Company No: 02343429 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	C R Scott
	R P Glossop
	S J S Glossop
	A F Cuttill
	G L M S Glossop (Appointed 01 September 2025)

SECRETARY

C R Scott

REGISTERED OFFICE	C/O S&W Partners (Manchester) Limited
	Pall Mall
	1 Pollen Square
	59 King Street
	Manchester
	M2 4PD
	United Kingdom

COMPANY NUMBER

02343429 (England and Wales)

ACCOUNTANT	S&W Partners (Manchester) Limited
	Pall Mall
	1 Pollen Square
	59 King Street
	Manchester
	M2 4PD

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	2,611,788		469,373
		2,611,788		469,373
Current assets
Stocks		188,428		163,032
Debtors	4	561,525		161,790
Cash at bank and in hand		581,173		524,082
		1,331,126		848,904
Creditors: amounts falling due within one year	5	( 522,654)		( 432,392)
Net current assets		808,472		416,512
Total assets less current liabilities		3,420,260		885,885
Creditors: amounts falling due after more than one year	6	( 2,635,774)		( 44,160)
Provision for liabilities	7	( 65,000)		( 32,500)
Net assets		719,486		809,225
Capital and reserves
Called-up share capital	8	192,000		383,000
Capital redemption reserve		191,000		0
Profit and loss account		336,486		426,225
Total shareholders' funds		719,486		809,225

For the financial year ending 31 January 2026 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 financial year in accordance with section 476;
• The directors acknowledge 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 Profit and Loss Account has not been delivered.

The financial statements of Lakes Story Limited (registered number: 02343429) were approved and authorised for issue by the Board of Directors on 30 October 2026. They were signed on its behalf by:

C R Scott 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

Lakes Story 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 C/O S&W Partners (Manchester) Limited, Pall Mall, 1 Pollen Square, 59 King Street, Manchester, M2 4PD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sales of goods and services to customers. Goods include shop and café sales and services include admissions and theatre performances. Sales of goods are recognised on despatch and sales of services are recognised when the service is provided.

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 enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

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 or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Leasehold improvements	5 years straight line
Plant and machinery	3 - 10 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

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

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

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.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	50		50

3. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Total
	£		£		£		£
Cost
At 01 February 2025	0		625,210		2,741,404		3,366,614
Additions	2,000,000		79,325		165,474		2,244,799
At 31 January 2026	2,000,000		704,535		2,906,878		5,611,413
Accumulated depreciation
At 01 February 2025	0		340,663		2,556,578		2,897,241
Charge for the financial year	0		48,513		53,871		102,384
At 31 January 2026	0		389,176		2,610,449		2,999,625
Net book value
At 31 January 2026	2,000,000		315,359		296,429		2,611,788
At 31 January 2025	0		284,547		184,826		469,373

Included within land and buildings is an acquisition of £2,000,000 on 30 January 2026, depreciation has not been charged as the building in the current year.

4. Debtors

	2026		2025
	£		£
Trade debtors	5,766		4,954
Other debtors	555,759		156,836
	561,525		161,790

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans (secured)	0		47,782
Trade creditors	165,905		124,624
Taxation and social security	55,959		57,047
Other creditors	300,790		202,939
	522,654		432,392

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

	2026		2025
	£		£
Bank loans (secured)	0		44,160
Other creditors	2,635,774		0
	2,635,774		44,160

The bank loans are secured by way of a fixed and floating charge over all the assets of the company.

7. Deferred tax

	2026		2025
	£		£
At the beginning of financial year	( 32,500)		( 7,345)
Charged to the Profit and Loss Account	( 32,500)		( 25,155)
At the end of financial year	( 65,000)		( 32,500)

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
192,000 Ordinary shares of £ 1.00 each (2025: 383,000 shares of £ 1.00 each)	192,000		383,000

During the year the company purchased and cancelled 191,000 ordinary shares of £1 each for consideration of £237,180. The purchase was funded from distributable profits. The issued share capital was reduced by £191,000 and a capital redemption reserve created.

9. Financial commitments

Other financial commitments

The company has indemnified Bowness Theatre Festival Limited ("Bowness"), a company controlled by C R Scott and R P Glossop, for all its overheads and financial losses. Bowness operates from part of the property used by the company and therefore receives no charges from them for the use of this property or the administration provided. Bowness had a surplus of £29,220 for the year ended 31 January 2026 (2025 Surplus £47,858) and at that date had net assets of £17,430, (2025 net liabilities- £11,790). Lakes Story Limited was owed £31,786 at 31 January 2025 (2025 - £31,786) and made donations of £114,786 (2025 - £110,890) to them during the year.

10. Related party transactions

As at 31 January 2026, included in other creditors was £2,777,794 (2025: £86,107) which was owed to the directors and shareholders. During the year, net amounts of £2,692,867 (2025: £nil) were credited to the loan account and no advances were made (2025: £nil). The loan is interest free and repayable on demand. They have also provided a limited guarantee to the bank amounting to £380,000 (2025: £380,000).