Company Registration No. 11605140 (England and Wales)
LOOM LOFT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024
30 September 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
LOOM LOFT LIMITED
COMPANY INFORMATION
Directors
Mr B M Hargreaves
Mr R J Booth
Company number
11605140
Registered office
Office 4
Junction 7 Business Park
Clayton le Moors
Accrington
BB5 5JW
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
LOOM LOFT LIMITED
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3 - 4
Notes to the financial statements
5 - 9
LOOM LOFT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of the retail of home furnishings.

Business overview

September 2024 completes the year end for Loom Loft’s fifth year of trade since opening its first store in Clitheroe in 2019.

 

Turnover for year ended September 2024 was £6,964,088 a 44% increase on 2023 turnover at £4,815,162.

 

Operating profit for (23/24) is £288,825 a 26% increase on £ 229,197 (22/23).

 

The fourth and largest Loom Loft store and bistro was opened at Preston Docklands in May 2024 which includes 5 months of trade within these accounts.

 

Employee numbers through the year rose to 87 persons in Sep 24 up from 56 in 2023.

 

Cash reserves at year end Sep 24 were £521,742 up 56% from £332,839 in the previous year.

 

Since opening the first Loom Loft flagship store in Clitheroe in 2019,  Loom Loft has grown across the Northwest & West Yorkshire adding showrooms in Batley, Bolton, Preston and most recently Lytham (April 25).

 

At our Clitheroe & Preston locations you will also find a Loft Bistro where you can enjoy breakfast, brunch or locally inspired signature dishes made by our chefs.

 

In January 2024 Loom Loft won one of Feefo’s most exclusive accolades in customer service the Feefo exceptional service award.

 

During 23/24 the company completed the integration of a bespoke operating platform to help manage its entire retail operations, logistics functions and ecommerce activity to support any future growth.

 

At the time of filing the Sep 24 accounts, 7 months accounts (24/25) up to May 2025 are showing substantial growth in turnover, operating profit and employee numbers.

 

 

 

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr B M Hargreaves
Mr R J Booth
LOOM LOFT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr B M Hargreaves
Director
12 June 2025
LOOM LOFT LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,622,621
782,638
Current assets
Stocks
1,289,891
814,544
Debtors
4
1,147,805
648,885
Cash at bank and in hand
521,742
332,839
2,959,438
1,796,268
Creditors: amounts falling due within one year
5
(2,783,831)
(1,673,105)
Net current assets
175,607
123,163
Total assets less current liabilities
1,798,228
905,801
Creditors: amounts falling due after more than one year
6
(886,867)
(268,213)
Provisions for liabilities
(202,380)
(98,313)
Net assets
708,981
539,275
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
708,979
539,273
Total equity
708,981
539,275

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

LOOM LOFT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
Mr B M Hargreaves
Director
Company registration number 11605140 (England and Wales)
LOOM LOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
1
Accounting policies
Company information

Loom Loft Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 4, Junction 7 Business Park, Clayton le Moors, Accrington, BB5 5JW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods to customers and is stated net of value added tax and other sales taxes. Revenue is recognised when performance obligations are satisfied which is normally when goods are delivered to the customer and the control of goods is transferred to the buyer.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% on cost
Plant and equipment
10% on cost
Fixtures and fittings
10% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

LOOM LOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LOOM LOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
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.

1.8
Leases

Assets obtained under hire purchase contracts or finance leases are capitalised on the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

 

The interest element of these obligations is charged to the profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals under operating leases are charged to the profit and loss on a straight line basis over the period of the lease. Lease incentives are allocated over the entire lease period.

1.9

Expenses

Expenses relating to sales orders taken in the period but not fulfilled at the balance sheet date are carried forward within prepayments and expensed in the period to which the sale is recognised. Staff costs relating to capital projects are capitalised as fixed assets and depreciated over the lives of the assets created.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
87
56
LOOM LOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
308,570
36,861
500,556
86,121
932,108
Additions
883,392
-
0
45,058
35,999
964,449
At 30 September 2024
1,191,962
36,861
545,614
122,120
1,896,557
Depreciation and impairment
At 1 October 2023
28,906
11,380
85,890
23,294
149,470
Depreciation charged in the year
67,463
2,549
39,488
14,966
124,466
At 30 September 2024
96,369
13,929
125,378
38,260
273,936
Carrying amount
At 30 September 2024
1,095,593
22,932
420,236
83,860
1,622,621
At 30 September 2023
279,664
25,481
414,666
62,827
782,638
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
334,096
22,447
Other debtors
813,709
626,438
1,147,805
648,885
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,310
10,056
Trade creditors
1,115,800
647,716
Taxation and social security
324,430
515,047
Other creditors
1,333,291
500,286
2,783,831
1,673,105

Included within other creditors are amounts due under hire purchase contracts amounting to £101,658 (2023: £nil) which are secured by the assets to which they relate.

 

Bank loans due under one year £10,310 (2023:£10,056) are secured by government backed guarantee.

LOOM LOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,904
18,215
Other creditors
878,963
249,998
886,867
268,213

Included within other creditors are amounts due under hire purchase contracts amounting to £128,964 (2023: £nil) which are secured by the assets to which they relate.

 

Bank loans due over one year £7,903 (2023:£18,214) are secured by government backed guarantee.

7
Operating lease commitments

At the year end, the company had operating lease commitments of £2,163,857 (2023 - £1,213,258).

8
Related party transactions

Included within other creditors falling due after more than one year are loans from the directors of £749,998 (2023 - £249,998).

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