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S G LOVE & SONS LIMITED

Unaudited Financial Statements

for the Year Ended 31st March 2023






S G LOVE & SONS LIMITED (REGISTERED NUMBER: 00758174)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


S G LOVE & SONS LIMITED

Company Information
for the year ended 31st March 2023







DIRECTORS: S C Love
Mrs S Love





REGISTERED OFFICE: 21/25 Garden Lane
Chester
CH1 4EN





REGISTERED NUMBER: 00758174 (England and Wales)






S G LOVE & SONS LIMITED (REGISTERED NUMBER: 00758174)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 138,052 139,634

CURRENT ASSETS
Stocks 5 - 14,015
Debtors 6 4,778 4,038
Cash at bank and in hand 1,996 1,996
6,774 20,049
CREDITORS
Amounts falling due within one year 7 58,440 67,291
NET CURRENT LIABILITIES (51,666 ) (47,242 )
TOTAL ASSETS LESS CURRENT LIABILITIES 86,386 92,392

CAPITAL AND RESERVES
Called up share capital 15,000 15,000
Revaluation reserve 8 103,586 103,586
Retained earnings (32,200 ) (26,194 )
SHAREHOLDERS' FUNDS 86,386 92,392

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

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

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 4th January 2024 and were signed on its behalf by:



S C Love - Director


S G LOVE & SONS LIMITED (REGISTERED NUMBER: 00758174)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

S G Love & Sons 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.

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.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

- The useful lives of plant and equipment which are estimated based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the relevant assets.

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.
Freehold property - Straight line over 150 years
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 33% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Debtors and creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

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.


S G LOVE & SONS LIMITED (REGISTERED NUMBER: 00758174)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st April 2022
and 31st March 2023 160,215 58,444 7,746 1,030 227,435
DEPRECIATION
At 1st April 2022 24,564 55,234 7,746 257 87,801
Charge for year 1,068 321 - 193 1,582
At 31st March 2023 25,632 55,555 7,746 450 89,383
NET BOOK VALUE
At 31st March 2023 134,583 2,889 - 580 138,052
At 31st March 2022 135,651 3,210 - 773 139,634

5. STOCKS
2023 2022
£    £   
Stocks - 14,015

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,778 3,546
VAT - 492
4,778 4,038

S G LOVE & SONS LIMITED (REGISTERED NUMBER: 00758174)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,499 38,993
Trade creditors - 2,108
Social security and other taxes - 672
Other creditors 27,454 24,873
Directors' current accounts 487 645
58,440 67,291

8. RESERVES
Revaluation
reserve
£   
At 1st April 2022
and 31st March 2023 103,586