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LOVEDAY LONDON LTD.
REGISTERED NUMBER: 07655492
ABBREVIATED BALANCE SHEET
AS AT 30 JUNE 2015
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The Director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The Director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 June 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 3 form part of these financial statements.
Page 1
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LOVEDAY LONDON LTD.
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
1.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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At the balance sheet date the company had net liabilities of £72,057. The director has considered the ability to continue as a going concern and believe this to be an appropriate basis on which to prepare accounts as the director intends to continue to support the company for the foreseeable future.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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INTANGIBLE FIXED ASSETS AND AMORTISATION
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Patents obtained by the company are stated at cost less accumulated amortisation and impairment losses. Patents costs are amortised on a straight line basis over the lower of the estimated useful life of the patent (five years) and the remaining patent term.
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Amortisation is provided at the following rates:
 
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TANGIBLE FIXED ASSETS AND DEPRECIATION
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of a company after deducting all of its liabilities.
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Page 2
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LOVEDAY LONDON LTD.
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
2.INTANGIBLE FIXED ASSETS
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At 1 July 2014 and 30 June 2015
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3.TANGIBLE FIXED ASSETS
4.SHARE CAPITAL
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ALLOTTED, CALLED UP AND FULLY PAID
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Page 3
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