REGISTERED NUMBER: 10808363 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

LOFT STUDIOS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N Soni

Mrs M Soni

REGISTERED OFFICE:

77-81 Scrubs Lane

Kensal Green

London

NW10 6QU

REGISTERED NUMBER:

10808363 (England and Wales)

FIXED ASSETS

Intangible assets

4

260,693

308,453

Tangible assets

5

53,996

70,039

314,689

378,492

CURRENT ASSETS

Debtors

6

211,404

228,806

Cash at bank

231,434

411,434

442,838

640,240

CREDITORS

Amounts falling due within one year

7

186,241

325,213

NET CURRENT ASSETS

256,597

315,027

TOTAL ASSETS LESS CURRENT LIABILITIES

571,286

693,519

CREDITORS

Amounts falling due after more than one year

8

(4,167

)

(19,696

)

PROVISIONS FOR LIABILITIES

11

(13,499

)

(16,473

)

NET ASSETS

553,620

657,350

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

553,520

657,250

SHAREHOLDERS' FUNDS

553,620

657,350

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2025 and were signed on its behalf by:

Mr N Soni - Director

1.	STATUTORY INFORMATION

Loft Studios 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill represents the excess of the cost the acquisition of a business in 2017 over the company's interest in the amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is being amortised evenly over the estimated useful life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Photographic Equipment

-

25% on cost

Office Equipment

-

25% on cost

Kitchen Equipment

-

25% on cost

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

477,605

AMORTISATION

At 1 January 2024

169,152

Amortisation for year

47,760

At 31 December 2024

216,912

NET BOOK VALUE

At 31 December 2024

260,693

At 31 December 2023

308,453

5.	TANGIBLE FIXED ASSETS

Photographic

Office

Kitchen

Equipment

Equipment

Equipment

Totals

£

£

£

£

COST

At 1 January 2024

118,377

49,714

13,904

181,995

Additions

20,575

3,001

2,435

26,011

Disposals

-

(533

)

-

(533

)

At 31 December 2024

138,952

52,182

16,339

207,473

DEPRECIATION

At 1 January 2024

70,792

27,979

13,185

111,956

Charge for year

30,658

9,940

934

41,532

Eliminated on disposal

-

(11

)

-

(11

)

At 31 December 2024

101,450

37,908

14,119

153,477

NET BOOK VALUE

At 31 December 2024

37,502

14,274

2,220

53,996

At 31 December 2023

47,585

21,735

719

70,039

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

88,490

116,579

Other debtors

13,838

13,838

Prepayments and accrued income

109,076

98,389

211,404

228,806

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 9)

13,752

29,462

Trade creditors

24,360

34,282

Corporation tax

33,912

60,034

Social security and other taxes

13,799

20,325

Value added tax

40,151

61,847

Other creditors

13,722

53,371

Director's current account

504

238

Accruals and deferred income

46,041

65,654

186,241

325,213

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans (see note 9)

4,167

19,696

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank loans

13,752

29,462

Amounts falling due between two and five years:

Bank loans

4,167

19,696

The bank loans are secured by way of floating and fixed charges.

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

380,350

380,350

Between one and five years

1,501,750

1,701,750

In more than five years

182,425

362,775

2,064,525

2,444,875

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

13,499

16,473

Deferred tax

£

Balance at 1 January 2024

16,473

Credit to Income Statement during year

(2,974

)

Balance at 31 December 2024

13,499