Registration number: NI602976

Loft Estates Limited

(Registration number: NI602976)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	15,688	21,166
Investment property	5	-	1,050,000
Investments	6	-	1,192,785
		15,688	2,263,951
Current assets
Debtors	7	222,043	473,396
Cash at bank and in hand		16,914	32,211
		238,957	505,607
Creditors: Amounts falling due within one year	8	(27,437)	(39,824)
Net current assets		211,520	465,783
Total assets less current liabilities		227,208	2,729,734
Creditors: Amounts falling due after more than one year	9	(1,772)	(237,050)
Provisions for liabilities		(3,000)	(122,400)
Net assets		222,436	2,370,284
Capital and reserves
Called up share capital	10	200,100	300,100
Revaluation reserve		-	1,044,626
Retained earnings		22,336	1,025,558
Shareholders' funds		222,436	2,370,284

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Loft Estates Limited

(Registration number: NI602976)
Balance Sheet as at 31 March 2025

Approved and authorised by the director on 19 November 2025
 

......................................... Mr Francis Connor James Dinsmore Director

Loft Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 88 Galgorm Road, Ballymena, Co. Antrim, BT42 1AA.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of residential properties and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts. For the sale of properties, revenue is recognised at the date of contract. Management fee income is recognised on a monthly basis over the duration of the provision of services.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is provided in respect of all timing differences at the balance sheet. Timing differences are differences between the Company’s taxable profit and its results stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Loft Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	10% straight line basis
Computer equipment	25% reducing balance basis
Plant and equipment	25% reducing balance basis

Investment property

Investment properties are initially measured at cost. Cost comprises the purchase price and any directly attributable expenditure including fees, taxes and other transaction costs. Direct costs initially incurred in arranging a lease are included in the cost of the property and subsequently expensed over the lease term. Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the profit and loss account.

Investments

Investments for which the fair value can be measured reliably are initially at cost, with changes in fair value recognised in in other comprehensive income. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value. The cost of
work in progress comprises direct materials and, where applicable, direct labour costs and direct overhead. Net realisable value is calculated as selling price less any direct costs to completion.
The carrying value of stock and work in progress is reviewed annually for evidence of any impairment. Where identified, full provision is made to reduce the carrying value to the lower of cost and net realisable value.

Loft Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date, or if the likelihood of earlier settlement is remote.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2024 - 2).

Loft Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2024	54,426	19,600	33,648	107,674
At 31 March 2025	54,426	19,600	33,648	107,674
Depreciation
At 1 April 2024	44,309	11,028	31,171	86,508
Charge for the year	2,535	2,144	799	5,478
At 31 March 2025	46,844	13,172	31,970	91,986
Carrying amount
At 31 March 2025	7,582	6,428	1,678	15,688
At 31 March 2024	10,117	8,572	2,477	21,166