2023-01-012023-12-312023-12-31false10137348ETTA LOVES 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ETTA LOVES LTD

Registered Number
10137348
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

ETTA LOVES LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

FULLER, C
FULLER, J

Registered Address

282 Leigh Road
Leigh-On-Sea
SS9 1BW

Registered Number

10137348 (England and Wales)
ETTA LOVES LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets31,4952,306
Investments43030
1,5252,336
Current assets
Stocks177,778172,075
Debtors281,301200,421
Cash at bank and on hand41,56427,050
500,643399,546
Creditors amounts falling due within one year(113,513)(142,736)
Net current assets (liabilities)387,130256,810
Total assets less current liabilities388,655259,146
Creditors amounts falling due after one year(189,164)(96,669)
Net assets199,491162,477
Capital and reserves
Called up share capital3330
Share premium62,531-
Profit and loss account136,927162,447
Shareholders' funds199,491162,477
The financial statements were approved and authorised for issue by the Board of Directors on 11 April 2024, and are signed on its behalf by:
FULLER, J
Director
Registered Company No. 10137348
ETTA LOVES LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings3
Office Equipment3
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20232022
Average number of employees during the year32
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 233,001
At 31 December 233,001
Depreciation and impairment
At 01 January 23695
Charge for year811
At 31 December 231,506
Net book value
At 31 December 231,495
At 31 December 222,306
4.Fixed asset investments
The company holds 100% of the share capital of Etta Loves LLC which is registered in the United States of America.

Total

£
Cost or valuation
At 01 January 2330
At 31 December 2330
Net book value
At 31 December 2330
At 31 December 2230
5.Share capital
During the year ended 31 December 2023, 1,915 Ordinary £0.001 shares were issued at £32.64 per share.
6.Events after reporting date
Post year end additional shares have been issued: 10 B Ordinary £0.001 Shares at £3.26 per share 5,745 Ordinary £0.001 Shares at £32.64 per share.
7.Related party transactions
As at 31 December 2023 there were loans to the business from related parties totalling £174,463 (2022: £65,896). During the year ended 31 December 2023 dividends were paid to Directors totalling £5,348 (2022: £2,292).