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REGISTERED NUMBER: 09028861 (England and Wales)















Loft Living Conversions Limited

Unaudited Financial Statements for the Year Ended 31 May 2024






Loft Living Conversions Limited (Registered number: 09028861)






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




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Loft Living Conversions Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: G M Klepp
Mrs A M Klepp
M Kerley
Mrs P V Kerley
D M Kerley
G C Klepp



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 09028861 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: HSBC Bank plc
2 Market Place
Chippenham
Wiltshire
SN15 3HE

Loft Living Conversions Limited (Registered number: 09028861)

Abridged Statement of Financial Position
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 24,818 22,958

CURRENT ASSETS
Debtors 25,752 46,083
Cash at bank 141,703 109,658
167,455 155,741
CREDITORS
Amounts falling due within one year 137,245 136,847
NET CURRENT ASSETS 30,210 18,894
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,028

41,852

CREDITORS
Amounts falling due after more than one
year

(25,373

)

(39,158

)

PROVISIONS FOR LIABILITIES (6,204 ) (4,362 )
NET ASSETS/(LIABILITIES) 23,451 (1,668 )

CAPITAL AND RESERVES
Called up share capital 1,400 1,400
Retained earnings 22,051 (3,068 )
SHAREHOLDERS' FUNDS 23,451 (1,668 )

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 directors acknowledge their 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.

Loft Living Conversions Limited (Registered number: 09028861)

Abridged Statement of Financial Position - 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2025 and were signed on its behalf by:





G C Klepp - Director


Loft Living Conversions Limited (Registered number: 09028861)

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

1. STATUTORY INFORMATION

Loft Living Conversions 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis, which assumes the continued support of the company's directors.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 25% 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Loft Living Conversions Limited (Registered number: 09028861)

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

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023 64,712
Additions 11,994
Disposals (6,500 )
At 31 May 2024 70,206
DEPRECIATION
At 1 June 2023 41,754
Charge for year 8,592
Eliminated on disposal (4,958 )
At 31 May 2024 45,388
NET BOOK VALUE
At 31 May 2024 24,818
At 31 May 2023 22,958

Loft Living Conversions Limited (Registered number: 09028861)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 June 2023
and 31 May 2024 24,774
DEPRECIATION
At 1 June 2023 10,839
Charge for year 3,484
At 31 May 2024 14,323
NET BOOK VALUE
At 31 May 2024 10,451
At 31 May 2023 13,935

6. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 20,756 30,748
Hire purchase contracts 17,909 20,759
38,665 51,507

The bank loan relates to a government secured bounce back loan.

The hire purchase agreement is secured on the individual asset subject to the agreement.