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Registered number: 10720247
Love Outdoors Group Limited
Unaudited Financial Statements
For The Year Ended 30 September 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10720247
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 1,200
Tangible Assets 5 24,158 24,719
24,158 25,919
CURRENT ASSETS
Stocks 6 65,042 65,042
Debtors 7 88,974 25,473
Cash at bank and in hand - 7,467
154,016 97,982
Creditors: Amounts Falling Due Within One Year 8 (315,873 ) (287,338 )
NET CURRENT ASSETS (LIABILITIES) (161,857 ) (189,356 )
TOTAL ASSETS LESS CURRENT LIABILITIES (137,699 ) (163,437 )
Creditors: Amounts Falling Due After More Than One Year 9 (34,782 ) (45,430 )
NET LIABILITIES (172,481 ) (208,867 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (172,482 ) (208,868 )
SHAREHOLDERS' FUNDS (172,481) (208,867)
Page 1
Page 2
For the year ending 30 September 2023 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 Gillian Abrahams
Director
31/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Love Outdoors Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10720247 . The registered office is 7 Jardine House , Harrovian Business Village, Bessborough Road, Harrow, HA1 3EX.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are computer software It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. 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 20% SLM
Motor Vehicles 20% SLM
Fixtures & Fittings 20% SLM
Computer Equipment 20% SLM
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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 7)
4 7
Page 3
Page 4
4. Intangible Assets
Other
£
Cost
As at 1 October 2022 6,000
As at 30 September 2023 6,000
Amortisation
As at 1 October 2022 4,800
Provided during the period 1,200
As at 30 September 2023 6,000
Net Book Value
As at 30 September 2023 -
As at 1 October 2022 1,200
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2022 56,055 33,735 5,260 539 95,589
Additions - 25,006 - 1,433 26,439
As at 30 September 2023 56,055 58,741 5,260 1,972 122,028
Depreciation
As at 1 October 2022 45,045 21,398 4,211 216 70,870
Provided during the period 11,011 14,543 1,052 394 27,000
As at 30 September 2023 56,056 35,941 5,263 610 97,870
Net Book Value
As at 30 September 2023 (1 ) 22,800 (3 ) 1,362 24,158
As at 1 October 2022 11,010 12,337 1,049 323 24,719
6. Stocks
2023 2022
£ £
Stock - 65,042
Finished goods 65,042 -
65,042 65,042
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 70,576 24,442
Other debtors 18,398 1,031
88,974 25,473
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 35,650 41,339
Bank loans and overdrafts 7,232 -
Other taxes and social security 148,397 136,978
Net wages 3,367 -
Other creditors 3,986 -
Pension payable 1,196 -
Director's loan account 116,045 109,021
315,873 287,338
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 34,782 45,430
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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