34 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 11,339 2,641 13,980 xbrli:pure xbrli:shares iso4217:GBP 06358741 2023-04-01 2024-03-31 06358741 2024-03-31 06358741 2023-03-31 06358741 2021-10-01 2023-03-31 06358741 2023-03-31 06358741 2021-09-30 06358741 core:MotorVehicles 2023-04-01 2024-03-31 06358741 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 06358741 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 06358741 bus:Director1 2023-04-01 2024-03-31 06358741 core:MotorVehicles 2023-03-31 06358741 core:MotorVehicles 2024-03-31 06358741 core:DeferredTaxation 2023-04-01 2024-03-31 06358741 core:WithinOneYear 2024-03-31 06358741 core:WithinOneYear 2023-03-31 06358741 core:AfterOneYear 2024-03-31 06358741 core:AfterOneYear 2023-03-31 06358741 core:ShareCapital 2024-03-31 06358741 core:ShareCapital 2023-03-31 06358741 core:RetainedEarningsAccumulatedLosses 2024-03-31 06358741 core:RetainedEarningsAccumulatedLosses 2023-03-31 06358741 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 06358741 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06358741 core:TaxLossesCarry-forwardsDeferredTax 2023-03-31 06358741 core:MotorVehicles 2023-03-31 06358741 core:DeferredTaxation 2023-03-31 06358741 core:DeferredTaxation 2024-03-31 06358741 bus:Director1 2023-03-31 06358741 bus:Director1 2024-03-31 06358741 bus:Director1 2021-09-30 06358741 bus:Director1 2023-03-31 06358741 bus:Director1 2021-10-01 2023-03-31 06358741 bus:SmallEntities 2023-04-01 2024-03-31 06358741 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06358741 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06358741 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06358741 bus:FullAccounts 2023-04-01 2024-03-31 06358741 bus:OrdinaryShareClass1 2024-03-31 06358741 bus:OrdinaryShareClass1 2023-03-31 06358741 bus:OrdinaryShareClass2 2024-03-31 06358741 bus:OrdinaryShareClass2 2023-03-31 06358741 bus:AllOrdinaryShares 2024-03-31 06358741 bus:AllOrdinaryShares 2023-03-31 06358741 core:OfficeEquipment 2023-04-01 2024-03-31 06358741 core:PlantMachinery 2023-04-01 2024-03-31 06358741 core:OfficeEquipment 2023-03-31 06358741 core:PlantMachinery 2023-03-31 06358741 core:OfficeEquipment 2024-03-31 06358741 core:PlantMachinery 2024-03-31
COMPANY REGISTRATION NUMBER: 06358741
MORE THAN LOFTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
MORE THAN LOFTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
55,921
79,439
Current assets
Stocks
56,200
56,200
Debtors
6
151,635
111,480
Cash at bank and in hand
400
3
----------
----------
208,235
167,683
Creditors: amounts falling due within one year
7
272,177
236,202
----------
----------
Net current liabilities
63,942
68,519
---------
---------
Total assets less current liabilities
( 8,021)
10,920
Creditors: amounts falling due after more than one year
8
10,889
20,222
Provisions
9
13,980
11,339
---------
---------
Net liabilities
( 32,890)
( 20,641)
---------
---------
Capital and reserves
Called up share capital
11
110
110
Profit and loss account
( 33,000)
( 20,751)
---------
---------
Shareholders deficit
( 32,890)
( 20,641)
---------
---------
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 31st March 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 members have 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 .
MORE THAN LOFTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
S.J. Owens
Director
Company registration number: 06358741
MORE THAN LOFTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st MARCH 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 32 Central Road, Worcester Park, Surrey, KT4 8HZ.
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. 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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.
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:
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Scaffolding
-
10% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 34 (2023: 34 ).
5. Tangible assets
Motor vehicles
Equipment
Scaffolding
Total
£
£
£
£
Cost
At 1st April 2023
96,535
2,500
127,500
226,535
Additions
2,000
2,000
---------
-------
----------
----------
At 31st March 2024
98,535
2,500
127,500
228,535
---------
-------
----------
----------
Depreciation
At 1st April 2023
49,957
302
96,837
147,096
Charge for the year
12,143
625
12,750
25,518
---------
-------
----------
----------
At 31st March 2024
62,100
927
109,587
172,614
---------
-------
----------
----------
Carrying amount
At 31st March 2024
36,435
1,573
17,913
55,921
---------
-------
----------
----------
At 31st March 2023
46,578
2,198
30,663
79,439
---------
-------
----------
----------
6. Debtors
2024
2023
£
£
Trade debtors
3,460
1,719
Other debtors
148,175
109,761
----------
----------
151,635
111,480
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,814
24,030
Trade creditors
118,680
122,429
Corporation tax
14,888
9,223
Social security and other taxes
116,602
60,640
Other creditors
12,193
19,880
----------
----------
272,177
236,202
----------
----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,889
20,222
---------
---------
9. Provisions
Deferred tax (note 10)
£
At 1st April 2023
11,339
Additions
2,641
---------
At 31st March 2024
13,980
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 9)
13,980
11,339
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
13,980
15,093
Unused tax losses
( 3,754)
---------
---------
13,980
11,339
---------
---------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
100
100
100
100
Ordinary 'B' shares of £ 1 each
10
10
10
10
----
----
----
----
110
110
110
110
----
----
----
----
Ordinary 'A' shares carry full equity, voting and dividend rights. Ordinary 'B' shares carry dividend rights only.
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
S.J. Owens
27,326
28,559
( 60,800)
( 4,915)
---------
---------
---------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
S.J. Owens
27,081
122,261
( 122,016)
27,326
---------
----------
----------
---------