Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mr R G Horrigan 03/05/2022 Mr I D Redman 03/05/2022 Mr A J Reece 26/01/1998 Mrs S J Reece 01/12/2004 Mr J M Wright 03/05/2022 31 January 2025 The principal activity of the Company during the financial year was the provision of software engineering services and the development of robotic engineering. 03498849 2024-04-30 03498849 bus:Director1 2024-04-30 03498849 bus:Director2 2024-04-30 03498849 bus:Director3 2024-04-30 03498849 bus:Director4 2024-04-30 03498849 bus:Director5 2024-04-30 03498849 2023-04-30 03498849 core:CurrentFinancialInstruments 2024-04-30 03498849 core:CurrentFinancialInstruments 2023-04-30 03498849 core:Non-currentFinancialInstruments 2024-04-30 03498849 core:Non-currentFinancialInstruments 2023-04-30 03498849 core:ShareCapital 2024-04-30 03498849 core:ShareCapital 2023-04-30 03498849 core:RevaluationReserve 2024-04-30 03498849 core:RevaluationReserve 2023-04-30 03498849 core:RetainedEarningsAccumulatedLosses 2024-04-30 03498849 core:RetainedEarningsAccumulatedLosses 2023-04-30 03498849 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 03498849 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-30 03498849 core:LandBuildings 2023-04-30 03498849 core:PlantMachinery 2023-04-30 03498849 core:FurnitureFittings 2023-04-30 03498849 core:OfficeEquipment 2023-04-30 03498849 core:OtherPropertyPlantEquipment 2023-04-30 03498849 core:LandBuildings 2024-04-30 03498849 core:PlantMachinery 2024-04-30 03498849 core:FurnitureFittings 2024-04-30 03498849 core:OfficeEquipment 2024-04-30 03498849 core:OtherPropertyPlantEquipment 2024-04-30 03498849 core:CurrentFinancialInstruments core:Secured 2024-04-30 03498849 core:Non-currentFinancialInstruments core:Secured 2024-04-30 03498849 core:MoreThanFiveYears 2024-04-30 03498849 core:MoreThanFiveYears 2023-04-30 03498849 2023-05-01 2024-04-30 03498849 bus:FilletedAccounts 2023-05-01 2024-04-30 03498849 bus:SmallEntities 2023-05-01 2024-04-30 03498849 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 03498849 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03498849 bus:Director1 2023-05-01 2024-04-30 03498849 bus:Director2 2023-05-01 2024-04-30 03498849 bus:Director3 2023-05-01 2024-04-30 03498849 bus:Director4 2023-05-01 2024-04-30 03498849 bus:Director5 2023-05-01 2024-04-30 03498849 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-05-01 2024-04-30 03498849 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-01 2024-04-30 03498849 core:OtherResidualIntangibleAssets 2023-05-01 2024-04-30 03498849 core:PlantMachinery 2023-05-01 2024-04-30 03498849 core:FurnitureFittings 2023-05-01 2024-04-30 03498849 core:OfficeEquipment 2023-05-01 2024-04-30 03498849 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-05-01 2024-04-30 03498849 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-05-01 2024-04-30 03498849 2022-05-01 2023-04-30 03498849 core:LandBuildings 2023-05-01 2024-04-30 03498849 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 03498849 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 03498849 (England and Wales)

LOOP TECHNOLOGY LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

LOOP TECHNOLOGY LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

LOOP TECHNOLOGY LIMITED

BALANCE SHEET

As at 30 April 2024
LOOP TECHNOLOGY LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 1,484,241 975,213
Tangible assets 5 1,554,376 1,534,443
3,038,617 2,509,656
Current assets
Stocks 6 50,520 121,966
Debtors 7 1,663,655 883,960
Cash at bank and in hand 2,376,207 393,690
4,090,382 1,399,616
Creditors: amounts falling due within one year 8 ( 4,148,463) ( 1,171,111)
Net current (liabilities)/assets (58,081) 228,505
Total assets less current liabilities 2,980,536 2,738,161
Creditors: amounts falling due after more than one year 9 ( 1,441,039) ( 1,369,099)
Provision for liabilities ( 62,017) ( 86,730)
Net assets 1,477,480 1,282,332
Capital and reserves
Called-up share capital 2 2
Revaluation reserve 153,089 152,849
Profit and loss account 1,324,389 1,129,481
Total shareholders' funds 1,477,480 1,282,332

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Loop Technology Limited (registered number: 03498849) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

Mr A J Reece
Director
Mrs S J Reece
Director
LOOP TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
LOOP TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Loop Technology Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Loop Technology Centre Paceycombe Way, Poundbury, Dorchester, DT1 3EW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

The prior year accounts have been adjusted to restate the revaluation of fixed assets as Other Comprehensive Income as opposed to Other Operating Income.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life.

Development costs 10 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. During the year the development of products was not completed therefore there was no amortisation charge.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 35 % reducing balance
Other property, plant and equipment 1 - 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

The value is determined annually by the directors, on an open market value for existing use basis.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

The revaluation of fixed assets has been restated from other operating income to other comprehensive income in the prior year accounts. The effect of this restatement is detailed below:

As previously reported Adjustment As restated
Year ended 30 April 2023 £ £ £
Other operating income 405,138 (152,849) 252,289
Other comprehensive income 0 152,849 152,849
Fair value reserve 152,849 (152,849) 0
Revaluation reserve 0 152,849 152,849

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 60 49

4. Intangible assets

Development costs Total
£ £
Cost
At 01 May 2023 975,213 975,213
Additions 526,219 526,219
At 30 April 2024 1,501,432 1,501,432
Accumulated amortisation
At 01 May 2023 0 0
Charge for the financial year 17,191 17,191
At 30 April 2024 17,191 17,191
Net book value
At 30 April 2024 1,484,241 1,484,241
At 30 April 2023 975,213 975,213

5. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 May 2023 1,429,985 116,696 108,139 269,736 407,947 2,332,503
Additions 21,589 9,885 0 36,567 0 68,041
At 30 April 2024 1,451,574 126,581 108,139 306,303 407,947 2,400,544
Accumulated depreciation
At 01 May 2023 29,985 61,992 65,558 232,578 407,947 798,060
Charge for the financial year 6,231 9,689 6,384 25,804 0 48,108
At 30 April 2024 36,216 71,681 71,942 258,382 407,947 846,168
Net book value
At 30 April 2024 1,415,358 54,900 36,197 47,921 0 1,554,376
At 30 April 2023 1,400,000 54,704 42,581 37,158 0 1,534,443

6. Stocks

2024 2023
£ £
Stocks 50,520 121,966

7. Debtors

2024 2023
£ £
Trade debtors 1,110,315 274,513
Corporation tax 220,956 133,929
Other debtors 332,384 475,518
1,663,655 883,960

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 28,828) 95,242 88,131
Trade creditors 671,802 336,267
Other taxation and social security 353,003 162,417
Other creditors 3,028,416 584,296
4,148,463 1,171,111

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured £ 790,660) 851,342 943,674
Other creditors 589,697 425,425
1,441,039 1,369,099

The bank borrowings of £819,488 (2023 - £844,650) are secured against the company via a debenture and first legal charge over the company's leasehold land and buildings

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 680,224 696,369

10. Related party transactions

Transactions with the entity's directors

During the year Mr & Mrs Reece maintained a loan account with the company on which interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates and which is repayable on demand.

At 1 May 2023, the balance owed to Mr & Mrs Reece was £38,995. During the year, £102,653 was advanced, and £nil was repaid. At 30 April 2024, the balance owed by Mr & Mrs Reece was £63,658.

Certain directors have also provided a personal guarantee of £450,000 in connection with the company's bank borrowings.