2022-12-012023-11-302023-11-30false11678513Property Loom 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Property Loom Limited

Registered Number
11678513
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

Property Loom Limited
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

BROOK, Andrew Michael

Registered Address

3 Kilners Croft
Addingham
Ilkley
LS29 0TS

Registered Number

11678513 (England and Wales)
Property Loom Limited
Statement of Financial Position
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property31,000,0001,000,000
1,000,0001,000,000
Current assets
Debtors-19,067
Cash at bank and on hand40,41319,474
40,41338,541
Creditors amounts falling due within one year5(9,092)(14,290)
Net current assets (liabilities)31,32124,251
Total assets less current liabilities1,031,3211,024,251
Provisions for liabilities6(27,000)(20,000)
Net assets1,004,3211,004,251
Capital and reserves
Called up share capital404404
Other reserves500,906507,906
Profit and loss account503,011495,941
Shareholders' funds71,004,3211,004,251
The financial statements were approved and authorised for issue by the Director on 11 March 2024, and are signed on its behalf by:
BROOK, Andrew Michael
Director
Registered Company No. 11678513
Property Loom Limited
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders, and creditors and therefore continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. 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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Financial instruments
The Company enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year22
3.Investment property
The 2023 valuations were made by the director, on an open market value for existing use basis. The director confirms that the current market value of the property is not materially different from this valuation. The historical cost of the property was £472,094 (2022 - £472,094).

£
Fair value at 01 December 221,000,000
At 30 November 231,000,000
4.Debtors: amounts due within one year

2023

2022

££
Prepayments and accrued income-19,067
Total-19,067
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
5.Creditors: amounts due within one year

2023

2022

££
Taxation and social security46-
Other creditors68012,305
Accrued liabilities and deferred income8,3661,985
Total9,09214,290
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of the settlement can be made.

2023

2022

££
Net deferred tax liability (asset)27,00020,000
Total27,00020,000
7.Revaluation reserve
The reserve arises on the revaluation of the investment property. Deferred tax is provided on the reserve at the applicable corporation tax rate.
8.Related party transactions
At 30 November 2023 the company owed the Director £680 (2022 - £12,305). No interest was charged on this loan and the loan is repayable on demand. The company is under the control of A M Brook, who together with his close family members, own 100% of the issued share capital.