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COMPANY REGISTRATION NUMBER: 01414849

Fritton Lake Limited

Unaudited financial statements

31 March 2025

Fritton Lake Limited

Statement of financial position

31 March 2025

| 2025 | 2024
Note | £ | £ | £ | £

Fixed assets

Tangible assets | 5 |  | 3,683,712 |  | 3,703,172

Current assets

Stocks | 30,866 |  | 74,099 |
Debtors | 6 | 350,840 |  | 757,237 |
Cash at bank and in hand | 9,516 |  | 70,295 |
| --------- |  | --------- |
| 391,222 |  | 901,631 |

Creditors: Amounts falling due within one year | 7 | ( 2,563,946) |  | ( 2,640,928) |
| ----------- |  | ----------- |
Net current liabilities |  | ( 2,172,724) |  | ( 1,739,297)
|  | ----------- |  | -----------
Total assets less current liabilities |  | 1,510,988 |  | 1,963,875

Creditors: Amounts falling due after more than one year | 8 |  | ( 620,441) |  | ( 639,335)

Provisions

Taxation including deferred tax |  | ( 178,294) |  | ( 255,613)
|  | ----------- |  | -----------
Net assets |  | 712,253 |  | 1,068,927
|  | ----------- |  | -----------

Capital and reserves

Called up share capital |  | 24,313 |  | 24,313
Share premium account |  | 13,269 |  | 13,269
Profit and loss account |  | 674,671 |  | 1,031,345
|  | --------- |  | -----------
Shareholders funds |  | 712,253 |  | 1,068,927
|  | --------- |  | -----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Fritton Lake Limited

Statement of financial position (continued)

31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 18 March 2026 , and are signed on behalf of the board by:

The Right Hon. the Lord Somerleyton
Director

Company registration number: 01414849

Fritton Lake Limited

Notes to the financial statements

Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Manor Barn Estate Office, Herringfleet Road, Herringfleet, Lowestoft, Suffolk, NR32 5QS. The trading address of the company is Fritton Lake, Church Lane, Fritton, Norfolk, NR31 9HA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Preference shares
Preference shares are treated as debt and included at cost within creditors: amounts falling due after more than one year.
Going concern
The company has the continued support of associated entities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Property improvements | - | 2% straight line
| Fritton Arms property improvements | - | 2% straight line
| Fixtures and fittings | - | 15% reducing balance
| Motor vehicles and boats | - | 25% reducing balance
| Outside effects | - | 15% reducing balance

| Fritton Arms fixtures and fittings | - | 15% reducing balance

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 46 (2024: 54 ).
5. Tangible assets

| At 1 April 2024 | Additions | At 31 March 2025
| £ | £ | £
Cost |  |  |
Land | 36,925 | – | 36,925
Property improvements | 2,548,602 | 51,590 | 2,600,192
Fritton Arms property improvements | 891,441 | – | 891,441
Hillwood | 409,500 | – | 409,500
Fixtures and fittings | 176,230 | 16,445 | 192,675
Motor vehicles and boats | 78,432 | 1,400 | 79,832
Outside effects | 43,552 | – | 43,552
Fritton Arms fixtures and fittings | 101,950 | 10,292 | 112,242
| ----------- | ------- | -----------
| 4,286,632 | 79,727 | 4,366,359
| ----------- | ------- | -----------

| At 1 April 2024 | Charge for the year | At 31 March 2025
| £ | £ | £
Depreciation |  |  |
Land | – | – | –
Property improvements | 230,539 | 51,684 | 282,223
Fritton Arms property improvements | 124,589 | 17,829 | 142,418
Hillwood | – | – | –
Fixtures and fittings | 86,493 | 13,629 | 100,122
Motor vehicles and boats | 47,514 | 7,757 | 55,271
Outside effects | 29,939 | 2,042 | 31,981
Fritton Arms fixtures and fittings | 64,386 | 6,246 | 70,632
| ----------- | ------- | ---------
| 583,460 | 99,187 | 682,647
| ----------- | ------- | ---------

| At 31 March 2025 | At 31 March 2024
| £ | £
Carrying amount |  |
Land | 36,925 | 36,925
Property improvements | 2,317,969 | 2,318,063
Fritton Arms property improvements | 749,023 | 766,852
Hillwood | 409,500 | 409,500
Fixtures and fittings | 92,553 | 89,737
Motor vehicles and boats | 24,561 | 30,918
Outside effects | 11,571 | 13,613
Fritton Arms fixtures and fittings | 41,610 | 37,564
| ----------- | -----------
| 3,683,712 | 3,703,172
| ----------- | -----------

6. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 334,127 | 710,751
Other debtors | 16,713 | 46,486
| --------- | ---------
| 350,840 | 757,237
| --------- | ---------

7. Creditors: Amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 1,350,661 | 1,084,294
Social security and other taxes | 46,659 | 35,140
Other creditors | 1,166,626 | 1,521,494
| ----------- | -----------
| 2,563,946 | 2,640,928
| ----------- | -----------

Hire purchase liabilities are secured on the assets concerned.
8. Creditors: Amounts falling due after more than one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 220,441 | 235,002
Other creditors | 400,000 | 404,333
| --------- | ---------
| 620,441 | 639,335
| --------- | ---------

Included within other creditors are preference shares of £400,000. These shares attract a cumulative dividend at 4% above the Bank of England base rate (1% above the Bank of England base rate up until 20 January 2020) and are redeemable at the option of the company as well as the holders (on the fifth anniversary of their acquisition) of the shares, as well as the calendar date every subsequent five years thereafter. Interest paid this year amounted to £36,600 (2024: £34,048).
9. Directors' advances, credits and guarantees
At 31 March 2025, The Right Hon. the Lord Somerleyton owed the company £3,900 (2024: £nil), being the balance on his current account.