Acorah Software Products - Accounts Production 16.0.110 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 13116331 Miss Rebecca Osman iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13116331 2023-01-31 13116331 2024-01-31 13116331 2023-02-01 2024-01-31 13116331 frs-core:CurrentFinancialInstruments 2024-01-31 13116331 frs-core:Non-currentFinancialInstruments 2024-01-31 13116331 frs-core:BetweenOneFiveYears 2024-01-31 13116331 frs-core:ComputerEquipment 2024-01-31 13116331 frs-core:ComputerEquipment 2023-02-01 2024-01-31 13116331 frs-core:ComputerEquipment 2023-01-31 13116331 frs-core:FurnitureFittings 2024-01-31 13116331 frs-core:FurnitureFittings 2023-02-01 2024-01-31 13116331 frs-core:FurnitureFittings 2023-01-31 13116331 frs-core:PlantMachinery 2024-01-31 13116331 frs-core:PlantMachinery 2023-02-01 2024-01-31 13116331 frs-core:PlantMachinery 2023-01-31 13116331 frs-core:WithinOneYear 2024-01-31 13116331 frs-core:ShareCapital 2024-01-31 13116331 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 13116331 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13116331 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 13116331 frs-bus:SmallEntities 2023-02-01 2024-01-31 13116331 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 13116331 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 13116331 frs-bus:Director1 2023-02-01 2024-01-31 13116331 frs-bus:Director1 2023-01-31 13116331 frs-bus:Director1 2024-01-31 13116331 frs-countries:EnglandWales 2023-02-01 2024-01-31 13116331 2022-01-31 13116331 2023-01-31 13116331 2022-02-01 2023-01-31 13116331 frs-core:CurrentFinancialInstruments 2023-01-31 13116331 frs-core:Non-currentFinancialInstruments 2023-01-31 13116331 frs-core:BetweenOneFiveYears 2023-01-31 13116331 frs-core:WithinOneYear 2023-01-31 13116331 frs-core:ShareCapital 2023-01-31 13116331 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 13116331
Love of Lemons Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Linggard and Thomas
Kew An Lergh
Stret Mygthern Arrthur
Nansledan
TR8 4UX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13116331
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,451 5,745
4,451 5,745
CURRENT ASSETS
Stocks 5 12,044 13,520
Debtors 6 11,792 14,393
Cash at bank and in hand 24,549 28,883
48,385 56,796
Creditors: Amounts Falling Due Within One Year 7 (30,597 ) (28,734 )
NET CURRENT ASSETS (LIABILITIES) 17,788 28,062
TOTAL ASSETS LESS CURRENT LIABILITIES 22,239 33,807
Creditors: Amounts Falling Due After More Than One Year 8 (4,448 ) (7,712 )
NET ASSETS 17,791 26,095
CAPITAL AND RESERVES
Called up share capital 10 4 4
Profit and Loss Account 17,787 26,091
SHAREHOLDERS' FUNDS 17,791 26,095
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Rebecca Osman
Director
30/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Love of Lemons Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13116331 . The registered office is Unit 2 Hub Building, Stret Myghtern Arthur, Nansledan, Cornwall, TR8 4UX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 33% reducing balance
Computer Equipment 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Page 4
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 109 7,260 2,351 9,720
Additions 164 30 266 460
As at 31 January 2024 273 7,290 2,617 10,180
Depreciation
As at 1 February 2023 5 3,661 309 3,975
Provided during the period 33 1,189 532 1,754
As at 31 January 2024 38 4,850 841 5,729
Net Book Value
As at 31 January 2024 235 2,440 1,776 4,451
As at 1 February 2023 104 3,599 2,042 5,745
5. Stocks
2024 2023
£ £
Finished goods 12,044 13,520
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 65 1,289
Other debtors 11,727 13,104
11,792 14,393
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 153 611
Trade creditors 14,678 11,518
Bank loans and overdrafts 3,111 2,930
Other creditors 5,509 6,304
Taxation and social security 7,146 7,371
30,597 28,734
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 153
Bank loans 4,448 7,559
4,448 7,712
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 153 611
Later than one year and not later than five years - 153
153 764
153 764
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
Page 5
Page 6
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 16,000 10,179
Later than one year and not later than five years 25,333 15,268
41,333 25,447
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Miss Rebecca Osman 10,888 8,718 10,888 - 8,718
The above loan is unsecured, interest free and repayable on demand.
Page 6