Lovely Branches Limited - Accounts to registrar (filleted) - small 22.3
Lovely Branches Limited - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
LOVELY BRANCHES LIMITED |
Unaudited Financial Statements for the Year Ended 31 January 2022 |
LOVELY BRANCHES LIMITED (REGISTERED NUMBER: 09402307) |
Contents of the Financial Statements |
for the year ended 31 January 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 5 |
LOVELY BRANCHES LIMITED |
Company Information |
for the year ended 31 January 2022 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Saggar House |
Princes Drive |
Worcester |
Worcestershire |
WR1 2PG |
LOVELY BRANCHES LIMITED (REGISTERED NUMBER: 09402307) |
Balance Sheet |
31 January 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks | 5 |
Debtors | 6 |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
LOVELY BRANCHES LIMITED (REGISTERED NUMBER: 09402307) |
Balance Sheet - continued |
31 January 2022 |
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. |
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 |
LOVELY BRANCHES LIMITED (REGISTERED NUMBER: 09402307) |
Notes to the Financial Statements |
for the year ended 31 January 2022 |
1. | Statutory information |
Lovely Branches Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The directors continue to adopt the going concern basis in preparing the financial statements as the company has adequate support and resources, and the support of the directors in order to continue in operational existence for the foreseeable future. |
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 |
Computer equipment | - |
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. |
3. | Employees and directors |
The average number of employees during the year was |
LOVELY BRANCHES LIMITED (REGISTERED NUMBER: 09402307) |
Notes to the Financial Statements - continued |
for the year ended 31 January 2022 |
4. | Tangible fixed assets |
Freehold | Computer |
property | equipment | Totals |
£ | £ | £ |
Cost |
At 1 February 2021 |
and 31 January 2022 |
Depreciation |
At 1 February 2021 |
and 31 January 2022 |
Net book value |
At 31 January 2022 |
At 31 January 2021 |
Included in cost of land and buildings is freehold land of £ 225,820 (2021 - £ 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 |
2022 | 2021 |
£ | £ |
Stocks |
6. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Accrued income |
Prepayments |
7. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
VAT | 798 | - |
Directors' current accounts | 619,981 | 622,138 |
Accruals and deferred income |
8. | Related party disclosures |
At the reporting date an amount of £619,981 (2021: £622,138) was repayable to the directors. The amounts are interest free and will remain on loan until such a time that the company has the means to settle them. |