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Company Registration number: 13760050

Lovell Brothers Limited

Unaudited Financial Statements

for the Year Ended 30 November 2024

 

Lovell Brothers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Lovell Brothers Limited

(Registration number: 13760050)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

714,538

88,852

Tangible assets

5

28,787

4,719

 

743,325

93,571

Current assets

 

Debtors

6

718,763

19,215

Cash at bank and in hand

 

1,017,552

449,276

 

1,736,315

468,491

Creditors: Amounts falling due within one year

7

(1,520,767)

(356,538)

Net current assets

 

215,548

111,953

Total assets less current liabilities

 

958,873

205,524

Provisions for liabilities

(32,697)

(15,798)

Net assets

 

926,176

189,726

Capital and reserves

 

Called up share capital

8

200

200

Share premium reserve

149,970

149,970

Retained earnings

776,006

39,556

Shareholders' funds

 

926,176

189,726

 

Lovell Brothers Limited

(Registration number: 13760050)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 April 2025 and signed on its behalf by:
 

.........................................
Mr J J L Lovell
Director

.........................................
Mr D E Lovell
Director

 
     
 

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Alexandra Gate
Fford Pengam
Cardiff
CF24 2SA

These financial statements were authorised for issue by the Board on 11 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received. The fair value of revenue is total amounts wagered less payouts on sportsbook betting and online gaming.

Turnover is recognised under an exchange transaction with a customer when and to the extent that the business obtains the rights to consideration in exchange for its performance.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% on cost

Plant and machinery

25% on cost

Intangible assets

Intangible assets are initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

20% on cost

Racecourse pitches

Over the term of the lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 3).

 

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Intangible assets

Website development costs
 £

Racecourse pitches
 £

Total
£

Cost or valuation

At 1 December 2023

60,000

37,072

97,072

Additions acquired separately

60,000

603,321

663,321

At 30 November 2024

120,000

640,393

760,393

Amortisation

At 1 December 2023

-

8,220

8,220

Amortisation charge

18,000

19,635

37,635

At 30 November 2024

18,000

27,855

45,855

Carrying amount

At 30 November 2024

102,000

612,538

714,538

At 30 November 2023

60,000

28,852

88,852

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2023

-

6,217

6,217

Additions

2,412

26,971

29,383

At 30 November 2024

2,412

33,188

35,600

Depreciation

At 1 December 2023

-

1,498

1,498

Charge for the year

246

5,069

5,315

At 30 November 2024

246

6,567

6,813

Carrying amount

At 30 November 2024

2,166

26,621

28,787

At 30 November 2023

-

4,719

4,719

 

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

157,847

-

Prepayments

44,089

14,492

Other debtors

516,827

4,723

 

718,763

19,215

Details of non-current trade and other debtors

£500,000 (2023 -£Nil) of other debtors is a related party loan which is classified as non current.

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

153,169

102,771

Taxation and social security

373,400

76,530

Accruals and deferred income

374,993

3,000

Other creditors

619,205

174,237

1,520,767

356,538

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.10 each

2,000

200

2,000

200

         
 

Lovell Brothers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Related party transactions

Amounts owing to/(from) the directors

2024

At 1 December 2023
£

Advances to director
£

Repayments by director
£

At 30 November 2024
£

Interest free, unsecured and repayable upon demand

125,314

(439,135)

347,497

33,677

         
       

 

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Interest free, unsecured and repayable upon demand

35,930

(177,059)

266,443

125,314

         
       

 

Loans to related parties

2024

Other related parties
£

Total
£

Advanced

500,000

500,000

Interest transactions

3,712

3,712

At end of period

503,712

503,712

Terms of loans to related parties

An unsecured loan of £500,000 was made to a company, related by way of common control, which is repayable by August 2029. Interest is charged at 2.25% per annum, payable quarterly in arrears.