Company registration number 14862308 (England and Wales)
LOVAGE GOSFORTH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
LOVAGE GOSFORTH LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LOVAGE GOSFORTH LTD
BALANCE SHEET
AS AT 31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,180
1,475
Tangible assets
4
59,188
73,342
60,368
74,817
Current assets
Stocks
13,000
8,000
Debtors
5
32,023
6,836
Cash at bank and in hand
7,405
2,586
52,428
17,422
Creditors: amounts falling due within one year
6
(189,833)
(125,661)
Net current liabilities
(137,405)
(108,239)
Total assets less current liabilities
(77,037)
(33,422)
Creditors: amounts falling due after more than one year
7
(46,026)
(5,648)
Provisions for liabilities
-
(12,101)
Net liabilities
(123,063)
(51,171)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(123,163)
(51,271)
Total equity
(123,063)
(51,171)
LOVAGE GOSFORTH LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2025
31 May 2025
- 2 -

For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved by the board of directors and authorised for issue on 15 May 2026 and are signed on its behalf by:
S Young
Director
Company registration number 14862308 (England and Wales)
LOVAGE GOSFORTH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information

Lovage Gosforth Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Blackbird, North Road, Ponteland, Newcastle Upon Tyne, Tyne and Wear, NE20 9UH.

1.1
Basis of preparation

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 a mounts 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.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services 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.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website costs
20% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

LOVAGE GOSFORTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10 year straight line
Leasehold improvements
10 year straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.8
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.

LOVAGE GOSFORTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
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 paymen ts 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. A m ounts 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.

1.9
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.

1.10
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
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

LOVAGE GOSFORTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
2
Employees

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

2025
2024
Number
Number
Total
19
18
3
Intangible fixed assets
Website costs
£
Cost
At 1 June 2024 and 31 May 2025
1,475
Amortisation and impairment
At 1 June 2024
-
0
Amortisation charged for the year
295
At 31 May 2025
295
Carrying amount
At 31 May 2025
1,180
At 31 May 2024
1,475
4
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 June 2024
20,000
9,065
27,083
31,896
88,044
Additions
-
0
-
0
-
0
685
685
At 31 May 2025
20,000
9,065
27,083
32,581
88,729
Depreciation and impairment
At 1 June 2024
2,000
906
5,417
6,379
14,702
Depreciation charged in the year
2,000
906
5,417
6,516
14,839
At 31 May 2025
4,000
1,812
10,834
12,895
29,541
Carrying amount
At 31 May 2025
16,000
7,253
16,249
19,686
59,188
At 31 May 2024
18,000
8,159
21,666
25,517
73,342
LOVAGE GOSFORTH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 7 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
32,023
6,836
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
19,059
40,889
Amounts owed to group undertakings
22,500
1,416
Corporation tax
3,581
-
0
Other taxation and social security
58,391
32,868
Other creditors
86,302
50,488
189,833
125,661

Included in other creditors are hire purchase liabilities amounting to £4,622 (2024 - £3,460). These liabilities are secured over the assets to which they relate.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
45,000
-
0
Other creditors
1,026
5,648
46,026
5,648

Included in other creditors are hire purchase liabilities amounting to £1,026 (2024 - £5,648). These liabilities are secured over the assets to which they relate.

8
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
429,000
481,000
2025-05-31 2024-06-01 false false false 15 May 2026 CCH Software CCH Accounts Production 2026.100 No description of principal activity K Tabaku S Young 14862308 2024-06-01 2025-05-31 14862308 2025-05-31 14862308 2024-05-31 14862308 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-05-31 14862308 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 14862308 core:LandBuildings core:LongLeaseholdAssets 2025-05-31 14862308 core:LeaseholdImprovements 2025-05-31 14862308 core:PlantMachinery 2025-05-31 14862308 core:FurnitureFittings 2025-05-31 14862308 core:LandBuildings 2024-05-31 14862308 core:LeaseholdImprovements 2024-05-31 14862308 core:PlantMachinery 2024-05-31 14862308 core:FurnitureFittings 2024-05-31 14862308 core:CurrentFinancialInstruments core:WithinOneYear 2025-05-31 14862308 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 14862308 core:Non-currentFinancialInstruments core:AfterOneYear 2025-05-31 14862308 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 14862308 core:CurrentFinancialInstruments 2025-05-31 14862308 core:CurrentFinancialInstruments 2024-05-31 14862308 core:Non-currentFinancialInstruments 2024-05-31 14862308 core:ShareCapital 2025-05-31 14862308 core:ShareCapital 2024-05-31 14862308 core:RetainedEarningsAccumulatedLosses 2025-05-31 14862308 core:RetainedEarningsAccumulatedLosses 2024-05-31 14862308 bus:Director2 2024-06-01 2025-05-31 14862308 core:IntangibleAssetsOtherThanGoodwill 2024-06-01 2025-05-31 14862308 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-01 2025-05-31 14862308 core:LandBuildings core:LongLeaseholdAssets 2024-06-01 2025-05-31 14862308 core:LeaseholdImprovements 2024-06-01 2025-05-31 14862308 core:PlantMachinery 2024-06-01 2025-05-31 14862308 core:FurnitureFittings 2024-06-01 2025-05-31 14862308 2023-05-11 2024-05-31 14862308 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 14862308 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-05-31 14862308 core:LeaseholdImprovements 2024-05-31 14862308 core:PlantMachinery 2024-05-31 14862308 core:FurnitureFittings 2024-05-31 14862308 2024-05-31 14862308 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-05-31 14862308 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-06-01 2025-05-31 14862308 core:Non-currentFinancialInstruments 2025-05-31 14862308 bus:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 14862308 bus:SmallCompaniesRegimeForAccounts 2024-06-01 2025-05-31 14862308 bus:FRS102 2024-06-01 2025-05-31 14862308 bus:AuditExemptWithAccountantsReport 2024-06-01 2025-05-31 14862308 bus:Director1 2024-06-01 2025-05-31 14862308 bus:FullAccounts 2024-06-01 2025-05-31 xbrli:pure xbrli:shares iso4217:GBP