Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-306false2023-07-01No description of principal activity5falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09633352 2023-07-01 2024-06-30 09633352 2022-07-01 2023-06-30 09633352 2024-06-30 09633352 2023-06-30 09633352 c:Director1 2023-07-01 2024-06-30 09633352 c:Director2 2023-07-01 2024-06-30 09633352 c:RegisteredOffice 2023-07-01 2024-06-30 09633352 d:PlantMachinery 2023-07-01 2024-06-30 09633352 d:PlantMachinery 2024-06-30 09633352 d:PlantMachinery 2023-06-30 09633352 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09633352 d:MotorVehicles 2023-07-01 2024-06-30 09633352 d:MotorVehicles 2024-06-30 09633352 d:MotorVehicles 2023-06-30 09633352 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09633352 d:FurnitureFittings 2023-07-01 2024-06-30 09633352 d:FurnitureFittings 2024-06-30 09633352 d:FurnitureFittings 2023-06-30 09633352 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09633352 d:OfficeEquipment 2023-07-01 2024-06-30 09633352 d:OfficeEquipment 2024-06-30 09633352 d:OfficeEquipment 2023-06-30 09633352 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09633352 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 09633352 d:CurrentFinancialInstruments 2024-06-30 09633352 d:CurrentFinancialInstruments 2023-06-30 09633352 d:Non-currentFinancialInstruments 2024-06-30 09633352 d:Non-currentFinancialInstruments 2023-06-30 09633352 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 09633352 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 09633352 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 09633352 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 09633352 d:ShareCapital 2024-06-30 09633352 d:ShareCapital 2023-06-30 09633352 d:RetainedEarningsAccumulatedLosses 2024-06-30 09633352 d:RetainedEarningsAccumulatedLosses 2023-06-30 09633352 c:OrdinaryShareClass1 2023-07-01 2024-06-30 09633352 c:OrdinaryShareClass1 2024-06-30 09633352 c:OrdinaryShareClass1 2023-06-30 09633352 c:FRS102 2023-07-01 2024-06-30 09633352 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 09633352 c:FullAccounts 2023-07-01 2024-06-30 09633352 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09633352 2 2023-07-01 2024-06-30 09633352 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09633352









LOVEGRASS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
LOVEGRASS LIMITED
 
 
COMPANY INFORMATION


Directors
M Alemu 
Y A Alemu 




Registered number
09633352



Registered office
Legion House 75 Lower Road
Ground Floor Premises

(South Wing)

Kenley

England

CR8 5NH




Accountants
Donald Reid Limited

1010 Eskdale Road

Winnersh Triangle

Wokingham

England

RG41 5TS





 
LOVEGRASS LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11


 
LOVEGRASS LIMITED
REGISTERED NUMBER: 09633352

BALANCE SHEET
AS AT 30 JUNE 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
81,870
81,412

  
81,870
81,412

Current assets
  

Stocks
 5 
136,204
180,110

Debtors: amounts falling due within one year
 6 
66,190
27,678

Cash at bank and in hand
 7 
124,911
285,441

  
327,305
493,229

Creditors: amounts falling due within one year
 8 
(357,704)
(201,207)

Net current (liabilities)/assets
  
 
 
(30,399)
 
 
292,022

Total assets less current liabilities
  
51,471
373,434

Creditors: amounts falling due after more than one year
 9 
(231,781)
(372,469)

  

Net (liabilities)/assets
  
(180,310)
965


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(180,410)
865

  
(180,310)
965


Page 1

 
LOVEGRASS LIMITED
REGISTERED NUMBER: 09633352
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.




Y A Alemu
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
LOVEGRASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Lovegrass Limited is a private company limited by shares. The company is registered in England and Wales. The registration number is 09633352. The registered office address is Legion House 75 Lower Road, Ground Floor Premises, (South Wing), Kenley, England, CR8 5NH. The functional currency is GBP rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
LOVEGRASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
LOVEGRASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Office equipment
-
33%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
LOVEGRASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 
Page 6

 
LOVEGRASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
LOVEGRASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 5).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
65,951
15,850
63,868
10,379
156,048


Additions
16,999
-
709
3,798
21,506



At 30 June 2024

82,950
15,850
64,577
14,177
177,554



Depreciation


At 1 July 2023
39,930
10,835
14,795
9,076
74,636


Charge for the year on owned assets
8,037
1,254
9,921
1,836
21,048



At 30 June 2024

47,967
12,089
24,716
10,912
95,684



Net book value



At 30 June 2024
34,983
3,761
39,861
3,265
81,870



At 30 June 2023
26,021
5,015
49,073
1,303
81,412

Page 8

 
LOVEGRASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Stocks

2024
2023
£
£

Raw materials and consumables
136,204
102,928

Work in progress
-
77,182

136,204
180,110



6.


Debtors

As restated
2024
2023
£
£


Trade debtors
4,463
15,074

Other debtors
46,466
12,604

Prepayments and accrued income
15,261
-

66,190
27,678



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
124,911
285,441

124,911
285,441


Page 9

 
LOVEGRASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Bank loans
77,825
93,350

Trade creditors
123,965
-

Corporation tax
13,313
15,838

Other taxation and social security
4,739
738

Other creditors
132,361
91,281

Accruals and deferred income
5,501
-

357,704
201,207



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
231,781
296,441

Other creditors
-
76,028

231,781
372,469


Loans of £309,606 (2023: £389,791) were secured by a fixed and floating charge over the assets of the company.


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


Page 10

 
LOVEGRASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Prior year adjustment

During the year, the company identified an error in the financial statements for the year ended 30 June 2023 which related to the incorrect recognition of income and associated costs. As a result, the prior year figures for income, cost of sales, corporation tax, other debtors, trade creditors and other creditors have been restated.
The error resulted in an overstatement of income by £145,611, and an overstatement of cost of sales by £212,677. The corporation tax charge increased by £13,313. This in turn affected the balances of other debtors (change of £67,066), trade creditors (change of £165,000), corporation tax payable (change of £13,313), and other creditors (change of £30,868) as at 30 June 2023.
The net effect of these adjustments was to increase profit for the year ended 30 June 2023 by £53,753, and to increase net assets as at that date by £53,753.
The comparative figures in these financial statements have been restated to reflect these adjustments.


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contribution payable by the company to the fund and amounted to £1,390 (2023: £3,328). At the year end, included in creditors is £519 (2023: £249) still owed.

 
Page 11