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 2026

2.5. 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.

2.6. 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.

...CONTINUED

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Lakeshore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

2.6. Taxation - continued

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.

2.7. 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.

2.8. 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 (2025: NIL)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£
Cost
As at 1 February 2025	2,820,000	209,901	110,534	3,140,435

As at 31 January 2026	2,820,000	209,901	110,534	3,140,435

...CONTINUED

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Lakeshore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

Depreciation
As at 1 February 2025	470,244	72,186	75,561	617,991
Provided during the period	56,400	13,771	8,743	78,914

As at 31 January 2026	526,644	85,957	84,304	696,905

Net Book Value
As at 31 January 2026	2,293,356	123,944	26,230	2,443,530

As at 1 February 2025	2,349,756	137,715	34,973	2,522,444

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 (2025: £960,816)

Land & Freehold poperty accumulated depreciation £340,724 (2025: £321,508)

5. Investment Property

	2026
	£
Fair Value
As at 1 February 2025	8,563,710
Additions	802,432

As at 31 January 2026	9,366,142

6. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 February 2025	243,500

As at 31 January 2026	243,500

Provision
As at 1 February 2025	-

As at 31 January 2026	-

Net Book Value
As at 31 January 2026	243,500

As at 1 February 2025	243,500

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Lakeshore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

7. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	59,840	130,256
Amounts owed by group undertakings	13	13
Amounts owed by participating interests	38,850	100
Other debtors	167,040	8,046

	265,743	138,415

8. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	44,302	56,548
Bank loans and overdrafts	109,500	109,500
Other loans	78,146	78,146
Amounts owed to group undertakings	40,000	100,000
Amounts owed to participating interests	1,661,521	1,401,139
Other creditors	448,227	421,468
Taxation and social security	83,946	101,896

	2,465,642	2,268,697

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

	2026	2025
	£	£
Bank loans	1,098,481	1,215,586
Other loans	308,883	268,819
Other taxes and social security	6,460	14,437

	1,413,824	1,498,842

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.

	2026		2025
	£		£
Bank loans	295,240		515,797

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Lakeshore Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 January 2026

10. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	100	100

11. Reserves

	Revaluation reserve	Profit and Loss Account
	£	£
As at 1 February 2025	1,605,801	5,702,025
Profit for the year and total comprehensive income	-	249,495

As at 31 January 2026	1,605,801	5,951,520

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,443,530		2,522,444
Investment Properties	5		9,366,142		8,563,710
Investments	6		243,500		243,500

			12,053,172		11,329,654
CURRENT ASSETS
Debtors	7	265,743		138,415
Cash at bank and in hand		494,508		983,932

		760,251		1,122,347
Creditors: Amounts Falling Due Within One Year	8	(2,465,642 )		(2,268,697 )

NET CURRENT ASSETS (LIABILITIES)			(1,705,391 )		(1,146,350 )

TOTAL ASSETS LESS CURRENT LIABILITIES			10,347,781		10,183,304

Creditors: Amounts Falling Due After More Than One Year	9		(1,413,824 )		(1,498,842 )

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

NET ASSETS			7,557,421		7,307,926

CAPITAL AND RESERVES
Called up share capital	10		100		100
Revaluation reserve	11		1,605,801		1,605,801
Profit and Loss Account			5,951,520		5,702,025

SHAREHOLDERS' FUNDS			7,557,421		7,307,926