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REGISTERED NUMBER: 11345942 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

Lofty Solution Limited

Lofty Solution Limited (Registered number: 11345942)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lofty Solution Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: M Wigham





REGISTERED OFFICE: 1 The Orchard
Old Cassop
Durham
DH6 4RS





REGISTERED NUMBER: 11345942 (England and Wales)





ACCOUNTANTS: Tax Resolved Limited
1 The Orchard
Old Cassop
Durham
DH6 4RS

Lofty Solution Limited (Registered number: 11345942)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 183,031 130,340

CURRENT ASSETS
Debtors 5 186,264 192,964
Cash at bank and in hand 1,931 6,163
188,195 199,127
CREDITORS
Amounts falling due within one year 6 120,099 193,354
NET CURRENT ASSETS 68,096 5,773
TOTAL ASSETS LESS CURRENT
LIABILITIES

251,127

136,113

CREDITORS
Amounts falling due after more than
one year

7

162,165

97,892
NET ASSETS 88,962 38,221

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 9 88,942 38,201
88,962 38,221

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lofty Solution Limited (Registered number: 11345942)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 4 December 2024 and were signed by:





M Wigham - Director


Lofty Solution Limited (Registered number: 11345942)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Lofty Solution Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 2 ) .

Lofty Solution Limited (Registered number: 11345942)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2023 8,265 172,088 180,353
Additions - 137,040 137,040
Disposals - (52,049 ) (52,049 )
At 31 May 2024 8,265 257,079 265,344
DEPRECIATION
At 1 June 2023 1,952 48,061 50,013
Charge for year 947 31,353 32,300
At 31 May 2024 2,899 79,414 82,313
NET BOOK VALUE
At 31 May 2024 5,366 177,665 183,031
At 31 May 2023 6,313 124,027 130,340

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 85,289 -
Amounts owed by group undertakings 52,820 135,539
Other debtors 48,155 57,425
186,264 192,964

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts (see note 8)
7,053

6,465
Hire purchase contracts 32,916 24,668
Trade creditors 44,626 85,514
Tax 33,279 72,803
Social security and other taxes 40 -
Directors' current accounts 157 154
Accrued expenses 2,028 3,750
120,099 193,354

Lofty Solution Limited (Registered number: 11345942)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans (see note 8) 34,482 42,907
Hire purchase contracts 127,683 54,985
162,165 97,892

8. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 7,053 6,465

Amounts falling due between one and two years:
Bank loans 34,482 42,907

9. RESERVES
Retained
earnings
£   

At 1 June 2023 38,201
Profit for the year 250,741
Dividends (200,000 )
At 31 May 2024 88,942