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
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
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
LOVE FARMING LTD
Statement of financial position
as at 31 August 2023
Tangible assets
112,636
124,011
Inventories
394,014
290,250
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)
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
LOVE FARMING LTD
Notes to the Accounts
for the year ended 31 August 2023
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.
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.
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.
The accounts are presented in £ sterling.
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 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.
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
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
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
Amounts falling due within one year
Trade debtors
4,035
13,314
Accrued income and prepayments
8,388
7,379
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
7
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
35,255 Ordinary shares of £1 each
35,255
35,255
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).