A & D Lovett Limited - Accounts to registrar (filleted) - small 18.2

A & D Lovett Limited - Accounts to registrar (filleted) - small 18.2

A & D LOVETT LIMITED - Company Information

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REGISTERED NUMBER: 09728514 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

A & D LOVETT LIMITED
A & D LOVETT LIMITED (REGISTERED NUMBER: 09728514)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


A & D LOVETT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2020







DIRECTORS: Mrs J Williams
Miss K A Summers





REGISTERED OFFICE: Unit 1 Walkers Way
High Street
Wombourne
Staffordshire
WV5 9DP





REGISTERED NUMBER: 09728514 (England and Wales)





ACCOUNTANTS: Brookes Stephens
New Media House
Davidson Road
Lichfield
Staffordshire
WS14 9DZ
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A & D LOVETT LIMITED (REGISTERED NUMBER: 09728514)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2020

2020 2019
Notes £    £    £    £   
Fixed assets
Investment property 5 73,144 73,144

Current assets
Debtors 6 766 763
Cash at bank 1,223 839
1,989 1,602
Creditors
Amounts falling due within one year 7 39,486 36,997
Net current liabilities (37,497 ) (35,395 )
Total assets less current liabilities 35,647 37,749

Creditors
Amounts falling due after more than one
year
8
28,184
31,803
Net assets 7,463 5,946

Capital and reserves
Called up share capital 10 100 100
Retained earnings 7,363 5,846
Shareholders' funds 7,463 5,946

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

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 notes form part of these financial statements

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A & D LOVETT LIMITED (REGISTERED NUMBER: 09728514)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2020


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

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 21 December 2020 and were signed on its behalf by:




Mrs J Williams - Director



Miss K A Summers - Director


The notes form part of these financial statements

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A & D LOVETT LIMITED (REGISTERED NUMBER: 09728514)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020


1. STATUTORY INFORMATION

A & D Lovett 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

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A & D LOVETT LIMITED (REGISTERED NUMBER: 09728514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2020


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2019
and 31 August 2020 73,144
NET BOOK VALUE
At 31 August 2020 73,144
At 31 August 2019 73,144

The property owned by the company, Unit 1 Walkers Way, High Street, Wombourne, WV5 9DP is held
as an investment property and is rented to a business owned by one of the directors.

No formal valuation of the property has been undertaken at the year end, however, the directors are of the opinion that the property is held at a value in the accounts that represents its fair value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 720 720
Other debtors 46 43
766 763

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Bank loans and overdrafts 4,572 3,921
Trade creditors 180 59
Taxation and social security 548 915
Other creditors 34,186 32,102
39,486 36,997

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020 2019
£    £   
Bank loans 28,184 31,803

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 9,897 16,119

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A & D LOVETT LIMITED (REGISTERED NUMBER: 09728514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2020


9. SECURED DEBTS

The following secured debts are included within creditors:

2020 2019
£    £   
Bank loans 32,756 35,724

The bank loan is secured by way of a fixed and floating charge over all assets of the company.

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2020 2019
value: £    £   
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

At the year end the directors were owed £33,446 (2019: £31,337). These loans are interest free and repayable on demand.

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