Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Investments | 4 |
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2 | 2 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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672,875 | 817,191 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 553,523 | 554,381 | ||
Total assets less current liabilities | 553,525 | 554,383 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Louder Than Love Ltd (registered number:
P D Edmonds
Director |
N R Ellis
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Louder Than Love Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 470 Bath Road, Bristol, BS4 3AP, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
In the accounts for the year ended 31 October 2022, Louder than Love Ltd owned shares in a subsidiary which were not included as an investment. The prior year balance sheet has been restated to show the investment.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amended balance sheet replaces the original balance sheet for the financial year ended 31 October 2022.
In the prior year Louder than Love Limited owned shares in a subsidiary which were not included in the original 2022 accounts. The prior year balance sheet has been restated to include the investment.
As previously reported | Adjustment | As restated | ||||
Year ended 31 October 2022 | £ | £ | £ | |||
Investment | 0 | 2 | 2 | |||
Other creditors | 577,329 | 2 | 577,331 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 November 2022 |
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At 31 October 2023 |
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Carrying value at 31 October 2023 |
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Carrying value at 31 October 2022 |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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2023 | 2022 | ||
£ | £ | ||
Other creditors |
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