REGISTERED NUMBER: 08183673 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Lovel Capital Projects Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P F Lovel

Mrs H M Lovel

SECRETARY:

P F Lovel

REGISTERED OFFICE:

12 Innovation Drive

Newport

Brough

East Yorkshire

HU15 2FW

REGISTERED NUMBER:

08183673 (England and Wales)

ACCOUNTANTS:

WOODGATES

Chartered Accountants

25 Woodgates Lane

North Ferriby

East Yorkshire

HU14 3JR

FIXED ASSETS

Tangible assets

5

51,595

60,353

Investment property

6

13,151,894

13,009,831

13,203,489

13,070,184

CURRENT ASSETS

Stocks

110,185

662,295

Debtors

7

255,077

39,388

Cash at bank

13,107

97,860

378,369

799,543

CREDITORS

Amounts falling due within one year

8

3,399,569

3,344,567

NET CURRENT LIABILITIES

(3,021,200

)

(2,545,024

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,182,289

10,525,160

CREDITORS

Amounts falling due after more than one year

9

(5,152,279

)

(5,356,065

)

PROVISIONS FOR LIABILITIES

(1,231,500

)

(1,232,500

)

NET ASSETS

3,798,510

3,936,595

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

3,780,842

3,782,217

Retained earnings

17,568

154,278

SHAREHOLDERS' FUNDS

3,798,510

3,936,595

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2025 and were signed on its behalf by:

P F Lovel - Director

1.	STATUTORY INFORMATION

Lovel Capital Projects Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company meets its day to day working capital requirements via bank loan facilities and a loan provided by a group member company. The directors expect to work within the terms of the loan facilities and therefore the financial statements have been prepared on a going concern basis.

Significant judgements and estimates

The directors revalue the Company's investment properties each year. The determination of the fair value of each property requires the use of estimates and assumptions in relation to factors such as future rental income and current market conditions.

Turnover

Turnover represents rents receivable and sales of properties held as stock.

Rents receivable are recognised for the period to which they relate.

Lease incentives are amortised evenly over the term of the lease.

Property sales are recognised on legal completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

16.67% on cost and 10% on cost

Investment property

Investment properties are shown at the most recent fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. Deferred taxation is provided on gains recognised in the profit and loss account. No depreciation is provided on Investment Properties. Investment properties in the course of construction are stated at cost.

Stocks

Properties held for resale and redevelopment are held as stock and are valued at the lower of cost and net realisable value.

Financial instruments

Cash and bank balances

Cash and bank balances are recognised at transaction price.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of future payments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

87,577

DEPRECIATION

At 1 January 2024

27,224

Charge for year

8,758

At 31 December 2024

35,982

NET BOOK VALUE

At 31 December 2024

51,595

At 31 December 2023

60,353

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

13,009,831

Additions

143,438

Revaluations

(1,375

)

At 31 December 2024

13,151,894

NET BOOK VALUE

At 31 December 2024

13,151,894

At 31 December 2023

13,009,831

Fair value at 31 December 2024 is represented by:

£

Valuation in 2016

1,626,437

Valuation in 2017

475,000

Valuation in 2020

350,000

Valuation in 2022

2,552,893

Valuation in 2023

(1,613

)

Valuation in 2024

(1,375

)

Cost

8,150,552

13,151,894

If the investment property had not been revalued it would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

8,150,552

8,007,114

Investment properties were valued on an open market basis on 5 May 2022 by Avison Young Chartered Surveyors .

The Directors consider the values at the year end to be the same as professionally valued.

7.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Other debtors

120,577

4,880

Amounts falling due after more than one year:

Other debtors

134,500

34,508

Aggregate amounts

255,077

39,388

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

426,800

236,936

Hire purchase contracts

10,250

10,250

Amounts owed to group undertakings

2,730,945

2,852,121

Taxation and social security

19,937

18,096

Other creditors

211,637

227,164

3,399,569

3,344,567

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

5,146,300

5,339,836

Hire purchase contracts

5,979

16,229

5,152,279

5,356,065

31.12.24

31.12.23

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

4,748,300

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

5,573,100

5,576,772

Hire purchase contracts

16,229

26,479

5,589,329

5,603,251

Bank loans are secured against investment properties and properties held as stock.

Hire purchase contracts are secured against the assets to which they relate.

11.	ULTIMATE PARENT COMPANY

The ultimate parent company is Lovel Property Holdings Limited (Company Number 08822739) registered in England & Wales. Lovel Property Holdings Limited registered address and principal place of business is 12 Innovation Drive, Newport, Brough, England, HU15 2FW.