REGISTERED NUMBER: 01845352 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LOFTLORD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

T Boycott

Miss W M Boycott

SECRETARY:

Mrs K.A Boycott

REGISTERED OFFICE:

Bryn Tirion

Dyffryn Ardwdwy

Gwynedd

LL44 2HX

REGISTERED NUMBER:

01845352 (England and Wales)

ACCOUNTANTS:

D.R.E. & Co. Limited

Chartered Accountants

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

FIXED ASSETS

Intangible assets

5

24,000

32,000

Tangible assets

6

1,072,362

1,049,869

Investment property

7

180,000

140,290

1,276,362

1,222,159

CURRENT ASSETS

Stocks

65,919

61,148

Debtors

8

11,310

5,781

Cash at bank and in hand

471,768

381,310

548,997

448,239

CREDITORS

Amounts falling due within one year

9

298,997

239,251

NET CURRENT ASSETS

250,000

208,988

TOTAL ASSETS LESS CURRENT LIABILITIES

1,526,362

1,431,147

CREDITORS

Amounts falling due after more than one year

10

(427,313

)

(448,690

)

PROVISIONS FOR LIABILITIES

(48,194

)

(34,985

)

NET ASSETS

1,050,855

947,472

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

12

1,049,855

946,472

SHAREHOLDERS' FUNDS

1,050,855

947,472

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 26 September 2025 and were signed on its behalf by:

Miss W M Boycott - Director

1.	STATUTORY INFORMATION

Loftlord 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in Sterling (£) rounded to the nearest £1.

Going Concern

The financial statements have been prepared on a going concern basis as the directors are of the opinion that the Company will be able to pay its liabilities as and when they fall due.

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, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Freehold land

- Nil

Freehold buildings

- 2% on cost

Plant and machinery

- 25% on reducing balance

- 15% on reducing balance

Fixtures and fittings

- 15% on reducing balance

Motor Vehicles

- 25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Lease costs

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Investment properties

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

80,000

AMORTISATION

At 1 January 2024

48,000

Charge for year

8,000

At 31 December 2024

56,000

NET BOOK VALUE

At 31 December 2024

24,000

At 31 December 2023

32,000

6.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

land and

Plant and

and

Motor

buildings

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

1,101,127

21,742

123,979

21,250

1,268,098

Additions

16,694

6,218

2,330

25,440

50,682

Disposals

-

(13,225

)

(9,384

)

-

(22,609

)

At 31 December 2024

1,117,821

14,735

116,925

46,690

1,296,171

DEPRECIATION

At 1 January 2024

92,249

12,994

91,736

21,250

218,229

Charge for year

7,890

1,379

4,906

6,360

20,535

Eliminated on disposal

-

(7,455

)

(7,500

)

-

(14,955

)

At 31 December 2024

100,139

6,918

89,142

27,610

223,809

NET BOOK VALUE

At 31 December 2024

1,017,682

7,817

27,783

19,080

1,072,362

At 31 December 2023

1,008,878

8,748

32,243

-

1,049,869

7.	INVESTMENT PROPERTY

The freehold investment properties are shown at their fair values as determined by the directors in 2024.

The directors are satisfied that this valuation is appropriate.

Cost or valuation at 31 December 2024 is represented by:

£

Valuation in 2024

39,710

Cost

140,290

180,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

9,243

4,299

Prepayments and accrued income

2,067

1,482

11,310

5,781

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

20,927

18,662

Trade creditors

62,597

83,007

Tax

42,287

29,638

Social security and other taxes

4,204

5,100

VAT

12,584

15,364

Other creditors

53,449

31,879

Directors' current accounts

79,159

47,485

Accruals and deferred income

23,790

8,116

298,997

239,251

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-5 years

83,706

74,649

Bank loans more 5 yr by instal

343,607

374,041

427,313

448,690

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

343,607

374,041

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

448,240

467,352

The bank loan is secured by way of a personal guarantee given by the directors of £100,000, a fixed and floating charge over the assets of the company, a legal charge over Morfa Stores, Beach Road and the land at Gornant Isaf Farm, Dyffryn.

12.

RESERVES

Included in retained earnings is £30,565 (2023 - £NIL) of profits which are not available for distribution as they are unrealised gains on revaluations.

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £42,250 (2023 - £46,500) were paid to the directors.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Loftlord Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Loftlord Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Loftlord Limited and state those matters that we have agreed to state to the Board of Directors of Loftlord Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Loftlord Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Loftlord Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Loftlord Limited. You consider that Loftlord Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Loftlord Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

D.R.E. & Co. Limited

Chartered Accountants

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

26 September 2025