2 2 Loft One12 Limited 09679814 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is photography and hire of photo booths Digita Accounts Production Advanced 6.30.9574.0 true true 09679814 2023-08-01 2024-07-31 09679814 2024-07-31 09679814 bus:OrdinaryShareClass1 2024-07-31 09679814 core:CurrentFinancialInstruments 2024-07-31 09679814 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 09679814 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 09679814 core:Goodwill 2024-07-31 09679814 core:FurnitureFittingsToolsEquipment 2024-07-31 09679814 core:MotorVehicles 2024-07-31 09679814 bus:SmallEntities 2023-08-01 2024-07-31 09679814 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 09679814 bus:FilletedAccounts 2023-08-01 2024-07-31 09679814 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 09679814 bus:RegisteredOffice 2023-08-01 2024-07-31 09679814 bus:Director1 2023-08-01 2024-07-31 09679814 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 09679814 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09679814 core:Goodwill 2023-08-01 2024-07-31 09679814 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 09679814 core:MotorVehicles 2023-08-01 2024-07-31 09679814 core:OfficeEquipment 2023-08-01 2024-07-31 09679814 core:PlantMachinery 2023-08-01 2024-07-31 09679814 countries:England 2023-08-01 2024-07-31 09679814 2023-07-31 09679814 core:Goodwill 2023-07-31 09679814 core:FurnitureFittingsToolsEquipment 2023-07-31 09679814 core:MotorVehicles 2023-07-31 09679814 2022-08-01 2023-07-31 09679814 2023-07-31 09679814 bus:OrdinaryShareClass1 2023-07-31 09679814 core:CurrentFinancialInstruments 2023-07-31 09679814 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 09679814 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 09679814 core:FurnitureFittingsToolsEquipment 2023-07-31 09679814 core:MotorVehicles 2023-07-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 09679814

Loft One12 Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Loft One12 Limited

(Registration number: 09679814)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

31,849

35,467

Current assets

 

Debtors

6

3,642

5,996

Cash at bank and in hand

 

2,540

4,343

 

6,182

10,339

Creditors: Amounts falling due within one year

7

(28,157)

(33,432)

Net current liabilities

 

(21,975)

(23,093)

Total assets less current liabilities

 

9,874

12,374

Creditors: Amounts falling due after more than one year

7

(495)

(1,875)

Provisions for liabilities

(6,051)

(6,738)

Net assets

 

3,328

3,761

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

3,327

3,760

Shareholders' funds

 

3,328

3,761

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2025 and signed on its behalf by:
 

.........................................
Shaun Taylor
Director

 

Loft One12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
112 Highfields Park Drive
Derby
DE22 1JU

These financial statements were authorised for issue by the Board on 27 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Loft One12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance basis

Office equipment

20% reducing balance basis

Motor vehicles

15% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Loft One12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

10,000

10,000

At 31 July 2024

10,000

10,000

Amortisation

At 1 August 2023

10,000

10,000

At 31 July 2024

10,000

10,000

Carrying amount

At 31 July 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

65,830

21,300

87,130

Additions

3,665

-

3,665

At 31 July 2024

69,495

21,300

90,795

Depreciation

At 1 August 2023

41,271

10,394

51,665

Charge for the year

5,645

1,636

7,281

At 31 July 2024

46,916

12,030

58,946

Carrying amount

At 31 July 2024

22,579

9,270

31,849

At 31 July 2023

24,561

10,906

35,467

6

debtors

Current

2024
£

2023
£

Trade debtors

2,529

5,996

Other debtors

1,113

-

 

3,642

5,996

 

Loft One12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

1,380

1,380

Taxation and social security

 

350

3,219

Accruals and deferred income

 

685

677

Other creditors

 

25,742

28,156

 

28,157

33,432

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

495

1,875

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £0.01 each

100

1

100

1