Registered number
08646710
Lovjoy Ltd
Filleted Accounts
31 August 2024
Lovjoy Ltd
Registered number: 08646710
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 16,429 19,577
Current assets
Stocks 49,061 66,452
Debtors 4 12,229 10,498
Cash at bank and in hand 117,505 115,286
178,795 192,236
Creditors: amounts falling due within one year 5 (58,552) (72,186)
Net current assets 120,243 120,050
Net assets 136,672 139,627
Capital and reserves
Called up share capital 200 200
Profit and loss account 136,472 139,427
Shareholders' funds 136,672 139,627
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kokila Mohan
Director
Approved by the board on 27 May 2025
Lovjoy Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 8,433 21,952 30,385
Additions 960 - 960
At 31 August 2024 9,393 21,952 31,345
Depreciation
At 1 September 2023 6,418 4,390 10,808
Charge for the year 595 3,513 4,108
At 31 August 2024 7,013 7,903 14,916
Net book value
At 31 August 2024 2,380 14,049 16,429
At 31 August 2023 2,015 17,562 19,577
4 Debtors 2024 2023
£ £
Trade debtors 6,441 6,427
Other debtors 5,788 4,071
12,229 10,498
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,487 331
Taxation and social security costs 4,452 4,145
Other creditors 51,613 67,710
58,552 72,186
6 Other information
Lovjoy Ltd is a private company limited by shares and incorporated in England. Its registered office is:
U5 20 High Street
London
E15 2PP
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