Company Registration No. 15069353 (England and Wales)
Loftus Casual Limited
Financial statements
for the period ended 14 February 2025
Pages for filing with the registrar
Loftus Casual Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Loftus Casual Limited
Balance sheet
As at 14 February 2025
1
2025
Notes
£
£
Current assets
Debtors
5
689,198
Cash at bank and in hand
4,834
694,032
Creditors: amounts falling due within one year
6
(694,031)
Net current assets
1
Capital and reserves
Called up share capital
7
1

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 9 July 2025 and are signed on its behalf by:
Richard Nicholas
Director
Company Registration No. 15069353
Loftus Casual Limited
Statement of changes in equity
For the period ended 14 February 2025
2
Share capital
Notes
£
Balance at 14 August 2023
-
0
Period ended 14 February 2025:
Profit and total comprehensive income
-
Issue of share capital
7
1
Balance at 14 February 2025
1
Loftus Casual Limited
Notes to the financial statements
For the period ended 14 February 2025
3
1
Accounting policies
Company information

Loftus Casual Limited is a private company limited by shares incorporated in England and Wales. The registered office is 42-44 Beak Street, London, W1F 9RH.

1.1
Reporting period

The reporting period covers the 18 month period from 14 August 2023 to 14 February 2025. This is the first reporting period. The longer reporting period was used to align with the completion of the television programme.

1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.3
Going concern

The financial statements have been prepared using a basis other than going concern. The directors expect the company to cease trading as the production is now complete and do not consider it appropriate to adopt the going concern basis of accounting as a result. The adoption of a basis other than going concern did not affect the recognition and measurement of any assets and liabilities, and no additional provisions have been recognised as a result of the production ceasing.true

1.4
Turnover

In respect of long term contracts for ongoing services, turnover represents the value of work done in the period, including estimates for amounts not invoiced. Value of work done in respect of long-term contracts and contracts for ongoing services is determined by reference to the stage of completion.

 

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

 

1.5
Cash and cash equivalents

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.

Loftus Casual Limited
Notes to the financial statements (continued)
For the period ended 14 February 2025
1
Accounting policies (continued)
4
1.6
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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, 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.

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 company 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.

1.7
Equity instruments

Equity instruments issued by the company 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 company.

1.8
Taxation

The tax credit represents the sum of tax currently recoverable.

Loftus Casual Limited
Notes to the financial statements (continued)
For the period ended 14 February 2025
1
Accounting policies (continued)
5
Current tax

The tax currently receivable is based on relievable losses arising as the result of high-end television tax relief legislation. Relievable losses differ from net losses as reported in the profit and loss account because they include an additional deduction relating to qualifying production expenditure and exclude items of income or expense that are deductible in other years, as well as items that are never taxable or deductible. The company's tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tax credit estimate

The key accounting estimate within the financial statements for this company is the valuation of the high end TV tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for tax relief.

Loftus Casual Limited
Notes to the financial statements (continued)
For the period ended 14 February 2025
6
3
Employees

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

2025
Number
Total
4
4
Taxation
2025
£
Current tax
UK corporation tax on profits for the current period
(478,105)

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

2025
£
Loss before taxation
(478,105)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(119,526)
Enhanced losses arising from the television tax credit
(477,800)
Losses carried forward
119,221
Taxation credit for the period
(478,105)
5
Debtors
2025
Amounts falling due within one year:
£
Trade debtors
171,538
Corporation tax recoverable
478,105
Amounts owed by parent undertakings
28,670
Other debtors
10,885
689,198
Loftus Casual Limited
Notes to the financial statements (continued)
For the period ended 14 February 2025
7
6
Creditors: amounts falling due within one year
2025
£
Trade creditors
178,221
Other creditors
515,810
694,031
7
Called up share capital
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
8
Audit report information

As the profit and loss account has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

We draw attention to note 1.3 which explains that the directors expect the company to cease trading as production has been completed and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing these financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.3. Our opinion is not modified in respect of his matter.

Statutory Auditors:
Joanna Cosgrove, for and on behalf of Moore Kingston Smith LLP
Date of audit report:
21 July 2025
9
Related party transactions

The company has taken advantage of the exemption under paragraph 33.1a of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.

10
Parent company

The company's immediate parent undertaking is RSA Films (Holdings) Limited, a company registered in England and Wales.

 

There is no ultimate controlling party.

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