Lakes Property Limited - Filleted accounts

Registered number

07238566

Lakes Property Limited

Filleted Accounts

31 March 2025

Lakes Property Limited
Registered number:		07238566
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		759,147			759,690

Current assets
Debtors	4	687			-
Cash at bank and in hand		128,439			84,674
		129,126			84,674

Creditors: amounts falling due within one year	5	(604,116)			(598,515)

Net current liabilities			(474,990)			(513,841)

Total assets less current liabilities			284,157			245,849


Provisions for liabilities			(57)			(77)


Net assets			284,100			245,772

Capital and reserves
Called up share capital			100			100
Profit and loss account			284,000			245,672

Shareholders' funds			284,100			245,772

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




N Lake
Director
Approved by the board on 15 December 2025

Lakes Property Limited
Notes to the Accounts
for the year ended 31 March 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Improvements to properties	over 10 years
	Plant and machinery	over 3-10 years

	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.

	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.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Current tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Employees			2025		2024
Number					Number

	Average number of persons employed by the company			1		1


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Total
£			£		£
	Cost
	At 1 April 2024	762,933		950		763,883
	At 31 March 2025	762,933		950		763,883

	Depreciation
	At 1 April 2024	3,643		550		4,193
	Charge for the year	444		99		543
	At 31 March 2025	4,087		649		4,736

	Net book value
	At 31 March 2025	758,846		301		759,147
	At 31 March 2024	759,290		400		759,690


4	Debtors			2025		2024
£					£

	Other debtors			687		-


5	Creditors: amounts falling due within one year			2025		2024
£					£

	Bank loans and overdrafts			532,606		-
	Trade creditors			1,187		2,635
	Taxation and social security costs			9,586		5,701
	Other creditors			60,737		590,179
				604,116		598,515


6	Other information

	Lakes Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
	First Floor, 12 St. John's Way
	St. John's Business Estate
	Downham Market
	Norfolk
	PE38 0QQ