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Registration number: 03974096

Love Bites Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Love Bites Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Love Bites Limited

Company Information

Directors

Mr Richard Damian Smith

Mrs Gillian Anne Smith

Company secretary

Mrs Gillian Anne Smith

Registered office

Granary Court
Eccleshill
Bradford
West Yorkshire
BD2 2EF

Accountants

Smith Butler
Accountants & Business AdvisorsSapper Jordan Rossi Park
Otley Road
Baildon
West Yorkshire
BD17 7AX

 

Love Bites Limited

(Registration number: 03974096)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

4

84,375

103,125

Tangible assets

5

10,313

12,892

 

94,688

116,017

Current assets

 

Stocks

6

100,000

100,000

Debtors

7

156,356

223,561

Cash at bank and in hand

 

168

25

 

256,524

323,586

Creditors: Amounts falling due within one year

8

(309,119)

(377,166)

Net current liabilities

 

(52,595)

(53,580)

Total assets less current liabilities

 

42,093

62,437

Creditors: Amounts falling due after more than one year

8

(507,564)

(230,281)

Provisions for liabilities

-

(2,548)

Net liabilities

 

(465,471)

(170,392)

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

(465,473)

(170,394)

Shareholders' deficit

 

(465,471)

(170,392)

 

Love Bites Limited

(Registration number: 03974096)
Balance Sheet as at 28 February 2025

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared and 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.

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.

Approved and authorised by the Board on 18 May 2025 and signed on its behalf by:
 

.........................................
Mr Richard Damian Smith
Director

.........................................
Mrs Gillian Anne Smith
Company secretary and director

 

Love Bites Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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:
Granary Court
Eccleshill
Bradford
West Yorkshire
BD2 2EF

The principal place of business is:
Granary Court
Eccleshill
Bradford
West Yorkshire
BD2 2EF

These financial statements were authorised for issue by the Board on 18 May 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

 

Love Bites Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

5% straight line

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.

 

Love Bites Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Love Bites Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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.

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 37 (2024 - 48).

 

Love Bites Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2024

375,000

375,000

At 28 February 2025

375,000

375,000

Amortisation

At 1 March 2024

271,875

271,875

Amortisation charge

18,750

18,750

At 28 February 2025

290,625

290,625

Carrying amount

At 28 February 2025

84,375

84,375

At 29 February 2024

103,125

103,125

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2024

4,893

89,807

13,260

107,960

At 28 February 2025

4,893

89,807

13,260

107,960

Depreciation

At 1 March 2024

3,131

80,457

11,480

95,068

Charge for the year

353

1,870

356

2,579

At 28 February 2025

3,484

82,327

11,836

97,647

Carrying amount

At 28 February 2025

1,409

7,480

1,424

10,313

At 29 February 2024

1,762

9,350

1,780

12,892

6

Stocks

2025
£

2024
£

Other inventories

100,000

100,000

 

Love Bites Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Debtors

2025
£

2024
£

Trade debtors

150,965

216,607

Prepayments

639

1,343

Other debtors

4,752

5,611

156,356

223,561

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

10

96,208

64,601

Trade creditors

 

100,560

124,245

Taxation and social security

 

17,439

28,477

Accruals and deferred income

 

233

3,628

Other creditors

 

94,679

156,215

 

309,119

377,166

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

10

507,564

230,281

 

Love Bites Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

9

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

10

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

2,656

13,098

Other borrowings

504,908

217,183

507,564

230,281

Current loans and borrowings

2025
£

2024
£

Bank borrowings

10,440

12,849

Bank overdrafts

85,768

51,752

96,208

64,601