Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseThe principal activity of the Company is the sale of ladders and stairs to both domestic and commercial markets.46truetruefalse 06545150 2023-04-01 2024-03-31 06545150 2022-04-01 2023-03-31 06545150 2024-03-31 06545150 2023-03-31 06545150 c:Director2 2023-04-01 2024-03-31 06545150 d:PlantMachinery 2023-04-01 2024-03-31 06545150 d:PlantMachinery 2024-03-31 06545150 d:PlantMachinery 2023-03-31 06545150 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06545150 d:MotorVehicles 2023-04-01 2024-03-31 06545150 d:CurrentFinancialInstruments 2024-03-31 06545150 d:CurrentFinancialInstruments 2023-03-31 06545150 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06545150 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06545150 d:ShareCapital 2024-03-31 06545150 d:ShareCapital 2023-03-31 06545150 d:RetainedEarningsAccumulatedLosses 2024-03-31 06545150 d:RetainedEarningsAccumulatedLosses 2023-03-31 06545150 c:FRS102 2023-04-01 2024-03-31 06545150 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06545150 c:FullAccounts 2023-04-01 2024-03-31 06545150 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06545150 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 06545150










Loft Centre Products Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
Loft Centre Products Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Loft Centre Products Limited for the year ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Loft Centre Products Limited for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Loft Centre Products Limited, as a body, in accordance with the terms of our engagement letter dated 17 May 2024Our work has been undertaken solely to prepare for your approval the financial statements of Loft Centre Products Limited and state those matters that we have agreed to state to the Board of directors of Loft Centre Products Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Loft Centre Products Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Loft Centre Products Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Loft Centre Products Limited. You consider that Loft Centre Products Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Loft Centre Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
9 October 2024
Page 1

 
Loft Centre Products Limited
Registered number: 06545150

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
899
1,849

  
899
1,849

Current assets
  

Stocks
  
62,205
119,944

Debtors: amounts falling due within one year
 5 
30,429
16,662

Cash at bank and in hand
 6 
190,506
167,096

  
283,140
303,702

Creditors: amounts falling due within one year
 7 
(104,104)
(82,797)

Net current assets
  
 
 
179,036
 
 
220,905

Total assets less current liabilities
  
179,935
222,754

  

Net assets
  
179,935
222,754


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
179,835
222,654

  
179,935
222,754


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2024.




Mrs S L Hodgson
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
Loft Centre Products Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

The Company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
The principal place of business is:
Units C&D Ford Lane Industrial Estate
Ford
Arundel
West Sussex
BN18 0DF

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 3

 
Loft Centre Products Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line and 25% reducing balance
Motor vehicles
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 4

 
Loft Centre Products Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees




The average monthly number of employees, including directors, during the year was 4 (2023 - 6).

Page 5

 
Loft Centre Products Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2023
10,769



At 31 March 2024

10,769



Depreciation


At 1 April 2023
8,920


Charge for the year on owned assets
950



At 31 March 2024

9,870



Net book value



At 31 March 2024
899



At 31 March 2023
1,849


5.


Debtors

2024
2023
£
£


Trade debtors
10,440
4,814

Other debtors
3,889
4,856

Prepayments and accrued income
16,100
6,992

30,429
16,662



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
190,506
167,096

190,506
167,096


Page 6

 
Loft Centre Products Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
19,096
10,512

Amounts owed to group undertakings
9,201
-

Corporation tax
2,326
-

Other taxation and social security
20,293
21,971

Other creditors
46,901
40,835

Accruals and deferred income
6,287
9,479

104,104
82,797



8.


Related party transactions

Parent company
During the year the Company paid rent of £Nil (2023 - £16,500) and premises costs of £Nil (2023 - £761) to its parent. At the balance sheet date the amount due to the parent company was £Nil (2023 - £232). 
A Company under common control
During the year the Company was recharged administration expenses of £27,142 (2023 - £27,232) and recharged shared overhead costs of £5,000 (2023 - £12,700) with a Company under common control. At the balance sheet date, the amount due to the company under common control was £9,201 (2023 - £3,878). 


9.


Controlling party

The Company is controlled by its Parent Company Myrtle Tree Estates Limited, a Company incorporated in England and Wales. Myrtle Tree Estates Limited's registered office is 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ.


Page 7