Company No: 03217997 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	2		2
Tangible assets	4	21,759		29,125
Investment property	5	1,866,000		2,316,000
		1,887,761		2,345,127
Current assets
Stocks	6	1,502,380		1,243,065
Debtors	7	59,953		62,635
Cash at bank and in hand		811,195		763,460
		2,373,528		2,069,160
Creditors: amounts falling due within one year	8	( 329,958)		( 616,437)
Net current assets		2,043,570		1,452,723
Total assets less current liabilities		3,931,331		3,797,850
Creditors: amounts falling due after more than one year	9	( 890,000)		( 1,090,000)
Provision for liabilities		( 56,359)		( 32,546)
Net assets		2,984,972		2,675,304
Capital and reserves
Called-up share capital		5,100		5,100
Revaluation reserve	10	726,570		803,172
Profit and loss account		2,253,302		1,867,032
Total shareholders' funds		2,984,972		2,675,304

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Lake Inns and Leisure Limited (registered number: 03217997) were approved and authorised for issue by the Director on 14 November 2025. They were signed on its behalf by:

Mr N Lake Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lake Inns and Leisure Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, property and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue at the point of sale in the public houses and on receipt of funds on the sale or properties.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

not amortised

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Vehicles	25 % reducing balance
Fixtures and fittings	10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices , adjusted if necessary for any difference in the nature , location or condition of the specific asset. Changes in fair value are recognised in profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	10		11

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 March 2024	2		2
At 28 February 2025	2		2
Accumulated amortisation
At 01 March 2024	0		0
At 28 February 2025	0		0
Net book value
At 28 February 2025	2		2
At 29 February 2024	2		2

4. Tangible assets

	Vehicles		Fixtures and fittings		Total
	£		£		£
Cost
At 01 March 2024	18,227		185,435		203,662
Disposals	0		( 31,306)		( 31,306)
At 28 February 2025	18,227		154,129		172,356
Accumulated depreciation
At 01 March 2024	18,114		156,423		174,537
Charge for the financial year	28		2,655		2,683
Disposals	0		( 26,623)		( 26,623)
At 28 February 2025	18,142		132,455		150,597
Net book value
At 28 February 2025	85		21,674		21,759
At 29 February 2024	113		29,012		29,125

5. Investment property

	Investment property
	£
Valuation
As at 01 March 2024	2,316,000
Disposals	(450,000)
As at 28 February 2025	1,866,000

6. Stocks

	2025		2024
	£		£
Stocks	5,396		5,356
Work in progress	1,496,984		1,237,709
	1,502,380		1,243,065

7. Debtors

	2025		2024
	£		£
Prepayments	4,374		5,491
Other debtors	55,579		57,144
	59,953		62,635

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	27,871		46,321
Amounts owed to director	93,974		299,169
Other loans	100,000		100,000
Accruals	750		750
Taxation and social security	104,375		166,019
Other creditors	2,988		4,178
	329,958		616,437

9. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other loans	890,000		1,090,000

10. Reserves

Revaluation reserve

	2025
	£
Surplus/deficit on revaluation of other assets	76,602

The changes to each component of equity resulting from items of other comprehensive income for the current year were as above.