Lakeland Fabrics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12230048 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

LAKELAND FABRICS LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S J Soper

B D Soper

REGISTERED OFFICE:

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

REGISTERED NUMBER:

12230048 (England and Wales)

ACCOUNTANTS:

Whitehead & Howarth

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

FIXED ASSETS

Intangible assets

4

6,162

7,327

Tangible assets

5

892,507

576,979

898,669

584,306

CURRENT ASSETS

Stocks

277,318

98,589

Debtors

880,791

628,280

Cash at bank and in hand

164,903

21,886

1,323,012

748,755

CREDITORS

Amounts falling due within one year

1,410,321

783,164

NET CURRENT LIABILITIES

(87,309

)

(34,409

)

TOTAL ASSETS LESS CURRENT LIABILITIES

811,360

549,897

CREDITORS

Amounts falling due after more than one year

(658,157

)

(508,007

)

PROVISIONS FOR LIABILITIES

7

(35,656

)

(7,973

)

NET ASSETS

117,547

33,917

CAPITAL AND RESERVES

Called up share capital

200

100

Retained earnings

117,347

33,817

117,547

33,917

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2021 and were signed on its behalf by:

B D Soper - Director

1.	STATUTORY INFORMATION

Lakeland Fabrics Ltd 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.

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.

Significant judgements and estimates

The preparation of the financial statements requires the use of certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Changes in accounting estimates may be necessary if there ae changes in the circumstances on which the estimate was based or as a result of new information or more experience. Significant accounting policies, estimate and assumptions, and judgements are provided below.

Significant estimates and assumptions:

Cost of sales, and overheads - At the period end the company is required to estimate cost of prepaid and accrued material and overhead costs which may be invoiced pre and post year end.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

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 etc

-

25% on reducing balance, 20% on reducing balance and 10% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 25 (2020 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

7,500

Additions

793

At 31 March 2021

8,293

AMORTISATION

At 1 April 2020

173

Amortisation for year

1,958

At 31 March 2021

2,131

NET BOOK VALUE

At 31 March 2021

6,162

At 31 March 2020

7,327

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

584,127

Additions

398,839

Disposals

(20,602

)

At 31 March 2021

962,364

DEPRECIATION

At 1 April 2020

7,148

Charge for year

63,883

Eliminated on disposal

(1,174

)

At 31 March 2021

69,857

NET BOOK VALUE

At 31 March 2021

892,507

At 31 March 2020

576,979

Included in tangible fixed assets are assets on hire purchase with a cost price of £851,626 (£517,000 - 2020) and on which depreciation of £53,852 (£5,965 - 2020) was charged in the period. At 31st March 2021 the net book value was £776,806 (£511,035 - 2020).

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Hire purchase contracts

835,988

517,000

Invoice finance creditor

612,123

404,494

1,448,111

921,494

The invoice finance and asset finance creditors are secured by way of a fixed and floating charge on all current and future property created on 18th February 2020 and 30th February 2020 respectively.

7.	PROVISIONS FOR LIABILITIES

31.3.21

31.3.20

£

£

Deferred tax

35,656

7,973

Deferred

tax

£

Balance at 1 April 2020

7,973

Provided during year

27,683

Balance at 31 March 2021

35,656

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 March 2021 and the period ended 31 March 2020:

31.3.21

31.3.20

£

£

Mrs S J Soper and B D Soper

Balance outstanding at start of year

823

-

Amounts advanced

8,779

823

Amounts repaid

(2,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,602

823

During the year the company paid dividends of £2,000 to the directors.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is B D Soper.