LOVEWELL UK C.I.C.

Company limited by guarantee

Company Registration Number:
12872766 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2023

Period of accounts

Start date: 1 July 2022

End date: 30 June 2023

LOVEWELL UK C.I.C.

Contents of the Financial Statements

for the Period Ended 30 June 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

LOVEWELL UK C.I.C.

Directors' report period ended 30 June 2023

The directors present their report with the financial statements of the company for the period ended 30 June 2023

Principal activities of the company

The principal activities of the company during the period were the manufacturing and sale of candles and beauty products.

Additional information

This report has 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. This report was approved by the board of directors on 30 January 2024 and signed on behalf of the board by Mrs. C. Dormand.



Directors

The directors shown below have held office during the whole of the period from
1 July 2022 to 30 June 2023

Mrs. C Dormand
Mr. N Hopley
Mrs. H Yapp
Mrs. C Carter
Ms. G Smyth


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
30 January 2024

And signed on behalf of the board by:
Name: Mrs. C Dormand
Status: Director

LOVEWELL UK C.I.C.

Profit And Loss Account

for the Period Ended 30 June 2023

2023 2022


£

£
Turnover: 28,366 21,167
Cost of sales: ( 14,450 ) ( 8,556 )
Gross profit(or loss): 13,916 12,611
Distribution costs: ( 3,897 ) ( 2,739 )
Administrative expenses: ( 69,072 ) ( 56,922 )
Other operating income: 66,591 59,277
Operating profit(or loss): 7,538 12,227
Interest receivable and similar income: 91
Profit(or loss) before tax: 7,629 12,227
Tax: ( 1,451 ) ( 2,147 )
Profit(or loss) for the financial year: 6,178 10,080

LOVEWELL UK C.I.C.

Balance sheet

As at 30 June 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 2,038 1,461
Total fixed assets: 2,038 1,461
Current assets
Stocks: 4 8,728 11,444
Debtors: 5 1,613 1,417
Cash at bank and in hand: 25,894 40,605
Total current assets: 36,235 53,466
Creditors: amounts falling due within one year: 6 ( 13,827 ) ( 35,963 )
Net current assets (liabilities): 22,408 17,503
Total assets less current liabilities: 24,446 18,964
Provision for liabilities: ( 1,451 ) ( 2,147 )
Total net assets (liabilities): 22,995 16,817
Members' funds
Profit and loss account: 22,995 16,817
Total members' funds: 22,995 16,817

The notes form part of these financial statements

LOVEWELL UK C.I.C.

Balance sheet statements

For the year ending 30 June 2023 the company was entitled to exemption 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.

This report was approved by the board of directors on 30 January 2024
and signed on behalf of the board by:

Name: Mrs. C Dormand
Status: Director

The notes form part of these financial statements

LOVEWELL UK C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when:the significant risks and rewards of ownership have transferred to the buyer (usually on dispatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

    Tangible fixed assets depreciation policy

    Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over its estimated useful economic life as follows: Equipment - 25% straight line

    Other accounting policies

    Other operating incomeOther operating income, which includes grant funding, has been recognised on an accrual’s basis. Grants are recognised within profit or loss in the same period as the related expenditure.Income Tax The taxation expense represents current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. DebtorsDebtors are amounts due from customers for goods sold or services performed. They 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 debtors is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the sale agreement.CreditorsCreditors are obligations to pay for goods or services that have been acquired from suppliers. They are recognised initially at the transaction price and are subsequently measured at amortised cost using the effective interest method. Creditors are classified as falling due within one year 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 falling due within more than one year.

LOVEWELL UK C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 5 6

    Note that the published financial statements for the year ended 30 June 2022 incorrectly stated the average number of employees as 3; this referred to the average number of permanent employees, however the company also employed a number of trainees on fixed term contracts during the year.

LOVEWELL UK C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2022 0 1,849 1,849
Additions 858 495 1,353
Disposals
Revaluations
Transfers
At 30 June 2023 858 2,344 3,202
Depreciation
At 1 July 2022 0 388 388
Charge for year 200 576 776
On disposals
Other adjustments
At 30 June 2023 200 964 1,164
Net book value
At 30 June 2023 658 1,380 2,038
At 30 June 2022 0 1,461 1,461

LOVEWELL UK C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2023

4. Stocks

2023 2022
£ £
Stocks 8,728 11,444
Total 8,728 11,444

LOVEWELL UK C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2023

5. Debtors

2023 2022
£ £
Trade debtors 943 266
Prepayments and accrued income 670 716
Other debtors 0 435
Total 1,613 1,417

LOVEWELL UK C.I.C.

Notes to the Financial Statements

for the Period Ended 30 June 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 41 600
Taxation and social security 979 1,033
Accruals and deferred income 2,234 714
Other creditors 10,573 33,616
Total 13,827 35,963

COMMUNITY INTEREST ANNUAL REPORT

LOVEWELL UK C.I.C.

Company Number: 12872766 (England and Wales)

Year Ending: 30 June 2023

Company activities and impact

LoveWell’s aim is to provides employability training to women living locally who have experienced significant trauma through violence, sexual exploitation, and trafficking. We provide support through training, signposting and employment to help women overcome and manage some of the barriers they face in everyday life. Our trading activities include manufacturing and selling our range of wellbeing products including candles, bath oils and salts and reed diffusers.

Consultation with stakeholders

Stakeholders include staff, Board of directors, trainees who have attended the programme, and volunteers.Trainees are consulted throughout their time with the organisation, including through monitoring and evaluation, and a Steering group attended by trainees, staff and volunteers. Women feed back thatbeing on the programme enables them to recognise their skills and develop them. Skills include basic product manufacturing, listening, teamwork, managing conflict, being organised, time management,writing CVs/covering letters, job searching, and develop their confidence to move forward into alternative paid employment, either with Lovewell or other employers.Staff are consulted through regular supervisions and formal meetings, where their feedback is used to shape how the organisation runs. Exit interviews for staff leaving their posts are undertaken by a member of the board.The Board of Directors meets formally bi-monthly. Feedback and actions are kept logged in the minutes and actions marked as either ongoing, closed or open.Volunteers feedback regularly to the CEO, there are volunteer supervisions and a small number attend the steering group. (The steering group is mainly for trainees to make changes to the organisation).

Directors' remuneration

One director was paid as CEO of the CIC for the year Jul 2022-Jun 2023. The total net pay, PAYE and national insurance costs for the LoveWell CEO was £19,241.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
30 January 2024

And signed on behalf of the board by:
Name: Mrs Claire Dormand
Status: Director