The Lofts (Ormskirk) Management Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06649522 (England and Wales)

Abbreviated Accounts for the Year Ended 31 January 2014

for

The Lofts (Ormskirk) Management Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

T P Riley

Mrs L S Riley

REGISTERED OFFICE:

122 South Road

Waterloo

Liverpool

Merseyside

L22 0ND

REGISTERED NUMBER:

06649522 (England and Wales)

ACCOUNTANTS:

Cobham Murphy Limited

116 Duke Street

Liverpool

Merseyside

L1 5JW

FIXED ASSETS

Investment property

2

366,766

364,906

CURRENT ASSETS

Stocks

355,462

-

Debtors

16,096

50,395

Cash at bank

1,667

28,463

373,225

78,858

CREDITORS

Amounts falling due within one year

522,912

205,233

NET CURRENT LIABILITIES

(149,687

)

(126,375

)

TOTAL ASSETS LESS CURRENT LIABILITIES

217,079

238,531

CREDITORS

Amounts falling due after more than one year

249,000

249,000

NET LIABILITIES

(31,921

)

(10,469

)

CAPITAL AND RESERVES

Called up share capital

3

2

2

Profit and loss account

(31,923

)

(10,471

)

SHAREHOLDERS' FUNDS

(31,921

)

(10,469

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 October 2014 and were signed on its behalf by:

T P Riley - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INVESTMENT PROPERTY

Total

£

COST

At 1 February 2013

364,906

Additions

1,860

At 31 January 2014

366,766

NET BOOK VALUE

At 31 January 2014

366,766

At 31 January 2013

364,906

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.14

31.1.13

value:

£

£

2

Ordinary

£1

2

2

4.	ULTIMATE PARENT COMPANY

Ascot Waterloo Limited is regarded by the directors as being the company's ultimate parent company.

5.	RELATED PARTY DISCLOSURES

T P Riley

The director, T P Riley, operates a current account with the company, to which all transactions of a private nature

are charged. At 31st January 2014 an amount of £8,718 (2013 £11,703) is included in other creditors.

Ascot Properties UK Limited

A company in which Mr T P Riley is a director

At the year end £230,652 (2013 £191,572) was due to Ascot Properties UK Limited.

Ascot Waterloo Limited

A company in which Mr T P M Riley is a shareholder and director.

At the year end £42,396 (2013 £50,000 was due from Ascot Waterloo Limited) was due to Ascot Waterloo

Limited.

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is T P Riley.