Lakeside Homes (UK) Limited 28/02/2018 iXBRL

Lakeside Homes (UK) Limited 28/02/2018 iXBRL

LAKESIDE HOMES (UK) LIMITED - Company Information

Print Friendly Version

28/02/2018 2018-02-28 false false false false false false false false false false true false false true false false false false false true true false No description of principal activities is disclosed 2017-03-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06507482 2017-03-01 2018-02-28 06507482 2018-02-28 06507482 2017-02-28 06507482 bus:RegisteredOffice 2017-03-01 2018-02-28 06507482 bus:LeadAgentIfApplicable 2017-03-01 2018-02-28 06507482 bus:Director1 2017-03-01 2018-02-28 06507482 bus:CompanySecretary1 2017-03-01 2018-02-28 06507482 core:WithinOneYear 2018-02-28 06507482 core:WithinOneYear 2017-02-28 06507482 core:ShareCapital 2018-02-28 06507482 core:ShareCapital 2017-02-28 06507482 core:RetainedEarningsAccumulatedLosses 2018-02-28 06507482 core:RetainedEarningsAccumulatedLosses 2017-02-28 06507482 bus:Director1 2017-02-28 06507482 bus:Director1 2018-02-28 06507482 bus:Director1 2016-02-29 06507482 bus:Director1 2017-02-28 06507482 bus:Director1 2016-03-01 2017-02-28 06507482 bus:SmallEntities 2017-03-01 2018-02-28 06507482 bus:AuditExempt-NoAccountantsReport 2017-03-01 2018-02-28 06507482 bus:FullAccounts 2017-03-01 2018-02-28 06507482 bus:SmallCompaniesRegimeForAccounts 2017-03-01 2018-02-28 06507482 bus:PrivateLimitedCompanyLtd 2017-03-01 2018-02-28 06507482 core:AllAssociates 2017-03-01 2018-02-28
Company registration number: 06507482
Lakeside Homes (UK) Limited
Unaudited filleted financial statements
28 February 2018
Lakeside Homes (UK) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Lakeside Homes (UK) Limited
Directors and other information
Director Mr Mark Palmer
Secretary Mrs Mary Palmer
Company number 06507482
Registered office 437 Shirley Road
Acocks Green
Birmingham
B27 7NX
Business address Willow Brook House
18 Admington
Near Shipston on Stour
CV36 4JN
Bankers Lloyds Bank plc
Stratford upon Avon
22 Bridge Street
Stratford upon Avon
Warwickshire
CV37 6AG
Lakeside Homes (UK) Limited
Statement of financial position
28 February 2018
2018 2017
Note £ £ £ £
Current assets
Stocks 2,264,844 1,905,992
Cash at bank and in hand 568 346
_______ _______
2,265,412 1,906,338
Creditors: amounts falling due
within one year 4 ( 2,230,668) ( 1,879,665)
_______ _______
Net current assets 34,744 26,673
_______ _______
Total assets less current liabilities 34,744 26,673
_______ _______
Net assets 34,744 26,673
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 34,644 26,573
_______ _______
Shareholder funds 34,744 26,673
_______ _______
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 November 2018 , and are signed on behalf of the board by:
Mr Mark Palmer
Director
Company registration number: 06507482
Lakeside Homes (UK) Limited
Notes to the financial statements
Year ended 28 February 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 437 Shirley Road, Acocks Green, Birmingham, B27 7NX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks and work in progress of development properties are stated at the lower of cost and net realisable value. Cost comprises costs of acquisition and development, including directly attributable fees, expenses and loan interest. Where developments are complete profits are recognised in line with the completion of the project to the extent the ultimate revenue is foreseeable. Losses are recognised as soon as identified.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 893,199 -
Trade creditors 55,000 1,724,178
Corporation tax 5,444 3,495
Other creditors 1,277,025 151,992
_______ _______
2,230,668 1,879,665
_______ _______
The bank loan provided by Lloyds Bank plc is secured by a fixed and floating charge over all the companys assets.
5. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Mark Palmer ( 25,311) 24,615 ( 696)
_______ _______ _______
2017
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Mark Palmer ( 27,811) 2,500 ( 25,311)
_______ _______ _______
6. Related party transactions
The company bought goods and services totalling £348,450 ( 2017: £nil) from Palmer Developments Limited during the year, a company under the control of Mark Palmer, director and shareholder. The company also received loans totalling £796,478 (2017: £nil) from this company. All transactions were carried out at arm's length and the balance owing at the year end was £1,275,229 (2017: £125,482) and this sum is shown in creditors. The company also made sales totalling £40.000 to Mark Palmer, director and shareholder. The transaction was carried out at arm's length.