1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2024 - FRS102_2024 171,852 13,117 184,969 184,969 171,852 xbrli:pure xbrli:shares iso4217:GBP 05142856 2023-07-01 2024-06-30 05142856 2024-06-30 05142856 2023-06-30 05142856 2022-07-01 2023-06-30 05142856 2023-06-30 05142856 2022-06-30 05142856 core:PlantMachinery 2023-07-01 2024-06-30 05142856 core:FurnitureFittings 2023-07-01 2024-06-30 05142856 bus:Director1 2023-07-01 2024-06-30 05142856 core:PlantMachinery 2023-06-30 05142856 core:FurnitureFittings 2023-06-30 05142856 core:PlantMachinery 2024-06-30 05142856 core:FurnitureFittings 2024-06-30 05142856 core:WithinOneYear 2024-06-30 05142856 core:WithinOneYear 2023-06-30 05142856 core:ShareCapital 2024-06-30 05142856 core:ShareCapital 2023-06-30 05142856 core:RetainedEarningsAccumulatedLosses 2024-06-30 05142856 core:RetainedEarningsAccumulatedLosses 2023-06-30 05142856 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 05142856 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 05142856 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 05142856 core:Non-currentFinancialInstruments 2024-06-30 05142856 core:Non-currentFinancialInstruments 2023-06-30 05142856 core:PlantMachinery 2023-06-30 05142856 core:FurnitureFittings 2023-06-30 05142856 bus:SmallEntities 2023-07-01 2024-06-30 05142856 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 05142856 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 05142856 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05142856 bus:FullAccounts 2023-07-01 2024-06-30 05142856 core:ComputerEquipment 2023-07-01 2024-06-30 05142856 core:ComputerEquipment 2023-06-30 05142856 core:ComputerEquipment 2024-06-30
COMPANY REGISTRATION NUMBER: 05142856
David Loftus Limited
Filleted Unaudited Financial Statements
30 June 2024
David Loftus Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
18,387
12,349
Investments
6
184,969
171,852
---------
---------
203,356
184,201
Current assets
Debtors
7
23,968
11,739
Cash at bank and in hand
69,141
149,591
--------
---------
93,109
161,330
Creditors: amounts falling due within one year
8
65,400
82,945
--------
---------
Net current assets
27,709
78,385
---------
---------
Total assets less current liabilities
231,065
262,586
---------
---------
Net assets
231,065
262,586
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
231,064
262,585
---------
---------
Shareholder funds
231,065
262,586
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
David Loftus Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
D G Loftus
Director
Company registration number: 05142856
David Loftus Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Kersley Mews, London, SW11 4PS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Camera equipment
-
25% straight line
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% straight line
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
33,581
24,440
4,830
62,851
Additions
630
10,500
2,415
13,545
--------
--------
-------
--------
At 30 June 2024
34,211
34,940
7,245
76,396
--------
--------
-------
--------
Depreciation
At 1 July 2023
32,470
13,202
4,830
50,502
Charge for the year
1,268
5,434
805
7,507
--------
--------
-------
--------
At 30 June 2024
33,738
18,636
5,635
58,009
--------
--------
-------
--------
Carrying amount
At 30 June 2024
473
16,304
1,610
18,387
--------
--------
-------
--------
At 30 June 2023
1,111
11,238
12,349
--------
--------
-------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 July 2023
171,852
Revaluations
13,117
---------
At 30 June 2024
184,969
---------
Impairment
At 1 July 2023 and 30 June 2024
---------
Carrying amount
At 30 June 2024
184,969
---------
At 30 June 2023
171,852
---------
7. Debtors
2024
2023
£
£
Trade debtors
21,808
11,739
Other debtors
2,160
--------
--------
23,968
11,739
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,271
15,090
Corporation tax
20,169
23,528
Social security and other taxes
10,254
11,500
Other creditors
24,706
32,827
--------
--------
65,400
82,945
--------
--------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
184,969
171,852
---------
---------
10. Related party transactions
The company was under the control of Mr D Loftus throughout the current and previous year. Mr D Loftus is sole director and shareholder. As owner of the property from which the Company operates, Mr D Loftus receives rent of £39,000 per annum.