Company registration number 06677178 (England and Wales)
K R LOVERIDGE LIMITED
Unaudited Financial Statements
For The Period Ended 31 March 2024
Pages For Filing With Registrar
K R Loveridge Limited
K R LOVERIDGE LIMITED
Company Information
Director
Mr K R Loveridge
Secretary
Mr K R Loveridge
Company number
06677178
Registered office
Rye Street Farm
Rye Street
Cliffe
Rochester
Kent
England
ME3 7UD
Accountants
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
K R Loveridge Limited
K R LOVERIDGE LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
K R Loveridge Limited
K R LOVERIDGE LIMITED
Accountants' Report To The Director On The Preparation Of The Unaudited Statutory Financial Statements Of K R Loveridge Limited For The Period Ended 31 March 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K R Loveridge Limited for the period ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of K R Loveridge Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of K R Loveridge Limited and state those matters that we have agreed to state to the board of directors of K R Loveridge Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K R Loveridge Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that K R Loveridge Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of K R Loveridge Limited. You consider that K R Loveridge Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of K R Loveridge Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
2 December 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
K R Loveridge Limited
K R LOVERIDGE LIMITED
Balance Sheet
As At 31 March 2024
- 2 -
31 March 2024
31 August 2023
Notes
£
£
£
£
Fixed assets
Investments
4
786,292
773,806
Current assets
Cash at bank and in hand
2
2
Creditors: amounts falling due within one year
5
(344,400)
(342,312)
Net current liabilities
(344,398)
(342,310)
Net assets
441,894
431,496
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
441,892
431,494
Total equity
441,894
431,496

The notes on pages 3 to 5 form part of these financial statements.

For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
Mr K R Loveridge
Director
Company registration number 06677178 (England and Wales)
K R Loveridge Limited
K R LOVERIDGE LIMITED
Notes To The Financial Statements
For The Period Ended 31 March 2024
- 3 -
1
Accounting policies
Company information

K R Loveridge Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rye Street Farm, Rye Street, Cliffe, Rochester, Kent, England, ME3 7UD.

1.1
Reporting period

The financial statements have been prepared for the 7 month period to 31 March 2024. This is to align the company's year end with the unincorporated farming partnership in which it is a partner. The results in these financial statements are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
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.

1.4
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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

K R Loveridge Limited
K R LOVERIDGE LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
1
1
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,741
10,954
Adjustments in respect of prior periods
194
-
0
Total current tax
2,935
10,954
K R Loveridge Limited
K R LOVERIDGE LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 31 March 2024
- 5 -
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
786,292
773,806
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 September 2023
773,806
Additions
16,283
Disposals
(3,797)
At 31 March 2024
786,292
Carrying amount
At 31 March 2024
786,292
At 31 August 2023
773,806
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
13,700
13,542
Other creditors
328,750
326,750
Accruals and deferred income
1,950
2,020
344,400
342,312
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