Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false52023-04-01falseNo description of principal activity6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00751486 2023-04-01 2024-03-31 00751486 2022-04-01 2023-03-31 00751486 2024-03-31 00751486 2023-03-31 00751486 c:Director1 2023-04-01 2024-03-31 00751486 c:Director2 2023-04-01 2024-03-31 00751486 d:Buildings 2023-04-01 2024-03-31 00751486 d:Buildings 2024-03-31 00751486 d:Buildings 2023-03-31 00751486 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00751486 d:PlantMachinery 2023-04-01 2024-03-31 00751486 d:MotorVehicles 2023-04-01 2024-03-31 00751486 d:MotorVehicles 2024-03-31 00751486 d:MotorVehicles 2023-03-31 00751486 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00751486 d:FurnitureFittings 2023-04-01 2024-03-31 00751486 d:FurnitureFittings 2024-03-31 00751486 d:FurnitureFittings 2023-03-31 00751486 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00751486 d:OfficeEquipment 2023-04-01 2024-03-31 00751486 d:OfficeEquipment 2024-03-31 00751486 d:OfficeEquipment 2023-03-31 00751486 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00751486 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00751486 d:Goodwill 2024-03-31 00751486 d:Goodwill 2023-03-31 00751486 d:CurrentFinancialInstruments 2024-03-31 00751486 d:CurrentFinancialInstruments 2023-03-31 00751486 d:Non-currentFinancialInstruments 2024-03-31 00751486 d:Non-currentFinancialInstruments 2023-03-31 00751486 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00751486 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00751486 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 00751486 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00751486 d:ShareCapital 2024-03-31 00751486 d:ShareCapital 2023-03-31 00751486 d:RetainedEarningsAccumulatedLosses 2024-03-31 00751486 d:RetainedEarningsAccumulatedLosses 2023-03-31 00751486 c:FRS102 2023-04-01 2024-03-31 00751486 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00751486 c:FullAccounts 2023-04-01 2024-03-31 00751486 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00751486 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 00751486 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure












LOAKES LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Registered number: 00751486

 
LOAKES LTD
REGISTERED NUMBER:00751486

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
18,000
26,000

Tangible assets
 5 
506,596
523,129

  
524,596
549,129

Current assets
  

Stocks
  
40,378
38,833

Debtors: amounts falling due within one year
 6 
3,078
632

Cash at bank and in hand
  
51,352
36,811

  
94,808
76,276

Creditors: amounts falling due within one year
 7 
(286,495)
(299,875)

Net current liabilities
  
 
 
(191,687)
 
 
(223,599)

Total assets less current liabilities
  
332,909
325,530

Creditors: amounts falling due after more than one year
 8 
-
(15,695)

Provisions for liabilities
  

Deferred tax
  
(9,608)
(9,994)

Net assets
  
£323,301
£299,841


Capital and reserves
  

Called up share capital 
  
1,001
1,001

Profit and loss account
  
322,300
298,840

  
£323,301
£299,841

Page 1

 
LOAKES LTD
REGISTERED NUMBER:00751486

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 August 2024.




S J Loakes
A G Loakes
Director
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
LOAKES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Loakes Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 00751486. The company's registered office is 40 Cromer Road, West Runton, Cromer, Norfolk,         NR27 9AD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised from the sale of groceries and goods at the West Runton village post office and store operated by the company, exclusive of Value Added Tax.

 
2.3

Intangible assets

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Statement of Comprehensive Income over its estimated economic life of ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and equipment
-
15%
reducing balance
Office equipment
-
50%
reducing balance

A full years depreciation charge is provided in the year of acquisition and none in the year of disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.5

Stocks

Stocks are valued at the lower of cost and net realisable value.

 
2.6

Debtors

Debtors are measured at transaction price, less any impairment for bad or doubtful debts.

Page 3

 
LOAKES LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Creditors are measured at transaction price.

 
2.9

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method in order that the amount charged is at a constant rate to the outstanding value of the loan or financed amount.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Current and deferred taxation

The taxation expense for the year comprises current and deferred tax. Taxation is only recognised in the Statement of Comprehensive Income.
The current corporation tax charge is calculated on the basis of taxation rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.
The charge for taxation takes into account taxation deferred or accelerated as a result of all material timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only to the extent that they are regarded as recoverable within the foreseeable future. Deferred tax assets and liabilities are not discounted.

Page 4

 
LOAKES LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 6).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
80,000



At 31 March 2024

80,000



Amortisation


At 1 April 2023
54,000


Charge for the year on owned assets
8,000



At 31 March 2024

62,000



Net book value



At 31 March 2024
£18,000



At 31 March 2023
£26,000



Page 5

 
LOAKES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Freehold property
Motor vehicles
Fixtures & equipment
Office   equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
537,698
34,376
87,272
10,648
669,994


Additions
-
-
5,039
-
5,039



At 31 March 2024

537,698
34,376
92,311
10,648
675,033



Depreciation


At 1 April 2023
67,170
19,874
51,234
8,587
146,865


Charge for the year on owned assets
10,754
3,626
6,161
1,031
21,572



At 31 March 2024

77,924
23,500
57,395
9,618
168,437



Net book value



At 31 March 2024
£459,774
£10,876
£34,916
£1,030
£506,596



At 31 March 2023
£470,528
£14,502
£36,038
£2,061
£523,129


6.


Debtors

2024
2023
£
£


Trade debtors
3,078
632

£3,078
£632


Page 6

 
LOAKES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
10,585

Trade creditors
5,326
5,172

Corporation tax
12,874
6,326

Other taxation and social security
4,918
2,668

Other creditors
259,635
271,285

Accruals and deferred income
3,742
3,839

£286,495
£299,875



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
15,695

£-
£15,695



Page 7