A & D Lovett Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09728514 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

A & D LOVETT LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

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

Fixed assets

Investment property

5

90,000

73,144

Current assets

Debtors

6

152

742

Cash at bank

600

866

752

1,608

Creditors

Amounts falling due within one year

7

38,447

42,536

Net current liabilities

(37,695

)

(40,928

)

Total assets less current liabilities

52,305

32,216

Creditors

Amounts falling due after more than one year

8

(19,004

)

(18,185

)

Provisions for liabilities

(3,203

)

-

Net assets

30,098

14,031

Capital and reserves

Called up share capital

10

100

100

Non-distributable reserve

11

13,653

-

Retained earnings

16,345

13,931

Shareholders' funds

30,098

14,031

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 May 2024 and were signed on its behalf by:

Mrs J Williams - Director

Miss K A Summers - Director

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 as modified by the revaluation of certain assets.

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.

4.	EMPLOYEES AND DIRECTORS

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

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2022

73,144

Revaluations

16,856

At 31 August 2023

90,000

NET BOOK VALUE

At 31 August 2023

90,000

At 31 August 2022

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.

A formal valuation of the property has been undertaken in the year , and, the directors are of the opinion that the property is held at a value in the accounts that represents its fair value.

Fair value at 31 August 2023 is represented by:

£

Valuation in 2023

16,856

Cost

73,144

90,000

If the investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

73,144

-

The investment property was valued on an open market basis on 31 August 2023 by Michael Trowmans & Co .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

100

720

Other debtors

52

22

152

742

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

4,310

4,872

Trade creditors

(1

)

179

Taxation and social security

923

1,088

Other creditors

33,215

36,397

38,447

42,536

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

19,004

18,185

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

23,314

23,057

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

2023

2022

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Non-distribu

reserve

£

Fair value adjustment

13,653

At 31 August 2023

13,653

12.	RELATED PARTY DISCLOSURES

At the year end the directors were owed £32,523 (2022: £35,606). These loans are interest free and repayable on demand.