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Registration number: SC207328

D and R Love Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

D and R Love Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

D and R Love Ltd.

Company Information

Directors

Mr Christopher David Love

Mrs Rosemary Love

Mr David James Love

Company secretary

Mr David James Love

Registered office

455 King Street
Stenhousemuir
Larbert
FK5 4HX

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

D and R Love Ltd.

(Registration number: SC207328)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

401,851

416,525

Current assets

 

Stocks

6

56,960

54,600

Debtors

7

4,553

4,553

Cash at bank and in hand

 

34,440

61,967

 

95,953

121,120

Creditors: Amounts falling due within one year

8

(88,839)

(118,978)

Net current assets

 

7,114

2,142

Total assets less current liabilities

 

408,965

418,667

Provisions for liabilities

(29,253)

(32,041)

Net assets

 

379,712

386,626

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

92,301

92,301

Retained earnings

287,311

294,225

Shareholders' funds

 

379,712

386,626

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 January 2025 and signed on its behalf by:
 

.........................................
Mr David James Love
Company secretary and director

 

D and R Love Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

D and R Love Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

not provided

Plant and machinery

Reducing balance at 15%

Fixtures and fittings

Reducing balance at 15%

Motor vehicles

Reducing balance at 15%

Computer equipment

Cost at 33%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

D and R Love Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 28).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

16,000

16,000

At 31 July 2024

16,000

16,000

Amortisation

At 1 August 2023

16,000

16,000

At 31 July 2024

16,000

16,000

Carrying amount

At 31 July 2024

-

-

 

D and R Love Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 August 2023

245,000

284,530

35,707

12,160

Additions

-

16,613

-

-

At 31 July 2024

245,000

301,143

35,707

12,160

Depreciation

At 1 August 2023

-

161,967

17,388

12,160

Charge for the year

-

20,877

2,749

-

At 31 July 2024

-

182,844

20,137

12,160

Carrying amount

At 31 July 2024

245,000

118,299

15,570

-

At 31 July 2023

245,000

122,563

18,319

-

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

54,052

631,449

Additions

-

16,613

At 31 July 2024

54,052

648,062

Depreciation

At 1 August 2023

23,409

214,924

Charge for the year

7,661

31,287

At 31 July 2024

31,070

246,211

Carrying amount

At 31 July 2024

22,982

401,851

At 31 July 2023

30,643

416,525

Included within the net book value of land and buildings above is £245,000 (2023 - £245,000) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

56,960

54,600

 

D and R Love Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

9

4,553

4,553

   

4,553

4,553

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

10,119

32,605

Taxation and social security

77,778

51,372

Other creditors

942

35,001

88,839

118,978

 

D and R Love Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr D Love

372

232

Mrs R Love

373

232

Mr C D Love

90

27,517

 

835

27,981

The maximum balance outstanding during the year amounted to £27,981.

The directors current accounts are repayable on demand.

Debtors include a loan to Love Properties Ltd. of £4,553 (2023: £4,553), a company owned by Mr D Love and Mrs R Love.

The loan is repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
D and R Love Ltd.
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D and R Love Ltd. for the year ended 31 July 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of D and R Love Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of D and R Love Ltd. and state those matters that we have agreed to state to the Board of Directors of D and R Love Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D and R Love Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that D and R Love Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of D and R Love Ltd.. You consider that D and R Love Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of D and R Love Ltd.. 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 accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

6 January 2025