Lovely Branches Limited - Accounts to registrar (filleted) - small 18.2

Lovely Branches Limited - Accounts to registrar (filleted) - small 18.2

LOVELY BRANCHES LIMITED - Company Information

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REGISTERED NUMBER: 09402307 (England and Wales)















LOVELY BRANCHES LIMITED

Unaudited Financial Statements

for the Year Ended 31 January 2021






LOVELY BRANCHES LIMITED (REGISTERED NUMBER: 09402307)

Contents of the Financial Statements
for the year ended 31 January 2021










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 6


LOVELY BRANCHES LIMITED

Company Information
for the year ended 31 January 2021







DIRECTORS: C G G Gottardo
D A Wilson
P G Burton





REGISTERED OFFICE: First Floor
Saggar House
Princes Drive
Worcester
Worcestershire
WR1 2PG





REGISTERED NUMBER: 09402307 (England and Wales)





ACCOUNTANTS: Haines Watts Worcester Limited
First Floor
Saggar House
Princes Drive
Worcester
WR1 2PG
Page 1
Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Lovely Branches Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lovely Branches Limited for the year ended 31 January 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lovely Branches Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lovely Branches Limited and state those matters that we have agreed to state to the Board of Directors of Lovely Branches Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lovely Branches Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lovely Branches Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lovely Branches Limited. You consider that Lovely Branches Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lovely Branches Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts Worcester Limited
First Floor
Saggar House
Princes Drive
Worcester
WR1 2PG


26 January 2022

This page does not form part of the statutory financial statements

Page 2
LOVELY BRANCHES LIMITED (REGISTERED NUMBER: 09402307)

Balance Sheet
31 January 2021

2021 2020
Notes £    £   
FIXED ASSETS
Tangible assets 4 225,820 225,820

CURRENT ASSETS
Stocks 5 262,300 247,204
Debtors 6 130,070 21,654
392,370 268,858
CREDITORS
Amounts falling due within one year 7 (711,182 ) (592,937 )
NET CURRENT LIABILITIES (318,812 ) (324,079 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(92,992
)
(98,259
)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (93,092 ) (98,359 )
SHAREHOLDERS' FUNDS (92,992 ) (98,259 )

The notes form part of these financial statements

Page 3 continued...
LOVELY BRANCHES LIMITED (REGISTERED NUMBER: 09402307)

Balance Sheet - continued
31 January 2021


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 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 26 January 2022 and were signed on its behalf by:




C G G Gottardo - Director D A Wilson - Director




P G Burton - Director


The notes form part of these financial statements

Page 4
LOVELY BRANCHES LIMITED (REGISTERED NUMBER: 09402307)

Notes to the Financial Statements
for the year ended 31 January 2021


1. STATUTORY INFORMATION

Lovely Branches 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

The land included in land and buildings has been included at fair value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

Going concern
At the year end the balance sheet is overdrawn. The directors are the main creditors of the company and have agreed to continue to support the business moving forward. The accounts have therefore been prepared on a going concern basis.

Page 5 continued...
LOVELY BRANCHES LIMITED (REGISTERED NUMBER: 09402307)

Notes to the Financial Statements - continued
for the year ended 31 January 2021


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4. TANGIBLE FIXED ASSETS
Freehold Computer
property equipment Totals
£    £    £   
COST
At 1 February 2020
and 31 January 2021 225,820 2,614 228,434
DEPRECIATION
At 1 February 2020
and 31 January 2021 - 2,614 2,614
NET BOOK VALUE
At 31 January 2021 225,820 - 225,820
At 31 January 2020 225,820 - 225,820

Included in cost of land and buildings is freehold land of £ 225,820 (2020 - £ 225,820 ) which is not depreciated.

The directors have confirmed that the land included in the accounts is valued at fair value at the balance sheet date.

5. STOCKS
2021 2020
£    £   
Stocks 262,300 247,204

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Accrued income 89,654 21,654
Prepayments 40,416 -
130,070 21,654

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 87,364 18,750
Directors' current accounts 622,138 568,486
Accruals and deferred income 1,680 5,701
711,182 592,937

Page 6