ACCOUNTS - Final Accounts

LAKELAND FILMS LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-01-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02161627 2022-01-01 2022-12-31 02161627 2021-01-01 2021-12-31 02161627 2022-12-31 02161627 2021-12-31 02161627 c:Director1 2022-01-01 2022-12-31 02161627 d:FurnitureFittings 2022-01-01 2022-12-31 02161627 d:FurnitureFittings 2022-12-31 02161627 d:FurnitureFittings 2021-12-31 02161627 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02161627 d:OfficeEquipment 2022-01-01 2022-12-31 02161627 d:OfficeEquipment 2022-12-31 02161627 d:OfficeEquipment 2021-12-31 02161627 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02161627 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02161627 d:CurrentFinancialInstruments 2022-12-31 02161627 d:CurrentFinancialInstruments 2021-12-31 02161627 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02161627 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 02161627 d:ShareCapital 2022-12-31 02161627 d:ShareCapital 2021-12-31 02161627 d:RetainedEarningsAccumulatedLosses 2022-12-31 02161627 d:RetainedEarningsAccumulatedLosses 2021-12-31 02161627 c:FRS102 2022-01-01 2022-12-31 02161627 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 02161627 c:FullAccounts 2022-01-01 2022-12-31 02161627 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 02161627

LAKELAND FILMS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 December 2022

LAKELAND FILMS LIMITED

Registered number: 02161627

STATEMENT OF FINANCIAL POSITION

As at 31 December 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		13		18
Current assets
Debtors: amounts falling due within one year	5	169		46
Cash at bank and in hand		194		203
		363		249
Creditors: amounts falling due within one year	6	(22,579)		(20,671)
Net current liabilities			(22,216)		(20,422)
Total assets less current liabilities			(22,203)		(20,404)

Net liabilities			(22,203)		(20,404)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(22,303)	(20,504)
	(22,203)	(20,404)

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LAKELAND FILMS LIMITED

Registered number: 02161627

STATEMENT OF FINANCIAL POSITION (CONTINUED)

As at 31 December 2022

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 2023

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 2022

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 £1,799 (2021 - £2,289), which resulted in a balance sheet deficit of £22,203 (2021 - £20,404). 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

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.

2.4

Debtors

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

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LAKELAND FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2022

2.Accounting policies (continued)

2.5

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.

2.6

Creditors

Short term creditors are measured at the transaction price.

2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

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LAKELAND FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2022

Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

4.	Tangible fixed assets

	Fixtures & fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2022	6,451	9,375	15,826
At 31 December 2022	6,451	9,375	15,826
Depreciation
At 1 January 2022	6,446	9,362	15,808
Charge for the year on owned assets	1	4	5
At 31 December 2022	6,447	9,366	15,813
Net book value
At 31 December 2022	4	9	13
At 31 December 2021	5	13	18

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LAKELAND FILMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 December 2022

Debtors

					2022	2021
					£	£


Other debtors	169	46

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	640	-
Other creditors	21,139	19,871
Accruals and deferred income	800	800
	22,579	20,671

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