
| Amounts owed to related parties | 217,618 |  | 123,190
| Taxation and social security | 120,690 |  | 58,054
| Other creditors | 30,636 |  | 88,554
| Accrued liabilities and deferred income | 30,573 |  | 31,029
| Total | 765,514 |  | 523,488

| Bank loans are secured by a fixed and floating charge over the company's assets.

8. | Creditors: amounts due after one year
--- | ---

|  | 2024 |  | 2023
--- | --- | --- | --- | ---
|  | £ |  | £
| Bank borrowings and overdrafts | 1,683,573 |  | 1,783,098
| Total | 1,683,573 |  | 1,783,098

| Bank loans are secured by a fixed and floating charge over the company’s assets. Bank loans outstanding at the year end include installments due after more than five years of £1,500,000 (2023: £1,500,000).

9. | Provisions for liabilities
--- | ---

|  | 2024 |  | 2023
--- | --- | --- | --- | ---
|  | £ |  | £
| Net deferred tax liability (asset) | 45,694 |  | 34,803
| Total | 45,694 |  | 34,803

10. | Pension commitments
--- | ---
| The pension cost charge represents contributions payable by the company to the fund and amounted to £8,666 (2023 - £8,490).

11. | Exceptional items
--- | ---
| During the year there was an intercompany write off of £nil (2023 - £186,268), this is showing as a credit within administrative expenses.