REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2023 TO 31 JANUARY 2024 |
FOR |
LOVEITTS LIMITED |
REGISTERED NUMBER: |
ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2023 TO 31 JANUARY 2024 |
FOR |
LOVEITTS LIMITED |
LOVEITTS LIMITED (REGISTERED NUMBER: 07558151) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 April 2023 to 31 January 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LOVEITTS LIMITED |
COMPANY INFORMATION |
for the period 1 April 2023 to 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
LOVEITTS LIMITED (REGISTERED NUMBER: 07558151) |
ABRIDGED BALANCE SHEET |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
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. |
LOVEITTS LIMITED (REGISTERED NUMBER: 07558151) |
ABRIDGED BALANCE SHEET - continued |
31 January 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LOVEITTS LIMITED (REGISTERED NUMBER: 07558151) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 April 2023 to 31 January 2024 |
1. | STATUTORY INFORMATION |
Loveitts Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts. The difference between the fair value of consideration and the normal amount received is recognised as interest income. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
Goodwill |
The directors have reviewed the impact of FRS102 and considered the remaining useful life of the acquired goodwill to be a reflective and reliable term on the basis that the company continues to enhance its wealth and capital growth. |
Acquired goodwill is written off in equal annual instalments over its useful economic life of 20 years. As at the balance sheet date the outstanding useful life was 7 years. |
Tangible fixed assets |
Fixtures, fittings & equipment | - |
Computer equipment | - |
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. |
Government grants |
Grants are recognised at the fair value of the asset received when there is reasonable assurance that the grant conditions will be met. |
Grants relating to an asset are recognised in income systematically over the assets expected useful life. |
LOVEITTS LIMITED (REGISTERED NUMBER: 07558151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2023 to 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Fixed asset investments |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. |
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
Financial instruments |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
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 income statement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
LOVEITTS LIMITED (REGISTERED NUMBER: 07558151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2023 to 31 January 2024 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for period |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 March 2023 |
LOVEITTS LIMITED (REGISTERED NUMBER: 07558151) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 April 2023 to 31 January 2024 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2023 | 2,799 |
Disposals | (2,799 | ) |
At 31 January 2024 | - |
NET BOOK VALUE |
At 31 January 2024 | - |
At 31 March 2023 | 2,799 |
7. | POST BALANCE SHEET EVENTS |
Sheldon Bosley Knight acquired 100% of the share capital on 30 April 2024. |