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Registered number: 06448533
Luv Infinity Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Mendip Accounting Solutions Ltd
6 Hill Road
Clevedon
North Somerset
BS21 7NE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06448533
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 809 1,945
809 1,945
CURRENT ASSETS
Stocks 5 112,897 181,644
Debtors 6 24,636 14,624
Cash at bank and in hand 7,461 34,570
144,994 230,838
Creditors: Amounts Falling Due Within One Year 7 (126,706 ) (105,529 )
NET CURRENT ASSETS (LIABILITIES) 18,288 125,309
TOTAL ASSETS LESS CURRENT LIABILITIES 19,097 127,254
Creditors: Amounts Falling Due After More Than One Year 8 (476,201 ) (438,201 )
NET LIABILITIES (457,104 ) (310,947 )
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account (458,104 ) (311,947 )
SHAREHOLDERS' FUNDS (457,104) (310,947)
Page 1
Page 2
For the year ending 31 March 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 his 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
Mr Mathew Causon
Director
31/10/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Luv Infinity Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06448533 . The registered office is 1-2 Frog Lane, Bristol, BS1 5UX.
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:
Motor Vehicles Fully depreciated
Fixtures & Fittings Fully depreciated
Computer Equipment 3 year straight line
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 9)
7 9
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 7,250 1,233 8,579 17,062
Additions - - 118 118
As at 31 March 2024 7,250 1,233 8,697 17,180
Depreciation
As at 1 April 2023 7,250 1,178 6,689 15,117
Provided during the period - 55 1,199 1,254
As at 31 March 2024 7,250 1,233 7,888 16,371
...CONTINUED
Page 3
Page 4
Net Book Value
As at 31 March 2024 - - 809 809
As at 1 April 2023 - 55 1,890 1,945
5. Stocks
2024 2023
£ £
Stock 112,897 181,644
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 17,377 7,799
Other debtors 7,259 6,825
24,636 14,624
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 43,658 12,670
Bank loans and overdrafts 7,875 -
Other loans 28,692 38,819
Other creditors 24,594 32,125
Taxation and social security 21,887 21,915
126,706 105,529
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 476,201 438,201
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 4