Silverfin false false 29/02/2024 01/03/2023 29/02/2024 D Hearn 12/02/2014 25 November 2024 The principal activity of the company continued to be that of consultancy. 08889842 2024-02-29 08889842 bus:Director1 2024-02-29 08889842 2023-02-28 08889842 core:CurrentFinancialInstruments 2024-02-29 08889842 core:CurrentFinancialInstruments 2023-02-28 08889842 core:ShareCapital 2024-02-29 08889842 core:ShareCapital 2023-02-28 08889842 core:RetainedEarningsAccumulatedLosses 2024-02-29 08889842 core:RetainedEarningsAccumulatedLosses 2023-02-28 08889842 core:OtherPropertyPlantEquipment 2023-02-28 08889842 core:OtherPropertyPlantEquipment 2024-02-29 08889842 core:CurrentFinancialInstruments 1 2024-02-29 08889842 core:CurrentFinancialInstruments 1 2023-02-28 08889842 bus:OrdinaryShareClass1 2024-02-29 08889842 2023-03-01 2024-02-29 08889842 bus:FilletedAccounts 2023-03-01 2024-02-29 08889842 bus:SmallEntities 2023-03-01 2024-02-29 08889842 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 08889842 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08889842 bus:Director1 2023-03-01 2024-02-29 08889842 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-03-01 2024-02-29 08889842 2022-03-01 2023-02-28 08889842 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 08889842 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 08889842 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08889842 (England and Wales)

LOVAT PARTNERS LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

LOVAT PARTNERS LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

LOVAT PARTNERS LIMITED

BALANCE SHEET

As at 29 February 2024
LOVAT PARTNERS LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 9,091 7,220
9,091 7,220
Current assets
Debtors 4 6,235 8,508
Cash at bank and in hand 5 333,939 322,972
340,174 331,480
Creditors: amounts falling due within one year 6 ( 59,175) ( 52,846)
Net current assets 280,999 278,634
Total assets less current liabilities 290,090 285,854
Net assets 290,090 285,854
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 290,088 285,852
Total shareholders' funds 290,090 285,854

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Lovat Partners Limited (registered number: 08889842) were approved and authorised for issue by the Director on 25 November 2024. They were signed on its behalf by:

D Hearn
Director
LOVAT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
LOVAT PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lovat Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2023 12,014 12,014
Additions 5,270 5,270
Disposals ( 517) ( 517)
At 29 February 2024 16,767 16,767
Accumulated depreciation
At 01 March 2023 4,794 4,794
Charge for the financial year 3,399 3,399
Disposals ( 517) ( 517)
At 29 February 2024 7,676 7,676
Net book value
At 29 February 2024 9,091 9,091
At 28 February 2023 7,220 7,220

4. Debtors

2024 2023
£ £
Other debtors 6,235 8,508

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 333,939 322,972

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to connected companies 52,362 24,639
Taxation and social security 4,122 16,784
Other creditors 2,691 11,423
59,175 52,846

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Equity ordinary shares of £ 1.00 each 2 2

8. Related party transactions

At the year end the company owed £41 (2023 - £8,873) to the director of the company, in respect of an interest free loan which is repayable on demand.