Company registration number 11727900 (England and Wales)
LOFT TOPCO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LOFT TOPCO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LOFT TOPCO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
993,554
919,956
Current assets
Debtors falling due after more than one year
4
132,000
-
0
Debtors falling due within one year
4
2,348,839
2,569,504
Cash at bank and in hand
140,674
14,521
2,621,513
2,584,025
Creditors: amounts falling due within one year
5
(148,444)
(290,321)
Net current assets
2,473,069
2,293,704
Total assets less current liabilities
3,466,623
3,213,660
Creditors: amounts falling due after more than one year
6
(132,000)
-
0
Net assets
3,334,623
3,213,660
Capital and reserves
Called up share capital
7
51,474
49,394
Share premium account
3,568,539
3,438,619
Profit and loss reserves
(285,390)
(274,353)
Total equity
3,334,623
3,213,660

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 June 2024 and are signed on its behalf by:
R D Hodsden
Director
Company registration number 11727900 (England and Wales)
LOFT TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Loft Topco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 72 Borough High St, London, SE1 1XF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is supported by other members of the group of which it is a part and also by long term funding provided by its ultimate shareholders. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LOFT TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
Loans to group undertakings and participating interests
993,553
919,955
993,554
919,956

The loans to group undertakings represents unsecured loan notes acquired from the company's immediate subsidiary company, Loft Midco Limited.

 

A group debenture containing fixed and floating charges is held over the company's assets.

 

LOFT TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 January 2023
1
919,955
919,956
Additions
-
73,598
73,598
At 31 December 2023
1
993,553
993,554
Carrying amount
At 31 December 2023
1
993,553
993,554
At 31 December 2022
1
919,955
919,956
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,348,838
2,569,503
Other debtors
1
1
2,348,839
2,569,504
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
132,000
-
0
Total debtors
2,480,839
2,569,504
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
4,792
Amounts owed to group undertakings
8,444
3,652
Other creditors
140,000
281,877
148,444
290,321
LOFT TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
132,000
-
0
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
4,939,365
4,839,365
49,394
48,394
B Performance shares of 1p each
-
100,000
-
1,000
B Ordinary shares of 1p each
207,973
-
2,080
-
5,147,338
4,939,365
51,474
49,394

During the year the company issued 207,973 B Ordinary £0.01 shares with an aggregate nominal value of £2,079.73 for a total consideration of £132,000.

 

During the year, B Performance shares were redesignated as A Ordinary shares.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Andrew Seton
Statutory Auditor:
Clarkson Hyde LLP
Date of audit report:
25 June 2024
9
Security

The company is party to a deed creating fixed and floating charges over the property and other assets of all companies within the group headed by Loft Topco Limited, with the exception of Attic Self Storage Limited, as security for a £127,000,000 loan facility available to the group.

10
Parent company

At the end of the year, the company was wholly owned by Rafter Investco S.a.r.l., a private company incorporated in Luxembourg and whose registered office is at 412F, Route d'Esch, L-1471 Luxembourg, Grand Duchy of Luxembourg.

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