Lakeshore Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Lakeshore Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05669703 . The registered office is Unit 11 Genesis Business Park, Rainsford Road, London, NW10 7RG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

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 is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	50 years straight line
Plant & Machinery	10% reducing balance
Motor Vehicles	25% reducing balance

2.4. Investment Properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit or loss account.

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Lakeshore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.7. 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 amount 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.

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.

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Lakeshore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairement at each reporting date and any impairement losses or reversals of impairment are recognised immediately in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the pwer to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to particpate in the financial and operating decisions of the associate.

2.10. 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2024: NIL)

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Lakeshore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£
Cost
As at 1 February 2024	2,820,000	209,901	110,534	3,140,435

As at 31 January 2025	2,820,000	209,901	110,534	3,140,435

Depreciation
As at 1 February 2024	413,844	56,884	63,903	534,631
Provided during the period	56,400	15,302	11,658	83,360

As at 31 January 2025	470,244	72,186	75,561	617,991

Net Book Value
As at 31 January 2025	2,349,756	137,715	34,973	2,522,444

As at 1 February 2024	2,406,156	153,017	46,631	2,605,804

The fair value of the freehold land and buildings has been arrived at on the basis of a valuation carried out by the directors on 31 January 2024. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land & Freehold property cost £960,816 (2024: £960,816)

Land & Freehold poperty accumulated depreciation £321,508 (2024: £302,292)

5. Investment Property

	2025
	£
Fair Value
As at 1 February 2024 and 31 January 2025	8,563,710

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Lakeshore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

6. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 February 2024	243,500

As at 31 January 2025	243,500

Provision
As at 1 February 2024	-

As at 31 January 2025	-

Net Book Value
As at 31 January 2025	243,500

As at 1 February 2024	243,500

7. Stocks

	2025	2024
	£	£
Work in progress	-	586,175

8. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	130,256	27,441
Amounts owed by group undertakings	13	70
Amounts owed by participating interests	100	100
Other debtors	8,046	9,371

	138,415	36,982

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	-	17,704
Trade creditors	56,549	140,265
Bank loans and overdrafts	109,500	109,500
Other loans	78,146	73,034
Amounts owed to group undertakings	100,000	100,000

...CONTINUED

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Lakeshore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2025

Amounts owed to participating interests	1,401,139	1,451,196
Other creditors	421,468	354,750
Taxation and social security	65,180	75,562

	2,231,982	2,322,011

10. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	1,215,586	1,326,419
Other loans	268,819	346,966
Other taxes and social security	14,437	16,282

	1,498,842	1,689,667

The bank loans are secured by way of a fixed legal charge on the freehold properties of the company, a debenture on the company’s assets and a guarantee from an associated company.

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	2025		2024
	£		£
Bank loans	515,797		1,033,366

11. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	-	17,704

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

13. Reserves

	Revaluation Reserve
	£
As at 1 February 2024	1,605,801

As at 31 January 2025	1,605,801

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,522,444		2,605,804
Investment Properties	5		8,563,710		8,563,710
Investments	6		243,500		243,500

			11,329,654		11,413,014
CURRENT ASSETS
Stocks	7	-		586,175
Debtors	8	138,415		36,982
Cash at bank and in hand		983,932		360,403

		1,122,347		983,560
Creditors: Amounts Falling Due Within One Year	9	(2,231,982 )		(2,322,011 )

NET CURRENT ASSETS (LIABILITIES)			(1,109,635 )		(1,338,451 )

TOTAL ASSETS LESS CURRENT LIABILITIES			10,220,019		10,074,563

Creditors: Amounts Falling Due After More Than One Year	10		(1,498,842 )		(1,689,667 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(1,376,536 )		(1,376,536 )

NET ASSETS			7,344,641		7,008,360

CAPITAL AND RESERVES
Called up share capital	12		100		100
Revaluation reserve	13		1,605,801		1,605,801
Profit and Loss Account			5,738,740		5,402,459

SHAREHOLDERS' FUNDS			7,344,641		7,008,360