REGISTERED NUMBER: 12230048 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

LAKELAND FABRICS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S J Soper

B D Soper

J A Jones

REGISTERED OFFICE:

Cummersdale Print Works

Cummersdale

Carlisle

Cumbria

CA2 6BT

REGISTERED NUMBER:

12230048 (England and Wales)

ACCOUNTANTS:

Whitehead & Howarth

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

FIXED ASSETS

Intangible assets

4

-

116

Tangible assets

5

751,127

835,377

751,127

835,493

CURRENT ASSETS

Stocks

423,627

393,211

Debtors

6

1,527,051

1,278,376

Cash at bank and in hand

176,379

146,530

2,127,057

1,818,117

CREDITORS

Amounts falling due within one year

7

2,114,808

1,825,274

NET CURRENT ASSETS/(LIABILITIES)

12,249

(7,157

)

TOTAL ASSETS LESS CURRENT LIABILITIES

763,376

828,336

CREDITORS

Amounts falling due after more than one year

8

(150,592

)

(390,516

)

PROVISIONS FOR LIABILITIES

11

(132,644

)

(70,009

)

NET ASSETS

480,140

367,811

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

479,940

367,611

480,140

367,811

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th October 2025 and were signed on its behalf by:

J A Jones - Director

1.	STATUTORY INFORMATION

Lakeland Fabrics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

The preparation of the financial statements requires the use of certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information or more experience. Significant accounting policies, estimate and assumptions, and judgements are provided below.

Significant estimates and assumptions:

Cost of sales, and overheads - At the period end the company is required to estimate cost of prepaid and accrued material and overhead costs which may be invoiced pre and post year end.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2024 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1st April 2024

and 31st March 2025

7,500

793

8,293

AMORTISATION

At 1st April 2024

7,500

677

8,177

Charge for year

-

116

116

At 31st March 2025

7,500

793

8,293

NET BOOK VALUE

At 31st March 2025

-

-

-

At 31st March 2024

-

116

116

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2024

1,211,008

Additions

12,591

Disposals

(5,785

)

At 31st March 2025

1,217,814

DEPRECIATION

At 1st April 2024

375,631

Charge for year

95,063

Eliminated on disposal

(4,007

)

At 31st March 2025

466,687

NET BOOK VALUE

At 31st March 2025

751,127

At 31st March 2024

835,377

Included in tangible fixed assets are assets on hire purchase with a cost price of £884,651 (2024: £890,436) and on which depreciation of £65,746 (2024: £74,742) was charged in the period. At 31st March 2025 the net book value was £523,158 (2024: £590,682).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade debtors

1,157,284

930,846

Other debtors

369,767

347,530

1,527,051

1,278,376

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Bank loans and overdrafts

24,637

24,637

Hire purchase contracts (see note 9)

185,416

189,312

Trade creditors

577,779

472,427

Taxation and social security

169,057

164,457

Other creditors

1,157,919

974,441

2,114,808

1,825,274

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/25

31/3/24

£

£

Bank loans

65,474

90,110

Hire purchase contracts (see note 9)

85,118

300,406

150,592

390,516

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31/3/25

31/3/24

£

£

Net obligations repayable:

Within one year

185,416

189,312

Between one and five years

85,118

300,406

270,534

489,718

Non-cancellable

operating leases

31/3/25

31/3/24

£

£

Within one year

45,600

-

Between one and five years

182,400

-

228,000

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/3/25

31/3/24

£

£

Hire purchase contracts

270,534

489,718

Invoice finance creditor

928,746

689,372

1,199,280

1,179,090

The invoice finance and asset finance creditors are secured by way of a fixed and floating charge on all current and future property created on 18th February 2020 and 9th November 2021 respectively.

11.	PROVISIONS FOR LIABILITIES

31/3/25

31/3/24

£

£

Deferred tax

132,644

70,009

Deferred

tax

£

Balance at 1st April 2024

70,009

Provided during year

62,635

Balance at 31st March 2025

132,644

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2025 and 31st March 2024:

31/3/25

31/3/24

£

£

Mrs S J Soper and B D Soper

Balance outstanding at start of year

3,947

(8,312

)

Amounts advanced

143,010

124,263

Amounts repaid

(53,500

)

(112,004

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

93,457

3,947

The loan to the directors is interest free and repayable on demand.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is B D Soper.