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REGISTERED NUMBER: 08183673 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Lovel Capital Projects Limited

Lovel Capital Projects Limited (Registered number: 08183673)






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 Capital Projects Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P F Lovel
Mrs H M Lovel





SECRETARY: P F Lovel





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





REGISTERED NUMBER: 08183673 (England and Wales)





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

Lovel Capital Projects Limited (Registered number: 08183673)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 60,353 48,890
Investment property 6 13,009,831 12,484,190
13,070,184 12,533,080

CURRENT ASSETS
Stocks 662,295 659,745
Debtors 7 39,388 115,096
Cash at bank 97,860 69,641
799,543 844,482
CREDITORS
Amounts falling due within one year 8 3,344,567 3,492,546
NET CURRENT LIABILITIES (2,545,024 ) (2,648,064 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,525,160

9,885,016

CREDITORS
Amounts falling due after more than one
year

9

(5,356,065

)

(4,677,020

)

PROVISIONS FOR LIABILITIES (1,232,500 ) (786,500 )
NET ASSETS 3,936,595 4,421,496

Lovel Capital Projects Limited (Registered number: 08183673)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 3,782,217 4,226,330
Retained earnings 154,278 195,066
SHAREHOLDERS' FUNDS 3,936,595 4,421,496

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.

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 Capital Projects Limited (Registered number: 08183673)

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

1. STATUTORY INFORMATION

Lovel Capital Projects 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 day to day working capital requirements via bank loan facilities and a loan provided by a group member company. The directors expect to work within the terms of the 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.

Lease incentives are amortised evenly over the term of the lease.

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 - 16.67% on cost and 10% on cost

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. Investment properties in the course of construction are stated at cost.

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

Lovel Capital Projects Limited (Registered number: 08183673)

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 2 (2022 - 2 ) .

Lovel Capital Projects Limited (Registered number: 08183673)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 123,627
Additions 50,750
Disposals (86,800 )
At 31 December 2023 87,577
DEPRECIATION
At 1 January 2023 74,737
Charge for year 5,798
Eliminated on disposal (53,311 )
At 31 December 2023 27,224
NET BOOK VALUE
At 31 December 2023 60,353
At 31 December 2022 48,890

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 12,484,190
Additions 527,254
Revaluations (1,613 )
At 31 December 2023 13,009,831
NET BOOK VALUE
At 31 December 2023 13,009,831
At 31 December 2022 12,484,190

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2016 1,626,437
Valuation in 2017 475,000
Valuation in 2020 350,000
Valuation in 2022 2,552,893
Valuation in 2023 (1,613 )
Cost 8,007,114
13,009,831

Lovel Capital Projects Limited (Registered number: 08183673)

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

6. INVESTMENT PROPERTY - continued

If the investment property had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 8,007,114 7,479,860

Investment properties were valued on an open market basis on 5 May 2022 by Avison Young Chartered Surveyors .

The Directors consider the values at the year end to be the same as professionally valued.

7. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Other debtors 4,880 78,376

Amounts falling due after more than one year:
Other debtors 34,508 36,720

Aggregate amounts 39,388 115,096

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 236,936 866,271
Hire purchase contracts 10,250 -
Amounts owed to group undertakings 2,852,121 2,383,645
Taxation and social security 18,096 20,656
Other creditors 227,164 221,974
3,344,567 3,492,546

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 5,339,836 4,677,020
Hire purchase contracts 16,229 -
5,356,065 4,677,020

Lovel Capital Projects Limited (Registered number: 08183673)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 5,576,772 5,543,291
Hire purchase contracts 26,479 -
5,603,251 5,543,291

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

Hire purchase contracts are secured against the assets to which they relate.

11. 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.