IRIS Accounts Production v24.1.0.578 04253545 director 1.8.22 31.7.23 31.7.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh042535452022-07-31042535452023-07-31042535452022-08-012023-07-31042535452021-07-31042535452021-08-012022-07-31042535452022-07-3104253545ns15:EnglandWales2022-08-012023-07-3104253545ns14:PoundSterling2022-08-012023-07-3104253545ns10:Director12022-08-012023-07-3104253545ns10:PrivateLimitedCompanyLtd2022-08-012023-07-3104253545ns10:SmallEntities2022-08-012023-07-3104253545ns10:AuditExempt-NoAccountantsReport2022-08-012023-07-3104253545ns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3104253545ns10:SmallCompaniesRegimeForAccounts2022-08-012023-07-3104253545ns10:FullAccounts2022-08-012023-07-310425354512022-08-012023-07-3104253545ns10:CompanySecretary12022-08-012023-07-3104253545ns10:RegisteredOffice2022-08-012023-07-3104253545ns5:CurrentFinancialInstruments2023-07-3104253545ns5:CurrentFinancialInstruments2022-07-3104253545ns5:Non-currentFinancialInstruments2023-07-3104253545ns5:Non-currentFinancialInstruments2022-07-3104253545ns5:ShareCapital2023-07-3104253545ns5:ShareCapital2022-07-3104253545ns5:RetainedEarningsAccumulatedLosses2023-07-3104253545ns5:RetainedEarningsAccumulatedLosses2022-07-3104253545ns5:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-3104253545ns5:PatentsTrademarksLicencesConcessionsSimilar2022-08-012023-07-3104253545ns5:LeaseholdImprovements2022-08-012023-07-3104253545ns5:PlantMachinery2022-08-012023-07-3104253545ns5:MotorVehicles2022-08-012023-07-3104253545ns5:ComputerEquipment2022-08-012023-07-3104253545ns5:IntangibleAssetsOtherThanGoodwill2022-07-3104253545ns5:IntangibleAssetsOtherThanGoodwill2023-07-3104253545ns5:IntangibleAssetsOtherThanGoodwill2022-07-3104253545ns5:LeaseholdImprovements2022-07-3104253545ns5:PlantMachinery2022-07-3104253545ns5:MotorVehicles2022-07-3104253545ns5:ComputerEquipment2022-07-3104253545ns5:LeaseholdImprovements2023-07-3104253545ns5:PlantMachinery2023-07-3104253545ns5:MotorVehicles2023-07-3104253545ns5:ComputerEquipment2023-07-3104253545ns5:LeaseholdImprovements2022-07-3104253545ns5:PlantMachinery2022-07-3104253545ns5:MotorVehicles2022-07-3104253545ns5:ComputerEquipment2022-07-3104253545ns5:LeasedAssetsHeldAsLessee2022-08-012023-07-3104253545ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3104253545ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-31
REGISTERED NUMBER: 04253545 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2023

FOR

LOVELL FUELS LIMITED

LOVELL FUELS LIMITED (REGISTERED NUMBER: 04253545)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOVELL FUELS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2023







DIRECTOR: S N Lovell





SECRETARY: Martin and Company (Company Secretaries) Limited





REGISTERED OFFICE: 25 St Thomas Street
Winchester
Hampshire
SO23 9HJ





REGISTERED NUMBER: 04253545 (England and Wales)





ACCOUNTANTS: Martin and Company
Two Brewers House
50 North Street
Thame
Oxfordshire
OX9 3BH

LOVELL FUELS LIMITED (REGISTERED NUMBER: 04253545)

BALANCE SHEET
31ST JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 884,068 1,047,677
884,068 1,047,677

CURRENT ASSETS
Stocks 204,297 297,905
Debtors 6 608,183 1,025,131
Cash at bank and in hand 803,368 613,118
1,615,848 1,936,154
CREDITORS
Amounts falling due within one year 7 1,520,857 1,741,735
NET CURRENT ASSETS 94,991 194,419
TOTAL ASSETS LESS CURRENT
LIABILITIES

979,059

1,242,096

CREDITORS
Amounts falling due after more than one
year

8

(119,666

)

(243,931

)

PROVISIONS FOR LIABILITIES (217,436 ) (195,138 )
NET ASSETS 641,957 803,027

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 641,857 802,927
SHAREHOLDERS' FUNDS 641,957 803,027

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

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

LOVELL FUELS LIMITED (REGISTERED NUMBER: 04253545)

BALANCE SHEET - continued
31ST JULY 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 22nd April 2024 and were signed by:





S N Lovell - Director


LOVELL FUELS LIMITED (REGISTERED NUMBER: 04253545)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023


1. STATUTORY INFORMATION

Lovell Fuels 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 17.5% on reducing balance and 10% on reducing balance
Motor vehicles - 17.5% on reducing balance
Office equipment - 25% on reducing balance

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.

LOVELL FUELS LIMITED (REGISTERED NUMBER: 04253545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023


2. ACCOUNTING POLICIES - continued

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 15 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st August 2022 13,444
Additions 760
At 31st July 2023 14,204
AMORTISATION
At 1st August 2022 13,444
Charge for year 760
At 31st July 2023 14,204
NET BOOK VALUE
At 31st July 2023 -
At 31st July 2022 -

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st August 2022 33,951 458,902 1,076,064 102,845 1,671,762
Additions - 3,018 - 12,617 15,635
At 31st July 2023 33,951 461,920 1,076,064 115,462 1,687,397
DEPRECIATION
At 1st August 2022 15,241 205,564 336,479 66,801 624,085
Charge for year 6,790 31,302 129,424 11,728 179,244
At 31st July 2023 22,031 236,866 465,903 78,529 803,329
NET BOOK VALUE
At 31st July 2023 11,920 225,054 610,161 36,933 884,068
At 31st July 2022 18,710 253,338 739,585 36,044 1,047,677

LOVELL FUELS LIMITED (REGISTERED NUMBER: 04253545)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023


5. TANGIBLE FIXED ASSETS - continued

Included within the tangible assets are six assets (2022: six assets) held under a hire purchase agreement. The net book value of the assets currently held under a hire purchase agreement was £412,959 (2022: £500,556) at the year end and the depreciation charged on it during the period was £87,597 (2022: £84,707).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 494,236 912,907
Other debtors 113,947 112,224
608,183 1,025,131

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 124,265 146,618
Trade creditors 1,085,351 1,317,469
Taxation and social security 159,874 85,717
Other creditors 151,367 191,931
1,520,857 1,741,735

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 119,666 243,931

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The company provided a director with a current account on which cash advances were made and items of personal expenditure paid for by the company were charged. These amounts are cleared by repayments from the director and the issuing of dividends to the director.