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REGISTERED NUMBER: 09600312 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

LOVE IT GALLERY LIMITED

LOVE IT GALLERY LIMITED (REGISTERED NUMBER: 09600312)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOVE IT GALLERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr I R O'Brien
Mrs S J O'Brien





REGISTERED OFFICE: Love It Gallery
Winstanley Road
Billinge
Wigan
Lancashire
WN5 7XG





REGISTERED NUMBER: 09600312 (England and Wales)





ACCOUNTANTS: Maddocks & Gamble Limited
Chartered Accountants
Suite 5 Ribble Saw Mill
Paley Road
Preston
Lancashire
PR1 8LT

LOVE IT GALLERY LIMITED (REGISTERED NUMBER: 09600312)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,247 18,961

CURRENT ASSETS
Stocks 2,350 2,300
Debtors 5 33,041 24,316
Cash at bank and in hand 61,779 96,728
97,170 123,344
CREDITORS
Amounts falling due within one year 6 41,384 48,390
NET CURRENT ASSETS 55,786 74,954
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,033

93,915

CREDITORS
Amounts falling due after more than
one year

7

(25,153

)

(25,153

)

PROVISIONS FOR LIABILITIES 8 (3,277 ) (3,603 )
NET ASSETS 44,603 65,159

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 44,453 65,009
SHAREHOLDERS' FUNDS 44,603 65,159

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

LOVE IT GALLERY LIMITED (REGISTERED NUMBER: 09600312)

BALANCE SHEET - continued
31 MAY 2024


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 21 February 2025 and were signed on its behalf by:




Mr I R O'Brien - Director



Mrs S J O'Brien - Director


LOVE IT GALLERY LIMITED (REGISTERED NUMBER: 09600312)

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

1. STATUTORY INFORMATION

Love It Gallery 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
Turnover 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 etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 20 (2023 - 18 ) .

LOVE IT GALLERY LIMITED (REGISTERED NUMBER: 09600312)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 45,202
Additions 2,648
At 31 May 2024 47,850
DEPRECIATION
At 1 June 2023 26,241
Charge for year 4,362
At 31 May 2024 30,603
NET BOOK VALUE
At 31 May 2024 17,247
At 31 May 2023 18,961

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 10,392 9,074
Other debtors 22,649 15,242
33,041 24,316

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts - 10,648
Trade creditors 7,395 12,618
Taxation and social security 11,324 9,374
Other creditors 22,665 15,750
41,384 48,390

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 25,153 25,153

8. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 3,277 3,603

Deferred
tax
£   
Balance at 1 June 2023 3,603
Provided during year (326 )
Balance at 31 May 2024 3,277

LOVE IT GALLERY LIMITED (REGISTERED NUMBER: 09600312)

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

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £5,000 were paid to the directors .

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Directors, acting in concert.