Lakeland Laser Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03405513 (England and Wales)

Lakeland Laser Limited

Unaudited Financial Statements

for the Year Ended 30 April 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

SI Reay

SECRETARY:

JL Reay

REGISTERED OFFICE:

Bewley Castle Farm

Colby

Appleby

Cumbria

CA16 6AZ

REGISTERED NUMBER:

03405513 (England and Wales)

ACCOUNTANTS:

McMillan & Co LLP

Chartered Accountants

28 Eaton Avenue

Matrix Office Park

Buckshaw Village

Chorley

Lancashire

PR7 7NA

FIXED ASSETS

Tangible assets

4

9,231

12,908

CURRENT ASSETS

Stocks

14,837

17,354

Debtors

5

380,579

523,304

Cash at bank and in hand

110,758

192,648

506,174

733,306

CREDITORS

Amounts falling due within one year

6

207,444

247,882

NET CURRENT ASSETS

298,730

485,424

TOTAL ASSETS LESS CURRENT LIABILITIES

307,961

498,332

CREDITORS

Amounts falling due after more than one year

7

(200,000

)

(250,000

)

PROVISIONS FOR LIABILITIES

(1,569

)

(2,453

)

NET ASSETS

106,392

245,879

CAPITAL AND RESERVES

Called up share capital

8

30,000

30,000

Retained earnings

76,392

215,879

SHAREHOLDERS' FUNDS

106,392

245,879

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 9 December 2019 and were signed by:

SI Reay - Director

1.	STATUTORY INFORMATION

Lakeland Laser Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£) and the amounts in the

financial statements have been rounded to the nearest £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on cost

Motor vehicles

-

25% on reducing balance

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 instruments are recognised when the company becomes party to the contractual provisions

of the instrument. Basic financial assets, which include debtors, prepayments, bank balances and any

group borrowings, are initially measured at transaction price and are subsequently carried at cost

unless the arrangement indicates otherwise and then the asset is measured at the present value of the

future receipts discounted at a market rate of interest. Basic financial liabilities, which include

creditors, accruals, loans and any group borrowings, are initially recognised at transaction price and

are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is

measured at the present value of the future obligations discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 May 2018

and 30 April 2019

30,277

35,077

65,354

DEPRECIATION

At 1 May 2018

28,478

23,968

52,446

Charge for year

900

2,777

3,677

At 30 April 2019

29,378

26,745

56,123

NET BOOK VALUE

At 30 April 2019

899

8,332

9,231

At 30 April 2018

1,799

11,109

12,908

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

380,579

523,304

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

139,314

127,723

Taxation and social security

17,782

51,409

Other creditors

50,348

68,750

207,444

247,882

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

200,000

250,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

15,000

Ordinary A

£1

15,000

15,000

15,000

Ordinary B

£1

15,000

15,000

30,000

30,000

9.	RELATED PARTY DISCLOSURES

In the director's opinion the company is controlled by Mr SI Reay, the director of the company, and Mrs

JL Reay, by virtue of their shareholding in the company. During the year and in the normal course of

business, the company paid rent, a management charge and a charge for the hire of plant, totalling

£281,400 (2018: £281,400) to Harthwaite Limited, a company controlled by Mr SI Reay.