Lovell Landscapes Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10000703 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

LOVELL LANDSCAPES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N J Kellett

N W Kellett

REGISTERED OFFICE:

30-34 North Street

Hailsham

East Sussex

BN27 1DW

REGISTERED NUMBER:

10000703 (England and Wales)

ACCOUNTANTS:

Watson Associates (Professional Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Intangible assets

4

3,000

4,000

Tangible assets

5

67,201

82,813

70,201

86,813

CURRENT ASSETS

Stocks

43,324

57,841

Debtors

6

654,420

457,186

Cash at bank and in hand

142,305

165,473

840,049

680,500

CREDITORS

Amounts falling due within one year

7

(301,027

)

(220,650

)

NET CURRENT ASSETS

539,022

459,850

TOTAL ASSETS LESS CURRENT LIABILITIES

609,223

546,663

CREDITORS

Amounts falling due after more than one year

8

(3,584

)

(10,570

)

PROVISIONS FOR LIABILITIES

(11,327

)

(14,415

)

NET ASSETS

594,312

521,678

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

594,310

521,676

SHAREHOLDERS' FUNDS

594,312

521,678

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by:

N J Kellett - Director

1.	STATUTORY INFORMATION

Lovell Landscapes Ltd 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 the provisions of Section 1A "Small Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the recognition of certain assets and liabilities measured at fair value.

Turnover

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

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity.

In respect of construction contracts and the rendering of services, turnover represents revenue measured by reference to the stage of completion of the contract activity or of the service transaction at the end of the reporting period.

Goodwill

Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill is amortised through the income statement in equal instalments over its estimated useful life of 10 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 20% reducing balance

Motor vehicles - 25% reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Stocks

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

Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Net realisable value is based on estimated selling price less costs to complete and sell.

At the end of each reporting period stocks and work in progress are assessed for impairment. If any stock or work in progress is impaired, it is reduced to its net realisable value and an impairment charge is recognised in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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. 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.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

10,000

AMORTISATION

At 1 April 2022

6,000

Amortisation for year

1,000

At 31 March 2023

7,000

NET BOOK VALUE

At 31 March 2023

3,000

At 31 March 2022

4,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2022

66,154

148,271

2,607

217,032

Additions

1,420

-

3,334

4,754

At 31 March 2023

67,574

148,271

5,941

221,786

DEPRECIATION

At 1 April 2022

40,872

91,137

2,210

134,219

Charge for year

5,243

14,285

838

20,366

At 31 March 2023

46,115

105,422

3,048

154,585

NET BOOK VALUE

At 31 March 2023

21,459

42,849

2,893

67,201

At 31 March 2022

25,282

57,134

397

82,813

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2022

69,985

Transfer to ownership

(34,495

)

At 31 March 2023

35,490

DEPRECIATION

At 1 April 2022

29,534

Charge for year

10,113

Transfer to ownership

(23,581

)

At 31 March 2023

16,066

NET BOOK VALUE

At 31 March 2023

19,424

At 31 March 2022

40,451

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

552,032

356,682

Other debtors

102,388

100,504

654,420

457,186

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 9)

6,986

13,418

Trade creditors

207,424

142,041

Taxation and social security

57,226

44,885

Other creditors

29,391

20,306

301,027

220,650

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 9)

3,584

10,570

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

6,986

13,418

Between one and five years

3,584

10,570

10,570

23,988

Non-cancellable

operating leases

2023

2022

£

£

Within one year

18,750

25,000

Between one and five years

-

18,750

18,750

43,750

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1

Ordinary A

£1

1

1

1

Ordinary B

£1

1

1

2

2

11.	RELATED PARTY DISCLOSURES

Directors own 100% of the share capital in FGS Group ltd.

Balance owing to FGS Group ltd at 31st March 2022 £nil (2021: £nil).