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 2020

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

6,249

9,231

CURRENT ASSETS

Stocks

13,513

14,837

Debtors

5

205,037

380,579

Cash at bank and in hand

141,597

110,758

360,147

506,174

CREDITORS

Amounts falling due within one year

6

162,961

207,444

NET CURRENT ASSETS

197,186

298,730

TOTAL ASSETS LESS CURRENT LIABILITIES

203,435

307,961

CREDITORS

Amounts falling due after more than one year

7

(150,000

)

(200,000

)

PROVISIONS FOR LIABILITIES

(1,187

)

(1,569

)

NET ASSETS

52,248

106,392

CAPITAL AND RESERVES

Called up share capital

8

1,000

30,000

Retained earnings

51,248

76,392

SHAREHOLDERS' FUNDS

52,248

106,392

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 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 and authorised for issue on 15 April 2021 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 (2019 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 May 2019

and 30 April 2020

30,277

35,077

65,354

DEPRECIATION

At 1 May 2019

29,378

26,745

56,123

Charge for year

899

2,083

2,982

At 30 April 2020

30,277

28,828

59,105

NET BOOK VALUE

At 30 April 2020

-

6,249

6,249

At 30 April 2019

899

8,332

9,231

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

205,037

380,579

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

56,882

139,314

Taxation and social security

38,853

17,782

Other creditors

67,226

50,348

162,961

207,444

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

150,000

200,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

500

Ordinary A

£1

500

15,000

500

Ordinary B

£1

500

15,000

1,000

30,000

During the year the company purchased 29,000 shares at nominal value as part of a share capital reduction.

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 £187,600 (2019: £281,400) to Harthwaite Limited, a company controlled by Mr SI Reay.