REGISTERED NUMBER: 07558151 (England and Wales)

ABRIDGED AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 FEBRUARY 2024 TO 31 DECEMBER 2024

FOR

LOVEITTS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P W Barnes

C P Edsall

Mrs S E Smith

M A Cleary

REGISTERED OFFICE:

35/36 Rother Street

Stratford-Upon-Avon

Warwickshire

CV37 6LP

REGISTERED NUMBER:

07558151 (England and Wales)

AUDITORS:

HB&O Ltd

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

FIXED ASSETS

Intangible assets

4

-

240,083

Tangible assets

5

-

73,834

-

313,917

CURRENT ASSETS

Debtors

972,217

252,258

Cash at bank and in hand

68,655

633,289

1,040,872

885,547

CREDITORS

Amounts falling due within one year

982,072

844,923

NET CURRENT ASSETS

58,800

40,624

TOTAL ASSETS LESS CURRENT LIABILITIES

58,800

354,541

CREDITORS

Amounts falling due after more than one year

(5,510

)

(22,197

)

PROVISIONS FOR LIABILITIES

(12,626

)

(17,493

)

NET ASSETS

40,664

314,851

CAPITAL AND RESERVES

Called up share capital

115

115

Share premium

100,394

100,394

Retained earnings

(59,845

)

214,342

40,664

314,851

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

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

M A Cleary - Director

1.	STATUTORY INFORMATION

Loveitts 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts. The difference between the fair value of consideration and the normal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets

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

Fixtures, fittings & equipment

-

20% on reducing balance

Computer equipment

-

Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

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.

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 income statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 30 (2024 - 61 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2024

670,000

Disposals

(670,000

)

At 31 December 2024

-

AMORTISATION

At 1 February 2024

429,917

Eliminated on disposal

(429,917

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 January 2024

240,083

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 February 2024

364,526

Additions

1,750

Disposals

(366,276

)

At 31 December 2024

-

DEPRECIATION

At 1 February 2024

290,692

Charge for period

14,992

Eliminated on disposal

(305,684

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 January 2024

73,834

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gregg Olner MPhil BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

7.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

8.	CONTROLLING INTERESTS

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.