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REGISTERED NUMBER: 05014249 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Lovel Developments (Yorkshire) Limited

Lovel Developments (Yorkshire) Limited (Registered number: 05014249)






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 Developments (Yorkshire) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: P F Lovel





SECRETARY: Mrs H M Lovel





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





REGISTERED NUMBER: 05014249 (England and Wales)





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

Lovel Developments (Yorkshire) Limited (Registered number: 05014249)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 4,614 9,695

CURRENT ASSETS
Stocks 414,986 270,815
Debtors 6 4,046,733 3,922,027
Cash at bank 175,065 496,488
4,636,784 4,689,330
CREDITORS
Amounts falling due within one year 7 3,205,078 2,737,962
NET CURRENT ASSETS 1,431,706 1,951,368
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,436,320

1,961,063

CREDITORS
Amounts falling due after more than one
year

8

96,500

178,872
NET ASSETS 1,339,820 1,782,191

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,339,819 1,782,190
SHAREHOLDERS' FUNDS 1,339,820 1,782,191

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 director acknowledges his 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 Developments (Yorkshire) Limited (Registered number: 05014249)

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 director and authorised for issue on 26 June 2024 and were signed by:





P F Lovel - Director


Lovel Developments (Yorkshire) Limited (Registered number: 05014249)

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

1. STATUTORY INFORMATION

Lovel Developments (Yorkshire) 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.

Turnover
Turnover represents sales of properties held as stock.

Property sales are recognised on legal completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

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

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.

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.


Lovel Developments (Yorkshire) Limited (Registered number: 05014249)

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

3. ACCOUNTING POLICIES - continued
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 7 (2022 - 6 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 50,284
Disposals (1,420 )
At 31 December 2023 48,864
DEPRECIATION
At 1 January 2023 40,589
Charge for year 5,081
Eliminated on disposal (1,420 )
At 31 December 2023 44,250
NET BOOK VALUE
At 31 December 2023 4,614
At 31 December 2022 9,695

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 4,215 33,413
Amounts owed by group undertakings 3,374,091 2,818,032
Other debtors 668,427 1,070,582
4,046,733 3,922,027

Lovel Developments (Yorkshire) Limited (Registered number: 05014249)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 2,627 9,572
Amounts owed to group undertakings 2,257,120 2,215,651
Taxation and social security 2,892 164,512
Other creditors 942,439 348,227
3,205,078 2,737,962

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 96,500 178,872

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 18,000 18,000
Between one and five years 72,000 72,000
In more than five years 57,000 75,000
147,000 165,000

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
P F Lovel
Balance outstanding at start of year (160,867 ) (143,475 )
Amounts advanced 190,190 381,380
Amounts repaid (31,000 ) (398,772 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,677 ) (160,867 )

Interest was charged to the director at HMRC official rate of interest on overdrawn balances. The maximum overdrawn balance during the year was Nil (2022 - £106,791). At the year end £1,677 was owed from the company (2022 £160,867).

Lovel Developments (Yorkshire) Limited (Registered number: 05014249)

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

11. RELATED PARTY DISCLOSURES

At the balance sheet date the Company owed £185,000 to (2022 - £456,501 owed from) a company which one of the directors and shareholders of the Ultimate Parent has an interest . This loan is interest free and repayable on demand.

12. ULTIMATE PARENT COMPANY

The ultimate parent company is Lovel Property Holdings Limited (Company Number 08822739) registered in England & Wales. Lovel Property Holdings Limited registered address and principal place of business is 12 Innovation Drive, Newport, Brough, England, HU15 2FW.