Registered number
05360352
South London Lofts Limited
Filleted Accounts
28 February 2023
Calculus Accountants and Tax Advisers Limited
Accountants
5 Priory Road
Loughton
Essex
IG10 1AF
South London Lofts Limited
Registered number: 05360352
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 727 466
Investments 5 471 471
1,198 937
Current assets
Debtors 6 865,885 405,589
Cash at bank and in hand 1,090,668 1,567,474
1,956,553 1,973,063
Creditors: amounts falling due within one year 7 (461,188) (531,531)
Net current assets 1,495,365 1,441,532
Total assets less current liabilities 1,496,563 1,442,469
Provisions for liabilities 8 (154,180) (154,180)
Net assets 1,342,383 1,288,289
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,342,283 1,288,189
Shareholder's funds 1,342,383 1,288,289
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C W Taylor
Director
Approved by the board on 28 November 2023
South London Lofts Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 to 5 years
Fixtures, fittings, tools and equipment over 3 to 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Defective work claims are provided in full when the case has been taken to arbitration including an estimate of legal and professional fees incurred in defending the claim.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 320,000
At 28 February 2023 320,000
Amortisation
At 1 March 2022 320,000
At 28 February 2023 320,000
Net book value
At 28 February 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years, finishing in 2016.
4 Tangible fixed assets
Plant and machinery
£
Cost
At 1 March 2022 35,716
Additions 1,091
At 28 February 2023 36,807
Depreciation
At 1 March 2022 35,250
Charge for the year 830
At 28 February 2023 36,080
Net book value
At 28 February 2023 727
At 28 February 2022 466
5 Investments
Investments in 2023 2022
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 March 2022 - 432,904 432,904
Revaluation / impairment - (432,433) (432,433)
At 28 February 2023 - 471 471
Historical cost
At 1 March 2022 - 432,904
At 28 February 2023 - 432,904
Other investments represents a property development in France, however the developer went into administration in June 2018 and the investment has been valued at expected selling price.
6 Debtors 2023 2022
£ £
Other debtors 865,885 405,589
Amounts due after more than one year included above 455,603 134,675
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,040 162
Trade creditors 241,965 210,212
Taxation and social security costs 80,308 173,173
Other creditors 135,875 147,984
461,188 531,531
8 Provisions 2023 2022
£ £
Warranty and defects:
At 1 March 2022 154,180 144,180
Charged or released to profit and loss accounts - 10,000
Utilised in the year - -
At 28 February 2023 154,180 154,180
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 14,400 12,000
10 Contingent liabilities
The director is not aware of any contingent liabilities existing at the end of the financial year, however, the company has guaranteed all work done for ten years and will have to meet the cost of putting right defects in future years. The annual costs of guarantee work averages £10,000, however, in 2017-2018 an abnormally high number of claims arose, which are reflected in the provision set out in note 8 above.
11 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
C W Taylor
Mortgage refinancing - 455,603 - 455,603
- 455,603 - 455,603
12 Related party transactions 2023 2022
£ £
C W Taylor, director of company
Rent payable to freehold landlord - -
Salary payable 37,500 37,500
Dividend 92,500 65,000
Expenditure paid by C W Taylor 6,443 5,166
Expenditure paid by South London Lofts Limited 5,056 1,842
Payments to C W Taylor 137,802 95,082
Amount due from (to) related party (25,619) (19,204)
Extensions London Limited, company controlled by C W Taylor
Expenditure paid by South London Lofts Limited 34,487 13,457
Expenditure paid by Extensions London Limited - -
Working capital for business - -
Amount due from (to) related party 47,944 13,457
Harberson London Limited, company controlled by C W Taylor
Rent payable to landlord 14,400 12,000
Expenditure paid by South London Lofts Limited 31,986 10,853
Expenditure paid by Harberson London Limited 2,056 3,794
Working capital for business - -
Amount due from (to) related party 272,868 253,011
Lofts London Limited, company controlled by C W Taylor
Expenditure paid by South London Lofts Limited 3,696 -
Expenditure paid by Lofts London Limited - -
Amount due from (to) related party 13,665 9,969
13 Controlling party
The company is controlled by Mr C W Taylor.
14 Other information
South London Lofts Limited is a private company limited by shares and incorporated in England. Its registered office is:
36-38 Old Devonshire Road
Balham
London
SW12 9RB
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