LAKESWOOD PROPERTIES LIMITED Filleted Accounts Cover
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Company No. 03928834
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LAKESWOOD PROPERTIES LIMITED Directors Report Registrar
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The Directors present their report and the accounts for the year ended 31 July 2019.
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Principal activities
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Directors
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The Directors who served at any time during the year were as follows:
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V.G. Blunt
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I. Pickard
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Signed on behalf of the board
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I. Pickard
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Director
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03 July 2020
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LAKESWOOD PROPERTIES LIMITED Balance Sheet Registrar
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at
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Company No.
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Notes
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2019
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2018
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as restated
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£
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£
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Fixed assets
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Tangible assets
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4
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Current assets
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Cash at bank and in hand
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Creditors: Amount falling due within one year
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5
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(
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(
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Net current liabilities
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(
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(
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Total assets less current liabilities
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Creditors: Amounts falling due after more than one year
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6
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(
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(
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Net assets
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Capital and reserves
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Called up share capital
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Capital redemption reserve
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7
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Profit and loss account
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7
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Total equity
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As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
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Approved by the board on 09 April 2020
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And signed on its behalf by:
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I. Pickard
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Director
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03 July 2020
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LAKESWOOD PROPERTIES LIMITED Notes to the Accounts Registrar
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for the year ended 31 July 2019
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1
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General information
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Its registered number is: 03928834
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Its registered office is:
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2
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Accounting policies
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Turnover
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Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. |
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Tangible fixed assets and depreciation
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. |
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Furniture, fittings and equipment
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Taxation
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Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
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Trade and other debtors
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Trade and other creditors
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3
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Prior Year adjustment
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Following a review of historic transactions, it transpires that the acquisition of 50 of its own shares in the company was incorrectly stated in 2007. This has now been rectified and a capital redemption reserve equivalent to the nominal value acquired has been created; the share premium account and ‘Cash at bank and in hand’ have been overstated for a number of years. The prior year balance sheet has been restated.
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4
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Tangible fixed assets
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Land and buildings
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Fixtures, fittings and equipment
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Total
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£
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£
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£
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Cost or revaluation
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At 1 August 2018
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At 31 July 2019
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Depreciation
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At 1 August 2018
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Charge for the year
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At 31 July 2019
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Net book values
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At 31 July 2019
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At 31 July 2018
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5
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Creditors:
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amounts falling due within one year
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2019
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2018
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£
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£
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Corporation tax
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Accruals and deferred income
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6
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Creditors:
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amounts falling due after more than one year
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2019
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2018
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£
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£
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Bank loans and overdrafts
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Other creditors
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7
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Reserves
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Capital redemption reserve
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Total other reserves
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£
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£
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At 1 August 2017
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At 31 July 2018 and 1 August 2018
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At 31 July 2019
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