| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| FOR |
| LOVIE DEVELOPMENTS LTD |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| FOR |
| LOVIE DEVELOPMENTS LTD |
| LOVIE DEVELOPMENTS LTD (REGISTERED NUMBER: SC595403) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 6 |
| LOVIE DEVELOPMENTS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 28 Broad Street |
| Peterhead |
| Aberdeenshire |
| AB42 1BY |
| LOVIE DEVELOPMENTS LTD (REGISTERED NUMBER: SC595403) |
| BALANCE SHEET |
| 30 APRIL 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium | 9 |
| Retained earnings | 9 |
| 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 were approved by the Board of Directors and authorised for issue on |
| LOVIE DEVELOPMENTS LTD (REGISTERED NUMBER: SC595403) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| 1. | STATUTORY INFORMATION |
| Lovie Developments Ltd is a |
| 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 United Kingdom and Republic of Ireland' ('FRS102') including the provisions of Section 1A "Small Entities", and with the Companies Act 2006. The financial statements have been prepared on the historic cost basis except for the modifications to a fair value basis for investment properties and certain other items. |
| The financial statements are presented in Sterling (£). |
| Going Concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In arriving at this conclusion the directors have considered the performance of its investments and expected cash flows.. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
| Turnover |
| Turnover represents amounts receivable from rental income on properties, excluding value added tax and is recognised on an accruals basis. |
| Tangible fixed assets |
| Land and buildings | - |
| Fixtures and fittings | - |
| Freehold land and assets in the course of construction are not depreciated. |
| Impairment of assets |
| Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account. |
| Investment property |
| Investment property is initially recognised at cost, which includes purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value on each reporting date with changes in fair value recognised in the profit & loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
| The fair value is determined annually by the directors, on an open market value for existing use basis. |
| Fixed asset investments |
| Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial assets that include cash in hand, deposits held at call with banks.. |
| LOVIE DEVELOPMENTS LTD (REGISTERED NUMBER: SC595403) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets and financial liabilities are recognised in the company becomes a party to the contractual provisions of the instrument. |
| 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 its liabilities. |
| Financial assets and liabilities are only offset,in the Balance Sheet when there is a legally enforceable right to offset 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, are initially recognised at transaction price. |
| 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. |
| Taxation |
| Taxation for the year 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 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| LOVIE DEVELOPMENTS LTD (REGISTERED NUMBER: SC595403) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Land and | and |
| buildings | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 May 2024 |
| and 30 April 2025 |
| DEPRECIATION |
| At 1 May 2024 |
| Charge for year |
| At 30 April 2025 |
| NET BOOK VALUE |
| At 30 April 2025 |
| At 30 April 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| 2025 | 2024 |
| £ | £ |
| Other investments and loans | 3,582,403 | 3,519,670 |
| Listed |
| Investments | Total |
| £ | £ |
| Carrying value before impairment |
| At 01 May 2024 | 3,519,670 | 3,519,670 |
| Movement in fair value | 62,733 | 62,733 |
| At 30 April 2025 | 3,582,403 | 3,582,403 |
| Provisions for impairment |
| At 01 May 2024 | - | - |
| At 30 April 2025 | - | - |
| Carrying value at 30 April 2025 | 3,582,403 | 3,582,403 |
| Carrying value at 30 April 2024 | 3,519,670 | 3,519,670 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 May 2024 |
| and 30 April 2025 |
| NET BOOK VALUE |
| At 30 April 2025 |
| At 30 April 2024 |
| LOVIE DEVELOPMENTS LTD (REGISTERED NUMBER: SC595403) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2025 |
| 6. | INVESTMENT PROPERTY - continued |
| The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on a open market value basis by reference to market evidence of transaction prices for similar properties. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Amounts owed to associates | 84,811 | 59,740 |
| Taxation |
| VAT | 6,881 | 6,851 |
| Accruals and deferred income |
| 9. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 May 2024 | 8,422,556 |
| Profit for the year |
| At 30 April 2025 | 8,662,305 |
| 10. | RELATED PARTY TRANSACTIONS |
| Transactions with related parties or connected persons |
| Amounts owed to connected companies |
| 2025 | 2024 |
| £ | £ |
| A company with common directorship | 84,811 | 59,740 |
| During the year the company traded with a company in which the company's directors are also directors. The company purchased goods and services to the value of £nil (2024: £nil) and provided goods and services of £nil (2024: £nil). |
| During the year the company traded with a partnership in which the company's directors are partners. the company purchased goods and services to the value of £nil (2024: £nil). |