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Registered number: 13851432









THE LOVE BUS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2023

 
THE LOVE BUS LIMITED
 
 
COMPANY INFORMATION


Director
Mr L J McMahon 




Registered number
13851432



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
THE LOVE BUS LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 7


 
THE LOVE BUS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE LOVE BUS LIMITED
FOR THE PERIOD ENDED 31 JANUARY 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Love Bus Limited for the period ended 31 January 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of The Love Bus Limited in accordance with the terms of our engagement letter dated 16 February 2022Our work has been undertaken solely to prepare for your approval the financial statements of The Love Bus Limited and state those matters that we have agreed to state to the director of The Love Bus Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Love Bus Limited and its director for our work or for this report. 

It is your duty to ensure that The Love Bus Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Love Bus Limited. You consider that The Love Bus Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of The Love Bus Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ  
                                                                                                                                                                                                                                                                                                                                                                                                               
16 April 2024
Page 1

 
THE LOVE BUS LIMITED
REGISTERED NUMBER: 13851432

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
Note
£

Fixed assets
  

Tangible assets
 4 
23,887

  
23,887

  

Creditors: amounts falling due within one year
 5 
(44,233)

Net current (liabilities)/assets
  
 
 
(44,233)

Total assets less current liabilities
  
(20,346)

  

Net (liabilities)/assets
  
(20,346)


Capital and reserves
  

Called up share capital 
 6 
100

Profit and loss account
  
(20,446)

  
(20,346)


Page 2

 
THE LOVE BUS LIMITED
REGISTERED NUMBER: 13851432
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 April 2024.




................................................
Mr L J McMahon
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
THE LOVE BUS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

1.


General information

The Company is a private Company limited by shares. It was incorporated on 17 January 2022 and is incorporated and domiciled in England and Wales. The address of the registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has considered a period of twelve months from the date of approval of financial statements. The director considers that with his ongoing support this will be more than adequate for the Company's needs. As such the director believes that the accounts should be prepared on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from the hiring and useage of the Love Bus and offering catering/beverage services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
THE LOVE BUS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically other debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Page 5

 
THE LOVE BUS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)



3.


Employees

The average monthly number of employees, including directors, during the period was 1.


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


Additions
19,980
10,879
30,859


Disposals
(1,000)
-
(1,000)



At 31 January 2023

18,980
10,879
29,859



Depreciation


Charge for the period on owned assets
3,796
2,176
5,972



At 31 January 2023

3,796
2,176
5,972



Net book value



At 31 January 2023
15,184
8,703
23,887


5.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
418

Other creditors
42,735

Accruals and deferred income
1,080

44,233



6.


Share capital

2023
Page 6

 
THE LOVE BUS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023

6.Share capital (continued)

£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


During the period the Company allotted and issued 100 Ordinary £1 shares, at par.


7.


Related party transactions

At the year end the Company owed its director £42,375 in respect of an interest-free director's loan account. The loan is unsecured and is repayable on demand, and is shown within other creditors in note 5 to the financial statements.

 
Page 7