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COMPANY REGISTRATION NUMBER: 06729161
Lake Creative Limited
Abbreviated Unaudited Financial Statements
31 October 2016
WINDRUSH BUSINESS SERVICES LTD
Chartered Management Accountants
78 Hailey Road
Witney
Oxfordshire
OX28 1HF
Lake Creative Limited
Abbreviated Financial Statements
Year ended 31 October 2016
Contents
Page
Abbreviated statement of financial position
1
Notes to the abbreviated financial statements
3
Lake Creative Limited
Abbreviated Statement of Financial Position
31 October 2016
2016
2015
Note
£
£
£
Fixed assets
Intangible assets
3
6,000
8,000
Tangible assets
4
3,619
7,046
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--------
9,619
15,046
Current assets
Stocks
58,587
17,184
Debtors
95,434
121,579
Cash at bank and in hand
65,175
61,001
---------
---------
219,196
199,764
Creditors: amounts falling due within one year
123,816
101,585
---------
---------
Net current assets
95,380
98,179
---------
---------
Total assets less current liabilities
104,999
113,225
---------
---------
Net assets
104,999
113,225
---------
---------
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
104,899
113,125
---------
---------
Member funds
104,999
113,225
---------
---------
For the year ending 31 October 2016 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Lake Creative Limited
Abbreviated Statement of Financial Position (continued)
31 October 2016
These abbreviated financial statements were approved by the board of directors and authorised for issue on 21 July 2017 , and are signed on behalf of the board by:
Mr A Spilsbury
Director
Company registration number: 06729161
Lake Creative Limited
Notes to the Abbreviated Financial Statements
Year ended 31 October 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lakeside Southill, Cornbury Park, Charlbury, Chipping Norton, OX7 3EW, Oxfordshire.
2. 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
20 Years (subject to year one assesment)
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
-
15% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
3. Intangible assets
£
Cost
At 1 November 2015 and 31 October 2016
70,000
--------
Amortisation
At 1 November 2015
62,000
Charge for the year
2,000
--------
At 31 October 2016
64,000
--------
Carrying amount
At 31 October 2016
6,000
--------
At 31 October 2015
8,000
--------
4. Tangible assets
£
Cost
At 1 November 2015 and 31 October 2016
33,607
--------
Depreciation
At 1 November 2015
26,561
Charge for the year
3,427
--------
At 31 October 2016
29,988
--------
Carrying amount
At 31 October 2016
3,619
--------
At 31 October 2015
7,046
--------
5. Called up share capital
Issued, called up and fully paid
2016
2015
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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