Registered number
05360352
South London Lofts Limited
Filleted Accounts
29 February 2024
Calculus Accountants and Tax Advisers Limited
Accountants
5 Priory Road
Loughton
Essex
IG10 1AF
South London Lofts Limited
Registered number: 05360352
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 364 727
Investments 5 471 471
835 1,198
Current assets
Debtors 6 860,823 862,845
Cash at bank and in hand 1,113,763 1,090,668
1,974,586 1,953,513
Creditors: amounts falling due within one year 7 (484,874) (458,148)
Net current assets 1,489,712 1,495,365
Total assets less current liabilities 1,490,547 1,496,563
Provisions for liabilities 8 (212,692) (154,180)
Net assets 1,277,855 1,342,383
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,277,755 1,342,283
Shareholder's funds 1,277,855 1,342,383
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
C W Taylor
Director
Approved by the board on 29 November 2024
South London Lofts Limited
Notes to the Accounts
for the year ended 29 February 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 machinery over 3 to 5 years
Fixtures, fittings, tools and equipment over 3 to 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Defective work claims are provided in full when the case has been taken to arbitration including an estimate of legal and professional fees incurred in defending the claim.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 320,000
At 29 February 2024 320,000
Amortisation
At 1 March 2023 320,000
At 29 February 2024 320,000
Net book value
At 29 February 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years, finishing in 2016.
4 Tangible fixed assets
Plant and machinery
£
Cost
At 1 March 2023 36,807
At 29 February 2024 36,807
Depreciation
At 1 March 2023 36,080
Charge for the year 363
At 29 February 2024 36,443
Net book value
At 29 February 2024 364
At 28 February 2023 727
5 Investments
Investments in 2024 2023
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 March 2023 - 432,904 432,904
Revaluation / impairment - (432,433) (432,433)
At 29 February 2024 - 471 471
Historical cost
At 1 March 2023 - 432,904
At 29 February 2024 - 432,904
Other investments represents a property development in France, however the developer went into administration in June 2018 and the investment has been valued at expected selling price.
6 Debtors 2024 2023
£ £
Other debtors 860,823 862,845
Amounts due after more than one year included above 401,096 455,603
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 74,863 241,965
Taxation and social security costs 95,419 80,308
Other creditors 314,592 135,875
484,874 458,148
8 Provisions 2024 2023
£ £
Warranty and defects:
At 1 March 2023 154,180 144,180
Charged or released to profit and loss accounts 58,512 10,000
Utilised in the year - -
At 29 February 2024 212,692 154,180
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 14,400 14,400
10 Contingent liabilities
The director is not aware of any contingent liabilities existing at the end of the financial year, however, the company has guaranteed all work done for ten years and will have to meet the cost of putting right defects in future years. The annual costs of guarantee work averages £10,000, however, in 2017-2018 an abnormally high number of claims arose, which are reflected in the provision set out in note 8 above.
11 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
C W Taylor
Mortgage refinancing 455,603 150,000 (204,507) 401,096
455,603 150,000 (204,507) 401,096
12 Related party transactions 2024 2023
£ £
C W Taylor, director of company
Rent payable to freehold landlord - -
Salary payable 40,750 37,500
Dividend 200,000 92,500
Recevied from C W Taylor 124,983
Expenditure paid by C W Taylor 4,982 6,443
Expenditure paid by South London Lofts Limited 8,913 5,056
Payments to C W Taylor 146,712 137,802
Loan repayment 204,507
Amount due from (to) related party (36,202) (25,619)
Extensions London Limited, company controlled by C W Taylor
Expenditure paid by South London Lofts Limited 22,509 34,487
Expenditure paid by Extensions London Limited 50,445 -
Working capital for business - -
Amount due from (to) related party 20,008 47,944
Harberson London Limited, company controlled by C W Taylor
Rent payable to landlord 14,400 14,400
Expenditure paid by South London Lofts Limited 52,920 31,986
Expenditure paid by Harberson London Limited 2,547 2,056
Working capital for business - -
Amount due from (to) related party 308,841 272,868
Lofts London Limited, company controlled by C W Taylor
Expenditure paid by South London Lofts Limited 18,278 3,696
Expenditure paid by Lofts London Limited 20,462 -
Amount due from (to) related party 11,481 13,665
13 Controlling party
The company is controlled by Mr C W Taylor.
14 Other information
South London Lofts Limited is a private company limited by shares and incorporated in England. Its registered office is:
36-38 Old Devonshire Road
Balham
London
SW12 9RB
South London Lofts Limited 05360352 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts July 2024 C W Taylor No description of principal activity 05360352 2022-03-01 2023-02-28 05360352 core:WithinOneYear 2023-02-28 05360352 core:ShareCapital 2023-02-28 05360352 core:RetainedEarningsAccumulatedLosses 2023-02-28 05360352 core:AfterOneYear 2023-02-28 05360352 core:AllPeriods 2023-02-28 05360352 2023-03-01 2024-02-29 05360352 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 05360352 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 05360352 bus:Director40 2023-03-01 2024-02-29 05360352 1 2023-03-01 2024-02-29 05360352 2 2023-03-01 2024-02-29 05360352 core:PlantMachinery 2023-03-01 2024-02-29 05360352 bus:Director1 2023-03-01 2024-02-29 05360352 bus:Director1 1 2023-03-01 2024-02-29 05360352 countries:England 2023-03-01 2024-02-29 05360352 bus:FRS102 2023-03-01 2024-02-29 05360352 bus:FilletedAccounts 2023-03-01 2024-02-29 05360352 2024-02-29 05360352 core:WithinOneYear 2024-02-29 05360352 core:ShareCapital 2024-02-29 05360352 core:RetainedEarningsAccumulatedLosses 2024-02-29 05360352 core:Goodwill 2024-02-29 05360352 core:PlantMachinery 2024-02-29 05360352 core:RevaluationsIncreaseDecreaseInInvestments 2024-02-29 05360352 core:AfterOneYear 2024-02-29 05360352 core:AllPeriods 2024-02-29 05360352 bus:Director1 1 2024-02-29 05360352 2023-02-28 05360352 core:Goodwill 2023-02-28 05360352 core:PlantMachinery 2023-02-28 05360352 bus:Director1 1 2023-02-28 iso4217:GBP xbrli:pure