Lakeland Joinery & Developments Limited Filleted accounts for Companies House (small and micro)

LAKELAND JOINERY & DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02335632

Lakeland Joinery & Developments Limited

Filleted Unaudited Abridged Financial Statements

31 March 2023

Lakeland Joinery & Developments Limited

Abridged Financial Statements

Year ended 31 March 2023

Contents	Page

Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Lakeland Joinery & Developments Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Lakeland Joinery & Developments Limited

Year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Lakeland Joinery & Developments Limited for the year ended 31 March 2023, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Lakeland Joinery & Developments Limited in accordance with the terms of our engagement letter dated 1 November 2018. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Lakeland Joinery & Developments Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lakeland Joinery & Developments Limited and its director for our work or for this report.

It is your duty to ensure that Lakeland Joinery & Developments Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lakeland Joinery & Developments Limited. You consider that Lakeland Joinery & Developments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Lakeland Joinery & Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.

CAS Chartered accountants

151 Askew Road London W12 9AU

30 November 2023

Lakeland Joinery & Developments Limited

Abridged Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	4		893	1,191

Current assets

Stocks	448,436	446,771
Cash at bank and in hand	7,643	22,683
	---------	---------
	456,079	469,454

Creditors: amounts falling due within one year	1,984		792
	---------		---------
Net current assets		454,095	468,662
		---------	---------
Total assets less current liabilities		454,988	469,853

Creditors: amounts falling due after more than one year	872,996	858,810
	---------	---------
Net liabilities	( 418,008)	( 388,957)
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 418,010)	( 388,959)
	---------	---------
Shareholders deficit	( 418,008)	( 388,957)
	---------	---------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

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

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

Lakeland Joinery & Developments Limited

Abridged Statement of Financial Position (continued)

31 March 2023

These abridged financial statements were approved by the board of directors and authorised for issue on 30 November 2023 , and are signed on behalf of the board by:

Mr D Olver
Director

Company registration number: 02335632

Lakeland Joinery & Developments Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Redwood House, Forge Lane, Bredhurst, Kent, ME7 3JW.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicle	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	£
Cost
At 1 April 2022 and 31 March 2023	24,678
	--------
Depreciation
At 1 April 2022	23,487
Charge for the year	298
	--------
At 31 March 2023	23,785
	--------
Carrying amount
At 31 March 2023	893
	--------
At 31 March 2022	1,191
	--------

5. Director's advances, credits and guarantees

At the year end the company owed Mr D Olver £792,937 (2022: £769,275).

6. Related party transactions

No transactions with related parties were undertaken such as are required.