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Registered number: 06677000
Lovett Residential Sales And Lettings Ltd.
Unaudited Financial Statements
For The Year Ended 30 November 2024
Davey Grover Ltd
Chartered Accountants
4 Fenice Court
Phoenix Business Park
St. Neots
Cambridgeshire
PE19 8EP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 06677000
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 129,989 163,862
Tangible Assets 5 440,286 437,954
Investments 6 200 200
570,475 602,016
CURRENT ASSETS
Debtors 7 13,218 40,278
Cash at bank and in hand 197,263 223,593
210,481 263,871
Creditors: Amounts Falling Due Within One Year 8 (179,281 ) (170,024 )
NET CURRENT ASSETS (LIABILITIES) 31,200 93,847
TOTAL ASSETS LESS CURRENT LIABILITIES 601,675 695,863
Creditors: Amounts Falling Due After More Than One Year 9 (192,281 ) (246,164 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,259 ) (1,654 )
NET ASSETS 407,135 448,045
CAPITAL AND RESERVES
Called up share capital 10 105 105
Income Statement 407,030 447,940
SHAREHOLDERS' FUNDS 407,135 448,045
Page 1
Page 2
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Income Statement.
On behalf of the board
Mr T A Lovett
Director
26 August 2025
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Lovett Residential Sales And Lettings Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 06677000 . The registered office is 4 Fenice Court, Phoenix Business Park, St. Neots, Cambridgeshire, PE19 8EP.
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. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Lovett Residential Sales and Lettings Limited previously amortised the goodwill over a life of 20 years however in order to comply with the early adoption of FRS 102 Section A1 in the accounts for the year ended 30 November 2016 the company changed the amortisation period to a life of 10 years. The company did not adjust the carrying amount upon adoption which is in line with section 19.
The goodwill is now being evenly amortised over a finite life of 10 years.
2.4. 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:
Freehold No depreciation is charged
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 33% on cost and 15% on reducing balance
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2.5. 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 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also 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: 12 (2023: 16)
12 16
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2023 902,056
Additions 29,000
As at 30 November 2024 931,056
Amortisation
As at 1 December 2023 738,194
Provided during the period 62,873
As at 30 November 2024 801,067
Net Book Value
As at 30 November 2024 129,989
As at 1 December 2023 163,862
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 December 2023 431,246 2,561 211 46,405 480,423
Additions - - - 4,139 4,139
As at 30 November 2024 431,246 2,561 211 50,544 484,562
Depreciation
As at 1 December 2023 - 1,751 209 40,509 42,469
Provided during the period - 203 1 1,603 1,807
As at 30 November 2024 - 1,954 210 42,112 44,276
Net Book Value
As at 30 November 2024 431,246 607 1 8,432 440,286
As at 1 December 2023 431,246 810 2 5,896 437,954
6. Investments
Subsidiaries
£
Cost
As at 1 December 2023 200
As at 30 November 2024 200
Provision
As at 1 December 2023 -
As at 30 November 2024 -
Net Book Value
As at 30 November 2024 200
As at 1 December 2023 200
7. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings - 22,233
Other debtors 13,218 18,045
13,218 40,278
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 8,341 9,274
Bank loans and overdrafts 15,524 47,409
Amounts owed to group undertakings 7,100 -
Other creditors 16,189 17,253
Taxation and social security 132,127 96,088
179,281 170,024
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 192,281 246,164
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 105 105
11. Other Commitments
At 30 November 2024 the Company had total commitments under non-cancellable operating leases relating to motor vehicles of £29,935. The minimum lease payments under non-cancellable operating leases are split as follows:
2024 2023
£ £
Not later than one year 15,498 23,583
Later than one year and not later than five years 14,437 29,935
29,935 53,518
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2023 Amounts advanced Amounts repaid Amounts written off As at 30 November 2024
£ £ £ £ £
Mr Timothy Lovett 1,166 2,955 (1,166 ) - 2,955
The above loans are unsecured, interest free and repayable on demand. The loans have since been repaid.
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13. Related Party Transactions
Westlove Homes Limited
A wholly owned subsidiary of Lovett Residential Sales and Lettings Limited.
As at 30 November 2024 the amount outstanding to Westlove Homes Limited is £7,100 (2023 - £7,883 owed from Westlove Homes) and this balance is shown within amounts owed to group undertakings. The amount is repayable on demand.
Kindred Cottages Limited
A wholly owned subsidiary of Lovett Residential Sales and Lettings Limited.
During the year £14,349 that was owed to Lovetts Residential Sales and Lettings Limited was written off as a bad debt and therefore as at 30 November 2024 the amount outstanding from Kindred Cottages Limited is nil (2023 - £14,349). 
14. Ultimate Controlling Party
The company's ultimate controlling party is Mr T and Mrs S Lovett by virtue of their ownership of 56% of the issued share capital in the company.
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