Lancashire Lofts Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06402700 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

LANCASHIRE LOFTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J B Taylor

M Westhead

SECRETARY:

J B Taylor

REGISTERED OFFICE:

7 Station Road

Hesketh Bank

Preston

Lancashire

PR4 6SN

REGISTERED NUMBER:

06402700 (England and Wales)

ACCOUNTANTS:

Champion TLL Limited

7-9 Station Road

Hesketh Bank

Preston

Lancashire

PR4 6SN

FIXED ASSETS

Intangible assets

4

10,800

12,600

Tangible assets

5

3,163

4,130

13,963

16,730

CURRENT ASSETS

Stocks

16,515

2,650

Debtors

6

319

319

Cash at bank

17,121

13,921

33,955

16,890

CREDITORS

Amounts falling due within one year

7

44,930

32,001

NET CURRENT LIABILITIES

(10,975

)

(15,111

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,988

1,619

PROVISIONS FOR LIABILITIES

601

785

NET ASSETS

2,387

834

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,287

734

SHAREHOLDERS' FUNDS

2,387

834

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th August 2022 and were signed on its behalf by:

J B Taylor - Director

M Westhead - Director

1.	STATUTORY INFORMATION

Lancashire Lofts 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

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 2008, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Tools and equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2021

and 31st March 2022

36,000

AMORTISATION

At 1st April 2021

23,400

Amortisation for year

1,800

At 31st March 2022

25,200

NET BOOK VALUE

At 31st March 2022

10,800

At 31st March 2021

12,600

5.	TANGIBLE FIXED ASSETS

Fixtures

Tools and

and

Motor

Computer

equipment

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2021

and 31st March 2022

3,000

631

4,600

800

9,031

DEPRECIATION

At 1st April 2021

2,621

351

1,150

779

4,901

Charge for year

57

42

863

5

967

At 31st March 2022

2,678

393

2,013

784

5,868

NET BOOK VALUE

At 31st March 2022

322

238

2,587

16

3,163

At 31st March 2021

379

280

3,450

21

4,130

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

319

319

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

8,510

10,000

Trade creditors

12,712

1,000

Taxation and social security

19,766

13,902

Other creditors

3,942

7,099

44,930

32,001

8.	CONTROL OF THE ENTITY

The company is controlled by the directors by virtue of their 100% ownership of the issued share capital.