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REGISTERED NUMBER: SC186547 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

LOVIE (NEW PITSLIGO) LIMITED

LOVIE (NEW PITSLIGO) LIMITED (REGISTERED NUMBER: SC186547)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LOVIE (NEW PITSLIGO) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: W W Lovie
Mrs D Lovie
M W Lovie
M C Lovie





SECRETARY: W W Lovie





REGISTERED OFFICE: Cowbog
New Pitsligo
Fraserburgh
Aberdeenshire
AB43 6PR





REGISTERED NUMBER: SC186547 (Scotland)





AUDITORS: Hall Morrice LLP
6 & 7 Queens Terrace
Aberdeen
AB10 1XL

LOVIE (NEW PITSLIGO) LIMITED (REGISTERED NUMBER: SC186547)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,042,802 1,042,802

CURRENT ASSETS
Debtors 6 21,361 24,007
Cash at bank 117,782 83,931
139,143 107,938
CREDITORS
Amounts falling due within one year 7 601,249 598,673
NET CURRENT LIABILITIES (462,106 ) (490,735 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

580,696

552,067

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 580,694 552,065
SHAREHOLDERS' FUNDS 580,696 552,067

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 19 March 2025 and were signed on its behalf by:





W W Lovie - Director


LOVIE (NEW PITSLIGO) LIMITED (REGISTERED NUMBER: SC186547)

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

1. STATUTORY INFORMATION

Lovie (New Pitsligo) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;
- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and
disclosures;
- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying
amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of
determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value
changes recognised in profit or loss and in other comprehensive income;
- Section 26 'Share based Payment' - Share-based payment expense charged to profit or loss, reconciliation
of opening and closing number and weighted average exercise price of share options, how the fair value of
options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based
payments, explanation of modifications to arrangements;
- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover
Turnover is recognised at the point when waste is deposited, as this is when the performance obligation is fulfilled and the customer has received the full benefit of the service, excluding discounts, rebates, value added tax and other sales taxes.

LOVIE (NEW PITSLIGO) LIMITED (REGISTERED NUMBER: SC186547)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Land and associated costs - 50 years - no depreciation until in use.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss.

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

LOVIE (NEW PITSLIGO) LIMITED (REGISTERED NUMBER: SC186547)

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5. TANGIBLE FIXED ASSETS
Land and
associated
costs
£   
COST
At 1 April 2023
and 31 March 2024 1,042,802
NET BOOK VALUE
At 31 March 2024 1,042,802
At 31 March 2023 1,042,802

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 13,650 11,982
Amounts owed by group undertakings 7,667 12,023
Other debtors 44 2
21,361 24,007

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 584,598 584,548
Corporation tax 8,621 7,715
VAT 2,011 1,910
Other creditors 6,019 4,500
601,249 598,673

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary 1 2 2

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Derek Mair FCCA (Senior Statutory Auditor)
for and on behalf of Hall Morrice LLP

LOVIE (NEW PITSLIGO) LIMITED (REGISTERED NUMBER: SC186547)

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

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions and balances with wholly owned subsidiaries within the group.

Included within current assets is a balance of £7,667 (2023 - £12,023) receivable from an entity under common control. During the year sales of £1,911 (2023 - £898) were made to entities under common control.

11. ULTIMATE CONTROLLING PARTY

The immediate parent company is Lovie Limited, a company registered in Scotland.

The ultimate parent company is Lovie Group Limited, a company registered in Scotland. The largest group in which the results of the company are consolidated is that headed by Lovie Group Limited. Copies of the financial statements of Lovie Group Limited can be obtained from its registered office at Cowbog, New Pitsligo, Fraserburgh, Aberdeenshire, AB43 6PR.