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Registered number: 06677000
Lovett Residential Sales And Lettings Ltd.
Unaudited Financial Statements
For The Year Ended 30 November 2025
Davey Grover Ltd
Chartered Accountants
4 Fenice Court
Phoenix Business Park
St. Neots
Cambridgeshire
PE19 8EP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Statement of Financial Position
Registered number: 06677000
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 102,092 129,989
Tangible Assets 5 441,760 440,286
Investments 6 100 200
543,952 570,475
CURRENT ASSETS
Debtors 7 16,007 13,218
Cash at bank and in hand 155,848 197,263
171,855 210,481
Creditors: Amounts Falling Due Within One Year 8 (189,099 ) (179,281 )
NET CURRENT ASSETS (LIABILITIES) (17,244 ) 31,200
TOTAL ASSETS LESS CURRENT LIABILITIES 526,708 601,675
Creditors: Amounts Falling Due After More Than One Year 9 (183,373 ) (192,281 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,628 ) (2,259 )
NET ASSETS 340,707 407,135
CAPITAL AND RESERVES
Called up share capital 10 105 105
Income Statement 340,602 407,030
SHAREHOLDERS' FUNDS 340,707 407,135
Page 1
Page 2
For the year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr T Lovett
Director
25 August 2026
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Lovett Residential Sales And Lettings Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 06677000 . The registered office is 4 Fenice Court, Phoenix Business Park, St. Neots, Cambridgeshire, PE19 8EP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Lovett Residential Sales and Lettings Limited previously amortised the goodwill over a life of 20 years. In order to comply with the adoption of FRS 102 Section 1A in the accounts for the year ended 30 November 2016 the company changed the amortisation period to a life of 10 years. The company did not adjust the carrying amount upon adoption.
The goodwill is now being evenly amortised over a finite life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation is charged
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 33% on cost and 15% on reducing balance
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2024: 12)
13 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2024 931,056
Additions 40,000
As at 30 November 2025 971,056
Amortisation
As at 1 December 2024 801,067
Provided during the period 67,897
As at 30 November 2025 868,964
Net Book Value
As at 30 November 2025 102,092
As at 1 December 2024 129,989
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Page 5
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 December 2024 431,246 2,561 211 50,544 484,562
Additions - - - 3,532 3,532
As at 30 November 2025 431,246 2,561 211 54,076 488,094
Depreciation
As at 1 December 2024 - 1,954 210 42,112 44,276
Provided during the period - 152 - 1,906 2,058
As at 30 November 2025 - 2,106 210 44,018 46,334
Net Book Value
As at 30 November 2025 431,246 455 1 10,058 441,760
As at 1 December 2024 431,246 607 1 8,432 440,286
6. Investments
Subsidiaries
£
Cost or Valuation
As at 1 December 2024 200
Disposals (100 )
As at 30 November 2025 100
Provision
As at 1 December 2024 -
As at 30 November 2025 -
Net Book Value
As at 30 November 2025 100
As at 1 December 2024 200
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7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 5,411 -
Other debtors 10,596 13,218
16,007 13,218
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 7,742 8,341
Bank loans and overdrafts 10,198 15,524
Amounts owed to group undertakings 14,909 7,100
Other creditors 19,528 16,189
Taxation and social security 136,722 132,127
189,099 179,281
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 183,373 192,281
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 105 105
11. Other Commitments
At 30 November 2025 the Company had total commitments under non-cancellable operating leases relating to motor vehicles of £57,929. The minimum lease payments under non-cancellable operating leases are split as follows:
2025 2024
£ £
Not later than one year 25,197 15,498
Later than one year and not later than five years 32,732 14,437
57,929 29,935
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12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2024 Amounts advanced Amounts repaid Amounts written off As at 30 November 2025
£ £ £ £ £
Mr Timothy Lovett 2,955 - (2,955 ) - -
The above loan was unsecured, interest free and repayable on demand. The loan was repaid during the year.
13. Related Party Transactions
Westlove Homes Limited
A wholly owned subsidiary of Lovett Residential Sales and Lettings Limited.
As at 30 November 2025 the amount owed to Westlove Homes Limited is £14,909 (2024 - £7,100) and this balance is shown within amounts owed to group undertakings. The amount is repayable on demand.
14. Ultimate Controlling Party
The company's ultimate controlling party is Mr T and Mrs S Lovett by virtue of their ownership of 56% of the issued share capital in the company.
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