Company Registration No. 11846992 (England and Wales)
Lostcafe Ltd
Unaudited accounts
for the year ended 28 February 2023
Lostcafe Ltd
Unaudited accounts
Contents
Lostcafe Ltd
Company Information
for the year ended 28 February 2023
Directors
Daniel Rollerson
Jamie Wigg
Company Number
11846992 (England and Wales)
Registered Office
58 East Street
Newquay
Cornwall
TR7 1BE
Accountants
Linggard and Thomas
Kew an Lergh
Stret Myghtern Arthur
Nansledan
Cornwall
TR8 4UX
Lostcafe Ltd
Statement of financial position
as at 28 February 2023
Intangible assets
2,500
5,417
Tangible assets
41,372
29,258
Cash at bank and in hand
61,567
79,356
Creditors: amounts falling due within one year
(75,028)
(82,326)
Net current (liabilities)/assets
(6,597)
6,595
Total assets less current liabilities
37,275
41,270
Provisions for liabilities
Deferred tax
(6,296)
(5,559)
Called up share capital
6
6
Profit and loss account
30,973
35,705
Shareholders' funds
30,979
35,711
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by
Jamie Wigg
Director
Company Registration No. 11846992
Lostcafe Ltd
Notes to the Accounts
for the year ended 28 February 2023
Lostcafe Ltd is a private company, limited by shares, registered in England and Wales, registration number 11846992. The registered office is 58 East Street, Newquay, Cornwall, TR7 1BE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Fixtures & fittings
20% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Lostcafe Ltd
Notes to the Accounts
for the year ended 28 February 2023
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Intangible fixed assets
Other
At 28 February 2023
12,500
At 28 February 2023
10,000
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2022
46,738
337
47,075
Additions
20,661
929
21,590
At 28 February 2023
67,399
1,266
68,665
At 1 March 2022
17,696
121
17,817
Charge for the year
9,376
100
9,476
At 28 February 2023
27,072
221
27,293
At 28 February 2023
40,327
1,045
41,372
At 28 February 2022
29,042
216
29,258
Amounts falling due within one year
Lostcafe Ltd
Notes to the Accounts
for the year ended 28 February 2023
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
5,198
11,864
Taxes and social security
1,365
4,778
Other creditors
6,394
2,525
Loans from directors
58,971
57,412
8
Average number of employees
During the year the average number of employees was 11 (2022: 9).
