Company registration number 09355639 (England and Wales)
THE LOFT ROOM STAIRCASE COMPANY (UK INVESTMENTS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE LOFT ROOM STAIRCASE COMPANY (UK INVESTMENTS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THE LOFT ROOM STAIRCASE COMPANY (UK INVESTMENTS) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
17,937,237
18,861,528
Investments
5
447,222
18,384,459
18,861,528
Current assets
Debtors
6
95,900
46,522
Investment properties for sale
7
4,600,000
Cash at bank and in hand
193,361
165,904
4,889,261
212,426
Creditors: amounts falling due within one year
8
(5,306,065)
(5,353,737)
Net current liabilities
(416,804)
(5,141,311)
Total assets less current liabilities
17,967,655
13,720,217
Creditors: amounts falling due after more than one year
9
(3,475,000)
(3,475,000)
Provisions for liabilities
11
(2,663,234)
(1,725,725)
Net assets
11,829,421
8,519,492
Capital and reserves
Called up share capital
200
200
Investment property revaluation reserve
13
7,933,726
5,953,119
Profit and loss reserves
3,895,495
2,566,173
Total equity
11,829,421
8,519,492
THE LOFT ROOM STAIRCASE COMPANY (UK INVESTMENTS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
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.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
Mr J R Rowlands
Director
Company registration number 09355639 (England and Wales)
THE LOFT ROOM STAIRCASE COMPANY (UK INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
The Loft Room Staircase Company (UK Investments) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Norwood House, Temple Bank, Harlow, Essex, CM20 2DY.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of rent receivable.
Interest income is recognised in profit or loss using the effective interest method.
1.3
Expenditure
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest
method so that the amount charged is at a constant rate on the carrying amount. Issue costs are
initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
1.4
Investment property
Investment property carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profits or loss.
Investment property which are due to be disposed off in the forthcoming year is transferred to current assets.
1.5
Fixed asset investments
Fixed asset investments relates to investments held in a stock market portfolio which is initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing market price.
1.6
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
THE LOFT ROOM STAIRCASE COMPANY (UK INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.8
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.9
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.
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
THE LOFT ROOM STAIRCASE COMPANY (UK INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 April 2023
18,861,529
Additions
308
Transfers to current assets
(4,600,000)
Revaluations
3,675,400
At 31 March 2024
17,937,237
Investment property comprises 12 properties. The fair value of the investment property have been arrived at on the basis of valuation carried out by Glenny LLP Chartered Surveyors, who are not connected with the company, at various dates. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. During the year seven properties were revalued and for those properties not revalued, the directors have reviewed the value of those properties and consider that those values have not materially changed from either the previous valuation or the original purchase cost.
Two properties are due to be sold in the forthcoming year and so have been transferred to short term investment properties included under current assets on the balance sheet.
5
Fixed asset investments
2024
2023
£
£
Stock investment portfolio
447,222
THE LOFT ROOM STAIRCASE COMPANY (UK INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
-
Additions
430,000
Valuation changes
17,222
At 31 March 2024
447,222
Carrying amount
At 31 March 2024
447,222
At 31 March 2023
-
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
70,900
46,522
Other debtors
25,000
95,900
46,522
7
Current asset investments
2024
2023
£
£
Investment properties for resale
4,600,000
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
100,000
100,000
Trade creditors
(41)
Taxation and social security
215,434
278,587
Other creditors
4,990,631
4,975,191
5,306,065
5,353,737
THE LOFT ROOM STAIRCASE COMPANY (UK INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,475,000
3,475,000
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
3,075,000
3,075,000
10
Loans and overdrafts
2024
2023
£
£
Bank loans
3,575,000
3,575,000
Payable within one year
100,000
100,000
Payable after one year
3,475,000
3,475,000
The long-term loans are secured by way of a floating charge over the freehold investment property of the company.
11
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
12
2,663,234
1,725,725
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
2,663,234
1,725,725
THE LOFT ROOM STAIRCASE COMPANY (UK INVESTMENTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Deferred taxation
(Continued)
- 8 -
2024
Movements in the year:
£
Liability at 1 April 2023
1,725,725
Charge to profit or loss
937,509
Liability at 31 March 2024
2,663,234
13
Investment property revaluation reserve
The investment property revaluation reserve represents cumulative effects of fair value adjustments net of deferred tax and other adjustments.
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rental income
2024
2023
£
£
Entities under common control
346,000
329,000
2024
2023
Amounts due to related parties
£
£
Entities under common control
4,822,490
4,759,739
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