ACCOUNTS - Final Accounts

LAKELAND FILMS LIMITED - Company Information

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Registered number: 02161627

LAKELAND FILMS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 December 2019

LAKELAND FILMS LIMITED

Registered number: 02161627

STATEMENT OF FINANCIAL POSITION

As at 31 December 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		38		55
Current assets
Debtors: amounts falling due within one year	5	292		655
Cash at bank and in hand		207		204
		499		859
Creditors: amounts falling due within one year	6	(17,661)		(16,328)
Net current liabilities			(17,162)		(15,469)

Net liabilities			(17,124)		(15,414)

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LAKELAND FILMS LIMITED

Registered number: 02161627

STATEMENT OF FINANCIAL POSITION (CONTINUED)

As at 31 December 2019

	2019	2018
Note	£	£

Capital and reserves
Called up share capital	100	100
Profit and loss account	(17,224)	(15,514)
	(17,124)	(15,414)

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

D R South

Director

Date: 25 September 2020

The notes on pages 3 to 6 form part of these financial statements.

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LAKELAND FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2019

1.	General information

Lakeland Films Limited (registered number 02161627) is a private company, limited by shares and incorporated in England and Wales. Its registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

During the year under review the company made a trading loss of £1,710 (2018 - £1,312), which resulted in a balance sheet deficit of £17,124 (2018 - £15,414). This may call into question the company's continued ability to trade.
The company continues to be supported financially by the director and this support will remain for the foreseeable future.
The director therefore considers it is appropriate for the accounts to be prepared on a going concern basis.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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LAKELAND FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2019

2.Accounting policies (continued)

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Fixtures & fittings	-	25%	reducing balance
				Office equipment	-	33%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price.

2.9

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).

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LAKELAND FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2019

4.	Tangible fixed assets

	Fixtures & fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2019	6,451	9,375	15,826
At 31 December 2019	6,451	9,375	15,826
Depreciation
At 1 January 2019	6,439	9,332	15,771
Charge for the year on owned assets	3	14	17
At 31 December 2019	6,442	9,346	15,788
Net book value
At 31 December 2019	9	29	38
At 31 December 2018	12	43	55

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LAKELAND FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2019

Debtors

					2019	2018
					£	£


Other debtors	292	309
Prepayments and accrued income	-	346
	292	655

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Other creditors	16,861	15,628
Accruals and deferred income	800	700
	17,661	16,328

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