Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30falsefalse2023-05-01Other construction installation22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13355261 2023-05-01 2024-04-30 13355261 2022-05-01 2023-04-30 13355261 2024-04-30 13355261 2023-04-30 13355261 c:Director1 2023-05-01 2024-04-30 13355261 d:PlantMachinery 2023-05-01 2024-04-30 13355261 d:PlantMachinery 2024-04-30 13355261 d:PlantMachinery 2023-04-30 13355261 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 13355261 d:MotorVehicles 2023-05-01 2024-04-30 13355261 d:MotorVehicles 2024-04-30 13355261 d:MotorVehicles 2023-04-30 13355261 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 13355261 d:OfficeEquipment 2023-05-01 2024-04-30 13355261 d:OfficeEquipment 2024-04-30 13355261 d:OfficeEquipment 2023-04-30 13355261 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 13355261 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 13355261 d:Goodwill 2023-05-01 2024-04-30 13355261 d:Goodwill 2024-04-30 13355261 d:Goodwill 2023-04-30 13355261 d:CurrentFinancialInstruments 2024-04-30 13355261 d:CurrentFinancialInstruments 2023-04-30 13355261 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 13355261 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 13355261 d:ShareCapital 2024-04-30 13355261 d:ShareCapital 2023-04-30 13355261 d:RetainedEarningsAccumulatedLosses 2024-04-30 13355261 d:RetainedEarningsAccumulatedLosses 2023-04-30 13355261 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 13355261 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 13355261 c:FRS102 2023-05-01 2024-04-30 13355261 c:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 13355261 c:FullAccounts 2023-05-01 2024-04-30 13355261 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 13355261 d:Goodwill d:OwnedIntangibleAssets 2023-05-01 2024-04-30 13355261 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 13355261










LOVELL KITCHENS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
LOVELL KITCHENS LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LOVELL KITCHENS LTD
FOR THE YEAR ENDED 30 APRIL 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lovell Kitchens Ltd for the year ended 30 April 2024 which comprise  the Statement of financial position, 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 Lovell Kitchens Ltd, as a body, in accordance with the terms of our engagement letter dated 1st December 2021Our work has been undertaken solely to prepare for your approval the financial statements of Lovell Kitchens Ltd and state those matters that we have agreed to state to the Board of directors of Lovell Kitchens Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lovell Kitchens Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Lovell Kitchens Ltd 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 Lovell Kitchens Ltd. You consider that Lovell Kitchens Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Lovell Kitchens Ltd. 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.

  



McColes & Co (Herts) Ltd
 
Chartered Accountants
  
First Floor
28 Whitehorse Street
Baldock
Hertfordshire
SG7 6QQ
20 September 2024
Page 1

 
LOVELL KITCHENS LTD
REGISTERED NUMBER: 13355261

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
£
£

Fixed assets
  

Intangible assets
 4 
16,800
19,200

Tangible assets
 5 
5,729
7,928

  
22,529
27,128

Current assets
  

Stocks
 6 
4,591
12,388

Debtors: amounts falling due within one year
 7 
1,904
24,439

Cash at bank and in hand
  
50,686
23,472

  
57,181
60,299

Creditors: amounts falling due within one year
 8 
(78,309)
(65,401)

Net current liabilities
  
 
 
(21,128)
 
 
(5,102)

Total assets less current liabilities
  
1,401
22,026

Provisions for liabilities
  

Deferred tax
 9 
(1,247)
(1,506)

  
 
 
(1,247)
 
 
(1,506)

Net assets
  
154
20,520


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
54
20,420

  
154
20,520


Page 2

 
LOVELL KITCHENS LTD
REGISTERED NUMBER: 13355261
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.




A M Lovell
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
LOVELL KITCHENS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
LOVELL KITCHENS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)

 
1.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
1.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.5

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.

Page 5

 
LOVELL KITCHENS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)


1.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
33%
straight line

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
LOVELL KITCHENS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.Accounting policies (continued)

 
1.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


2.


General information

The Company is a private company, limited by shares and registered in England.
Its registered number is: 13355261
Its Registered Office is:
5 Barford Road
Blunham
Bedfordshire
MK44 3NE


3.


Employees

2024
2023
£
£

Wages and salaries
18,192
18,192

18,192
18,192


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2

Page 7

 
LOVELL KITCHENS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
24,000



At 30 April 2024

24,000



Amortisation


At 1 May 2023
4,800


Charge for the year on owned assets
2,400



At 30 April 2024

7,200



Net book value



At 30 April 2024
16,800



At 30 April 2023
19,200



Page 8

 
LOVELL KITCHENS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
5,851
7,706
888
14,445



At 30 April 2024

5,851
7,706
888
14,445



Depreciation


At 1 May 2023
2,560
3,371
585
6,516


Charge for the year on owned assets
823
1,084
293
2,200



At 30 April 2024

3,383
4,455
878
8,716



Net book value



At 30 April 2024
2,468
3,251
10
5,729



At 30 April 2023
3,291
4,335
302
7,928

Page 9

 
LOVELL KITCHENS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Stocks

2024
2023
£
£

Work in progress (goods to be sold)
4,591
12,388

4,591
12,388



7.


Debtors

2024
2023
£
£


Trade debtors
740
24,439

Other debtors
1,164
-

1,904
24,439



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
9,239
8,739

Corporation tax
17,290
13,549

Other taxation and social security
429
5,821

Other creditors
49,671
35,692

Accruals and deferred income
1,680
1,600

78,309
65,401


Page 10

 
LOVELL KITCHENS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Deferred taxation




2024


£






At beginning of year
(1,506)


Utilised in year
259



At end of year
(1,247)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,248)
(1,506)

(1,248)
(1,506)


10.


Related party transactions

The amount due to the directors, and included in other creditors at the reporting date, was £49,671; (2023: £35,692).  The loan does not attract a rate of interest and is repayable on demand.

 
Page 11