Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 true No description of principal activity 1 January 2023 31 December 2023 31 December 2023 05995307 Mrs Barbara Wilson Miss Lily Wilson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05995307 2022-12-31 05995307 2023-12-31 05995307 2023-01-01 2023-12-31 05995307 frs-core:Non-currentFinancialInstruments 2023-12-31 05995307 frs-core:FurnitureFittings 2023-12-31 05995307 frs-core:FurnitureFittings 2023-01-01 2023-12-31 05995307 frs-core:FurnitureFittings 2022-12-31 05995307 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05995307 frs-bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 05995307 frs-bus:FullAccounts 2023-01-01 2023-12-31 05995307 frs-bus:SmallEntities 2023-01-01 2023-12-31 05995307 frs-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05995307 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05995307 frs-bus:SmallCompaniesRegimeForDirectorsReport 2023-01-01 2023-12-31 05995307 frs-bus:Director1 2023-01-01 2023-12-31 05995307 frs-bus:Director2 2023-01-01 2023-12-31 05995307 frs-countries:EnglandWales 2023-01-01 2023-12-31 05995307 2021-12-31 05995307 2022-12-31 05995307 2022-01-01 2022-12-31 05995307 frs-core:CurrentFinancialInstruments 2022-12-31 05995307 frs-core:Non-currentFinancialInstruments 2022-12-31 05995307 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 05995307
Lovethatstuff
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 December 2023
Forgue Accounting Ltd
111 Ditchling Road
Brighton
BN1 4SE
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Income and Expenditure Account 4
Balance Sheet 5
Notes to the Financial Statements 6—7
Page 1
Company Information
Directors Mrs Barbara Wilson
Miss Lily Wilson
Company Number 05995307
Registered Office 29 Coleman Street
Brighton
Sussex
BN2 9SQ
Accountants Forgue Accounting Ltd
111 Ditchling Road
Brighton
BN1 4SE
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors
The directors who held office during the year were as follows:
Mrs Barbara Wilson
Miss Lily Wilson
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mrs Barbara Wilson
Director
16 August 2024
Page 2
Page 3
Accountant's Report
Report of the Accountant to the directors of Lovethatstuff
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 December 2023.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Signed
Marie Sharman-Forgue MAAT
16 August 2024
Forgue Accounting Ltd
111 Ditchling Road
Brighton
BN1 4SE
Page 3
Page 4
Income and Expenditure Account
2023 2022
Notes £ £
TURNOVER 29,658 78,521
Cost of sales (23,368 ) (41,935 )
GROSS SURPLUS 6,290 36,586
Administrative expenses (7,806 ) (17,628 )
OPERATING (DEFICIT)/SURPLUS (1,516 ) 18,958
Interest payable and similar charges - (969 )
(DEFICIT)/SURPLUS BEFORE TAXATION (1,516 ) 17,989
Tax on (Deficit)/surplus - (3,440 )
(DEFICIT)/SURPLUS AFTER TAXATION BEING (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR (1,516 ) 14,549
The notes on pages 6 to 7 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Stocks 5 2,297 2,059
Debtors 6 1,728 364
Cash at bank and in hand 43,468 55,645
47,493 58,068
Creditors: Amounts Falling Due Within One Year 7 - (9,059 )
NET CURRENT ASSETS (LIABILITIES) 47,493 49,009
TOTAL ASSETS LESS CURRENT LIABILITIES 47,493 49,009
Creditors: Amounts Falling Due After More Than One Year 8 (214 ) (214 )
NET ASSETS 47,279 48,795
Income and Expenditure Account 47,279 48,795
MEMBERS' FUNDS 47,279 48,795
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mrs Barbara Wilson
Director
16 August 2024
The notes on pages 6 to 7 form part of these financial statements.
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Page 6
Notes to the Financial Statements
1. General Information
Lovethatstuff is a private company, limited by guarantee, incorporated in England & Wales, registered number 05995307 . The registered office is 29 Coleman Street, Brighton, Sussex, BN2 9SQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable surplus. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable surplus will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable surplus will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in surplus or deficit, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 January 2023 1,656
Disposals (750 )
As at 31 December 2023 906
Depreciation
As at 1 January 2023 1,656
Provided during the period (750 )
As at 31 December 2023 906
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Stocks
2023 2022
£ £
Stock 2,297 2,059
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 1,728 364
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors - 1,543
Taxation and social security - 7,516
- 9,059
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors 214 214
9. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
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