IRIS Accounts Production v23.3.0.418 04328964 Board of Directors Board of Directors 1.4.22 31.3.23 31.3.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure043289642022-03-31043289642023-03-31043289642022-04-012023-03-31043289642021-03-31043289642021-04-012022-03-31043289642022-03-3104328964ns16:EnglandWales2022-04-012023-03-3104328964ns15:PoundSterling2022-04-012023-03-3104328964ns11:Director12022-04-012023-03-3104328964ns11:Director22022-04-012023-03-3104328964ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3104328964ns11:SmallEntities2022-04-012023-03-3104328964ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-3104328964ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3104328964ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3104328964ns11:FullAccounts2022-04-012023-03-310432896412022-04-012023-03-3104328964ns11:RegisteredOffice2022-04-012023-03-3104328964ns6:CurrentFinancialInstruments2023-03-3104328964ns6:CurrentFinancialInstruments2022-03-3104328964ns6:Non-currentFinancialInstruments2023-03-3104328964ns6:Non-currentFinancialInstruments2022-03-3104328964ns6:ShareCapital2023-03-3104328964ns6:ShareCapital2022-03-3104328964ns6:RetainedEarningsAccumulatedLosses2023-03-3104328964ns6:RetainedEarningsAccumulatedLosses2022-03-3104328964ns6:NetGoodwill2022-04-012023-03-3104328964ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-04-012023-03-3104328964ns6:FurnitureFittings2022-04-012023-03-3104328964ns6:ComputerEquipment2022-04-012023-03-3104328964ns6:NetGoodwill2022-03-3104328964ns6:NetGoodwill2023-03-3104328964ns6:NetGoodwill2022-03-3104328964ns6:LandBuildings2022-03-3104328964ns6:FurnitureFittings2022-03-3104328964ns6:ComputerEquipment2022-03-3104328964ns6:LandBuildings2022-04-012023-03-3104328964ns6:LandBuildings2023-03-3104328964ns6:FurnitureFittings2023-03-3104328964ns6:ComputerEquipment2023-03-3104328964ns6:LandBuildings2022-03-3104328964ns6:FurnitureFittings2022-03-3104328964ns6:ComputerEquipment2022-03-3104328964ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3104328964ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-31
REGISTERED NUMBER: 04328964 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Lofthouse and Partners Limited

Lofthouse and Partners Limited (Registered number: 04328964)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Lofthouse and Partners Limited

Company Information
for the year ended 31 March 2023







DIRECTORS: M Jaconelli
M J Weaver





REGISTERED OFFICE: 51 Frederick Street
Sunderland
SR1 1NF





REGISTERED NUMBER: 04328964 (England and Wales)





ACCOUNTANTS: TTR Barnes
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

Lofthouse and Partners Limited (Registered number: 04328964)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 209,000 209,000
Tangible assets 5 157,878 163,404
366,878 372,404

CURRENT ASSETS
Debtors 6 74,108 71,453
Cash at bank and in hand 708,629 717,884
782,737 789,337
CREDITORS
Amounts falling due within one year 7 722,207 715,534
NET CURRENT ASSETS 60,530 73,803
TOTAL ASSETS LESS CURRENT
LIABILITIES

427,408

446,207

CREDITORS
Amounts falling due after more than one
year

8

(23,426

)

(50,101

)

PROVISIONS FOR LIABILITIES (4,227 ) (4,256 )
NET ASSETS 399,755 391,850

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 398,755 390,850
SHAREHOLDERS' FUNDS 399,755 391,850

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lofthouse and Partners Limited (Registered number: 04328964)

Statement of Financial Position - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2023 and were signed on its behalf by:




M Jaconelli - Director



M J Weaver - Director


Lofthouse and Partners Limited (Registered number: 04328964)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Lofthouse and Partners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate.

Turnover
Turnover represents net sales of services, excluding value added tax.

Goodwill
Goodwill is not currently amortised in the financial statements as it is considered that it has an infinite life and instead is subject to an annual impairment review.

With regard to the treatment adopted, the financial statements depart from the specific requirements of the Companies Act 2006 to amortise goodwill over a definite period for the overriding purpose of giving a true and fair view.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 10% on reducing balance
Computer equipment - 33% Straight line

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Lofthouse and Partners Limited (Registered number: 04328964)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 220,000
AMORTISATION
At 1 April 2022
and 31 March 2023 11,000
NET BOOK VALUE
At 31 March 2023 209,000
At 31 March 2022 209,000

Lofthouse and Partners Limited (Registered number: 04328964)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 203,765 17,101 14,011 234,877
Additions - - 482 482
At 31 March 2023 203,765 17,101 14,493 235,359
DEPRECIATION
At 1 April 2022 46,860 13,097 11,516 71,473
Charge for year 4,076 400 1,532 6,008
At 31 March 2023 50,936 13,497 13,048 77,481
NET BOOK VALUE
At 31 March 2023 152,829 3,604 1,445 157,878
At 31 March 2022 156,905 4,004 2,495 163,404

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,180 9,780
Other debtors 62,928 61,673
74,108 71,453

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 27,178 27,178
Trade creditors 3,579 2,603
Taxation and social security 63,913 66,292
Other creditors 627,537 619,461
722,207 715,534

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 23,426 50,101

Lofthouse and Partners Limited (Registered number: 04328964)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank Loan 18,104 34,780

Bank borrowings which are secured, are secured by a fixed charge over the company's freehold property, a floating charge over the company's assets and by personal guarantees from the directors'.

10. CONTROL

The company is a subsidiary of Lofthouse and Partners (Holdings) Limited, whose registered office and principal place of business is 51 Frederick Street, Sunderland, Tyne And Wear, SR1 1NF.