Company registration number 15103379 (England and Wales)
LOVETTS DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
LOVETTS DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
LOVETTS DEVELOPMENTS LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
Notes
£
£
Fixed assets
Investment property
3
648,227
Current assets
Debtors
4
3,002
Cash at bank and in hand
50,322
53,324
Creditors: amounts falling due within one year
5
(332,921)
Net current liabilities
(279,597)
Total assets less current liabilities
368,630
Creditors: amounts falling due after more than one year
6
(242,500)
Net assets
126,130
Capital and reserves
Called up share capital
2
Revaluation reserve
7
165,458
Profit and loss reserves
(39,330)
Total equity
126,130
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
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 21 January 2025 and are signed on its behalf by:
Mr R Crosby
Director
Company registration number 15103379 (England and Wales)
LOVETTS DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Lovetts Developments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 177 Northdown Road, Cliftonville, Margate, Kent, England, CT9 2PA.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
3
Investment property
2024
£
Fair value
At 31 August 2024
648,227
The fair value of the investment property has been arrived at on an open market value basis by reference to market evidence of transaction prices for similar properties.
LOVETTS DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 3 -
4
Debtors
2024
Amounts falling due within one year:
£
Other debtors
3,002
5
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings
331,961
Other creditors
960
332,921
6
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
242,500
7
Revaluation reserve
2024
£
At the beginning of the period
Revaluation surplus arising in the period
165,458
At the end of the period
165,458