Love Displays Limited 07066418 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is design services Digita Accounts Production Advanced 6.30.9574.0 true false true 07066418 2023-01-01 2023-12-31 07066418 2023-12-31 07066418 bus:OrdinaryShareClass1 2023-12-31 07066418 bus:Original 2023-12-31 07066418 core:RetainedEarningsAccumulatedLosses 2023-12-31 07066418 core:ShareCapital 2023-12-31 07066418 core:CurrentFinancialInstruments 2023-12-31 07066418 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07066418 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 07066418 core:FurnitureFittingsToolsEquipment 2023-12-31 07066418 core:MotorVehicles 2023-12-31 07066418 core:OtherPropertyPlantEquipment 2023-12-31 07066418 bus:SmallEntities 2023-01-01 2023-12-31 07066418 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07066418 bus:FullAccounts 2023-01-01 2023-12-31 07066418 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07066418 bus:RegisteredOffice 2023-01-01 2023-12-31 07066418 bus:Director1 2023-01-01 2023-12-31 07066418 bus:Director2 2023-01-01 2023-12-31 07066418 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07066418 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07066418 core:Goodwill 2023-01-01 2023-12-31 07066418 core:FurnitureFittings 2023-01-01 2023-12-31 07066418 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07066418 core:MotorVehicles 2023-01-01 2023-12-31 07066418 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 07066418 core:PlantMachinery 2023-01-01 2023-12-31 07066418 1 2023-01-01 2023-12-31 07066418 countries:EnglandWales 2023-01-01 2023-12-31 07066418 2022-12-31 07066418 core:FurnitureFittingsToolsEquipment 2022-12-31 07066418 core:MotorVehicles 2022-12-31 07066418 core:OtherPropertyPlantEquipment 2022-12-31 07066418 2022-01-01 2022-12-31 07066418 2022-12-31 07066418 bus:OrdinaryShareClass1 2022-12-31 07066418 core:RetainedEarningsAccumulatedLosses 2022-12-31 07066418 core:ShareCapital 2022-12-31 07066418 core:CurrentFinancialInstruments 2022-12-31 07066418 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07066418 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 07066418 core:FurnitureFittingsToolsEquipment 2022-12-31 07066418 core:MotorVehicles 2022-12-31 07066418 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07066418

Love Displays Limited

trading as Love Expo

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

Love Displays Limited

trading as Love Expo

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Love Displays Limited

trading as Love Expo

Company Information

Directors

Mr David Charnley

Mrs Jane Charnley

Registered office

Unit 1 Hunter House
Amy Johnson Way
Blackpool
Lancashire
FY4 2FJ

Accountants

Rawcliffe & Co Limited
Chartered Accountants
Unit 1 Barons Court
Graceways
Whitehills Business Park
Blackpool
Lancashire
FY4 5GP

 

Love Displays Limited

trading as Love Expo

(Registration number: 07066418)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

46,060

69,943

Current assets

 

Debtors

6

71,174

23,546

Cash at bank and in hand

 

320,324

466,112

 

391,498

489,658

Creditors: Amounts falling due within one year

(112,949)

(234,153)

Net current assets

 

278,549

255,505

Total assets less current liabilities

 

324,609

325,448

Creditors: Amounts falling due after more than one year

(14,448)

(24,448)

Provisions for liabilities

(10,833)

(13,289)

Accruals and deferred income

 

(3,081)

(2,437)

Net assets

 

296,247

285,274

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

296,147

285,174

Shareholders' funds

 

296,247

285,274

 

Love Displays Limited

trading as Love Expo

(Registration number: 07066418)
Abridged Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 February 2024 and signed on its behalf by:
 

.........................................
Mr David Charnley
Director

 

Love Displays Limited

trading as Love Expo

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 Hunter House
Amy Johnson Way
Blackpool
Lancashire
FY4 2FJ
United Kingdom

These financial statements were authorised for issue by the Board on 14 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's presentational currency is also its functional currency, the UK pound Sterling. All amounts are rounded to the nearest whole pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Love Displays Limited

trading as Love Expo

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% Reducing balance

Fixtures and Fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

fully amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Love Displays Limited

trading as Love Expo

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Love Displays Limited

trading as Love Expo

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

6,189

At 31 December 2023

6,189

Amortisation

At 1 January 2023

6,189

At 31 December 2023

6,189

Carrying amount

At 31 December 2023

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

43,950

29,413

181,485

254,848

Additions

2,492

-

9,544

12,036

Disposals

(33,912)

-

(113,324)

(147,236)

At 31 December 2023

12,530

29,413

77,705

119,648

Depreciation

At 1 January 2023

33,061

20,107

131,737

184,905

Charge for the year

2,474

2,326

10,553

15,353

Eliminated on disposal

(30,427)

-

(96,243)

(126,670)

At 31 December 2023

5,108

22,433

46,047

73,588

Carrying amount

At 31 December 2023

7,422

6,980

31,658

46,060

At 31 December 2022

10,889

9,306

49,748

69,943

 

Love Displays Limited

trading as Love Expo

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share class 1 of £1 each

100

100

100

100

         

8

Parent and ultimate parent undertaking

The company's immediate parent is DC & JC SPV Limited, incorporated in England & Wales.

 The ultimate controlling party is Mr & Mrs Charnley, by virtue of their combined ownership of 100% of the issued share capital in DC & JC SPV Limited.