Company registration number 4264378 (England and Wales)
LOVETTS BIRCHINGTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
LOVETTS BIRCHINGTON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LOVETTS BIRCHINGTON LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
500
8,565
Tangible assets
4
193,457
599,170
Investments
5
2
-
0
193,959
607,735
Current assets
Debtors
6
329,486
12,107
Cash at bank and in hand
61,631
63,234
391,117
75,341
Creditors: amounts falling due within one year
7
(300,295)
(267,676)
Net current assets/(liabilities)
90,822
(192,335)
Total assets less current liabilities
284,781
415,400
Creditors: amounts falling due after more than one year
8
(184,036)
(222,317)
Net assets
100,745
193,083
Capital and reserves
Called up share capital
100
100
Share premium account
(59,378)
(59,378)
Revaluation reserve
9
-
0
70,760
Profit and loss reserves
160,023
181,601
Total equity
100,745
193,083

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 year ended 31 October 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 year 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.

LOVETTS BIRCHINGTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 December 2024 and are signed on its behalf by:
Mr R Crosby
Director
Company registration number 4264378 (England and Wales)
LOVETTS BIRCHINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Lovetts Birchington Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Station Road, Birchington, Kent, CT7 9DJ.

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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.4
Tangible fixed assets

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

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

Office equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
25% on reducing balance
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

LOVETTS BIRCHINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
10
LOVETTS BIRCHINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
71,333
Amortisation and impairment
At 1 November 2023
62,768
Amortisation charged for the year
8,065
At 31 October 2024
70,833
Carrying amount
At 31 October 2024
500
At 31 October 2023
8,565
4
Tangible fixed assets
Freehold land and buildings
Freehold improvements
Office equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 November 2023
511,667
66,640
4,000
41,969
15,704
639,980
Additions
-
0
41,986
-
0
589
1,218
43,793
Disposals
(342,162)
(103,140)
-
0
-
0
-
0
(445,302)
At 31 October 2024
169,505
5,486
4,000
42,558
16,922
238,471
Depreciation and impairment
At 1 November 2023
-
0
-
0
3,114
25,451
12,245
40,810
Depreciation charged in the year
-
0
-
0
467
2,567
1,170
4,204
At 31 October 2024
-
0
-
0
3,581
28,018
13,415
45,014
Carrying amount
At 31 October 2024
169,505
5,486
419
14,540
3,507
193,457
At 31 October 2023
511,667
66,640
886
16,518
3,459
599,170
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
-
0
LOVETTS BIRCHINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023
-
Additions
2
At 31 October 2024
2
Carrying amount
At 31 October 2024
2
At 31 October 2023
-
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,525
8,525
Amounts owed by group undertakings
320,961
-
0
Prepayments and accrued income
-
0
3,582
329,486
12,107
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
33,598
39,306
Trade creditors
44,399
51,441
Corporation tax
17,664
22,665
Other taxation and social security
86,513
65,730
Other creditors
115,301
84,952
Accruals and deferred income
2,820
3,582
300,295
267,676
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
184,036
222,317
LOVETTS BIRCHINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
70,760
70,760
Other movements
(70,760)
-
At the end of the year
-
0
70,760
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