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Registered number: 03188455










THE CLASSICAL LOO COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

 
THE CLASSICAL LOO COMPANY LIMITED
 

COMPANY INFORMATION


DIRECTORS
Ian Martin Roberts 
Bridget Mary Roberts 




REGISTERED NUMBER
03188455



REGISTERED OFFICE
87 Millway Road
Andover

Hants

England

SP10 3AY




ACCOUNTANTS
EQ Accountants LLP
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
THE CLASSICAL LOO COMPANY LIMITED
REGISTERED NUMBER: 03188455

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
£
£

FIXED ASSETS
  

Tangible assets
 4 
376,557
380,934

  
376,557
380,934

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
22,579
39,794

Cash at bank and in hand
  
11,683
40,338

  
34,262
80,132

Creditors: amounts falling due within one year
 6 
(57,698)
(92,459)

NET CURRENT LIABILITIES
  
 
 
(23,436)
 
 
(12,327)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
353,121
368,607

Creditors: amounts falling due after more than one year
 7 
(336,521)
(353,862)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(3,714)
(3,252)

  
 
 
(3,714)
 
 
(3,252)

NET ASSETS
  
12,886
11,493


CAPITAL AND RESERVES
  

Called up share capital 
 8 
102
102

Profit and loss account
  
12,784
11,391

  
12,886
11,493


Page 1

 
THE CLASSICAL LOO COMPANY LIMITED
REGISTERED NUMBER: 03188455

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 October 2023.




Ian Martin Roberts
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
THE CLASSICAL LOO COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


GENERAL INFORMATION

The Classical Loo Company Limited is a private limited company, limited by shares, incorporated in England with registration number 03188455. The registered office is 87 Millway Road, Andover, Hants, SP10 3AY. 
The company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
THE CLASSICAL LOO COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.



 
2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
THE CLASSICAL LOO COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
12.5%
Motor vehicles
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.7

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
THE CLASSICAL LOO COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


TANGIBLE FIXED ASSETS





Land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 May 2022
357,012
-
31,896
388,908


Additions
-
1,833
-
1,833



At 30 April 2023

357,012
1,833
31,896
390,741



DEPRECIATION


At 1 May 2022
-
-
7,974
7,974


Charge for the year on owned assets
-
229
5,981
6,210



At 30 April 2023

-
229
13,955
14,184



NET BOOK VALUE



At 30 April 2023
357,012
1,604
17,941
376,557



At 30 April 2022
357,012
-
23,922
380,934


5.


DEBTORS

2023
2022
£
£


Trade debtors
10,516
1,800

Other debtors
11,043
37,687

Prepayments and accrued income
1,020
307

22,579
39,794


Page 6

 
THE CLASSICAL LOO COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
8,155
7,670

Other loans
5,888
5,888

Trade creditors
3,217
9,779

Other taxation and social security
3,033
53,476

Obligations under finance lease and hire purchase contracts
8,982
8,982

Other creditors
22,735
1,437

Accruals and deferred income
5,688
5,227

57,698
92,459


The following liabilities were secured:

2023
2022
£
£



Bank loans
8,155
7,670

Hire purchase obligations
8,982
8,982

17,137
16,652

Details of security provided:

The bank loan is secured over the land at Kemphills Farm, Kirkbuddo.
The hire purchase creditors are secured against the underlying asset purchased.

Page 7

 
THE CLASSICAL LOO COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
332,779
341,138

Net obligations under finance leases and hire purchase contracts
3,742
12,724

336,521
353,862


The following liabilities were secured:

2023
2022
£
£



Bank loans
332,779
341,138

Hire purchase obligations
3,742
12,724

336,521
353,862

Details of security provided:

The bank loan is secured over the land at Kemphills Farm, Kirkbuddo.
The hire purchase creditors are secured against the underlying asset purchased.


8.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



50 (2022 - 50) Ordinary A shares shares of £1.00 each
50
50
50 (2022 - 50) Ordinary B shares shares of £1.00 each
50
50
2 (2022 - 2) Ordinary C shares shares of £1.00 each
2
2

102

102



Page 8