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REGISTERED NUMBER: 03843191 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2023

FOR

LIGHTNING LOOMS LIMITED

LIGHTNING LOOMS LIMITED (REGISTERED NUMBER: 03843191)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LIGHTNING LOOMS LIMITED

COMPANY INFORMATION
for the year ended 29 December 2023







DIRECTOR: I C Grant



REGISTERED OFFICE: 12a Lythall Close
Radford Semele
Leamington Spa
Warwickshire
CV31 1UG



REGISTERED NUMBER: 03843191 (England and Wales)



BANKERS: Lloyds Bank PLC
73 The Parade
Leamington Spa
Warwickshire
CV32 4BB

LIGHTNING LOOMS LIMITED (REGISTERED NUMBER: 03843191)

BALANCE SHEET
29 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,500 7,500
Tangible assets 5 1,308 1,539
8,808 9,039

CURRENT ASSETS
Debtors 6 117,392 138,825
Cash at bank 172 2,944
117,564 141,769
CREDITORS
Amounts falling due within one year 7 94,759 112,451
NET CURRENT ASSETS 22,805 29,318
TOTAL ASSETS LESS CURRENT
LIABILITIES

31,613

38,357

CREDITORS
Amounts falling due after more than one year 8 5,666 9,668
NET ASSETS 25,947 28,689

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 25,847 28,589
SHAREHOLDERS' FUNDS 25,947 28,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 December 2023 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.

LIGHTNING LOOMS LIMITED (REGISTERED NUMBER: 03843191)

BALANCE SHEET - continued
29 December 2023


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 30 January 2025 and were signed by:





I C Grant - Director


LIGHTNING LOOMS LIMITED (REGISTERED NUMBER: 03843191)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 December 2023

1. STATUTORY INFORMATION

Lightning Looms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

The financial statements are presented in sterling which is the functional currency of the company and is rounded to the nearest £1.

Turnover
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Intangible assets
Patents and licences are initially measured at cost. After initial recognition, intangible assets are measured at fair value . The directors consider that the open market value of the patents and licences is materially equal to the cost incurred on purchase.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & fittings - 15% on reducing balance

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

LIGHTNING LOOMS LIMITED (REGISTERED NUMBER: 03843191)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 30 December 2022
and 29 December 2023 7,500
NET BOOK VALUE
At 29 December 2023 7,500
At 29 December 2022 7,500

5. TANGIBLE FIXED ASSETS
Fixtures
& fittings
£   
COST
At 30 December 2022
and 29 December 2023 7,361
DEPRECIATION
At 30 December 2022 5,822
Charge for year 231
At 29 December 2023 6,053
NET BOOK VALUE
At 29 December 2023 1,308
At 29 December 2022 1,539

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 9,036 14,382
Other debtors 108,356 124,443
117,392 138,825

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 4,000 4,000
Taxation and social security 84,582 107,001
Other creditors 6,177 1,450
94,759 112,451

LIGHTNING LOOMS LIMITED (REGISTERED NUMBER: 03843191)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 5,666 9,668

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 29 December 2023 and the period ended 29 December 2022:

2023 2022
£    £   
I C Grant
Balance outstanding at start of year 100,346 74,145
Amounts advanced 19,900 30,265
Amounts repaid (35,987 ) (4,064 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 84,259 100,346

11. CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.