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
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
Loft Property Limited
Statement of financial position
as at 28 February 2023
Tangible assets
14,109
15,594
Cash at bank and in hand
41,288
66,194
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)
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
Loft Property Limited
Notes to the Accounts
for the year ended 28 February 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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
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.
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
At 28 February 2023
3,960
46,612
884
51,456
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
At 28 February 2023
3,726
10,174
209
14,109
At 28 February 2022
3,841
11,474
279
15,594
Amounts falling due within one year
Trade debtors
124,987
6,910
Accrued income and prepayments
70,398
17,783
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
40,742
-
Obligations under finance leases and hire purchase contracts
-
2,700
Trade creditors
181,772
29,968
Taxes and social security
10,528
21,915
Loans from directors
-
5,198
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 6 (2022: 2).