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REGISTERED NUMBER: 04435569 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Lovel (Beverley) Limited

Lovel (Beverley) Limited (Registered number: 04435569)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lovel (Beverley) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P F Lovel
Mrs H M Lovel
Mrs J M Lovel





SECRETARY: P F Lovel





REGISTERED OFFICE: 12 Innovation Drive
Newport
Brough
East Yorkshire
HU15 2FW





REGISTERED NUMBER: 04435569 (England and Wales)





ACCOUNTANTS: WOODGATES
Chartered Accountants
25 Woodgates Lane
North Ferriby
East Yorkshire
HU14 3JR

Lovel (Beverley) Limited (Registered number: 04435569)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 850,000 850,000

CURRENT ASSETS
Stocks 499,244 499,244
Debtors 6 2,230 2,517
Cash at bank 19,124 2,509
520,598 504,270
CREDITORS
Amounts falling due within one year 7 507,402 465,382
NET CURRENT ASSETS 13,196 38,888
TOTAL ASSETS LESS CURRENT
LIABILITIES

863,196

888,888

CREDITORS
Amounts falling due after more than one
year

8

596,443

628,096
NET ASSETS 266,753 260,792

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 266,653 260,692
SHAREHOLDERS' FUNDS 266,753 260,792

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

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

Lovel (Beverley) Limited (Registered number: 04435569)

Balance Sheet - continued
31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2024 and were signed on its behalf by:





P F Lovel - Director


Lovel (Beverley) Limited (Registered number: 04435569)

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

1. STATUTORY INFORMATION

Lovel (Beverley) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company meets its working capital requirements via a number of bank and other loans. The company expects to operate within the agreed loan facilities and therefore the financial statements have been prepared on a going concern basis.

Significant judgements and estimates
The directors revalue the Company's investment properties each year. The determination of the fair value of each property requires the use of estimates and assumptions in relation to factors such as future rental income and current market conditions.

Turnover
Turnover represents rents receivable and sales of properties held as stock.

Rents receivable are recognised for the period to which they relate.
Property sales are recognised on legal completion.

Investment property
Investment properties are shown at the most recent fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. Deferred taxation is provided on gains recognised in the profit and loss account. No depreciation is provided on Investment Properties.

Stocks
Properties held for resale and redevelopment are held as stock and are valued at the lower of cost and net realisable value.

Lovel (Beverley) Limited (Registered number: 04435569)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
Cash and bank balances
Cash and bank balances are recognised at transaction price.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of future payments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Lovel (Beverley) Limited (Registered number: 04435569)

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

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 850,000
NET BOOK VALUE
At 31 December 2023 850,000
At 31 December 2022 850,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 134,489
Cost 715,511
850,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 715,511 715,511

Investment properties were valued on an open market basis on 31 December 2020 by P F Lovel MRICS a director of the company .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 2,230 2,517

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 34,654 37,982
Taxation and social security 3,625 5,698
Other creditors 469,123 421,702
507,402 465,382

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 596,443 628,096

Lovel (Beverley) Limited (Registered number: 04435569)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 457,827 476,164

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 631,097 666,078

Bank loans and other loans are secured against investment properties and properties held as stock.

10. DEFERRED TAXATION

Prior to the introduction of FRS 102, no recognition was made in respect of deferred tax on revaluation gains. Deferred tax has now been considered on all revaluation gains. No liability arises due to indexation therefore no provision is required.

11. ANALYSIS OF RETAINED EARNINGS

£
Profit and loss 132,164

Fair value reserve 134,489

Total 266,653