Loughton 2011 Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company Registration No. 07641819 (England and Wales)
Loughton 2011 Limited
Company Information
Directors
P D Smyth
I M Brownjohn
J Drage
L J Smyth
Secretary
A Smyth
L Smyth
Company number
07641819
Registered office
Unit 8 & 9
Loughton Business Centre
5 Langston Road
Loughton
Essex
IG10 3FL
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Loughton 2011 Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Energy and carbon report
5 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 31
Loughton 2011 Limited
Strategic Report
For the year ended 31 December 2024
Page 1

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

2024 was a year marked by resilience in the face of exceptional industry disruption. In September, ISG – one of our major clients for over 30 years – entered administration. This was a significant and unexpected event, causing substantial disruption across the sector and leading to the failure of many subcontractors exposed to unpaid work and retentions.

 

Loughton, however, was able to act swiftly and decisively. Thanks to the strength of our commercial and project delivery teams, we successfully renegotiated and novated the majority of our ISG subcontracts with incoming main contractors. This ensured continuity of work, protected our revenue streams, and preserved the stability of our operations during a turbulent period.

 

Leadership & Governance


Loughton has always benefited from strong, stable leadership and at the beginning of 2025, we appointed Robin Steele as Managing Director. Robin brings deep industry experience, operational focus, and a forward-thinking approach that aligns with our core values of quality, reliability, and client service.

 

While Robin now leads the day-to-day operations of the business, Lee and I remain fully engaged and continue to work closely with Robin and the wider senior team to ensure continuity of culture, commercial discipline, and long-term strategic direction. This leadership structure has allowed us to remain agile and responsive during a period of significant sector disruption, while also positioning Loughton for sustainable future growth.

 

Strong governance, financial oversight, and project delivery discipline remain central to how we operate and serve our clients.

Principal risks and uncertainties

As we move into 2025, the operating environment remains challenging. Contractor insolvency, labour shortages, and pricing pressure all persist. However, Loughton is well positioned, with a strong order book, an experienced leadership team, and a clear commercial strategy. Our focus remains on delivering exceptional service, managing risk, and building long-term value.

 

Project success

The company works on a number of large, high-profile projects in Central London. Senior management are required to pro-actively manage these key relationships, ensure that the delivery of projects meet expected standards and contractual obligations. All products supplied and installed are procured via manufacturers and suppliers that have passed our strict vetting processes in relation to quality, sustainability and human rights.

 

Health and safety

The group works on and delivers significant flooring projects which require management of health and safety risks. The in-house Construction Industry Training Board (CITB) approved training school ensures all staff are regularly trained and fully informed of trends and changes to legislation.

Loughton 2011 Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 2

UK economy uncertainty

The company operates solely in the UK and the effects of market trends including political change and rising inflation may cause customers to re-evaluate existing or future expenditure. It may also lead to changes in the price and availability of labour, products and services. The company is experienced in dealing with labour fluctuations and negotiates inflation within new contracts for labour and material costs across the majority of projects.

Retention and attraction of employees

The company is well placed within the sector to recruit and retain the right people to deliver successful projects. The company accommodates flexible working where possible.

 

Financing

The company has strong liquidity and utilises third party facilities.

Key performance indicators

The company uses a variety of performance measures to monitor and manage the business. Some of these are particularly important in monitoring progress and are therefore regarded as key performance indicators (KPI’s). These measures past performance and also provides us with the information needed to manage the business on an ongoing basis.

 

The group's KPI’s are as follows:

2024
2025
Turnover
55,460,485
52,627,676
Gross margin
22.61%
23.85%
Statement by the directors relating to their statutory duties under section 172(1) of the Companies Act 2006

The directors, in line with their duties under s172 of the Companies Act 2006, act individually and collectively in the way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its stakeholders, and in doing so have regard, amongst other matters, to the:

 

On behalf of the board

L J Smyth
P D Smyth
Director
Director
26 June 2025
26 June 2025
Loughton 2011 Limited
Directors' Report
For the year ended 31 December 2024
Page 3

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities
The main business of Loughton Contracts PLC (the subsidiary) is the installation of various types of floor coverings in the commercial sector, specialising in large scale projects, and the majority of the subsidiary's revenue is generated in the London area.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P D Smyth
I M Brownjohn
J Drage
L J Smyth
Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £694,925. The directors do not recommend payment of a further dividend.

Supplier payment policy

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations. On average, trade creditors at the year end represented 72 (2023: 46) days' purchases.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
P D Smyth
L J Smyth
Director
Director
26 June 2025
26 June 2025
Loughton 2011 Limited
Directors' Responsibilities Statement
For the year ended 31 December 2024
Page 4

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Loughton 2011 Limited
Energy and carbon report
Page 5

The information and data results provided below meet the mandatory requirements for Streamlined Energy and Carbon Reporting (SECR). This is our second year for reporting, comparative information is shown below. Under the companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2017 we are required to disclose our UK energy use and associated greenhouse gas (GHG) emissions. Loughton Contracts work to ISO 14001 to produce the data for this report. We have looked at the following aspects of our business – Electricity, Gas and Vehicle Miles.

Methodology
This report has been compiled in accordance with the requirements set out in the HM Government Document – Environmental Reporting Guidelines. Including streamlined energy and carbon reporting guidance March 2019 and utilizing the UK Government conversion factors for company reporting, June 2019. The above was in conjunction to the ESOS methodology (Energy Savings Opportunity Scheme version 6, October 2019).

To ensure that we achieve and deliver effective emissions control and management, we are utilizing recognized and robust methods. We collect our data sets annually and measure and calculate our carbon footprint using the relevant conversion factors issued by DEFRA/BIES in June 2024.

Due to the increase of data available, we have restated our 2023 CO2e using the relevant conversion factors issued by DEFRA/BIES in June 2023.
2024
2024
2023
2023
Scope 1, 2 & 3
Amount in units
Tonnes of CO2e
Amount in units
Tonnes of CO2e
Restated
Gas & company owned vehicles
341,503 miles
114
202,220 miles
68
Electricity
64,516.1 kwh
13.36
58,853 kwh
12.19
Business Travel only
152,718 miles
50.95
215,239 miles
72.26
Total
178.24
152.34
Intensity ratio
2024
Tonnes of CO2e per £m revenue
3
Tonnes of CO2e per full time headcount
1.48
Scope of Work
The Electricity is based on our 2 offices located in Loughton, Essex, Canary Wharf, London and our warehouse in Romford, Essex. The vehicle milage is based on 9 company vehicles. These vehicles are Diesel and 1 is a Hybrid/Petrol Vehicle. Business Travel is based on employees using their own vehicle for work purposes.
Energy efficiency measures
Loughton Contracts remain committed to lowering our energy usage and our carbon footprint. Our target for 2025 is to reduce the vehicle mileage, we will do this by phasing the vehicles out and using public transport. Where possible we will use electric hybrid vehicles. Our energy comes from a 100% renewable source. We also have sensors in place to reduce our energy usage, where possible no lighting will be used in areas of our offices that do not require it if it is safe and practical to do so. This is being monitored by our dedicated HSEQ team. To help us gain a better understanding of what we need to do as a company we have given our staff awareness training throughout the year. We have also collaborated with our supply chain to reduce our emissions. This has been done by utilising the take back schemes they offer.
Reductions
Loughton 2011 Limited
Energy and carbon report
Page 6
In 2025, we are dedicated to continuing to reduce our carbon footprint and fostering a culture of sustainability. We will actively encourage and support our staff, clients, partners, and suppliers to adopt low-carbon solutions and fully embrace the benefits of achieving net zero carbon emissions. As part of Loughton Contracts' commitment to reducing its carbon footprint, we actively incorporate reuse strategies into our operations through Loughton's Reuse.
Loughton 2011 Limited
Independent Auditor's Report
To the Members of Loughton 2011 Limited
Page 7
Opinion

We have audited the financial statements of Loughton 2011 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Loughton 2011 Limited
Independent Auditor's Report (Continued)
To the Members of Loughton 2011 Limited
Page 8

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Loughton 2011 Limited
Independent Auditor's Report (Continued)
To the Members of Loughton 2011 Limited
Page 9
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Loughton 2011 Limited
Independent Auditor's Report (Continued)
To the Members of Loughton 2011 Limited
Page 10
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Colin Turnbull (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
26 June 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Loughton 2011 Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2024
Page 11
2024
2023
Notes
£
£
Turnover
3
55,460,485
52,627,676
Cost of sales
(42,923,138)
(40,076,854)
Gross profit
12,537,347
12,550,822
Distribution costs
(454,430)
(692,076)
Administrative expenses
(11,105,147)
(10,546,163)
Operating profit
4
977,770
1,312,583
Interest payable and similar expenses
8
(347,635)
(301,015)
Profit before taxation
630,135
1,011,568
Tax on profit
9
(76,843)
(244,817)
Profit for the financial year
553,292
766,751
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Loughton 2011 Limited
Group Balance Sheet
As at 31 December 2024
Page 12
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
338,688
319,769
Current assets
Stocks
15
60,000
60,000
Debtors
16
18,393,156
16,692,506
Cash at bank and in hand
422
22
18,453,578
16,752,528
Creditors: amounts falling due within one year
17
(11,268,341)
(9,406,739)
Net current assets
7,185,237
7,345,789
Net assets
7,523,925
7,665,558
Capital and reserves
Called up share capital
20
12,500
12,500
Share premium account
587,500
587,500
Profit and loss reserves
6,923,925
7,065,558
Total equity
7,523,925
7,665,558
The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
25 June 2025
P D Smyth
L J Smyth
Director
Director
Loughton 2011 Limited
Company Balance Sheet
As at 31 December 2024
31 December 2024
Page 13
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
4,282,189
4,282,189
Current assets
Debtors
16
10,000
10,000
Creditors: amounts falling due within one year
17
(3,692,189)
(3,692,189)
Net current liabilities
(3,682,189)
(3,682,189)
Total assets less current liabilities
600,000
600,000
Capital and reserves
Called up share capital
20
12,500
12,500
Share premium account
587,500
587,500
Total equity
600,000
600,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £694,925 (2023: £600,000).

The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
25 June 2025
P D Smyth
L J Smyth
Director
Director
Company Registration No. 07641819
Loughton 2011 Limited
Group Statement of Changes in Equity
For the year ended 31 December 2024
Page 14
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
12,500
587,500
6,898,807
7,498,807
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
766,751
766,751
Dividends
10
-
-
(600,000)
(600,000)
Balance at 31 December 2023
12,500
587,500
7,065,558
7,665,558
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
553,292
553,292
Dividends
10
-
-
(694,925)
(694,925)
Balance at 31 December 2024
12,500
587,500
6,923,925
7,523,925
Loughton 2011 Limited
Company Statement of Changes in Equity
For the year ended 31 December 2024
Page 15
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
12,500
587,500
-
0
600,000
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
600,000
600,000
Dividends
10
-
-
(600,000)
(600,000)
Balance at 31 December 2023
12,500
587,500
-
0
600,000
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
694,925
694,925
Dividends
10
-
-
(694,925)
(694,925)
Balance at 31 December 2024
12,500
587,500
-
0
600,000
Loughton 2011 Limited
Group Statement of Cash Flows
For the year ended 31 December 2024
Page 16
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(1,084,627)
1,823,317
Interest paid
(347,635)
(301,015)
Income taxes paid
(86,108)
(135,051)
Net cash (outflow)/inflow from operating activities
(1,518,370)
1,387,251
Investing activities
Purchase of tangible fixed assets
(96,030)
(209,450)
Net cash used in investing activities
(96,030)
(209,450)
Financing activities
Dividends paid to equity shareholders
(694,925)
(600,000)
Net cash used in financing activities
(694,925)
(600,000)
Net (decrease)/increase in cash and cash equivalents
(2,309,325)
577,801
Cash and cash equivalents at beginning of year
(886,552)
(1,464,353)
Cash and cash equivalents at end of year
(3,195,877)
(886,552)
Relating to:
Cash at bank and in hand
422
22
Bank overdrafts included in creditors payable within one year
(3,196,299)
(886,574)
Loughton 2011 Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 17
1
Accounting policies
Company information

Loughton 2011 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 8 & 9 Loughton Business Centre, 5 Langston Road, Loughton, Essex, IG10 3FL.

 

The group consists of Loughton 2011 Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

The consolidated group financial statements consist of the financial statements of the parent company Loughton 2011 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 18
1.2
Going concern

The group has remained profitable during the period. The group achieved profits after taxation for the year ended 31 December 2024 of £553,292 (2023: £766,751) and has net assets of £7,600,768 (2023: £7,665,558) at the balance sheet date. The group entered into a £6m invoicing discounting facility in November 2022 that has a minimum term of 36 months subject to contract conditions. The facility is due to expire in November 2025 however the provider of the invoice discounting facility has confirmed that subject to continued compliance with the terms, they would expect to continue to provide the facility up to and including July 2026. The Directors have prepared flexed cashflow forecasts to show that the covenants attached to this facility will not be breached in the next twelve months. Based on this the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover represents revenue earned under a wide variety of contracts to provide flooring services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

 

Revenue from contracts for the provision of goods and services is recognised by reference to the stage  of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated based on costs incurred as a proportion of overall expected contract costs.  The revenue recognised in excess of amounts billed is recorded as gross amounts owed by contract customers within debtors and any excess of billing over recognised revenue is included within creditors as deferred income.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
20% straight line and over the lease term
Plant and machinery
15% straight line
Fixtures, fittings & equipment
15% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 19
1.6
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 20
1.9
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 21
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 22
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits
The group operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 23
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using the cost spent to date compared to the total cost expected to be required to undertake the contract. Estimates of the total cost required to undertake the contracts are made on a regular basis and subject to management review. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision-making.

3
Turnover

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Rendering of services
55,460,485
52,627,676

All turnover is generated in the UK and related to the installation of flooring.

 

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(2,170)
2,911
Depreciation of owned tangible fixed assets
77,111
59,260
Operating lease charges
245,504
157,728
Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 24
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
66,000
58,500
For other services
Taxation compliance services
6,000
5,500
All other non-audit services
6,000
5,000
12,000
10,500
6
Employees

The average monthly number of persons (including directors) employed by the group during the year was:

Group
2024
2023
Number
Number
Sales and Estimating
17
17
Administration
23
23
Project team
54
53
Warehouse
5
4
15
11
114
108

Their aggregate remuneration comprised:

Group
2024
2023
£
£
Wages and salaries
7,102,006
7,076,039
Social security costs
832,232
840,046
Pension costs
284,631
243,940
8,218,869
8,160,025
All group employees work for the subsidiary.
Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 25
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
649,805
954,260
Company pension contributions to defined contribution schemes
21,123
20,817
670,928
975,077

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
248,749
313,680
Company pension contributions to defined contribution schemes
4,000
3,850
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
347,635
301,015
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
76,843
244,817
Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
9
Taxation
(Continued)
Page 26

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
630,135
1,011,568
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
157,534
237,926
Tax effect of expenses that are not deductible in determining taxable profit
78,263
6,891
Change in unrecognised deferred tax assets
(5,002)
-
0
Under/(over) provided in prior years
(153,952)
-
0
Taxation charge
76,843
244,817
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
694,925
600,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
2,603,677
Amortisation and impairment
At 1 January 2024 and 31 December 2024
2,603,677
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 27
12
Tangible fixed assets
Group
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2024
240,106
90,088
618,201
948,395
Additions
-
0
1,819
94,211
96,030
Disposals
-
0
(21,527)
(212,875)
(234,402)
At 31 December 2024
240,106
70,380
499,537
810,023
Depreciation and impairment
At 1 January 2024
221,437
32,289
374,900
628,626
Depreciation charged in the year
1,866
24,828
50,417
77,111
Eliminated in respect of disposals
-
0
(21,527)
(212,875)
(234,402)
At 31 December 2024
223,303
35,590
212,442
471,335
Carrying amount
At 31 December 2024
16,803
34,790
287,095
338,688
At 31 December 2023
18,669
57,799
243,301
319,769
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
4,282,189
4,282,189
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
4,282,189
Carrying amount
At 31 December 2024
4,282,189
At 31 December 2023
4,282,189
Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 28
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Loughton Contracts Plc
England and Wales
Flooring Contractors
Ordinary
100
0
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
60,000
60,000
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,298,021
3,718,411
-
0
-
0
Gross amounts owed by contract customers
11,734,507
9,276,095
-
0
-
0
Other debtors
2,992,316
3,054,264
10,000
10,000
Prepayments and accrued income
368,312
643,736
-
0
-
0
18,393,156
16,692,506
10,000
10,000
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
3,196,299
886,574
-
0
-
0
Trade creditors
4,967,536
6,585,836
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,685,886
3,685,886
Corporation tax payable
230,795
240,060
-
0
-
0
Other taxation and social security
466,598
546,177
-
-
Other creditors
1,356,412
133,585
6,303
6,303
Accruals and deferred income
1,050,701
1,014,507
-
0
-
0
11,268,341
9,406,739
3,692,189
3,692,189

The group's invoice discounting facility of £6,000,000 is secured by a fixed and floating charge over all assets of the company, and personal guarantees from the directors (L J Smyth, P D Smyth, J Drage and I M Brownjohn) limited to £25,000 each.

Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 29
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
3,196,299
886,574
-
0
-
0
Payable within one year
3,196,299
886,574
-
0
-
0
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
284,631
243,940

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'B' shares of £1 each
2,450
2,450
2,450
2,450
Ordinary 'A' shares of £1 each
10,050
10,050
10,050
10,050
12,500
12,500
12,500
12,500

The shares rank pari passu.

Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 30
21
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
332,262
244,290
-
-
Between two and five years
982,052
818,742
-
-
In over five years
302,675
385,804
-
-
1,616,989
1,448,836
-
-
22
Related party transactions

The remuneration of key management personnel, who are also directors, is given in note 7.

 

Other transactions

 

During the year the group paid rent of £123,150 (2023: £104,650) to two pension schemes, of which directors and shareholders are trustees and beneficiaries.

 

23
Controlling party

Loughton Trustee Limited, an Employee Ownership Trust, owns 85% of the share capital in Loughton 2011 Limited and is considered to be the ultimate controlling party.

Loughton 2011 Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 31
24
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
553,292
766,751
Adjustments for:
Taxation charged
76,843
244,817
Finance costs
347,635
301,015
Depreciation and impairment of tangible fixed assets
77,111
59,260
Movements in working capital:
Increase in stocks
-
(10,000)
(Increase)/decrease in debtors
(1,700,650)
2,229,491
Decrease in creditors
(438,858)
(1,768,017)
Cash (absorbed by)/generated from operations
(1,084,627)
1,823,317
25
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
22
400
422
Bank overdrafts
(886,574)
(2,309,725)
(3,196,299)
(886,552)
(2,309,325)
(3,195,877)
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