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REGISTERED NUMBER: 05076305 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

FRANCIS LOVEL & CO LIMITED

FRANCIS LOVEL & CO LIMITED (REGISTERED NUMBER: 05076305)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FRANCIS LOVEL & CO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mr M S Hunt
Mr F D Lovel
Mr S F Mawle
Mr J E Mawle





SECRETARY: Mr J E Mawle





REGISTERED OFFICE: Wharton Buildings
Downs Road
Witney
Oxfordshire
OX29 0RF





REGISTERED NUMBER: 05076305 (England and Wales)





ACCOUNTANTS: Bronsens
Chartered Certified Accountants
Hillside
Albion Street
Chipping Norton
Oxfordshire
OX7 5BH

FRANCIS LOVEL & CO LIMITED (REGISTERED NUMBER: 05076305)

BALANCE SHEET
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,389,763 1,399,423
Investments 5 69,821 69,821
1,459,584 1,469,244

CURRENT ASSETS
Stocks 6 326,138 330,411
Debtors 7 665,563 685,169
Cash at bank and in hand 66,315 92,621
1,058,016 1,108,201
CREDITORS
Amounts falling due within one year 8 195,881 232,852
NET CURRENT ASSETS 862,135 875,349
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,321,719

2,344,593

CREDITORS
Amounts falling due after more than one
year

9

(920,454

)

(969,026

)

PROVISIONS FOR LIABILITIES 11 (152,608 ) (154,141 )
NET ASSETS 1,248,657 1,221,426

CAPITAL AND RESERVES
Called up share capital 12 1,010 1,010
Revaluation reserve 13 697,704 697,704
Retained earnings 13 549,943 522,712
SHAREHOLDERS' FUNDS 1,248,657 1,221,426

FRANCIS LOVEL & CO LIMITED (REGISTERED NUMBER: 05076305)

BALANCE SHEET - continued
28 FEBRUARY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 4 August 2023 and were signed on its behalf by:




Mr F D Lovel - Director



Mr M S Hunt - Director


FRANCIS LOVEL & CO LIMITED (REGISTERED NUMBER: 05076305)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Francis Lovel & Co 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Francis Lovel & Co Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents net invoiced sales of goods and services excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided - see below
Short leasehold - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

The directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

The directors perform annual impairment reviews in accordance with the requirements of the FRS102A to ensure that the recoverable amount is not lower than the carrying value.

The valuation of Freehold Property is considered by the directors annually and is revalued as appropriate.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

The cost is not being written down as the subsidiary is expected to become profitable in the near future.

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


FRANCIS LOVEL & CO LIMITED (REGISTERED NUMBER: 05076305)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

FRANCIS LOVEL & CO LIMITED (REGISTERED NUMBER: 05076305)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 March 2022 1,350,000 64,707 240,565
Additions - - 4,116
Reclassification/transfer - - (15,000 )
At 28 February 2023 1,350,000 64,707 229,681
DEPRECIATION
At 1 March 2022 - 55,140 221,939
Charge for year - 1,594 5,248
Reclassification/transfer - - (13,247 )
At 28 February 2023 - 56,734 213,940
NET BOOK VALUE
At 28 February 2023 1,350,000 7,973 15,741
At 28 February 2022 1,350,000 9,567 18,626

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2022 8,045 43,495 8,517 1,715,329
Additions - - - 4,116
Reclassification/transfer - - - (15,000 )
At 28 February 2023 8,045 43,495 8,517 1,704,445
DEPRECIATION
At 1 March 2022 5,402 26,647 6,778 315,906
Charge for year 396 4,211 574 12,023
Reclassification/transfer - - - (13,247 )
At 28 February 2023 5,798 30,858 7,352 314,682
NET BOOK VALUE
At 28 February 2023 2,247 12,637 1,165 1,389,763
At 28 February 2022 2,643 16,848 1,739 1,399,423

Included in cost or valuation of land and buildings is freehold land of £ 1,350,000 (2022 - £ 1,350,000 ) which is not depreciated.

FRANCIS LOVEL & CO LIMITED (REGISTERED NUMBER: 05076305)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 28 February 2023 is represented by:

Freehold Short Plant and
property leasehold machinery
£    £    £   
Valuation in 2013 254,273 - -
Valuation in 2017 90,000 - -
Valuation in 2018 500,000 - -
Cost 505,727 64,707 229,681
1,350,000 64,707 229,681

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2013 - - - 254,273
Valuation in 2017 - - - 90,000
Valuation in 2018 - - - 500,000
Cost 8,045 43,495 8,517 860,172
8,045 43,495 8,517 1,704,445

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 March 2022
and 28 February 2023 5,210 25,000 30,210
DEPRECIATION
At 1 March 2022 3,562 10,938 14,500
Charge for year 412 3,515 3,927
At 28 February 2023 3,974 14,453 18,427
NET BOOK VALUE
At 28 February 2023 1,236 10,547 11,783
At 28 February 2022 1,648 14,062 15,710

FRANCIS LOVEL & CO LIMITED (REGISTERED NUMBER: 05076305)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2022
and 28 February 2023 69,821
NET BOOK VALUE
At 28 February 2023 69,821
At 28 February 2022 69,821

The fixed asset investments represent shares in two subsidiary companies, Henry Atkin Gunmakers Ltd and Atkin Grant and Lang Ltd.

6. STOCKS
28.2.23 28.2.22
£    £   
Stocks 326,138 330,411

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 36,578 14,825
Amounts owed by group undertakings 621,315 665,674
Other debtors 1,000 1,000
Directors' current accounts 88 88
Prepayments 6,582 3,582
665,563 685,169

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 30,000 30,000
Hire purchase contracts 5,196 5,542
Trade creditors 66,337 105,755
Tax 1,166 7,666
Social security and other taxes 1,889 2,302
VAT 13,209 12,779
Other creditors 6,118 5,323
Pension 606 721
Directors' current accounts 37,908 37,908
Accrued expenses 33,452 24,856
195,881 232,852

FRANCIS LOVEL & CO LIMITED (REGISTERED NUMBER: 05076305)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans - 1-2 years 30,000 30,000
Bank loans - 2-5 years 90,000 90,000
Bank loan 315,243 350,161
Hire purchase contracts 6,750 11,946
Loan SFM Trust/2000 settlement 231,968 236,441
Loans JEM 2000 settlement 246,493 250,478
920,454 969,026

Amounts falling due in more than five years:

Repayable by instalments
Bank loan 315,243 350,161

10. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank loans 465,243 500,161

The National Westminster bank loan is secured by a legal fixed and floating charge dated 21 May 2018 over all the property and undertaking of the company. Two further legal fixed charges dated 5 June 2018 are secured on land and buildings at Broomhills Shooting Ground, Windmill Road, Markyate, St Albans, Hertfordshire and land on the East side of Windmill Road, Markyate, St Albans, Hertfordshire.

11. PROVISIONS FOR LIABILITIES
28.2.23 28.2.22
£    £   
Deferred tax
Accelerated capital allowances 6,040 7,573
Deferred tax 146,568 146,568
152,608 154,141

Deferred
tax
£   
Balance at 1 March 2022 154,141
Provided during year (1,533 )
Balance at 28 February 2023 152,608

FRANCIS LOVEL & CO LIMITED (REGISTERED NUMBER: 05076305)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
910 Ordinary A £1 910 910
100 Ordinary B £1 100 100
1,010 1,010

13. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2022 522,712 697,704 1,220,416
Profit for the year 94,191 94,191
Dividends (66,960 ) (66,960 )
At 28 February 2023 549,943 697,704 1,247,647