Company registration number 14333385 (England and Wales)
Lovethorn Ventures Limited
Unaudited Financial Statements
For the period ended 31 August 2024
PAGES FOR FILING WITH REGISTRAR
Lovethorn Ventures Limited
Content
Page
Balance sheet
1
Notes to the financial statements
2 - 3
Lovethorn Ventures Limited
Balance Sheet
As at 31 August 2024
- 1 -
31 August 2024
31 December 2023
Notes
£
£
£
£
Current assets
Debtors
3
23,743
26,254
Cash at bank and in hand
29,892
113,920
53,635
140,174
Creditors: amounts falling due within one year
4
(67,029)
(246,833)
Net current liabilities
(13,394)
(106,659)
Capital and reserves
Called up share capital
12,617
10,950
Share premium account
198,334
Profit and loss reserves
(224,345)
(117,609)
Total equity
(13,394)
(106,659)
For the financial period ended 31 August 2024 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 of its financial statements for the period in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 10 September 2024
Mr James Lovett
Director
Company registration number 14333385 (England and Wales)
Lovethorn Ventures Limited
Notes to the Financial Statements
For the Period ended 31 August 2024
- 2 -
1
Accounting policies
Company information
Lovethorn Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
As at 31 trueAugust 2024 the company had net liabilities of £13,394. The company is currently in development stages of its product and is actively researching and developing to bring a product to market. The company is actively raising funds from extra investors and the director therefore adopts the going concern basis of accounting in preparing the financial statements.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Lovethorn Ventures Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 August 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
3
3
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
22,124
18,894
Other debtors
1,619
7,360
23,743
26,254
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
(1)
1
Taxation and social security
2,837
2,638
Other creditors
64,193
244,194
67,029
246,833