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REGISTERED NUMBER: SC407639 (Scotland)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Lovecrumbs Ltd

Lovecrumbs Ltd (Registered number: SC407639)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lovecrumbs Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Miss R Morgan
Miss E Cuddeford





REGISTERED OFFICE: Cowan & Partners
60 Constitution Street
Leith
Edinburgh
MIDLOTHIAN
EH6 6RR





REGISTERED NUMBER: SC407639 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

Lovecrumbs Ltd (Registered number: SC407639)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 304,067 367,367

CURRENT ASSETS
Stocks 40,000 35,000
Debtors 5 163,273 107,427
Cash at bank 23,588 9,058
226,861 151,485
CREDITORS
Amounts falling due within one year 6 312,253 308,938
NET CURRENT LIABILITIES (85,392 ) (157,453 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

218,675

209,914

CREDITORS
Amounts falling due after more than one year 7 (80,766 ) (107,115 )

PROVISIONS FOR LIABILITIES (31,223 ) -
NET ASSETS 106,686 102,799

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 106,586 102,699
SHAREHOLDERS' FUNDS 106,686 102,799

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

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

Lovecrumbs Ltd (Registered number: SC407639)

Balance Sheet - continued
31 October 2023


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 26 July 2024 and were signed on its behalf by:





Miss R Morgan - Director


Lovecrumbs Ltd (Registered number: SC407639)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Lovecrumbs Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. The company's policy is to recognise a sale when substantially all the risks and rewards in connection with the goods have been passed to the buyer.

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 - Not provided
Improvements to property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33.33% on cost

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks
Stocks are stated 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 stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Bank and other loans are shown at amortised cost, with interest and up front charges in connection with the loans being allocated to accounting periods by applying the effective interest rate method.

Taxation
Taxation for the year comprises current 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 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.


Lovecrumbs Ltd (Registered number: SC407639)

Notes to the Financial Statements - continued
for the Year Ended 31 October 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Finance lease
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 November 2022 133,763 39,703 201,242
Additions - 3,450 2,950
Disposals (1,500 ) - -
At 31 October 2023 132,263 43,153 204,192
DEPRECIATION
At 1 November 2022 - 2,414 70,532
Charge for year - 863 40,839
At 31 October 2023 - 3,277 111,371
NET BOOK VALUE
At 31 October 2023 132,263 39,876 92,821
At 31 October 2022 133,763 37,289 130,710

Lovecrumbs Ltd (Registered number: SC407639)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 14,273 105,077 1,083 495,141
Additions - - 449 6,849
Disposals - - - (1,500 )
At 31 October 2023 14,273 105,077 1,532 500,490
DEPRECIATION
At 1 November 2022 13,604 40,390 834 127,774
Charge for year 167 26,269 511 68,649
At 31 October 2023 13,771 66,659 1,345 196,423
NET BOOK VALUE
At 31 October 2023 502 38,418 187 304,067
At 31 October 2022 669 64,687 249 367,367

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 75,165 14,835
Other debtors 88,108 92,592
163,273 107,427

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 11,651 11,651
Taxation and social security 24,275 25,599
Other creditors 266,327 261,688
312,253 308,938

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 21,878 26,369
Hire purchase contracts (see note 8) 4,782 16,433
Other creditors 54,106 64,313
80,766 107,115

Lovecrumbs Ltd (Registered number: SC407639)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.10.23 31.10.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal - 1,313

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.10.23 31.10.22
£    £   
Net obligations repayable:
Within one year 11,651 11,651
Between one and five years 4,782 16,433
16,433 28,084