Loop 360 Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 13813082 (England and Wales)
Loop 360 Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
Loop 360 Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
322,468
55,921
Cash at bank and in hand
630,816
252,970
953,284
308,891
Creditors: amounts falling due within one year
4
(913,836)
(332,999)
Net current assets/(liabilities)
39,448
(24,108)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
39,348
(24,208)
Total equity
39,448
(24,108)

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 23 August 2024 and are signed on its behalf by:
Mr K Ambrose
Director
Company Registration No. 13813082
Loop 360 Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 22 December 2021
-
0
-
0
-
Period ended 31 March 2023:
Loss and total comprehensive income for the period
-
(24,208)
(24,208)
Issue of share capital
5
100
-
100
Balance at 31 March 2023
100
(24,208)
(24,108)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
125,556
125,556
Dividends
-
(62,000)
(62,000)
Balance at 31 March 2024
100
39,348
39,448
Loop 360 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information

Loop 360 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Stephen Mews, London, United Kingdom, W1T 1AG.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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 pound.

 

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

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Loop 360 Limited is a majority owned subsidiary of Loop Interiors International Limited and the results of Loop 360 Limited are included in the consolidated financial statements of Loop Interiors International Limited which are available from 10 Stephen Mews, London, England, W1T 1AG.

1.2
Turnover

Revenue represents aftercare and repair and maintenance for design and build services.

 

Revenue is recognised in the accounting period in which the services are rendered.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Loop 360 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

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

2024
2023
Number
Number
Total
5
4
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
305,468
55,921
Other debtors
17,000
-
322,468
55,921
Loop 360 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
231,156
179,677
Amounts owed to group undertakings
125,289
75,689
Corporation tax
35,566
-
0
Other taxation and social security
75,514
25,904
Other creditors
446,311
51,729
913,836
332,999
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
6
Related party transactions

At the year end, included other creditors is £125,289 (2023: £75,689) owed to Loop Interiors International Limited, the parent company. Included in trade debtors is £13,913 (2023: £nil) owed by Loop Interiors Intentional Limited. In the year, the company made sales of £233,972 (£2023: £9,343) to Loop Interiors International Limited.

 

At the year end, included in other debtors is £17,000 (2023: £nil) owed from the directors of the company. This balance was repaid after the balance sheet date.

 

At the year end, included in other creditors is £12,400 (2023: £nil) owed from the directors of the company. This balance was repaid after the balance sheet date.

7
Ultimate controlling party

The directors do not consider there to be any ultimate controlling party.

 

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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