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REGISTERED NUMBER: 02996700 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Lovetts Limited

Lovetts Limited (Registered number: 02996700)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lovetts Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: G P McCulloch
C H Wilson
M J Higgins
A B Dancy





SECRETARY: C H Wilson





REGISTERED OFFICE: Bramley House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR





REGISTERED NUMBER: 02996700 (England and Wales)





ACCOUNTANTS: Turner Hampton
Chartered Certified Accountants
238 Station Road
Addlestone
Surrey
KT15 2PS

Lovetts Limited (Registered number: 02996700)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 9,983 16,364

CURRENT ASSETS
Debtors 5 723,681 961,707
Cash at bank and in hand 1,005,296 1,065,662
1,728,977 2,027,369
CREDITORS
Amounts falling due within one year 6 (684,837 ) (632,308 )
NET CURRENT ASSETS 1,044,140 1,395,061
TOTAL ASSETS LESS CURRENT LIABILITIES 1,054,123 1,411,425

CREDITORS
Amounts falling due after more than one
year

7

(125,505

)

(335,485

)
NET ASSETS 928,618 1,075,940

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 878,618 1,025,940
928,618 1,075,940

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

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

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.

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 Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:



M J Higgins - Director


Lovetts Limited (Registered number: 02996700)

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


1. STATUTORY INFORMATION

Lovetts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 20% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

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.

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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 30 ) .

Lovetts Limited (Registered number: 02996700)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 August 2023 17,897 2,956 56,083 76,936
Additions - - 923 923
At 31 July 2024 17,897 2,956 57,006 77,859
DEPRECIATION
At 1 August 2023 11,757 2,792 46,023 60,572
Charge for year 1,976 164 5,164 7,304
At 31 July 2024 13,733 2,956 51,187 67,876
NET BOOK VALUE
At 31 July 2024 4,164 - 5,819 9,983
At 31 July 2023 6,140 164 10,060 16,364

5. DEBTORS
31.7.24 31.7.23
£    £   
Amounts falling due within one year:
Trade debtors 662,565 614,896
Other debtors 61,116 64,358
723,681 679,254

Amounts falling due after more than one year:
Amounts owed by group undertakings - 282,453

Aggregate amounts 723,681 961,707

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 158,835 145,705
Trade creditors 1,935 1,756
Taxation and social security 309,679 310,679
Other creditors 214,388 174,168
684,837 632,308

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans 125,505 335,485

Lovetts Limited (Registered number: 02996700)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.24 31.7.23
£    £   
Within one year 84,900 84,900
Between one and five years 91,975 176,875
176,875 261,775