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01/10/2023
30/09/2024
2024-09-30
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No description of principal activities is disclosed
2023-10-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
02398051
2023-10-01
2024-09-30
02398051
2024-09-30
02398051
2023-09-30
02398051
2022-10-01
2023-09-30
02398051
2023-09-30
02398051
2022-09-30
02398051
core:FurnitureFittingsToolsEquipment
2023-10-01
2024-09-30
02398051
bus:OrdinaryShareClass1
2023-10-01
2024-09-30
02398051
bus:LeadAgentIfApplicable
2023-10-01
2024-09-30
02398051
bus:Director4
2023-10-01
2024-09-30
02398051
core:FurnitureFittingsToolsEquipment
2023-09-30
02398051
core:FurnitureFittingsToolsEquipment
2024-09-30
02398051
core:WithinOneYear
2024-09-30
02398051
core:WithinOneYear
2023-09-30
02398051
core:ShareCapital
2024-09-30
02398051
core:ShareCapital
2023-09-30
02398051
core:RetainedEarningsAccumulatedLosses
2024-09-30
02398051
core:RetainedEarningsAccumulatedLosses
2023-09-30
02398051
bus:OrdinaryShareClass1
core:ShareCapital
2024-09-30
02398051
bus:OrdinaryShareClass1
core:ShareCapital
2023-09-30
02398051
core:FurnitureFittingsToolsEquipment
2023-09-30
02398051
bus:SmallEntities
2023-10-01
2024-09-30
02398051
bus:Audited
2023-10-01
2024-09-30
02398051
bus:SmallCompaniesRegimeForAccounts
2023-10-01
2024-09-30
02398051
bus:PrivateLimitedCompanyLtd
2023-10-01
2024-09-30
02398051
bus:FullAccounts
2023-10-01
2024-09-30
Company registration number:
02398051
Loveld U.K. Limited
Filleted financial statements
30 September 2024
Loveld U.K. Limited
Contents
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Loveld U.K. Limited
Directors responsibilities statement
Year ended 30 September 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Loveld U.K. Limited
Statement of financial position
30 September 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
4 |
880 |
|
|
|
1,582 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
880 |
|
|
|
1,582 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
5 |
1,483,820 |
|
|
|
2,989,665 |
|
|
Cash at bank and in hand |
|
|
245,367 |
|
|
|
1,020,692 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,729,187 |
|
|
|
4,010,357 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
62,805) |
|
|
|
(
2,100,276) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
1,666,382 |
|
|
|
1,910,081 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,667,262 |
|
|
|
1,911,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
- |
|
|
|
(
396) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,667,262 |
|
|
|
1,911,267 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
7 |
|
|
6,000 |
|
|
|
6,000 |
Profit and loss account |
|
8 |
|
|
1,661,262 |
|
|
|
1,905,267 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
1,667,262 |
|
|
|
1,911,267 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
25 June 2025
, and are signed on behalf of the board by:
Mr B Vanhulle
Director
Company registration number:
02398051
Loveld U.K. Limited
Notes to the financial statements
Year ended 30 September 2024
1.
General information
Loveld U.K. Limited (Company number
02398051
) is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Western Road, Romford, Essex, RM1 3JT.
Turnover
The turnover shown in the accounts relates to the fees earned as a result of contracts performed or part thereof. The gross value of those contracts is £4,854,512 (2023 - £10,554,502).
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
25 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates
.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters in to basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, and loans from third parties.
2.
Operating loss/profit
Operating loss/profit is stated after charging/(crediting):
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
702 |
702 |
|
Bad debt suffered on retention |
|
|
175,574 |
- |
|
Foreign exchange differences |
|
|
292 |
442 |
|
Fees payable for the audit of the financial statements |
|
|
6,900 |
7,439 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
During the year, a contractor for whom
Loveld U.K. Limited
was completing a major project, went in to administration. The contractor held retentions of £182,604 on behalf of Loveld U.K. Limited
at that point. The value of the bad debt is restricted to £175,574 after accounting for the reversal of commissions no longer due to Loveld U.K. Limited
against turnover.
3.
Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 7 (2023: 7).
4.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 October 2023 and 30 September 2024 |
3,846 |
3,846 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 October 2023 |
2,264 |
2,264 |
|
|
|
|
|
|
Charge for the year |
702 |
702 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 September 2024 |
2,966 |
2,966 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 September 2024 |
880 |
880 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 September 2023 |
1,582 |
1,582 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
1,288,132 |
2,971,428 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
141,241 |
- |
|
Other debtors |
|
54,447 |
18,237 |
|
|
|
_______ |
_______ |
|
|
|
1,483,820 |
2,989,665 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
- |
1,246 |
|
Trade creditors |
|
42,057 |
137,536 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
1,167,085 |
|
Social security and other taxes |
|
770 |
28,848 |
|
Other creditors |
|
19,978 |
765,561 |
|
|
|
_______ |
_______ |
|
|
|
62,805 |
2,100,276 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
6,000 |
|
6,000 |
|
6,000 |
|
6,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
8.
Reserves
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments and is fully distributable. The fair value reserve represents cumulative gains and losses on the investment property the company owns and is not distributable
.
9.
Other financial commitments
Loveld UK Limited and the parent company Loveld NV have entered into a contract with their bankers, BNP Paribas Fortis that the bank will guarantee to finish a project should Loveld UK Limited or Loveld NV be unable to. BNP Paribas Fortis hold a charge over all assets of both companies whilst this guarantee is in use. The guarantee ceases upon completion of the project
.
10.
Summary audit opinion
The auditor's report dated .................................
27 June 2025
was unqualified
.
The senior statutory auditor was
Michael Fanning FCCA
for and on behalf of
Henry Reeves & Co Limited
11.
Controlling party
The parent company is Loveld NV, a company registered in Belgium, by virtue of their 99.95% ownership of the ordinary share capital of
Loveld U.K. Limited
.