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Registered number: 08412347
Loft Films Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
The Numbers Quarter Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 08412347
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,913 22,407
11,913 22,407
CURRENT ASSETS
Debtors 5 9,818 31,016
Cash at bank and in hand 15,606 92,095
25,424 123,111
Creditors: Amounts Falling Due Within One Year 6 (20,434 ) (28,559 )
NET CURRENT ASSETS (LIABILITIES) 4,990 94,552
TOTAL ASSETS LESS CURRENT LIABILITIES 16,903 116,959
Creditors: Amounts Falling Due After More Than One Year 7 (16,797 ) (26,627 )
NET ASSETS 106 90,332
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 6 90,232
SHAREHOLDERS' FUNDS 106 90,332
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Daniele Fazio
Director
24/10/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Loft Films Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08412347 . The registered office is 12 Great James Street, London, WC1N 3DH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Straight Line - Over 3 years
Fixtures & Fittings Sraight Line - Over 3 years
Computer Equipment Sraight Line - Over 3 years
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 1,410 14,061 65,321 80,792
Additions - 423 1,590 2,013
As at 29 February 2024 1,410 14,484 66,911 82,805
Depreciation
As at 1 March 2023 1,410 6,206 50,769 58,385
Provided during the period - 4,720 7,809 12,529
Disposals - (22 ) - (22 )
As at 29 February 2024 1,410 10,904 58,578 70,892
...CONTINUED
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Page 4
Net Book Value
As at 29 February 2024 - 3,580 8,333 11,913
As at 1 March 2023 - 7,855 14,552 22,407
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,818 16,416
Prepayments and accrued income - 14,600
9,818 31,016
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,736 100
Bank loans and overdrafts 10,648 10,648
Other taxes and social security 1,679 4,384
VAT 5,335 11,743
Other creditors 650 1,547
Director's loan account 386 137
20,434 28,559
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,797 26,627
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4