Registered number
12439538
Loftus Construction & Renovation Services Ltd
Filleted Accounts
31 January 2024
Loftus Construction & Renovation Services Ltd
Registered number: 12439538
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,787 2,717
Current assets
Debtors 4 94,732 79,952
Cash at bank and in hand 23,044 8,460
117,776 88,412
Creditors: amounts falling due within one year 5 (10,200) (8,582)
Net current assets 107,576 79,830
Total assets less current liabilities 110,363 82,547
Provisions for liabilities (697) (516)
Net assets 109,666 82,031
Capital and reserves
Called up share capital 2 2
Profit and loss account 109,664 82,029
Shareholders' funds 109,666 82,031
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Loftus
Director
Approved by the board on 26 July 2024
Loftus Construction & Renovation Services Ltd
Notes to the Accounts
for the period from 1 March 2023 to 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and equipment Motor vehicles Total
£ £ £
Cost
At 1 March 2023 319 6,000 6,319
Additions - 1,000 1,000
At 31 January 2024 319 7,000 7,319
Depreciation
At 1 March 2023 133 3,469 3,602
Charge for the period 47 883 930
At 31 January 2024 180 4,352 4,532
Net book value
At 31 January 2024 139 2,648 2,787
At 28 February 2023 186 2,531 2,717
4 Debtors 2024 2023
£ £
Trade debtors 7,001 1,566
Other debtors 87,731 78,386
94,732 79,952
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 8,244 8,107
Other creditors 1,956 475
10,200 8,582
6 Loans to directors B/fwd Paid Repaid C/fwd
£ £ £ £
Mr J Loftus 39,192 - (39,192) -
Mr D Loftus 39,192 - (39,192) -
78,384 - (78,384) -
The above loans attracted interest at 2.25% and were repayable on demand.
7 Related party transactions
Included in other debtors is a loan of £83,729 to Loftus Carpentry Ltd and a loan of £4,000 to Loftus Plastering and Rendering Ltd, companies under the control of the directors.
8 Other information
Loftus Construction & Renovation Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
19 Naseby Drive
Heathfield
Newton Abbot
Devon
TQ12 6SE
Loftus Construction & Renovation Services Ltd 12439538 false 2023-03-01 2024-01-31 2024-01-31 VT Final Accounts July 2024 Mr J Loftus No description of principal activity 12439538 2022-03-01 2023-02-28 12439538 core:WithinOneYear 2023-02-28 12439538 core:ShareCapital 2023-02-28 12439538 core:RetainedEarningsAccumulatedLosses 2023-02-28 12439538 2023-03-01 2024-01-31 12439538 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-01-31 12439538 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-01-31 12439538 bus:Director40 2023-03-01 2024-01-31 12439538 1 2023-03-01 2024-01-31 12439538 2 2023-03-01 2024-01-31 12439538 core:PlantMachinery 2023-03-01 2024-01-31 12439538 core:Vehicles 2023-03-01 2024-01-31 12439538 bus:Director1 2023-03-01 2024-01-31 12439538 bus:Director1 1 2023-03-01 2024-01-31 12439538 bus:Director2 2023-03-01 2024-01-31 12439538 bus:Director2 1 2023-03-01 2024-01-31 12439538 countries:England 2023-03-01 2024-01-31 12439538 bus:FRS102 2023-03-01 2024-01-31 12439538 bus:FilletedAccounts 2023-03-01 2024-01-31 12439538 2024-01-31 12439538 core:WithinOneYear 2024-01-31 12439538 core:ShareCapital 2024-01-31 12439538 core:RetainedEarningsAccumulatedLosses 2024-01-31 12439538 core:PlantMachinery 2024-01-31 12439538 core:Vehicles 2024-01-31 12439538 bus:Director1 1 2024-01-31 12439538 bus:Director2 1 2024-01-31 12439538 2023-02-28 12439538 core:PlantMachinery 2023-02-28 12439538 core:Vehicles 2023-02-28 12439538 bus:Director1 1 2023-02-28 12439538 bus:Director2 1 2023-02-28 iso4217:GBP xbrli:pure