ACCOUNTS - Final Accounts preparation

LOAKES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Registered number: 00751486


LOAKES LTD REGISTERED NUMBER:00751486

BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Tangible assets	4		6,697		9,315
Current assets
Debtors: amounts falling due within one year	5	17,053		44,385
Cash at bank and in hand		11,513		33,483
		28,566		77,868
Creditors: amounts falling due within one year	6	(24,623)		(17,424)
Net current assets			3,943		60,444
Total assets less current liabilities			10,640		69,759
Provisions for liabilities
Deferred tax			(1,272)		(1,770)
Net assets			£9,368		£67,989

Capital and reserves
Called up share capital	1,001	1,001
Profit and loss account	8,367	66,988
	£9,368	£67,989

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2026.

S J Loakes	A G Loakes
Director	Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1


LOAKES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

Loakes Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 00751486. The company's registered office is Ashwood House, Little London, Tetford, Horncastle, LN9 6QL.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises revenue recognised from the sale of groceries and goods at the West Runton village Post Office and store operated by the company, exclusive of Value Added Tax.

2.3

Intangible assets

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Statement of Comprehensive Income over its estimated economic life of ten years.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives.

Depreciation is provided on the following basis:

				Motor vehicles	-	25%	reducing balance
				Office equipment	-	50%	reducing balance

A full years depreciation charge is provided in the year of acquisition and none in the year of disposal.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.5

Debtors

Debtors are measured at transaction price, less any impairment for bad or doubtful debts.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 2


LOAKES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

2.8

Creditors

Creditors are measured at transaction price.

2.9

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method in order that the amount charged is at a constant rate to the outstanding value of the loan or financed amount.

2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.11

Interest income

Interest income is recognised in the Statement of Comprehensive Income in the year in which it is received.

2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.13

Current and deferred taxation

The taxation expense for the year comprises current and deferred tax. Taxation is only recognised in the Statement of Comprehensive Income.

The current corporation tax charge is calculated on the basis of taxation rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.

The charge for taxation takes into account taxation deferred or accelerated as a result of all material timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only to the extent that they are regarded as recoverable within the foreseeable future. Deferred tax assets and liabilities are not discounted.

Page 3


LOAKES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2025 - 5).

4.	Tangible fixed assets

	Motor vehicles	Office equipment	Total
	£	£	£
Cost or valuation
At 1 April 2025	34,376	11,934	46,310
At 31 March 2026	34,376	11,934	46,310
Depreciation
At 1 April 2025	26,219	10,776	36,995
Charge for the year on owned assets	2,039	579	2,618
At 31 March 2026	28,258	11,355	39,613
Net book value
At 31 March 2026	£6,118	£579	£6,697
At 31 March 2025	£8,157	£1,158	£9,315

Page 4


LOAKES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Debtors

					2026	2025
					£	£


Trade debtors	-	1,784
Other debtors	14,226	42,601
Prepayments and accrued income	2,827	-
	£17,053	£44,385

Included within other debtors due within one year is a loan to S J & Mrs A G Loakes, the directors, amounting to £11,539 (2025 - £42,601). The maximum amount outstanding during the year was £44,202.

6.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Trade creditors	-	5,030
Corporation tax	-	4,318
Other taxation and social security	2,093	3,981
Other creditors	21,331	46
Accruals and deferred income	1,199	4,049
	£24,623	£17,424

Page 5