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REGISTERED NUMBER: SC132196 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

LOVAT'S GROUP LIMITED

LOVAT'S GROUP LIMITED (REGISTERED NUMBER: SC132196)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOVAT'S GROUP LIMITED

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTORS: M V Floyd
P Floyd
C Cox





REGISTERED OFFICE: Unit 1
Muirhead
Mitchelston Industrial Estate
Kirkcaldy
Fife
KY1 3PB





REGISTERED NUMBER: SC132196 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Viewforth House
189 Nicol Street
Kirkcaldy
Fife
KY1 1PF

LOVAT'S GROUP LIMITED (REGISTERED NUMBER: SC132196)

BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,083 5,550
Tangible assets 5 275,311 190,064
278,394 195,614

CURRENT ASSETS
Debtors 6 1,271,821 1,396,813
Cash at bank 671,851 395,655
1,943,672 1,792,468
CREDITORS
Amounts falling due within one year 7 1,098,238 901,467
NET CURRENT ASSETS 845,434 891,001
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,123,828

1,086,615

CREDITORS
Amounts falling due after more than one
year

8

(46,222

)

(36,190

)

PROVISIONS FOR LIABILITIES 9 (65,570 ) (45,431 )
NET ASSETS 1,012,036 1,004,994

CAPITAL AND RESERVES
Called up share capital 10,100 10,100
Retained earnings 1,001,936 994,894
SHAREHOLDERS' FUNDS 1,012,036 1,004,994

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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.

LOVAT'S GROUP LIMITED (REGISTERED NUMBER: SC132196)

BALANCE SHEET - continued
30 June 2024


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 30 October 2024 and were signed on its behalf by:





M V Floyd - Director


LOVAT'S GROUP LIMITED (REGISTERED NUMBER: SC132196)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Lovat's Group Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover represents the value of catering equipment sales and repair services provided during the year excluding VAT.

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 , VAT and other sales taxes. The following criteria must also be met before revenue is recognised.

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 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;

Contracts
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting date. Variations in contract work, claims and incentive payments, are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of the contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred they are not included in contract costs if the contract is obtained in a subsequent period.

LOVAT'S GROUP LIMITED (REGISTERED NUMBER: SC132196)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

The percentage of completion method is used to determine the appropriate amount to recognise in the given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the total contract costs. Costs incurred in the year in connection with future activity on a contract is excluded from contract costs in determining the stage of completion. These costs are presented as stock prepayments or other assets depending on their nature.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tenants improvements - 10% per annum on cost
Fittings and equipment - 20% per annum reducing balance
Motor vehicles - 15% per annum reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

During the year to 30 June 2023, the Company changed the rate of depreciating its motor vehicles from 25% to 15% on a reducing balance basis as the revised method better reflects the useful lives and residual value of the assets.

FINANCIAL INSTRUMENTS
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received, However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. lf objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.


LOVAT'S GROUP LIMITED (REGISTERED NUMBER: SC132196)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

EMPLOYEE BENEFITS
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

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 in other administrative expenses.

IMPAIRMENT
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

PROVISIONS
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 36 ) .

LOVAT'S GROUP LIMITED (REGISTERED NUMBER: SC132196)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2023
and 30 June 2024 7,400
AMORTISATION
At 1 July 2023 1,850
Charge for year 2,467
At 30 June 2024 4,317
NET BOOK VALUE
At 30 June 2024 3,083
At 30 June 2023 5,550

5. TANGIBLE FIXED ASSETS
Fittings
Tenants and Motor
improvements equipment vehicles Totals
£    £    £    £   
COST
At 1 July 2023 48,400 49,281 322,631 420,312
Additions 1,969 7,104 153,372 162,445
Disposals - (108 ) (82,129 ) (82,237 )
At 30 June 2024 50,369 56,277 393,874 500,520
DEPRECIATION
At 1 July 2023 40,061 32,508 157,679 230,248
Charge for year 1,739 8,254 34,660 44,653
Eliminated on disposal - (20 ) (49,672 ) (49,692 )
At 30 June 2024 41,800 40,742 142,667 225,209
NET BOOK VALUE
At 30 June 2024 8,569 15,535 251,207 275,311
At 30 June 2023 8,339 16,773 164,952 190,064

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 674,109 496,454
Amounts recoverable on contract 256,671 338,113
Other debtors 341,041 562,246
1,271,821 1,396,813

LOVAT'S GROUP LIMITED (REGISTERED NUMBER: SC132196)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 11,612 18,741
Trade creditors 724,054 640,201
Taxation and social security 256,705 134,434
Other creditors 105,867 108,091
1,098,238 901,467

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 19,272 -
Other creditors 26,950 36,190
46,222 36,190

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 65,570 45,431

Deferred
tax
£   
Balance at 1 July 2023 45,431
Accelerated capital allowances 20,139
Balance at 30 June 2024 65,570

10. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £62,658 (2023 - £91,776).

11. RELATED PARTY DISCLOSURE

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.