1 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 169,026 2,826 171,852 171,852 169,026 xbrli:pure xbrli:shares iso4217:GBP 05142856 2022-07-01 2023-06-30 05142856 2023-06-30 05142856 2022-06-30 05142856 2021-07-01 2022-06-30 05142856 2022-06-30 05142856 core:PlantMachinery 2022-07-01 2023-06-30 05142856 core:FurnitureFittings 2022-07-01 2023-06-30 05142856 bus:Director1 2022-07-01 2023-06-30 05142856 core:PlantMachinery 2022-06-30 05142856 core:FurnitureFittings 2022-06-30 05142856 core:PlantMachinery 2023-06-30 05142856 core:FurnitureFittings 2023-06-30 05142856 core:WithinOneYear 2023-06-30 05142856 core:WithinOneYear 2022-06-30 05142856 core:ShareCapital 2023-06-30 05142856 core:ShareCapital 2022-06-30 05142856 core:RetainedEarningsAccumulatedLosses 2023-06-30 05142856 core:RetainedEarningsAccumulatedLosses 2022-06-30 05142856 core:CostValuation core:Non-currentFinancialInstruments 2022-06-30 05142856 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-06-30 05142856 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 05142856 core:Non-currentFinancialInstruments 2023-06-30 05142856 core:Non-currentFinancialInstruments 2022-06-30 05142856 core:PlantMachinery 2022-06-30 05142856 core:FurnitureFittings 2022-06-30 05142856 bus:SmallEntities 2022-07-01 2023-06-30 05142856 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 05142856 bus:FullAccounts 2022-07-01 2023-06-30 05142856 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 05142856 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05142856 core:ComputerEquipment 2022-07-01 2023-06-30 05142856 core:ComputerEquipment 2023-06-30 05142856 core:ComputerEquipment 2022-06-30
COMPANY REGISTRATION NUMBER: 05142856
David Loftus Limited
Filleted Unaudited Financial Statements
30 June 2023
David Loftus Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
12,349
20,403
Investments
6
171,852
169,026
---------
---------
184,201
189,429
Current assets
Debtors
7
11,739
45,692
Cash at bank and in hand
149,591
100,554
---------
---------
161,330
146,246
Creditors: amounts falling due within one year
8
82,945
84,948
---------
---------
Net current assets
78,385
61,298
---------
---------
Total assets less current liabilities
262,586
250,727
---------
---------
Net assets
262,586
250,727
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
262,585
250,726
---------
---------
Shareholder funds
262,586
250,727
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
David Loftus Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
D G Loftus
Director
Company registration number: 05142856
David Loftus Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Kersley Mews, London, SW11 4PS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Camera equipment
-
25% straight line
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% straight line
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
33,581
24,440
4,830
62,851
--------
--------
-------
--------
Depreciation
At 1 July 2022
30,596
7,581
4,271
42,448
Charge for the year
1,874
5,621
559
8,054
--------
--------
-------
--------
At 30 June 2023
32,470
13,202
4,830
50,502
--------
--------
-------
--------
Carrying amount
At 30 June 2023
1,111
11,238
12,349
--------
--------
-------
--------
At 30 June 2022
2,985
16,859
559
20,403
--------
--------
-------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 July 2022
169,026
Revaluations
2,826
---------
At 30 June 2023
171,852
---------
Impairment
At 1 July 2022 and 30 June 2023
---------
Carrying amount
At 30 June 2023
171,852
---------
At 30 June 2022
169,026
---------
7. Debtors
2023
2022
£
£
Trade debtors
11,739
45,692
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,090
20,032
Corporation tax
23,528
19,777
Social security and other taxes
11,500
24,111
Other creditors
32,827
21,028
--------
--------
82,945
84,948
--------
--------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
171,852
169,026
---------
---------
10. Related party transactions
The company was under the control of Mr D Loftus throughout the current and previous year. Mr D Loftus is sole director and shareholder. As owner of the property from which the Company operates, Mr D Loftus receives rent of £39,000 per annum.