Lakeside Inns Limited


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)

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.

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.

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:

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.

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 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.

	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