Company registration number 10451031 (England and Wales)
LOVE CORN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
31 December 2024
PAGES FOR FILING WITH REGISTRAR
LOVE CORN LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
LOVE CORN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Current assets
Stocks
597,985
469,524
Debtors
5
1,229,804
1,082,067
Cash at bank and in hand
427,671
33,563
2,255,460
1,585,154
Creditors: amounts falling due within one year
6
(1,272,483)
(1,094,269)
Net current assets
982,977
490,885
Creditors: amounts falling due after more than one year
7
(31,973)
(61,139)
Net assets
951,004
429,746
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
8
604,600
604,600
Capital redemption reserve
8
1,720,070
1,274,290
Profit and loss reserves
8
(1,374,666)
(1,450,144)
Total equity
951,004
429,746

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 21 August 2025
Mr James McCloskey
Director
Company registration number 10451031 (England and Wales)
LOVE CORN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
1,000
604,600
744,723
(1,075,771)
274,552
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(374,373)
(374,373)
Conversion of loan to equity
-
0
-
0
529,567
-
0
529,567
Balance at 31 December 2023
1,000
604,600
1,274,290
(1,450,144)
429,746
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
75,478
75,478
Conversion of loan to equity
-
0
-
0
445,780
-
0
445,780
Balance at 31 December 2024
1,000
604,600
1,720,070
(1,374,666)
951,004
LOVE CORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Love Corn Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Hardman Street, Spinningfields, Manchester, M3 3HF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Love Corn Holdings Limited. These consolidated financial statements are available from its registered office, 1 Hardman Street, Spinningfields, Manchester, M3 3HF.

LOVE CORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.2
Going concern

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain uncertainties which may cause doubt on the company's ability to continue as a going concern.true

 

At 31 December 2024, the company continues to report a deficiency in profit and loss reserves as a result of the ongoing losses sustained by the business in its early years of trading. These losses were expected as the company obtains market penetration and establishes its brand in the UK. The company meets its day-to-day working capital requirements via its trading activities and the use of its banking facilities.

 

The company has support of their shareholder who is committed to providing additional capital resources to enable the company to pay its liabilities as they fall due. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that they should be able to operate within their cash budgets.

 

On the basis of the above the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

 

If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, and to provide for any further liabilities that might arise, and to reclassify assets and long term liabilities as current assets and liabilities.

1.3
Turnover

Revenue comprises sales of goods provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

LOVE CORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LOVE CORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

LOVE CORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

During the current and prior year the company made no critical judgements that have had a significant effect on the amounts recognised in the financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
12
9
4
Director's remuneration
2024
2023
£
£
Remuneration paid to directors
68,667
72,100
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,068,320
916,071
Corporation tax recoverable
7,646
55,350
Other debtors
153,838
110,646
1,229,804
1,082,067
LOVE CORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
36,360
36,364
Trade creditors
1,059,446
771,912
Taxation and social security
22,438
24,452
Other creditors
154,239
261,541
1,272,483
1,094,269

HSBC holds a fixed and floating charge over the assets and undertakings of the company in relation to the Invoice discount facility, an amount of £103,174 (2023: £98,651) is shown within other creditors.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,973
61,139

On 12th October 2020, Love Corn Limited entered into a debenture with Barclays Security Trustee Limited. The amount secured is against all monies due or to become due from the company to the charge on any account whatsoever. The short particulars of the charge is a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery. The balance as at the year end is £103,174 (2023: £98,651).

 

In addition, the Director has given a personal guarantee of £50,000 in favour of Barclays Bank.

8
Reserves
Share premium

Included within reserves is a share premium reserve.

 

On incorporation 1,000,000 ordinary shares with a par value of £0.001 were issued for a consideration of £605,600. As a result a share premium of £604,600 was created.

Capital redemption reserve

The capital contribution reserve has been created due to the conversion of an intercompany loan to equity, from its parent based in the USA.

 

During the year ended 31 December 2024 a further amount of £443,730 (2023 - £529,567) was converted from debt to equity.

 

The total amount converted as at 31 December 2024 totals £1,720,070.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

LOVE CORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Audit report information
(Continued)
- 9 -
Opinion

In our opinion the financial statements:

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which indicates that the company has suffered losses in its early years of trading following the initial start up of the business. As stated in note 1.2, these events and conditions, along with the other matters as set forth in note 1.2 indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern, although the company does retain the support of its shareholder and bankers. Our opinion is not modified in respect of this matter.

 

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Senior Statutory Auditor:
Andrew Davis ACCA CTA MAAT
Statutory Auditor:
AMS Audit Limited
Date of audit report:
21 August 2025
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Wages recharges
2024
2023
£
£
Key management personnel
59,020
70,000

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
-
2,765

The amounts due from the UK branch of the group are unsecured and repayable on demand and included within other creditors.

Other information
LOVE CORN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Related party transactions
(Continued)
- 10 -

As per section 33 of FRS 102 1A accounting standards, the company has taken the exemption to not disclose the intercompany transactions with wholly owned members of the group.

11
Parent company
The immediate parent company is Love Corn Holdings Limited by virtue of its 100% shareholding and its registered office is 1 Hardman Street, Spinningfields, Manchester, M3 3HF.

The ultimate parent company is Love Corn USA Inc, a company registered in the USA. There is no one overall controlling party of the company.
12
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Expenditure presentation adjustment
1
-
-
Total adjustments
-
-
Equity as previously reported
274,552
429,746
Equity as adjusted
274,552
429,746
Reconciliation of changes in loss for the previous financial period
2023
£
Expenditure presentation adjustment
1
-
Total adjustments
-
Loss as previously reported
(374,373)
Loss as adjusted
(374,373)
Notes to reconciliation
Expenditure presentation adjustment

In preparing the current year financial statements, the director and management have reclassified certain types of expenditure as administration expenses compared to classing them as cost of sales as in prior years.

 

This adjustment has been made to better reflect the nature of the expenditure.

 

This prior adjustment has no impact on the profit and loss or the reserves at 31st December 2023.

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