Company registration number 11592953 (England and Wales)
KIRK LOVEGROVE & COMPANY LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
Pages For Filing With Registrar
Kirk Lovegrove & Company Limited
KIRK LOVEGROVE & COMPANY LIMITED
Contents
Page
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
Kirk Lovegrove & Company Limited
KIRK LOVEGROVE & COMPANY LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Kirk Lovegrove & Company Limited For The Year Ended 31 December 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kirk Lovegrove & Company Limited for the year ended 31 December 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Kirk Lovegrove & Company Limited, as a body, in accordance with the terms of our engagement letter dated 17 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Kirk Lovegrove & Company Limited and state those matters that we have agreed to state to the board of directors of Kirk Lovegrove & Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kirk Lovegrove & Company Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Kirk Lovegrove & Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kirk Lovegrove & Company Limited. You consider that Kirk Lovegrove & Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kirk Lovegrove & Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
12 September 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Kirk Lovegrove & Company Limited
KIRK LOVEGROVE & COMPANY LIMITED
Balance Sheet
As At 31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
24,613
25,520
Current assets
Debtors
5
2,165,158
126,813
Cash at bank and in hand
821,222
4,470,454
2,986,380
4,597,267
Creditors: amounts falling due within one year
6
(932,820)
(2,783,796)
Net current assets
2,053,560
1,813,471
Total assets less current liabilities
2,078,173
1,838,991
Provisions for liabilities
(4,210)
-
0
Net assets
2,073,963
1,838,991
Capital and reserves
Called up share capital
189
172
Share premium account
1,502,419
980,676
Other reserves
16,839
-
0
Profit and loss reserves
554,516
858,143
Total equity
2,073,963
1,838,991

The notes on pages 5 to 9 form part of these financial statements.

Kirk Lovegrove & Company Limited
KIRK LOVEGROVE & COMPANY LIMITED
Balance Sheet (Continued)
As At 31 December 2023
- 3 -

For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
N C Kirk
Director
Company registration number 11592953 (England and Wales)
Kirk Lovegrove & Company Limited
KIRK LOVEGROVE & COMPANY LIMITED
Statement Of Changes In Equity
For The Year Ended 31 December 2023
- 4 -
Share capital
Share premium account
Share option reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
172
980,676
-
(201,434)
779,414
Year ended 31 December 2022:
Profit for the year
-
-
-
1,209,577
1,209,577
Dividends
-
-
-
(150,000)
(150,000)
Balance at 31 December 2022
172
980,676
-
858,143
1,838,991
Year ended 31 December 2023:
Profit for the year
-
-
-
275,433
275,433
Issue of share capital
17
521,743
-
-
521,760
Dividends
-
-
-
(579,060)
(579,060)
Increase in share based payment expense
-
-
16,839
-
0
16,839
Balance at 31 December 2023
189
1,502,419
16,839
554,516
2,073,963
Kirk Lovegrove & Company Limited
KIRK LOVEGROVE & COMPANY LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2023
- 5 -
1
Accounting policies
Company information

Kirk Lovegrove & Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 161 Brompton Road, London, England, SW3 1QP.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20 % Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Kirk Lovegrove & Company Limited
KIRK LOVEGROVE & COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.6
Share-based payments

The company provides share-based payment arrangements to certain employees.

 

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Kirk Lovegrove & Company Limited
KIRK LOVEGROVE & COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
15
15
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023
44,419
Additions
4,736
At 31 December 2023
49,155
Depreciation and impairment
At 1 January 2023
18,899
Depreciation charged in the year
5,643
At 31 December 2023
24,542
Carrying amount
At 31 December 2023
24,613
At 31 December 2022
25,520
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,083,222
36,362
Other debtors
3,992
64
Prepayments and accrued income
77,944
90,387
2,165,158
126,813
Kirk Lovegrove & Company Limited
KIRK LOVEGROVE & COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
31,097
73,831
Corporation tax
97,247
256,176
Other taxation and social security
446,996
526,723
Other creditors
357,480
1,927,066
932,820
2,783,796
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Share based payments
4,210
-
2023
Movements in the year:
£
Liability at 1 January 2023
-
Charge to profit or loss
4,210
Liability at 31 December 2023
4,210

The deferred tax liability relates to amounts charged to the profit and loss account resulting from the recognition of share based payments and is expected to reverse as the related share options vest.

8
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
11,044
7,194
14.78
11.64
Granted
11,100
3,850
32.00
20.65
Forfeited
(100)
-
0
20.65
-
0
Outstanding at 31 December 2023
22,044
11,044
23.42
14.78
Exercisable at 31 December 2023
-
0
-
0
-
0
-
0
Kirk Lovegrove & Company Limited
KIRK LOVEGROVE & COMPANY LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
8
Share-based payment transactions
(Continued)
- 9 -

The options outstanding at 31 December 2023 had an exercise price ranging from £8.40 to £32, and a remaining contractual life of between 3 and 6 years.

The company is unable to directly measure the fair value of employee services received, instead, the fair value of the share options granted is determined using the Black-Scholes model.

9
Operating lease commitments
Lessee

The company entered into a 10 year lease for the premises from which it operates in 2018.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
208,020
208,020
Between two and five years
624,060
832,080
832,080
1,040,100
2023-12-312023-01-01false12 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityM R LovegroveE P AireyN C KirkR T BrownJ R PeterkinM A Briddenfalsefalse115929532023-01-012023-12-31115929532023-12-31115929532022-12-3111592953core:OtherPropertyPlantEquipment2023-12-3111592953core:OtherPropertyPlantEquipment2022-12-3111592953core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111592953core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111592953core:CurrentFinancialInstruments2023-12-3111592953core:CurrentFinancialInstruments2022-12-3111592953core:ShareCapital2023-12-3111592953core:ShareCapital2022-12-3111592953core:SharePremium2023-12-3111592953core:SharePremium2022-12-3111592953core:OtherMiscellaneousReserve2023-12-3111592953core:OtherMiscellaneousReserve2022-12-3111592953core:RetainedEarningsAccumulatedLosses2023-12-3111592953core:RetainedEarningsAccumulatedLosses2022-12-3111592953core:ShareCapital2021-12-3111592953core:SharePremium2021-12-3111592953core:RetainedEarningsAccumulatedLosses2021-12-3111592953bus:Director32023-01-012023-12-3111592953core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31115929532022-01-012022-12-3111592953core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3111592953core:ShareCapital2023-01-012023-12-3111592953core:SharePremium2023-01-012023-12-3111592953core:FurnitureFittings2023-01-012023-12-3111592953core:OtherPropertyPlantEquipment2022-12-3111592953core:OtherPropertyPlantEquipment2023-01-012023-12-31115929532022-12-31115929532021-12-3111592953core:WithinOneYear2023-12-3111592953core:WithinOneYear2022-12-3111592953core:BetweenTwoFiveYears2023-12-3111592953core:BetweenTwoFiveYears2022-12-3111592953bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111592953bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111592953bus:FRS1022023-01-012023-12-3111592953bus:AuditExemptWithAccountantsReport2023-01-012023-12-3111592953bus:Director12023-01-012023-12-3111592953bus:Director22023-01-012023-12-3111592953bus:Director42023-01-012023-12-3111592953bus:Director52023-01-012023-12-3111592953bus:Director62023-01-012023-12-3111592953bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP