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REGISTERED NUMBER: 04317225 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

LOOMAH LIMITED

LOOMAH LIMITED (REGISTERED NUMBER: 04317225)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LOOMAH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: A J T Cotgrove





SECRETARY: Ms N C Cotgrove





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 04317225 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

LOOMAH LIMITED (REGISTERED NUMBER: 04317225)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 3,939 2,460

CURRENT ASSETS
Stocks 4 40,000 53,000
Debtors 5 698,106 447,099
Cash at bank 867,152 1,277,597
1,605,258 1,777,696
CREDITORS
Amounts falling due within one year 6 1,095,111 1,543,354
NET CURRENT ASSETS 510,147 234,342
TOTAL ASSETS LESS CURRENT
LIABILITIES

514,086

236,802

CREDITORS
Amounts falling due after more than one
year

7

(26,000

)

(72,667

)

PROVISIONS FOR LIABILITIES (985 ) (468 )
NET ASSETS 487,101 163,667

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 487,099 163,665
487,101 163,667

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 August 2024 and were signed by:





A J T Cotgrove - Director


LOOMAH LIMITED (REGISTERED NUMBER: 04317225)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. 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 represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

LOOMAH LIMITED (REGISTERED NUMBER: 04317225)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 March 2023 1,354 12,243 2,750
Additions - - -
At 29 February 2024 1,354 12,243 2,750
DEPRECIATION
At 1 March 2023 1,217 11,017 2,750
Charge for year 137 1,226 -
At 29 February 2024 1,354 12,243 2,750
NET BOOK VALUE
At 29 February 2024 - - -
At 28 February 2023 137 1,226 -

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2023 13,884 22,808 53,039
Additions - 4,049 4,049
At 29 February 2024 13,884 26,857 57,088
DEPRECIATION
At 1 March 2023 13,830 21,765 50,579
Charge for year 26 1,181 2,570
At 29 February 2024 13,856 22,946 53,149
NET BOOK VALUE
At 29 February 2024 28 3,911 3,939
At 28 February 2023 54 1,043 2,460

4. STOCKS
2024 2023
£    £   
Stocks 40,000 53,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 424,729 117,356
Amounts owed by associates 1,580 1,370
Other debtors 11,667 11,667
Directors' loan accounts 50,131 93,131
Prepayments 209,999 223,575
698,106 447,099

LOOMAH LIMITED (REGISTERED NUMBER: 04317225)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 12,000 28,000
Trade creditors 43,837 256,994
Tax 174,591 71,410
Social security and other taxes (4,450 ) 4,208
VAT 19,568 66,256
Other creditors 2,706 3,491
Accruals and deferred income 783,114 957,732
Accrued expenses 63,745 155,263
1,095,111 1,543,354

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 12,000 28,000
Bank loans - 2-5 years 14,000 44,667
26,000 72,667

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
A J T Cotgrove
Balance outstanding at start of year 93,131 146,972
Amounts advanced 58,663 4,578
Amounts repaid (101,663 ) (58,419 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 50,131 93,131

This balance represented the maximum amount outstanding during the year. Interest is charged on any overdrawn amounts at the beneficial loan interest of 2% up to 5 April 2023 and 2.25% from 6 April 2023 onwards.

9. RELATED PARTY DISCLOSURES

During the year, Loomah Carpets 2009 Limited owed the company £1,580 as at the year end (2023: £1,370). All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J T Cotgrove & Ms N C Cotgrove.

This was by virtue of their 100% holding of the issued share capital.