W Lancaster & Co Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00113905 (England and Wales)

Financial Statements for the Year Ended 31 January 2022

for

W Lancaster & Co Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Emanuel

Mrs J N Emanuel

SECRETARY:

J D Emanuel

REGISTERED OFFICE:

Hewenden Mill

Cullingworth

Bradford

BD13 5BP

REGISTERED NUMBER:

00113905 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

2nd Floor, Woodside House

261 Low Lane

Horsforth

Leeds

West Yorkshire

LS18 5NY

FIXED ASSETS

Tangible assets

4

2,615,109

2,618,339

CURRENT ASSETS

Debtors

5

1,281

1,075

Cash at bank

91,834

49,270

93,115

50,345

CREDITORS

Amounts falling due within one year

6

47,800

109,824

NET CURRENT ASSETS/(LIABILITIES)

45,315

(59,479

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,660,424

2,558,860

CREDITORS

Amounts falling due after more than one year

7

(172,235

)

(183,363

)

PROVISIONS FOR LIABILITIES

(2,528

)

-

NET ASSETS

2,485,661

2,375,497

CAPITAL AND RESERVES

Called up share capital

20,239

20,239

Share premium

1,289,011

1,289,011

Other reserves

14,500

14,500

Retained earnings

1,161,911

1,051,747

SHAREHOLDERS' FUNDS

2,485,661

2,375,497

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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.

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 Board of Directors and authorised for issue on 19 April 2022 and were signed on its behalf by:

Mrs J N Emanuel - Director

1.	STATUTORY INFORMATION

W Lancaster & Co 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.

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.

As with most businesses we have been impacted by the Coronavirus (Covid 19). This has had an impact on our operations, customers, suppliers and staff. We have (where appropriate) utilised the grants and benefits available from the Government and are taking all the steps we can to protect the future of our business. Although the total impact is still uncertain the directors believe that it is appropriate to prepare the accounts on a going concern basis.

Turnover

Turnover comprises income derived from the provision of furnished holiday letting accommodation and ancillary services. Revenue is recognised once a customers stay at the accommodation is complete.

Tangible fixed assets

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

Freehold property

-

not provided

Fixtures and fittings

-

20% on cost and 10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on reducing balance

No depreciation is provided on freehold buildings used to provide holiday letting accommodation because the useful lives and residual values of such buildings are considered to be such that any depreciation would not be material.

Government grants

Government grants received during the year totalled £158,925

£80,000 - Retail, hospitality and leisure grants

£61,917 - Small businesses COVID-19 Support

£17,008 - Furlough

Grants are recognised under the performance model.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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.

Pension costs and other post-retirement benefits

The company operates a money purchase pension scheme for directors and employees. The scheme's funds are administered by trustees and are independent of the company's finances.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 February 2021

2,606,809

184,382

28,473

10,371

2,830,035

Additions

-

6,072

-

1,081

7,153

Disposals

-

(79,284

)

-

(5,083

)

(84,367

)

At 31 January 2022

2,606,809

111,170

28,473

6,369

2,752,821

DEPRECIATION

At 1 February 2021

11,891

162,181

28,473

9,151

211,696

Charge for year

-

2,513

-

774

3,287

Eliminated on disposal

-

(72,534

)

-

(4,737

)

(77,271

)

At 31 January 2022

11,891

92,160

28,473

5,188

137,712

NET BOOK VALUE

At 31 January 2022

2,594,918

19,010

-

1,181

2,615,109

At 31 January 2021

2,594,918

22,201

-

1,220

2,618,339

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Other debtors

1,281

1,075

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Trade creditors

6,143

2,669

Taxation and social security

23,485

1,366

Other creditors

18,172

105,789

47,800

109,824

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.22

31.1.21

£

£

Other creditors

172,235

183,363