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REGISTERED NUMBER: 10693373 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

LOVE LONG LIMITED

LOVE LONG LIMITED (REGISTERED NUMBER: 10693373)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LOVE LONG LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Ms J Andrew





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
BN3 2PJ





REGISTERED NUMBER: 10693373 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

LOVE LONG LIMITED (REGISTERED NUMBER: 10693373)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 289 385
Investment property 4 562,500 1,110,000
562,789 1,110,385

CURRENT ASSETS
Debtors 5 2,610 3,960
Cash at bank 3,859 1,287
6,469 5,247
CREDITORS
Amounts falling due within one year 6 1,278,639 1,478,937
NET CURRENT LIABILITIES (1,272,170 ) (1,473,690 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(709,381

)

(363,305

)

CREDITORS
Amounts falling due after more than one
year

7

-

(321,131

)

PROVISIONS FOR LIABILITIES (34,772 ) (68,750 )
NET LIABILITIES (744,153 ) (753,186 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (744,253 ) (753,286 )
(744,153 ) (753,186 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2024 and were signed by:




Ms J Andrew - Director


LOVE LONG LIMITED (REGISTERED NUMBER: 10693373)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. 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 as modified by the revaluation of certain assets.

These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Turnover
Turnover represents the following types of income:
- Rental income
- Income from the sale of properties

All income is recognised on a receivable basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or is there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year 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.

Financial instruments
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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

LOVE LONG LIMITED (REGISTERED NUMBER: 10693373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 2,006 944 2,950
DEPRECIATION
At 1 April 2023 1,621 944 2,565
Charge for year 96 - 96
At 31 March 2024 1,717 944 2,661
NET BOOK VALUE
At 31 March 2024 289 - 289
At 31 March 2023 385 - 385

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,110,000
Disposals (547,500 )
At 31 March 2024 562,500
NET BOOK VALUE
At 31 March 2024 562,500
At 31 March 2023 1,110,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2021 (43,414 )
Valuation in 2022 (92,500 )
Valuation in 2023 275,000
Cost 423,414
562,500

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,610 3,960

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 34,329
Trade creditors 1,109 2,890
Other creditors 927 5,460
Directors' loan accounts 1,274,532 1,415,318
Accrued expenses 2,071 20,940
1,278,639 1,478,937

LOVE LONG LIMITED (REGISTERED NUMBER: 10693373)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 34,329
Bank loans - 2-5 years - 286,802
- 321,131

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, Ms J Andrew decreased her loan to the company. As at 31 March 2024 the company owed her £1,274,532 (2023: £1,415,318). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms J Andrew.

This was by virtue of her 100% holding of the issued share capital.