Company Registration No. 11846992 (England and Wales)
Lostcafe Ltd
Unaudited accounts
for the year ended 29 February 2024
Lostcafe Ltd
Unaudited accounts
Contents
Lostcafe Ltd
Company Information
for the year ended 29 February 2024
Directors
Daniel Rollerson
Jamie Wigg
Company Number
11846992 (England and Wales)
Registered Office
58 East Street
Newquay
Cornwall
TR7 1BE
Accountants
Linggard and Thomas
Kew an Lergh
Stret Myghtern Arthur
Nansledan
Cornwall
TR8 4UX
Lostcafe Ltd
Statement of financial position
as at 29 February 2024
Tangible assets
55,706
41,372
Cash at bank and in hand
8,164
61,567
Creditors: amounts falling due within one year
(99,687)
(75,028)
Net current liabilities
(76,702)
(6,597)
Total assets less current liabilities
(20,996)
37,275
Provisions for liabilities
Net (liabilities)/assets
(20,996)
30,979
Called up share capital
6
6
Profit and loss account
(21,002)
30,973
Shareholders' funds
(20,996)
30,979
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by
Daniel Rollerson
Director
Company Registration No. 11846992
Lostcafe Ltd
Notes to the Accounts
for the year ended 29 February 2024
Lostcafe Ltd is a private company, limited by shares, registered in England and Wales, registration number 11846992. The registered office is 58 East Street, Newquay, Cornwall, TR7 1BE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Fixtures & fittings
20% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Lostcafe Ltd
Notes to the Accounts
for the year ended 29 February 2024
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Due to increasing costs for the company the company has continued to make a loss.
The directors, having considered the above and made due enquiries to reduce costs and increase revenue, and continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future
4
Intangible fixed assets
Other
At 29 February 2024
12,500
At 29 February 2024
12,500
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2023
67,399
1,266
68,665
At 29 February 2024
96,287
1,266
97,553
At 1 March 2023
27,072
221
27,293
Charge for the year
14,345
209
14,554
At 29 February 2024
41,417
430
41,847
At 29 February 2024
54,870
836
55,706
At 28 February 2023
40,327
1,045
41,372
Lostcafe Ltd
Notes to the Accounts
for the year ended 29 February 2024
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
3,684
5,198
Taxes and social security
875
1,365
Other creditors
5,849
6,394
Loans from directors
82,474
58,971
8
Average number of employees
During the year the average number of employees was 12 (2023: 11).