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Company No: 11930227 (England and Wales)

DREAM LOFTS SOUTH WEST LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

DREAM LOFTS SOUTH WEST LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

DREAM LOFTS SOUTH WEST LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
DREAM LOFTS SOUTH WEST LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Mr P D Watts
Mrs K Watts
REGISTERED OFFICE 25 Firlands Road
Torquay
TQ2 8EL
United Kingdom
COMPANY NUMBER 11930227 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
DREAM LOFTS SOUTH WEST LIMITED

BALANCE SHEET

As at 30 April 2024
DREAM LOFTS SOUTH WEST LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,667 6,847
5,667 6,847
Current assets
Stocks 0 500
Debtors 4 15,702 8,343
Cash at bank and in hand 7,175 9,952
22,877 18,795
Creditors: amounts falling due within one year 5 ( 19,884) ( 14,609)
Net current assets 2,993 4,186
Total assets less current liabilities 8,660 11,033
Provision for liabilities ( 1,418) ( 1,291)
Net assets 7,242 9,742
Capital and reserves
Called-up share capital 6 4 4
Profit and loss account 7,238 9,738
Total shareholders' funds 7,242 9,742

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Dream Lofts South West Limited (registered number: 11930227) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

Mr P D Watts
Director
Mrs K Watts
Director
DREAM LOFTS SOUTH WEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
DREAM LOFTS SOUTH WEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dream Lofts South West Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 25 Firlands Road, Torquay, TQ2 8EL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of consideration received or receivable for the provision of services in the ordinary course of the company activities. Turnover is shown net of value added tax ,rebates and discounts and after eliminating sales within the company.

The company recognises revenue when :
The amount of revenue can be reliably measured:
it is probable that future economic benefits will flow to the entity:
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 15 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 2

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 May 2023 5,934 10,794 579 17,307
At 30 April 2024 5,934 10,794 579 17,307
Accumulated depreciation
At 01 May 2023 3,717 6,408 335 10,460
Charge for the financial year 504 621 55 1,180
At 30 April 2024 4,221 7,029 390 11,640
Net book value
At 30 April 2024 1,713 3,765 189 5,667
At 30 April 2023 2,217 4,386 244 6,847

4. Debtors

2024 2023
£ £
Other debtors 15,702 8,343

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,106 0
Taxation and social security 15,778 14,609
19,884 14,609

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
4 4

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director 1 7,851 4,101
Director 2 7,851 4,101

During the year, the company provided a loan to the directors. Interest is charged at the official rate and is payable on demand.