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Registered number: 14362194
Love Cheese Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Reid & Rose Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 14362194
30 September 2024 30 September 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 39,306 44,220
Tangible Assets 5 23,176 26,146
62,482 70,366
CURRENT ASSETS
Stocks 6 9,424 11,644
Debtors 7 5,082 1,294
Cash at bank and in hand 3,037 10,091
17,543 23,029
Creditors: Amounts Falling Due Within One Year 8 (54,086 ) (54,745 )
NET CURRENT ASSETS (LIABILITIES) (36,543 ) (31,716 )
TOTAL ASSETS LESS CURRENT LIABILITIES 25,939 38,650
Creditors: Amounts Falling Due After More Than One Year 9 (21,600 ) (31,200 )
NET ASSETS 4,339 7,450
CAPITAL AND RESERVES
Called up share capital 10 - 100
Profit and Loss Account 4,339 7,350
SHAREHOLDERS' FUNDS 4,339 7,450
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Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jordan Thomson
Director
22/04/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Love Cheese Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14362194 . The registered office is 8 Ouseburn Avenue, York, YO26 5NN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% Reducing balance
Computer Equipment 33% On Cost
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 9)
5 9
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 October 2023 38,133 11,000 49,133
As at 30 September 2024 38,133 11,000 49,133
Amortisation
As at 1 October 2023 4,913 - 4,913
Provided during the period 4,914 - 4,914
As at 30 September 2024 9,827 - 9,827
Net Book Value
As at 30 September 2024 28,306 11,000 39,306
As at 1 October 2023 33,220 11,000 44,220
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 October 2023 30,370 496 30,866
Additions 1,254 - 1,254
As at 30 September 2024 31,624 496 32,120
Depreciation
As at 1 October 2023 4,556 164 4,720
Provided during the period 4,060 164 4,224
As at 30 September 2024 8,616 328 8,944
Net Book Value
As at 30 September 2024 23,008 168 23,176
As at 1 October 2023 25,814 332 26,146
6. Stocks
30 September 2024 30 September 2023
£ £
Stock 9,424 11,644
7. Debtors
30 September 2024 30 September 2023
£ £
Due within one year
Trade debtors 775 133
Other debtors - 500
Other taxes and social security 4,307 661
5,082 1,294
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8. Creditors: Amounts Falling Due Within One Year
30 September 2024 30 September 2023
£ £
Corporation tax 1,143 1,931
VAT 126 147
Other creditors 368 368
Accruals and deferred income 949 899
Director's loan account 51,500 51,400
54,086 54,745
9. Creditors: Amounts Falling Due After More Than One Year
30 September 2024 30 September 2023
£ £
Other loans 21,600 31,200
10. Share Capital
30 September 2024 30 September 2023
£ £
Allotted, Called up and fully paid - 100
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