Registered number
SC440963
LOOP CARPETS LIMITED
Filleted Accounts
31 January 2024
LOOP CARPETS LIMITED
Registered number: SC440963
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 12,599 16,798
Current assets
Debtors 4 300 -
Cash at bank and in hand 9,821 -
10,121 -
Creditors: amounts falling due within one year 5 (7,354) (7,672)
Net current assets/(liabilities) 2,767 (7,672)
Total assets less current liabilities 15,366 9,126
Creditors: amounts falling due after more than one year 6 (13,996) (17,279)
Net assets/(liabilities) 1,370 (8,153)
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,369 (8,154)
Shareholder's funds 1,370 (8,153)
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.
Raymond Strathearn
Director
Approved by the board on 5 April 2024
LOOP CARPETS LIMITED
Notes to the Accounts
for the year ended 31 January 2024
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.
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 20% of cost
Fixtures, fittings, tools and equipment 25% of cost
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 512 20,997 21,509
At 31 January 2024 512 20,997 21,509
Depreciation
At 1 February 2023 512 4,199 4,711
Charge for the year - 4,199 4,199
At 31 January 2024 512 8,398 8,910
Net book value
At 31 January 2024 - 12,599 12,599
At 31 January 2023 - 16,798 16,798
4 Debtors 2024 2023
£ £
Trade debtors 300 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,903 4,315
Obligations under finance lease and hire purchase contracts 3,283 3,283
Trade creditors 468 263
Taxation and social security costs - (989)
Other creditors 700 800
7,354 7,672
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,967 4,967
Obligations under finance lease and hire purchase contracts 9,029 12,312
13,996 17,279
7 Other information
LOOP CARPETS LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
523 Castle Gait
Paisley
PA1 2PA
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