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REGISTERED NUMBER: 07558151 (England and Wales)












ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

LOVEITTS LIMITED

LOVEITTS LIMITED (REGISTERED NUMBER: 07558151)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


LOVEITTS LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: P W Barnes
C P Edsall
C K Head
J R Pugh
P G Rosier
Mrs S E Smith





REGISTERED OFFICE: Seven Stars House
1 Wheler Road
Coventry
West Midlands
CV3 4LB





REGISTERED NUMBER: 07558151 (England and Wales)






LOVEITTS LIMITED (REGISTERED NUMBER: 07558151)

ABRIDGED BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 268,000 301,500
Tangible assets 5 89,930 49,268
Investments 6 2,799 2,799
360,729 353,567

CURRENT ASSETS
Debtors 183,812 203,515
Cash at bank and in hand 816,172 825,679
999,984 1,029,194
CREDITORS
Amounts falling due within one year 805,883 921,053
NET CURRENT ASSETS 194,101 108,141
TOTAL ASSETS LESS CURRENT
LIABILITIES

554,830

461,708

CREDITORS
Amounts falling due after more than one
year

(22,389

)

(32,095

)

PROVISIONS FOR LIABILITIES (21,346 ) (8,307 )
NET ASSETS 511,095 421,306

CAPITAL AND RESERVES
Called up share capital 115 115
Share premium 100,394 100,394
Retained earnings 410,586 320,797
511,095 421,306

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

LOVEITTS LIMITED (REGISTERED NUMBER: 07558151)

ABRIDGED BALANCE SHEET - continued
31 March 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 19 October 2023 and were signed on its behalf by:





J R Pugh - Director


LOVEITTS LIMITED (REGISTERED NUMBER: 07558151)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Loveitts 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.

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 accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts. The difference between the fair value of consideration and the normal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill
The directors have reviewed the impact of FRS102 and considered the remaining useful life of the acquired goodwill to be a reflective and reliable term on the basis that the company continues to enhance its wealth and capital growth.

Acquired goodwill is written off in equal annual instalments over its useful economic life of 20 years. As at the balance sheet date the outstanding useful life was 9 years.

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 & equipment - 20% on reducing balance
Computer equipment - Straight line over 3 years

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.

LOVEITTS LIMITED (REGISTERED NUMBER: 07558151)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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.

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.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2022 - 62 ) .

LOVEITTS LIMITED (REGISTERED NUMBER: 07558151)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022
and 31 March 2023 670,000
AMORTISATION
At 1 April 2022 368,500
Amortisation for year 33,500
At 31 March 2023 402,000
NET BOOK VALUE

At 31 March 2023 268,000
At 31 March 2022 301,500

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 304,904
Additions 58,323
At 31 March 2023 363,227
DEPRECIATION
At 1 April 2022 255,636
Charge for year 17,661
At 31 March 2023 273,297
NET BOOK VALUE
At 31 March 2023 89,930
At 31 March 2022 49,268

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 April 2022
and 31 March 2023 2,799
NET BOOK VALUE
At 31 March 2023 2,799
At 31 March 2022 2,799

LOVEITTS LIMITED (REGISTERED NUMBER: 07558151)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

7. 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.