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Registration number: 11840502

Looms Bros Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Looms Bros Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Looms Bros Ltd

Company Information

Directors

Mrs Carol Ann Williams

Mrs Winifred Dorothy Looms

Mr Stephen Thomas Looms

Mr Eifion John Looms

Registered office

Bryn Hyfryd Farm
Valley
Holyhead
Anglesey
LL65 3EP

Accountants

Aston Hughes & Co
Chartered Accountants
Selby Towers
29 Princes Drive
Colwyn Bay
LL29 8PE

 

Looms Bros Ltd

(Registration number: 11840502)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

14,356

17,787

Current assets

 

Stocks

5

120,000

154,521

Debtors

6

29,044

21,667

Cash at bank and in hand

 

1,339

16,666

 

150,383

192,854

Creditors: Amounts falling due within one year

7

(130,196)

(175,793)

Net current assets

 

20,187

17,061

Total assets less current liabilities

 

34,543

34,848

Creditors: Amounts falling due after more than one year

7

(24,640)

(34,655)

Net assets

 

9,903

193

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

9,803

93

Shareholders' funds

 

9,903

193

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
Mrs Carol Ann Williams
Director

 

Looms Bros Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Bryn Hyfryd Farm
Valley
Holyhead
Anglesey
LL65 3EP

These financial statements were authorised for issue by the Board on 12 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Looms Bros Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Equipment & Plant

25% Reducing Balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Looms Bros Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

 

Looms Bros Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

50,636

6,639

57,275

Additions

-

3,500

3,500

At 30 June 2023

50,636

10,139

60,775

Depreciation

At 1 July 2022

34,313

5,175

39,488

Charge for the year

4,966

1,965

6,931

At 30 June 2023

39,279

7,140

46,419

Carrying amount

At 30 June 2023

11,357

2,999

14,356

At 30 June 2022

16,323

1,464

17,787

5

Stocks

2023
£

2022
£

Other inventories

120,000

154,521

6

Debtors

Current

2023
£

2022
£

Trade debtors

9,238

12,314

Other debtors

19,806

9,353

 

29,044

21,667

7

Creditors

Creditors: amounts falling due within one year

 

Looms Bros Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

9,526

14,376

Trade creditors

 

92,046

145,028

Taxation and social security

 

11,300

4,371

Accruals and deferred income

 

13,235

7,992

Other creditors

 

4,089

4,026

 

130,196

175,793

 

Looms Bros Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

24,640

34,655

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £25 each

4

100

4

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,640

34,655

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,526

14,376

10

Dividends

   

2023

 

2022

   

£

 

£