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REGISTERED NUMBER: 11794357 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

JC LOFTS LIMITED

JC LOFTS LIMITED (REGISTERED NUMBER: 11794357)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


JC LOFTS LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTOR: J Chamberlain





REGISTERED OFFICE: 7a Abbey Business Park
Monks Walk
Farnham
Surrey
GU9 8HT





REGISTERED NUMBER: 11794357 (England and Wales)

JC LOFTS LIMITED (REGISTERED NUMBER: 11794357)

ABRIDGED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 275,000 275,000
Tangible assets 5 175,375 185,121
450,375 460,121

CURRENT ASSETS
Stocks 20,596 23,291
Debtors 166,060 138,230
Cash at bank 18,546 6,596
205,202 168,117
CREDITORS
Amounts falling due within one year 344,695 449,128
NET CURRENT LIABILITIES (139,493 ) (281,011 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

310,882

179,110

CREDITORS
Amounts falling due after more than one year (95,300 ) (106,020 )

PROVISIONS FOR LIABILITIES (21,582 ) (31,611 )
NET ASSETS 194,000 41,479

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 189,479 189,479
Retained earnings 4,421 (148,100 )
194,000 41,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JC LOFTS LIMITED (REGISTERED NUMBER: 11794357)

ABRIDGED BALANCE SHEET - continued
31 March 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 July 2024 and were signed by:





J Chamberlain - Director


JC LOFTS LIMITED (REGISTERED NUMBER: 11794357)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

Jc Lofts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with the provisions of Section 1A ''Smaller Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis, which the director considers to be appropriate, as he has agreed not to withdraw his loan account and to provide the necessary finance to enable the company to meet its liabilities as they fall due.

Turnover
Turnover represents sales of products and services relating to access and space saving for lofts, excluding value added tax, performed during the year.

Turnover is recognised as the right to consideration arises and adjustments are made for accrued and deferred income.

Intangible assets
Franchise purchase costs are included in fixed assets as intangible assets being amortised over a period of 5 years, in line with the franchise agreement. Franchise purchase costs are initially measured at cost less accumulated amortisation and impairment.

Franchise costs are reviewed annually and where there is evidence of an active market, a revaluation to fair value will take place in line with provisions in the franchise agreement allowing a sale to a third party. The franchise agreement also allows for extension periods. At the point of any such extension being agreed with the franchisor, the useful life of the asset is extended in line with revised terms.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery-25% reducing balance
Office equipment-33.33% on cost
Computer equipment-33.33% on cost
Motor vehicles-25% reducing balance
Improvements to property-25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price, less costs to complete and sell. Cost includes all costs of purchase, including costs to bring stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss.


JC LOFTS LIMITED (REGISTERED NUMBER: 11794357)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods.

Deferred tax represents the future tax consequences of material transactions and events recognised in the financial statements of current and previous periods.

Current and deferred tax assets and liabilities are not discounted and are recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. Payments are apportioned between the finance charge and the capital amount and the related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
Short term employee benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 275,000
NET BOOK VALUE

At 31 March 2024 275,000
At 31 March 2023 275,000

JC LOFTS LIMITED (REGISTERED NUMBER: 11794357)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


INTANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2024 is represented by:

Totals
£   
Valuation in 2023 163,500
Cost 111,500
275,000

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 284,528
Additions 77,102
Disposals (45,852 )
At 31 March 2024 315,778
DEPRECIATION
At 1 April 2023 99,407
Charge for year 53,184
Eliminated on disposal (12,188 )
At 31 March 2024 140,403
NET BOOK VALUE
At 31 March 2024 175,375
At 31 March 2023 185,121

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 April 2023 176,315
Additions 50,986
Disposals (28,942 )
At 31 March 2024 198,359
DEPRECIATION
At 1 April 2023 57,480
Charge for year 31,223
Eliminated on disposal (11,257 )
At 31 March 2024 77,446
NET BOOK VALUE
At 31 March 2024 120,913
At 31 March 2023 118,835

JC LOFTS LIMITED (REGISTERED NUMBER: 11794357)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 33,727 43,319
Between one and five years 66,941 72,585
100,668 115,904

Non-cancellable operating leases
2024 2023
£    £   
Within one year 10,859 48,359
Between one and five years 17,314 50,190
28,173 98,549

7. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 189,479