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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
Page
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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
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Loft Property Limited Statement of financial position as at 28 February 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
15,594 
17,037 
Current assets
Inventories
56,110 
41,169 
Debtors
24,693 
56,009 
Cash at bank and in hand
66,194 
120,521 
146,997 
217,699 
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)
Net assets
21,444 
25,235 
Capital and reserves
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
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Loft Property Limited Notes to the Accounts for the year ended 28 February 2022
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
Leased assets
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.
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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 
Additions
3,960 
- 
- 
3,960 
Disposals
- 
(13,650)
- 
(13,650)
At 28 February 2022
3,960 
44,520 
884 
49,364 
Depreciation
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 
Net book value
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 
24,693 
56,009 
6
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
VAT
41,175 
76,364 
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 
100,956 
154,443 
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 
40,191 
55,058 
8
Average number of employees
During the year the average number of employees was 2 (2021: 1).
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