Registered number
14367780
LOAMIN LIMITED
Unaudited Filleted Accounts
30 September 2024
LOAMIN LIMITED
Registered number: 14367780
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 191,940 47,609
Tangible assets 4 2,312 1,773
194,252 49,382
Current assets
Debtors 5 109,565 35,274
Cash at bank and in hand 19,826 63,905
129,391 99,179
Creditors: amounts falling due within one year 6 (24,481) (23,550)
Net current assets 104,910 75,629
Total assets less current liabilities 299,162 125,011
Provisions for liabilities (47,985) (11,902)
Net assets 251,177 113,109
Capital and reserves
Called up share capital 4 4
Share premium 469,998 269,998
Profit and loss account (218,825) (156,893)
Shareholders' funds 251,177 113,109
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H Sturrock
Director
Approved by the board on 20 May 2025
LOAMIN LIMITED
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Equipment over 3 years
Research & Development
Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Intangible fixed assets £
Research & Development
Cost
At 1 October 2023 71,413
Additions 252,203
At 30 September 2024 323,616
Amortisation
At 1 October 2023 23,804
Provided during the year 107,872
At 30 September 2024 131,676
Net book value
At 30 September 2024 191,940
At 30 September 2023 47,609
4 Tangible fixed assets
Equipment
£
Cost
At 1 October 2023 2,660
Additions 1,855
At 30 September 2024 4,515
Depreciation
At 1 October 2023 887
Charge for the year 1,316
At 30 September 2024 2,203
Net book value
At 30 September 2024 2,312
At 30 September 2023 1,773
5 Debtors 2024 2023
£ £
Trade debtors 15,238 -
Other debtors 94,327 35,274
109,565 35,274
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 8,316 -
Other creditors 16,165 23,550
24,481 23,550
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J Smith
Loan 35,274 - (35,274) -
35,274 - (35,274) -
There are no conditions attached to the loan.
8 Other information
LOAMIN LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
6 Carlton Gardens
London
W5 2AN
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