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Company Registration No. 07724750 (England and Wales)
LOVE FARMING LTD Unaudited accounts for the year ended 31 August 2023
LOVE FARMING LTD Unaudited accounts Contents
Page
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LOVE FARMING LTD Company Information for the year ended 31 August 2023
Directors
Timothy Love Frederick Love Christine Love
Company Number
07724750 (England and Wales)
Registered Office
WHITE HOUSE FARM LITTLE GRINGLEY RETFORD DN22 0DU
Accountants
Cloud Accountancy Limited 5 Park Crescent Retford Notts DN22 6UF
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Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of LOVE FARMING LTD for the year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of LOVE FARMING LTD for the year ended 31 August 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
This report is made solely to the Board of Directors of LOVE FARMING LTD, as a body, in accordance with the terms of our engagement letter dated 1 April 2022. Our work has been undertaken solely to prepare for your approval the accounts of LOVE FARMING LTD and state those matters that we have agreed to state to the Board of Directors of LOVE FARMING LTD, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LOVE FARMING LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that LOVE FARMING LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of LOVE FARMING LTD. You consider that LOVE FARMING LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of LOVE FARMING LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Cloud Accountancy Limited Member in Practice 5 Park Crescent Retford Notts DN22 6UF 16 January 2024
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LOVE FARMING LTD Statement of financial position as at 31 August 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
112,636 
124,011 
Current assets
Inventories
394,014 
290,250 
Debtors
20,677 
26,658 
414,691 
316,908 
Creditors: amounts falling due within one year
(473,240)
(370,380)
Net current liabilities
(58,549)
(53,472)
Total assets less current liabilities
54,087 
70,539 
Creditors: amounts falling due after more than one year
(86,598)
(93,189)
Net liabilities
(32,511)
(22,650)
Capital and reserves
Called up share capital
35,255 
35,255 
Profit and loss account
(67,766)
(57,905)
Shareholders' funds
(32,511)
(22,650)
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 January 2024 and were signed on its behalf by
Timothy Love Director Company Registration No. 07724750
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LOVE FARMING LTD Notes to the Accounts for the year ended 31 August 2023
1
Statutory information
LOVE FARMING LTD is a private company, limited by shares, registered in England and Wales, registration number 07724750. The registered office is WHITE HOUSE FARM, LITTLE GRINGLEY, RETFORD, DN22 0DU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. Amended Accounts These accounts replace the report and accounts for the year ended 31 August 2020 original filed with Companies House on the 31st May 2021; These accounts are now the statutory accounts of the Company; and These accounts are prepared as they were at the date of the original accounts.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
25% reducing balance
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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LOVE FARMING LTD Notes to the Accounts for the year ended 31 August 2023
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 September 2022
28,811 
147,021 
84,928 
649 
261,409 
Additions
- 
14,650 
4,140 
- 
18,790 
Disposals
- 
(3,895)
(10,500)
- 
(14,395)
At 31 August 2023
28,811 
157,776 
78,568 
649 
265,804 
Depreciation
At 1 September 2022
- 
107,813 
29,377 
208 
137,398 
Charge for the year
- 
11,148 
13,047 
111 
24,306 
On disposals
- 
(2,462)
(6,074)
- 
(8,536)
At 31 August 2023
- 
116,499 
36,350 
319 
153,168 
Net book value
At 31 August 2023
28,811 
41,277 
42,218 
330 
112,636 
At 31 August 2022
28,811 
39,208 
55,551 
441 
124,011 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
8,254 
5,965 
Trade debtors
4,035 
13,314 
Accrued income and prepayments
8,388 
7,379 
20,677 
26,658 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
93,354 
21,099 
Trade creditors
12,412 
7,103 
Loans from directors
358,834 
340,978 
Accruals
8,640 
1,200 
473,240 
370,380 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
86,598 
93,189 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
35,255 Ordinary shares of £1 each
35,255 
35,255 
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LOVE FARMING LTD Notes to the Accounts for the year ended 31 August 2023
9
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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