Company Registration No. SC699082 (Scotland)
LOVE LOAN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
LOVE LOAN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LOVE LOAN LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,864,174
6,107,169
Current assets
Debtors
4
19,313
5,998
Cash at bank and in hand
1,613
548
20,926
6,546
Creditors: amounts falling due within one year
5
(6,884,999)
(3,286,965)
Net current liabilities
(6,864,073)
(3,280,419)
Total assets less current liabilities
101
2,826,750
Creditors: amounts falling due after more than one year
6
-
0
(2,826,649)
Net assets
101
101
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
100
100
Total equity
101
101

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
A J Aiton
Director
Company Registration No. SC699082
LOVE LOAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Love Loan Limited is a private company limited by shares incorporated in Scotland. The registered office is The Tower, 7 Advocate's Close, Edinburgh, United Kingdom, EH1 1ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Notwithstanding net current liabilities of £6,864,073 as at 30 June 2024, and no profit or loss for the year since the company has not yet commenced trading, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons: true

 

The directors have prepared a cash flow forecast for the company covering the going concern assessment period, being at least 12 months from the date of approval of these financial statements.

 

The company meets the day to day working capital requirements from a term facility agreement.

 

The directors have prepared a cash flow forecast and performed a going concern assessment which indicates that, taking account of reasonably possible downsides, the company will have sufficient funds, through an external financing facility of £8.0m from RBS. The term facility of £8.0m was agreed on 29 July 2024 and is repayable 30 months from the date of the agreement. The facility was subsequently amended and restated on 18th December 2024 and extended with a repayment date of 1 June 2028. The events after the reporting date have been further outlined in note 8.

 

The forecasts for this company assume that its creditors under common control of the ultimate controlling party, Christopher Stewart, will not withdraw amounts forwarded to it for the period covered by the forecasts. This has been confirmed in writing by those parties.

 

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Assets under construction
Not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

LOVE LOAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LOVE LOAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2023 - 0).

3
Tangible fixed assets
Assets under construction
£
Cost
At 1 July 2023
6,107,169
Additions
757,005
At 30 June 2024
6,864,174
Depreciation and impairment
At 1 July 2023 and 30 June 2024
-
0
Carrying amount
At 30 June 2024
6,864,174
At 1 July 2023
6,107,169

Included within assets under construction is borrowing costs of £556,598 (2023: £226,151) directly attributable to the acquisition and development of the assets.

LOVE LOAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
13,318
-
0
Other debtors
5,995
5,998
19,313
5,998

Amounts owed by group undertakings are interest free and repayable on demand.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,095,186
-
0
Trade creditors
9,228
32,131
Amounts owed to group undertakings
3,755,101
3,210,641
Other creditors
25,484
44,193
6,884,999
3,286,965

Amounts owed to group undertakings are interest free and repayable on demand.

 

Bank loans are secured by fixed and floating charges over the company's property.

 

The company's bank loan, which fell due for repayment in January 2025, was repaid in full in July 2024 as part of a group wide refinancing. Further details are outlined within note 9.

 

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
-
0
2,826,649

Bank loans are secured by fixed and floating charges over the company's property.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
LOVE LOAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was James Hamilton and the auditor was Johnston Carmichael LLP.
9
Events after the reporting date

On 29 July 2024, the company refinanced its loan with OakNorth Bank and entered into a Group facility agreement for £26.6m with RBS, an external third-party loan provider. The company's allocation of the Group facility is £8m. On 18 December 2024, the company together with certain group and related party undertakings entered into a revised Group facility agreement with RBS which provided available facilities of £84.55m. The company’s allocation of the revised Group facility is £8m in the form of a term loan repayable by instalments to June 2028 as well as access to a group revolving credit facility of £5m available over the same period.

 

On 18 December 2024, the entire Ordinary share capital in the company was transferred from CSG Commercial Limited to CSG Glasgow Limited, a fellow subsidiary undertaking. On the same day, the share capital of CSG Glasgow Limited was then transferred from CSG Commercial Limited to CSG Hotels and Apartments Limited, an entity under common control, which became the ultimate parent undertaking of both CSG Glasgow Limited and the company.

10
Related party transactions

As at 30 June 2024, the immediate and ultimate parent company is CSG Commercial Limited, a company whose registered office is 12 Hope Street, Edinburgh, EH2 4DB. CSG Commercial Limited is the smallest and largest group in which the company's results are consolidated. The accounts of CSG Commercial Limited can be obtained from the Companies House online register at https://www.gov.uk/government/organisations/companies-house. The ultimate controlling party is Christopher Stewart.

The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with the immediate parent company or any wholly owned subsidiary undertaking of the group.

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