Company Registration No. 08642577 (England and Wales)
Love The Sales Limited
Unaudited accounts
for the year ended 31 August 2021
Love The Sales Limited
Unaudited accounts
Contents
Love The Sales Limited
Company Information
for the year ended 31 August 2021
Directors
David Bishop
Stuart McClure
Mark Solomon
John Edward Bailye
Vivek Chandaria
Company Number
08642577 (England and Wales)
Registered Office
The Frames
1 Phipp Street
London
EC2A 4PS
United Kingdom
Accountants
The Accountancy Cloud
12-18 Hoxton Street
London
N1 6NG
UK
Love The Sales Limited
Statement of financial position
as at
31 August 2021
Tangible assets
11,514
10,106
Cash at bank and in hand
666,936
258,747
Creditors: amounts falling due within one year
(147,486)
(872,526)
Net current assets/(liabilities)
785,487
(366,864)
Total assets less current liabilities
797,001
(356,758)
Creditors: amounts falling due after more than one year
(18,729)
(18,729)
Provisions for liabilities
Other provisions
(19,795)
(8,096)
Net assets/(liabilities)
758,477
(383,583)
Called up share capital
2,796
2,460
Share premium
2,592,800
796,277
Profit and loss account
(1,837,119)
(1,182,320)
Shareholders' funds
758,477
(383,583)
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2022 and were signed on its behalf by
Stuart McClure
Director
Company Registration No. 08642577
Love The Sales Limited
Notes to the Accounts
for the year ended 31 August 2021
Love The Sales Limited is a private company, limited by shares, registered in England and Wales, registration number 08642577. The registered office is The Frames, 1 Phipp Street, London, EC2A 4PS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight Line
Computer equipment
20% Straight Line
Expenditure on research and development is written off in the year in which it is incurred.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the completion of each transaction.
Research and development tax credit
During the financial year, Love The Sales Limited received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Income Statement in line with disclosure requirements under FRS 102.
Government grants are received in relation to the Coronavirus Job Retention Scheme and are credited to the profit and loss on receipt. The corresponding expense is also included within the profit and loss for the same period.
Love The Sales Limited
Notes to the Accounts
for the year ended 31 August 2021
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 September 2020
3,967
11,586
15,553
Additions
3,513
885
4,398
At 31 August 2021
7,480
12,471
19,951
At 1 September 2020
1,170
4,277
5,447
Charge for the year
828
2,162
2,990
At 31 August 2021
1,998
6,439
8,437
At 31 August 2021
5,482
6,032
11,514
At 31 August 2020
2,797
7,309
10,106
5
Debtors: amounts falling due within one year
2021
2020
Accrued income and prepayments
213,849
217,938
Other debtors
52,188
28,977
6
Creditors: amounts falling due within one year
2021
2020
Trade creditors
24,051
24,625
Taxes and social security
56,398
76,859
Other creditors
-
726,916
Loans from directors
-
4,571
There is an advanced shared agreement balance of £400,000 and a convertible loan balance of £326,916. These have all been converted to shares on 23 September 2020.
7
Creditors: amounts falling due after more than one year
2021
2020
Other creditors
18,729
18,729
Love The Sales Limited
Notes to the Accounts
for the year ended 31 August 2021
8
Share capital
2021
2020
Allotted, called up and fully paid:
27,959 Ordinary shares of £0.10 each
2,795.90
2,459.60
Shares issued during the period:
3,363 Ordinary shares of £0.10 each
336.30
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors' Loan balance at 31 August 2018
(2,241)
2,241
-
-
Directors' Loan balance at 31 August 2018
(1,000)
1,000
-
-
Directors' Loan balance at 31 August 2018
(1,330)
1,330
-
-
10
Average number of employees
During the year the average number of employees was 13 (2020: 13).