Love Property (Holdings) Limited 09992417 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is property letting Digita Accounts Production Advanced 6.30.9574.0 true true 09992417 2022-09-01 2023-08-31 09992417 2023-08-31 09992417 core:RetainedEarningsAccumulatedLosses 2023-08-31 09992417 core:ShareCapital 2023-08-31 09992417 core:CurrentFinancialInstruments 2023-08-31 09992417 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 09992417 core:Non-currentFinancialInstruments 2023-08-31 09992417 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 09992417 core:MotorVehicles 2023-08-31 09992417 bus:SmallEntities 2022-09-01 2023-08-31 09992417 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 09992417 bus:FullAccounts 2022-09-01 2023-08-31 09992417 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 09992417 bus:RegisteredOffice 2022-09-01 2023-08-31 09992417 bus:Director1 2022-09-01 2023-08-31 09992417 bus:Director2 2022-09-01 2023-08-31 09992417 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09992417 core:MotorVehicles 2022-09-01 2023-08-31 09992417 countries:AllCountries 2022-09-01 2023-08-31 09992417 2022-08-31 09992417 core:MotorVehicles 2022-08-31 09992417 2021-09-01 2022-08-31 09992417 2022-08-31 09992417 core:RetainedEarningsAccumulatedLosses 2022-08-31 09992417 core:ShareCapital 2022-08-31 09992417 core:CurrentFinancialInstruments 2022-08-31 09992417 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 09992417 core:Non-currentFinancialInstruments 2022-08-31 09992417 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 09992417 core:MotorVehicles 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 09992417

Love Property (Holdings) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Love Property (Holdings) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Love Property (Holdings) Limited

Company Information

Directors

Dr Gregory John Paysden

Mrs Nina Elizabeth Eve Paysden

Registered office

28 Town Lane
Mobberley
Knutsford
Cheshire
WA16 7GH

 

Love Property (Holdings) Limited

(Registration number: 09992417)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,500

9,500

Investment property

5

519,489

519,489

 

526,989

528,989

Current assets

 

Cash at bank and in hand

 

3

8

Creditors: Amounts falling due within one year

6

(22,318)

(22,231)

Net current liabilities

 

(22,315)

(22,223)

Total assets less current liabilities

 

504,674

506,766

Creditors: Amounts falling due after more than one year

6

(426,016)

(424,107)

Provisions for liabilities

(1,425)

(1,805)

Net assets

 

77,233

80,854

Capital and reserves

 

Called up share capital

100

100

Retained earnings

77,133

80,754

Shareholders' funds

 

77,233

80,854

For the financial 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.

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.

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 11 April 2024 and signed on its behalf by:


 

Dr Gregory John Paysden

Director

 

Love Property (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
28 Town Lane
Mobberley
Knutsford
Cheshire
WA16 7GH
Great Britain

These financial statements were authorised for issue by the Board on 11 April 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 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 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.

Going concern

Following the year-end the company has continued to receive rent on the property and it is envisaged that the reserves will be positive by the end of February 2018. The bank loan repayments have also continued to be made after the year-end.

Accordingly as the company has the full support of the bank and the director, the accounts 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.

 

Love Property (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

The current income 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Motor Vehicles

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

Love Property (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

10,000

10,000

At 31 August 2023

10,000

10,000

Depreciation

At 1 September 2022

500

500

Charge for the year

2,000

2,000

At 31 August 2023

2,500

2,500

Carrying amount

At 31 August 2023

7,500

7,500

At 31 August 2022

9,500

9,500

 

Love Property (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Investment properties

2023
£

At 1 September

519,489

At 31 August

519,489

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

2,640

4,812

Amounts owed to Directors'

37

90

Taxation and social security

 

19,212

17,329

Accruals

 

429

-

 

22,318

22,231

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

119,278

120,713

Amounts owed to related parties

 

306,738

303,394

 

426,016

424,107

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank Loan

119,278

120,713

2023
£

2022
£

Current loans and borrowings

Bank Loan

2,640

4,812