2024-01-012024-12-312024-12-31false12118074Loopy Products 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Loopy Products Limited

Registered Number
12118074
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

Loopy Products Limited
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

Matthew David Aubrey
Timothy Patrick Keaveney

Registered Address

71-75 Shelton Street
London
WC2H 9JQ

Registered Number

12118074 (England and Wales)
Loopy Products Limited
Statement of Financial Position
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4648-
648-
Current assets
Stocks5157,672124,501
Debtors639,16096,770
Cash at bank and on hand242,016238,455
438,848459,726
Creditors amounts falling due within one year7(217,993)(142,673)
Net current assets (liabilities)220,855317,053
Total assets less current liabilities221,503317,053
Creditors amounts falling due after one year8(1,177)(4,250)
Net assets220,326312,803
Capital and reserves
Called up share capital179176
Share premium2,202,5132,089,254
Profit and loss account(1,982,366)(1,776,627)
Shareholders' funds220,326312,803
The financial statements were approved and authorised for issue by the Board of Directors on 25 June 2025, and are signed on its behalf by:
Matthew David Aubrey
Director
Registered Company No. 12118074
Loopy Products Limited
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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 policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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. At the end of the period there is no Deferred Tax recognised as it is the policy to only reocognise a Deferred Tax asset on unrelieved losses when the company is trading profitably.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year69
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions666666
At 31 December 24666666
Depreciation and impairment
Charge for year1818
At 31 December 241818
Net book value
At 31 December 24648648
At 31 December 23--
5.Stocks

2024

2023

££
Other stocks157,672124,501
Total157,672124,501
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables14,26979,886
Other debtors24,40616,884
Prepayments and accrued income323-
Deferred tax asset, debtors162-
Total39,16096,770
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables139,48772,622
Bank borrowings and overdrafts3,1085,939
Taxation and social security46,09450,400
Other creditors29,30413,712
Total217,993142,673
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts1,1774,250
Total1,1774,250
9.Controlling party
The directors consider that there is no ultimate controlling party, as no single individual, entity, or group has control over the entity.