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REGISTERED NUMBER: 11249256 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

LOVETT INVESTMENTS LIMITED

LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOVETT INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: D J Lovett
R J Lovett





REGISTERED OFFICE: Corner Oak
Homer Road
Solihull
West Midlands
B91 3QG





REGISTERED NUMBER: 11249256 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
Corner Oak
1 Homer Road
Solihull
B91 3QG

LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 49,134 12,437
Investment property 5 1,065,000 1,140,798
1,114,134 1,153,235

CURRENT ASSETS
Debtors 6 412 884
Cash at bank 64,182 13,971
64,594 14,855
CREDITORS
Amounts falling due within one year 7 602,057 339,397
NET CURRENT LIABILITIES (537,463 ) (324,542 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

576,671

828,693

CREDITORS
Amounts falling due after more than one
year

8

(325,794

)

(801,743

)

PROVISIONS FOR LIABILITIES (39,016 ) (2,363 )
NET ASSETS 211,861 24,587

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 211,761 24,487
211,861 24,587

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

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

LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

BALANCE SHEET - continued
31 AUGUST 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 Board of Directors and authorised for issue on 23 February 2024 and were signed on its behalf by:





D J Lovett - Director


LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


1. STATUTORY INFORMATION

Lovett Investments 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.

The directors confirmed that in their opinion the company will have adequate cash resources available to finance its trading and meet its obligations during the course of the next twelve months.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property assets are stated at their fair value at the balance sheet date. Gains are
recognised in the income statement and deferred taxation is provided for on these gains at the rate
expected to apply when the property is sold.

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.

LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 September 2022 28,417 - 28,417
Additions - 43,800 43,800
At 31 August 2023 28,417 43,800 72,217
DEPRECIATION
At 1 September 2022 15,980 - 15,980
Charge for year 3,109 3,994 7,103
At 31 August 2023 19,089 3,994 23,083
NET BOOK VALUE
At 31 August 2023 9,328 39,806 49,134
At 31 August 2022 12,437 - 12,437

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 1,140,798
Additions 11,662
Disposals (243,672 )
Revaluations 156,212
At 31 August 2023 1,065,000
NET BOOK VALUE
At 31 August 2023 1,065,000
At 31 August 2022 1,140,798

The directors consider the investment property to be held at fair value at the reporting date.

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2023 156,212
Cost 908,788
1,065,000

LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 412 884

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 341,117 26,078
Hire purchase contracts (see note 9) 6,702 -
Taxation and social security 8,485 8,792
Other creditors 245,753 304,527
602,057 339,397

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 305,100 801,743
Hire purchase contracts (see note 9) 20,694 -
325,794 801,743

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 305,100 367,981

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 6,702 -
Between one and five years 20,694 -
27,396 -

LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

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


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 27,396 -
Mortgages 646,217 789,487
673,613 789,487

Hire purchase and mortgage creditors are secured against the assets to which they relate.