LOVE Creative Limited - Accounts to registrar (filleted) - small 18.2
LOVE Creative Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2021 |
for |
LOVE CREATIVE LIMITED |
LOVE CREATIVE LIMITED (REGISTERED NUMBER: 04207025) |
Contents of the Financial Statements |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LOVE CREATIVE LIMITED |
Company Information |
for the year ended 31 December 2021 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
LOVE CREATIVE LIMITED (REGISTERED NUMBER: 04207025) |
Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Share premium |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LOVE CREATIVE LIMITED (REGISTERED NUMBER: 04207025) |
Notes to the Financial Statements |
for the year ended 31 December 2021 |
1. | Statutory information |
LOVE Creative Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions on deferred income, accrued income and work-in-progress. The amount of revenue recognised is directly proportionate to the costs incurred. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any critical judgements in applying the company's accounting policies. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the actual results. |
Turnover |
Turnover represents amounts chargeable, net of value added tax, in respect of the provision of services to customers.Turnover is recognised when services are rendered to the customer. |
Tangible fixed assets |
Leasehold improvements | - |
Office equipment | - |
Fixtures and fittings | - |
Computer equipment | - |
Assets not yet in use are not being depreciated. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
LOVE CREATIVE LIMITED (REGISTERED NUMBER: 04207025) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
3. | Accounting policies - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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. |
Such assets are subsequently carried forward at amortised cost using the effective interest method. |
There are no assets which are initially measured at fair value. |
Financial Liabilities |
Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for good or services that have been acquired in the ordinary course of business from suppliers. Accounts 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. |
Work-in-progress |
Work-in-Progress relates to costs incurred on a project, either if the project is completed or reached a certain stage, it will then be transferred to the Profit and Loss. |
4. | Employees and directors |
The average number of employees during the year was |
LOVE CREATIVE LIMITED (REGISTERED NUMBER: 04207025) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
5. | Tangible fixed assets |
Fixtures |
Leasehold | Office | and | Computer |
improvements | equipment | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 January 2021 |
Additions |
At 31 December 2021 |
Depreciation |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
6. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 155,003 | 67,766 |
Other creditors |
Accruals and deferred income |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
Between one and five years |
LOVE CREATIVE LIMITED (REGISTERED NUMBER: 04207025) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
A ordinary | £1 | 143 | 143 |
C ordinary | £1 | 125 | 125 |
F ordinary | £1 | 120 | 120 |
G ordinary | £1 | 51 | 51 |
H ordinary | £1 | 143 | 143 |
40 | I ordinary | £1 | 40 | 40 |
1 | J ordinary | £1 | 1 | 1 |
245 | K ordinary | £1 | 245 | 245 |
328 | L ordinary | £1 | 328 | 328 |
464 | M ordinary | £1 | 464 | 464 |
120 | N ordinary | £1 | 120 | 120 |
1,780 | 1,780 |
All shares are ranked pari passu. |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | Pension commitments |
Defined contribution pension scheme |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £198,900 (2020 - £218,567). |
Contributions totalling £23,239 (2020 - £9,000) were payable to the schemes at the end of the year and are included in creditors. |
12. | Directors' advances, credits and guarantees |
Directors advances during the year were £250,000, and credits were £251,453. The amount owed by directors at 31 December 2021 was £NIL (2020 - £1,453). Directors' current accounts are interest free and repayable on demand. |
13. | Related party disclosures |
There is a balance of £69,530 (2020: £NIL) included in other debtors. This is a loan balance that is interest free and repayable on demand. The parties are related through common directors. |