IRIS Accounts Production v24.3.2.46 11249256 Board of Directors 1.9.23 31.8.24 31.8.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh112492562023-08-31112492562024-08-31112492562023-09-012024-08-31112492562022-08-31112492562022-09-012023-08-31112492562023-08-3111249256ns15:EnglandWales2023-09-012024-08-3111249256ns14:PoundSterling2023-09-012024-08-3111249256ns10:Director12023-09-012024-08-3111249256ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3111249256ns10:SmallEntities2023-09-012024-08-3111249256ns10:AuditExempt-NoAccountantsReport2023-09-012024-08-3111249256ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-3111249256ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-3111249256ns10:FullAccounts2023-09-012024-08-3111249256ns10:Director22023-09-012024-08-3111249256ns10:RegisteredOffice2023-09-012024-08-3111249256ns5:CurrentFinancialInstruments2024-08-3111249256ns5:CurrentFinancialInstruments2023-08-3111249256ns5:Non-currentFinancialInstruments2024-08-3111249256ns5:Non-currentFinancialInstruments2023-08-3111249256ns5:ShareCapital2024-08-3111249256ns5:ShareCapital2023-08-3111249256ns5:RetainedEarningsAccumulatedLosses2024-08-3111249256ns5:RetainedEarningsAccumulatedLosses2023-08-3111249256ns5:FurnitureFittings2023-08-3111249256ns5:MotorVehicles2023-08-3111249256ns5:FurnitureFittings2023-09-012024-08-3111249256ns5:MotorVehicles2023-09-012024-08-3111249256ns5:FurnitureFittings2024-08-3111249256ns5:MotorVehicles2024-08-3111249256ns5:FurnitureFittings2023-08-3111249256ns5:MotorVehicles2023-08-3111249256ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3111249256ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3111249256ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-08-3111249256ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-08-3111249256ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-08-3111249256ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-08-3111249256ns5:HirePurchaseContracts2024-08-3111249256ns5:HirePurchaseContracts2023-08-3111249256ns5:Secured2024-08-3111249256ns5:Secured2023-08-31
REGISTERED NUMBER: 11249256 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

LOVETT INVESTMENTS LIMITED

LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOVETT INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: D J Lovett
R J Lovett





REGISTERED OFFICE: Corner Oak
Homer Road
Solihull
West Midlands
B91 3QG





REGISTERED NUMBER: 11249256 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
Corner Oak
1 Homer Road
Solihull
B91 3QG

LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 37,638 49,134
Investment property 4 1,065,000 1,065,000
1,102,638 1,114,134

CURRENT ASSETS
Debtors 5 3,992 412
Cash at bank 4,586 64,182
8,578 64,594
CREDITORS
Amounts falling due within one year 6 208,460 602,057
NET CURRENT LIABILITIES (199,882 ) (537,463 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

902,756

576,671

CREDITORS
Amounts falling due after more than one
year

7

(696,472

)

(325,794

)

PROVISIONS FOR LIABILITIES (36,831 ) (39,016 )
NET ASSETS 169,453 211,861

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 169,353 211,761
169,453 211,861

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

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

LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

BALANCE SHEET - continued
31 AUGUST 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:





D J Lovett - Director


LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 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.

The directors confirmed that in their opinion the company will have adequate cash resources available to finance its trading and meet its obligations during the course of the next twelve months.

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.

Investment property
Investment property assets are stated at their fair value at the balance sheet date. Gains are
recognised in the income statement and deferred taxation is provided for on these gains at the rate
expected to apply when the property is sold.

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.

2. EMPLOYEES AND DIRECTORS

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

LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

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


3. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 September 2023 28,417 43,800 72,217
Additions - 7,700 7,700
Disposals - (7,700 ) (7,700 )
At 31 August 2024 28,417 43,800 72,217
DEPRECIATION
At 1 September 2023 19,089 3,994 23,083
Charge for year 2,332 9,164 11,496
At 31 August 2024 21,421 13,158 34,579
NET BOOK VALUE
At 31 August 2024 6,996 30,642 37,638
At 31 August 2023 9,328 39,806 49,134

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 1,065,000
NET BOOK VALUE
At 31 August 2024 1,065,000
At 31 August 2023 1,065,000

The directors consider the investment property to be held at fair value at the reporting date.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 3,992 412

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 341,117
Hire purchase contracts (see note 8) 7,394 6,702
Taxation and social security - 8,485
Other creditors 201,066 245,753
208,460 602,057

LOVETT INVESTMENTS LIMITED (REGISTERED NUMBER: 11249256)

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


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 683,207 305,100
Hire purchase contracts (see note 8) 13,265 20,694
696,472 325,794

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 305,100

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 7,394 6,702
Between one and five years 13,265 20,694
20,659 27,396

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 20,659 27,396
Mortgages 646,217 646,217
666,876 673,613

Hire purchase and mortgage creditors are secured against the assets to which they relate.