Acorah Software Products - Accounts Production 16.0.110 false true 30 April 2023 1 May 2022 false 1 May 2023 30 April 2024 30 April 2024 SC124783 Anne Love Anne Love iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC124783 2023-04-30 SC124783 2024-04-30 SC124783 2023-05-01 2024-04-30 SC124783 frs-core:CurrentFinancialInstruments 2024-04-30 SC124783 frs-core:FurnitureFittings 2024-04-30 SC124783 frs-core:FurnitureFittings 2023-05-01 2024-04-30 SC124783 frs-core:FurnitureFittings 2023-04-30 SC124783 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-04-30 SC124783 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 SC124783 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-30 SC124783 frs-core:MotorVehicles 2024-04-30 SC124783 frs-core:MotorVehicles 2023-05-01 2024-04-30 SC124783 frs-core:MotorVehicles 2023-04-30 SC124783 frs-core:ShareCapital 2024-04-30 SC124783 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 SC124783 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC124783 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 SC124783 frs-bus:SmallEntities 2023-05-01 2024-04-30 SC124783 frs-bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 SC124783 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC124783 frs-core:CostValuation 2023-04-30 SC124783 frs-core:AdditionsToInvestments 2024-04-30 SC124783 frs-core:CostValuation 2024-04-30 SC124783 frs-core:ProvisionsForImpairmentInvestments 2023-04-30 SC124783 frs-core:ProvisionsForImpairmentInvestments 2024-04-30 SC124783 frs-bus:Director1 2023-05-01 2024-04-30 SC124783 frs-bus:CompanySecretary1 2023-05-01 2024-04-30 SC124783 frs-countries:Scotland 2023-05-01 2024-04-30 SC124783 2022-04-30 SC124783 2023-04-30 SC124783 2022-05-01 2023-04-30 SC124783 frs-core:CurrentFinancialInstruments 2023-04-30 SC124783 frs-core:ShareCapital 2023-04-30 SC124783 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: SC124783
Love For Diamonds Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
14 Newton Place
Glasgow
G3 7PY
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: SC124783
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 108,813 120,696
Investments 5 648,424 626,173
757,237 746,869
CURRENT ASSETS
Stocks 6 716,724 744,065
Debtors 7 10,582 16,370
Cash at bank and in hand 358,172 395,882
1,085,478 1,156,317
Creditors: Amounts Falling Due Within One Year 8 (98,652 ) (132,262 )
NET CURRENT ASSETS (LIABILITIES) 986,826 1,024,055
TOTAL ASSETS LESS CURRENT LIABILITIES 1,744,063 1,770,924
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,431 ) (8,575 )
NET ASSETS 1,737,632 1,762,349
CAPITAL AND RESERVES
Called up share capital 9 2 2
Income Statement 1,737,630 1,762,347
SHAREHOLDERS' FUNDS 1,737,632 1,762,349
Page 1
Page 2
For the year ending 30 April 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 Income Statement.
On behalf of the board
Anne Love
Director
08/11/2024
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 For Diamonds Limited is a private company, limited by shares, incorporated in Scotland, registered number SC124783 . The registered office is 5 St.Vincent Place, Glasgow, G1 2DH.
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.
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:
Freehold Buildings depreciated over 20 years
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
2.4. 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.
2.5. 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 year 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 asset reflects 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: 6 (2023: 6)
6 6
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2023 83,966 70,460 61,909 216,335
As at 30 April 2024 83,966 70,460 61,909 216,335
Depreciation
As at 1 May 2023 8,400 30,826 56,413 95,639
Provided during the period 600 9,909 1,374 11,883
As at 30 April 2024 9,000 40,735 57,787 107,522
Net Book Value
As at 30 April 2024 74,966 29,725 4,122 108,813
As at 1 May 2023 75,566 39,634 5,496 120,696
5. Investments
Other
£
Cost
As at 1 May 2023 626,173
Additions 22,251
As at 30 April 2024 648,424
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 648,424
As at 1 May 2023 626,173
6. Stocks
2024 2023
£ £
Stock 716,724 744,065
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,571 11,295
Prepayments and accrued income 5,011 5,075
10,582 16,370
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 27,467 93,551
Bank loans and overdrafts 1,236 2,022
Corporation tax 7,746 7,394
Other taxes and social security 2,293 2,135
VAT 9,261 10,778
Employee pension 249 -
Accruals and deferred income 2,400 2,382
Director's loan account 48,000 14,000
98,652 132,262
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5