Company Registration No. 08389796 (England and Wales)
Loft Property Limited
Unaudited accounts
for the year ended 28 February 2022
Loft Property Limited
Unaudited accounts
Contents
Loft Property Limited
Company Information
for the year ended 28 February 2022
Directors
Jennie Symes
William Thompson
Company Number
08389796 (England and Wales)
Registered Office
Unit 1, Skitts Manor Farm
Moor Lane, Marsh Green
Edenbridge
Kent
TN8 5RA
England
Accountants
MCO Accountancy
49 Station Road
Polegate
BN26 6EA
Loft Property Limited
Statement of financial position
as at 28 February 2022
Tangible assets
15,594
17,037
Cash at bank and in hand
66,194
120,521
Creditors: amounts falling due within one year
(100,956)
(154,443)
Net current assets
46,041
63,256
Total assets less current liabilities
61,635
80,293
Creditors: amounts falling due after more than one year
(40,191)
(55,058)
Called up share capital
10
10
Profit and loss account
21,434
25,225
Shareholders' funds
21,444
25,235
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2022 and were signed on its behalf by
Jennie Symes
Director
Company Registration No. 08389796
Loft Property Limited
Notes to the Accounts
for the year ended 28 February 2022
Loft Property Limited is a private company, limited by shares, registered in England and Wales, registration number 08389796. The registered office is Unit 1, Skitts Manor Farm, Moor Lane, Marsh Green, Edenbridge, Kent, TN8 5RA, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
3% reducing balance
Plant & machinery
25% reducing balance
Computer equipment
25% reducing balance
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Loft Property Limited
Notes to the Accounts
for the year ended 28 February 2022
4
Tangible fixed assets
Land & buildings
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2021
-
58,170
884
59,054
Disposals
-
(13,650)
-
(13,650)
At 28 February 2022
3,960
44,520
884
49,364
At 1 March 2021
-
41,505
512
42,017
Charge for the year
119
4,166
93
4,378
On disposals
-
(12,625)
-
(12,625)
At 28 February 2022
119
33,046
605
33,770
At 28 February 2022
3,841
11,474
279
15,594
At 28 February 2021
-
16,665
372
17,037
5
Debtors: amounts falling due within one year
2022
2021
Trade debtors
6,910
40,586
Accrued income and prepayments
17,783
15,423
6
Creditors: amounts falling due within one year
2022
2021
Obligations under finance leases and hire purchase contracts
2,700
4,441
Trade creditors
29,968
34,932
Taxes and social security
21,915
38,703
Loans from directors
5,198
3
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
-
5,058
Other creditors
40,191
50,000
8
Average number of employees
During the year the average number of employees was 2 (2021: 1).