Acorah Software Products - Accounts Production 16.1.300 false true true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 07671748 Mr Julian Barker iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07671748 2023-06-30 07671748 2024-06-30 07671748 2023-07-01 2024-06-30 07671748 frs-core:CurrentFinancialInstruments 2024-06-30 07671748 frs-core:ComputerEquipment 2024-06-30 07671748 frs-core:ComputerEquipment 2023-07-01 2024-06-30 07671748 frs-core:ComputerEquipment 2023-06-30 07671748 frs-core:FurnitureFittings 2024-06-30 07671748 frs-core:FurnitureFittings 2023-07-01 2024-06-30 07671748 frs-core:FurnitureFittings 2023-06-30 07671748 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-06-30 07671748 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07671748 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-06-30 07671748 frs-core:SharePremium 2024-06-30 07671748 frs-core:ShareCapital 2024-06-30 07671748 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 07671748 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07671748 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 07671748 frs-bus:SmallEntities 2023-07-01 2024-06-30 07671748 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07671748 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07671748 frs-bus:Director1 2023-07-01 2024-06-30 07671748 frs-core:CurrentFinancialInstruments 1 2024-06-30 07671748 frs-countries:EnglandWales 2023-07-01 2024-06-30 07671748 2022-06-30 07671748 2023-06-30 07671748 2022-07-01 2023-06-30 07671748 frs-core:CurrentFinancialInstruments 2023-06-30 07671748 frs-core:SharePremium 2023-06-30 07671748 frs-core:ShareCapital 2023-06-30 07671748 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 07671748 frs-core:CurrentFinancialInstruments 1 2023-06-30
Registered number: 07671748
Loop Engineering Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Hemisphere Accounting Limited
200 Railway House
14 Chertsey Road
Woking
Surrey
GU21 5AH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 07671748
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 216,071 215,721
216,071 215,721
CURRENT ASSETS
Debtors 5 811,774 465,181
Cash at bank and in hand 411,591 448,148
1,223,365 913,329
Creditors: Amounts Falling Due Within One Year 6 (568,288 ) (347,932 )
NET CURRENT ASSETS (LIABILITIES) 655,077 565,397
TOTAL ASSETS LESS CURRENT LIABILITIES 871,148 781,118
NET ASSETS 871,148 781,118
CAPITAL AND RESERVES
Called up share capital 7 17,226 17,226
Share premium account (294,380 ) 50,006
Profit and Loss Account 1,148,302 713,886
SHAREHOLDERS' FUNDS 871,148 781,118
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Julian Barker
Director
26/03/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Loop Engineering Ltd Registered number 07671748 is a limited by shares company incorporated in England & Wales. The Registered Office is 13-15 Bouverie Street, London, EC4Y 8DP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Fixtures & Fittings 4 years
Computer Equipment 3 years
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2023: 15)
17 15
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4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 210,639 6,891 26,522 244,052
Additions - 1,326 4,675 6,001
As at 30 June 2024 210,639 8,217 31,197 250,053
Depreciation
As at 1 July 2023 - 2,613 25,718 28,331
Provided during the period - 4,300 1,351 5,651
As at 30 June 2024 - 6,913 27,069 33,982
Net Book Value
As at 30 June 2024 210,639 1,304 4,128 216,071
As at 1 July 2023 210,639 4,278 804 215,721
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 807,117 462,087
Other debtors - Travel loans 4,657 3,094
811,774 465,181
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 95,399 20,286
Bank loans and overdrafts 2,629 -
Corporation tax 207,921 63,570
Other creditors 250,556 254,208
Directors' loan accounts 11,783 9,868
568,288 347,932
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 17,226 17,226
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