General Information
Love Mushrooms Ltd is a private company, limited by shares, registered in Scotland, registration number SC673228, registration address 1 Marcassie Farm, Forres, Scotland, IV36 2RH.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors have confirmed that they will continue to give financial support to the company until such time as its position improves. In addition the directors have confirmed that they will not recall their loans within 12 months. The directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support were withdrawn.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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 taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Development & Design expenditure
Development and Design expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development and design expenditure is deferred and amortised over 10 years during which the company is expected to benefit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
15% Straight Line
|
| Computer Equipment |
15% Straight Line
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
| 2. |
Average number of employees
Average number of employees during the year was 2 (2024 : 2).
|
| 3. |
Intangible fixed assets
| Cost |
Development |
|
Design |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 October 2024 |
1,935 |
|
- |
|
1,935 |
| Additions |
16,828 |
|
20,000 |
|
36,828 |
| Disposals |
- |
|
- |
|
- |
| At 30 September 2025 |
18,763 |
|
20,000 |
|
38,763 |
| Amortisation |
| At 01 October 2024 |
- |
|
- |
|
- |
| Charge for year |
1,876 |
|
2,000 |
|
3,876 |
| On disposals |
- |
|
- |
|
- |
| At 30 September 2025 |
1,876 |
|
2,000 |
|
3,876 |
| Net book values |
| At 30 September 2025 |
16,887 |
|
18,000 |
|
34,887 |
| At 30 September 2024 |
1,935 |
|
- |
|
1,935 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 October 2024 |
11,610 |
|
1,250 |
|
12,860 |
| Additions |
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
| At 30 September 2025 |
11,610 |
|
1,250 |
|
12,860 |
| Depreciation |
| At 01 October 2024 |
1,741 |
|
416 |
|
2,157 |
| Charge for year |
1,742 |
|
188 |
|
1,930 |
| On disposals |
- |
|
- |
|
- |
| At 30 September 2025 |
3,483 |
|
604 |
|
4,087 |
| Net book values |
| Closing balance as at 30 September 2025 |
8,127 |
|
646 |
|
8,773 |
| Opening balance as at 01 October 2024 |
9,869 |
|
834 |
|
10,703 |
|
| 5. |
Stocks
|
2025
£ |
|
2024
£ |
| Stocks |
200,087 |
|
52,694 |
|
200,087 |
|
52,694 |
|
| 6. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
78,927 |
|
46,464 |
| Prepayments & Accrued Income |
8,832 |
|
0 |
| Other Debtors |
0 |
|
11 |
| VAT |
10,241 |
|
2,081 |
|
98,000 |
|
48,556 |
|
| 7. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
77,995 |
|
20,836 |
| PAYE & Social Security |
740 |
|
0 |
| Accrued Expenses |
8,885 |
|
5,980 |
| Directors' Current Accounts |
0 |
|
1,254 |
|
87,620 |
|
28,070 |
|
| 8. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Other Creditors - Interest Free |
50,000 |
|
80,000 |
| Other Creditors - Interest Chargeable |
584,000 |
|
127,500 |
|
634,000 |
|
207,500 |
|
3
|