Acorah Software Products - Accounts Production 16.3.350 false true 31 October 2023 12 October 2022 false 1 November 2023 31 October 2024 31 October 2024 SC747198 Mr A Maclennan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC747198 2023-10-31 SC747198 2024-10-31 SC747198 2023-11-01 2024-10-31 SC747198 frs-core:CurrentFinancialInstruments 2024-10-31 SC747198 frs-core:MotorVehicles 2024-10-31 SC747198 frs-core:MotorVehicles 2023-11-01 2024-10-31 SC747198 frs-core:MotorVehicles 2023-10-31 SC747198 frs-core:PlantMachinery 2024-10-31 SC747198 frs-core:PlantMachinery 2023-11-01 2024-10-31 SC747198 frs-core:PlantMachinery 2023-10-31 SC747198 frs-core:ShareCapital 2024-10-31 SC747198 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 SC747198 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 SC747198 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 SC747198 frs-bus:SmallEntities 2023-11-01 2024-10-31 SC747198 frs-bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 SC747198 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 SC747198 frs-core:DeferredTaxation 2023-11-01 2024-10-31 SC747198 frs-core:DeferredTaxation 2024-10-31 SC747198 frs-bus:Director1 2023-11-01 2024-10-31 SC747198 frs-bus:Director1 2023-10-31 SC747198 frs-bus:Director1 2024-10-31 SC747198 frs-countries:Scotland 2023-11-01 2024-10-31 SC747198 2022-10-11 SC747198 2023-10-31 SC747198 2022-10-12 2023-10-31 SC747198 frs-core:CurrentFinancialInstruments 2023-10-31 SC747198 frs-core:ShareCapital 2023-10-31 SC747198 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31
Registered number: SC747198
Lovetrades Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Nuvo Scotland Limited
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of Lovetrades Ltd for the year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lovetrades Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Lovetrades Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lovetrades Ltd and state those matters that we have agreed to state to the director of Lovetrades Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lovetrades Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Lovetrades Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Lovetrades Ltd . You consider that Lovetrades Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Lovetrades Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
16 June 2025
Nuvo Scotland Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeen
AB12 4XX
Page 1
Page 2
Balance Sheet
Registered number: SC747198
31 October 2024 31 October 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 16,497 2,762
16,497 2,762
CURRENT ASSETS
Stocks 5 200 -
Debtors 6 14,543 1,830
Cash at bank and in hand 4,104 42,519
18,847 44,349
Creditors: Amounts Falling Due Within One Year 7 (11,382 ) (25,985 )
NET CURRENT ASSETS (LIABILITIES) 7,465 18,364
TOTAL ASSETS LESS CURRENT LIABILITIES 23,962 21,126
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,541 ) -
NET ASSETS 20,421 21,126
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 20,321 21,026
SHAREHOLDERS' FUNDS 20,421 21,126
Page 2
Page 3
For the year ending 31 October 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 A Maclennan
Director
14 June 2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Lovetrades Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC747198 . The registered office is 12 Newtonhill Road, Newtonhill, Stonehaven, AB39 3PX.
The presentation currency of the financial statements is the Pound Sterling (£).
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
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes andother sales taxes. 
2.3. 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:
Plant & Machinery 25% on cost
Motor Vehicles 33% on reducing balance
2.4. 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.
2.5. Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price
including transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price. 
Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method. 
Financial liabilities are derecognised when the company's contractual obligations are discharged.
Equity instruments 
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. 
Page 4
Page 5
2.6. 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
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: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 November 2023 120 4,000 4,120
Additions - 16,897 16,897
Disposals - (4,000 ) (4,000 )
As at 31 October 2024 120 16,897 17,017
Depreciation
As at 1 November 2023 25 1,333 1,358
Provided during the period 30 1,272 1,302
Disposals - (2,140 ) (2,140 )
As at 31 October 2024 55 465 520
Net Book Value
As at 31 October 2024 65 16,432 16,497
As at 1 November 2023 95 2,667 2,762
5. Stocks
31 October 2024 31 October 2023
£ £
Stock 200 -
Page 5
Page 6
6. Debtors
31 October 2024 31 October 2023
£ £
Due within one year
Trade debtors 7,823 1,830
VAT 718 -
Director's loan account 6,002 -
14,543 1,830
7. Creditors: Amounts Falling Due Within One Year
31 October 2024 31 October 2023
£ £
Trade creditors 695 868
Bank loans and overdrafts 7 -
Corporation tax 3,640 9,804
Other taxes and social security 40 40
VAT - 1,231
Other creditors 7,000 5,000
Director's loan account - 9,042
11,382 25,985
8. Provisions for Liabilities
Deferred Tax Total
£ £
Deferred taxation 3,541 3,541
Balance at 31 October 2024 3,541 3,541
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr Andrew Maclennan (9,042 ) 26,356 (11,312 ) - 6,002
The above loan is interest free and has no fixed repayment terms.
Page 6