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Company Registration No. 08389796 (England and Wales)
Loft Property Limited Unaudited accounts for the year ended 28 February 2023
Loft Property Limited Unaudited accounts Contents
Page
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Loft Property Limited Company Information for the year ended 28 February 2023
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 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
14,109 
15,594 
Current assets
Inventories
66,211 
56,110 
Debtors
196,987 
24,693 
Cash at bank and in hand
41,288 
66,194 
304,486 
146,997 
Creditors: amounts falling due within one year
(262,556)
(100,956)
Net current assets
41,930 
46,041 
Total assets less current liabilities
56,039 
61,635 
Creditors: amounts falling due after more than one year
(31,181)
(40,191)
Net assets
24,858 
21,444 
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
24,848 
21,434 
Shareholders' funds
24,858 
21,444 
For the year ending 28 February 2023 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 22 May 2023 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 2023
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 2023
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 March 2022
3,960 
44,520 
884 
49,364 
Additions
- 
2,092 
- 
2,092 
At 28 February 2023
3,960 
46,612 
884 
51,456 
Depreciation
At 1 March 2022
119 
33,046 
605 
33,770 
Charge for the year
115 
3,392 
70 
3,577 
At 28 February 2023
234 
36,438 
675 
37,347 
Net book value
At 28 February 2023
3,726 
10,174 
209 
14,109 
At 28 February 2022
3,841 
11,474 
279 
15,594 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
124,987 
6,910 
Accrued income and prepayments
70,398 
17,783 
Other debtors
1,602 
- 
196,987 
24,693 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
40,742 
- 
VAT
29,170 
41,175 
Obligations under finance leases and hire purchase contracts
- 
2,700 
Trade creditors
181,772 
29,968 
Taxes and social security
10,528 
21,915 
Other creditors
344 
- 
Loans from directors
- 
5,198 
262,556 
100,956 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
31,181 
40,191 
8
Average number of employees
During the year the average number of employees was 6 (2022: 2).
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