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Registered number: 05306511
I Love Office Supplies limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
A & P Service
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05306511
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 750 750
Tangible Assets 5 50,606 3,838
51,356 4,588
CURRENT ASSETS
Stocks 6 32,000 22,000
Debtors 7 90,979 121,322
Cash at bank and in hand 7,208 13,897
130,187 157,219
Creditors: Amounts Falling Due Within One Year 8 (150,289 ) (73,149 )
NET CURRENT ASSETS (LIABILITIES) (20,102 ) 84,070
TOTAL ASSETS LESS CURRENT LIABILITIES 31,254 88,658
Creditors: Amounts Falling Due After More Than One Year 9 (13,965 ) (30,583 )
NET ASSETS 17,289 58,075
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 17,189 57,975
SHAREHOLDERS' FUNDS 17,289 58,075
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Akinyinka Sobo
Director
29/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
I Love Office Supplies limited is a private company, limited by shares, incorporated in England & Wales, registered number 05306511 . The registered office is 26 Rudyerd Street, North Shields, Tyne & Wear, NE29 6RR.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Plant & Machinery 25%
Motor Vehicles 25%
2.5. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 750
As at 31 December 2023 750
Net Book Value
As at 31 December 2023 750
As at 1 January 2023 750
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5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2023 6,823 - 6,823
Additions - 47,855 47,855
As at 31 December 2023 6,823 47,855 54,678
Depreciation
As at 1 January 2023 1,280 1,705 2,985
Provided during the period 1,087 - 1,087
As at 31 December 2023 2,367 1,705 4,072
Net Book Value
As at 31 December 2023 4,456 46,150 50,606
As at 1 January 2023 5,543 (1,705 ) 3,838
6. Stocks
2023 2022
£ £
Stock 32,000 22,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 49,498 74,620
Other debtors 41,481 41,481
VAT - 5,221
90,979 121,322
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 109,862 50,334
Bank loans and overdrafts 9,208 9,134
Other taxes and social security 2,582 2,191
VAT 5,012 -
Director's loan account 23,625 11,490
150,289 73,149
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Page 5
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 12,053 30,583
Other creditors 1,912 -
13,965 30,583
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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