LOVETT_NURSERIES_LTD - Accounts


Company Registration No. 04512346 (England and Wales)
LOVETT NURSERIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
LOVETT NURSERIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LOVETT NURSERIES LTD
BALANCE SHEET
AS AT
31 AUGUST 2017
31 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14
20
Current assets
Stocks
1,500
1,500
Cash at bank and in hand
414
564
1,914
2,064
Creditors: amounts falling due within one year
5
(20,602)
(19,300)
Net current liabilities
(18,688)
(17,236)
Total assets less current liabilities
(18,674)
(17,216)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(18,774)
(17,316)
Total equity
(18,674)
(17,216)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The notes on pages 2 - 4 form an integral part of these financial statements.

 

For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and FRS102 Section 1A.

The financial statements were approved and signed by the director and authorised for issue on 22 May 2018
R Lovett
Director
Company Registration No. 04512346
LOVETT NURSERIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 2 -
1
Accounting policies
Company information

Lovett Nurseries Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Airport House, Suite 43-45, Purley Way, Croydon, Surrey, CR0 0XZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 August 2017 are the first financial statements of Lovett Nurseries Ltd prepared in accordance with FRS 102 Section 1A small entities, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 Section 1A small entities was 1 September 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102 Section 1A small entities .

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4
Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5
Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance
1.6
Stocks

Stock is valued at the lower of cost and net realisable value.

LOVETT NURSERIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 2).

2017
2016
Number
Number
Directors
1
2
1
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2016 and 31 August 2017
30,000
Amortisation and impairment
At 1 September 2016 and 31 August 2017
30,000
Carrying amount
At 31 August 2017
-
At 31 August 2016
-
4
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 September 2016 and 31 August 2017
800
250
1,050
Depreciation and impairment
At 1 September 2016
785
246
1,031
Depreciation charged in the year
4
1
5
At 31 August 2017
789
247
1,036
Carrying amount
At 31 August 2017
11
3
14
At 31 August 2016
15
5
20
LOVETT NURSERIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 4 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Other taxation and social security
149
149
Other creditors
19,575
17,913
Accruals and deferred income
878
1,238
20,602
19,300

The director considers the carrying amounts of current liabilities approximate to their fair values.

6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100Ordinary share of £1 each
100
100
100
100
7
Related party transactions

At the balance sheet date, included in other payables are amounts owed by the company to the director of £19,575 (2016 - £17,913)

8
Parent company

The ultimate controlling parties are Mr & Mrs Lovett who hold 100% of the issued share capital.

2017-08-312016-09-01falseCCH SoftwareCCH Accounts Production 2018.100No description of principal activity22 May 2018R LovettMr I C Lovett045123462016-09-012017-08-31045123462017-08-31045123462016-08-3104512346core:FurnitureFittings2017-08-3104512346core:MotorVehicles2017-08-3104512346core:FurnitureFittings2016-08-3104512346core:MotorVehicles2016-08-3104512346core:CurrentFinancialInstruments2017-08-3104512346core:CurrentFinancialInstruments2016-08-3104512346core:ShareCapital2017-08-3104512346core:ShareCapital2016-08-3104512346core:RetainedEarningsAccumulatedLosses2017-08-3104512346core:RetainedEarningsAccumulatedLosses2016-08-3104512346core:ShareCapitalOrdinaryShares2017-08-3104512346core:ShareCapitalOrdinaryShares2016-08-3104512346bus:Director22016-09-012017-08-3104512346core:Goodwill2016-09-012017-08-3104512346core:FurnitureFittings2016-09-012017-08-3104512346core:MotorVehicles2016-09-012017-08-31045123462015-09-012016-08-3104512346core:NetGoodwill2016-08-3104512346core:FurnitureFittings2016-08-3104512346core:MotorVehicles2016-08-31045123462016-08-3104512346bus:OrdinaryShareClass12016-09-012017-08-3104512346bus:OrdinaryShareClass12017-08-3104512346bus:PrivateLimitedCompanyLtd2016-09-012017-08-3104512346bus:FRS1022016-09-012017-08-3104512346bus:AuditExemptWithAccountantsReport2016-09-012017-08-3104512346bus:SmallCompaniesRegimeForAccounts2016-09-012017-08-3104512346bus:Director12016-09-012017-08-3104512346bus:CompanySecretary12016-09-012017-08-3104512346bus:FullAccounts2016-09-012017-08-31xbrli:purexbrli:sharesiso4217:GBP