Company registration number SC689411 (Scotland)
LUCCA HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LUCCA HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LUCCA HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
2,993,404
2,993,404
Current assets
Cash at bank and in hand
121
100
Creditors: amounts falling due within one year
4
(1,475,109)
(1,134,329)
Net current liabilities
(1,474,988)
(1,134,229)
Total assets less current liabilities
1,518,416
1,859,175
Creditors: amounts falling due after more than one year
5
(821,871)
(1,092,321)
Net assets
696,545
766,854
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
696,445
766,754
Total equity
696,545
766,854

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

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
Mr T Reynolds
Director
Company Registration No. SC689411
LUCCA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Lucca Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 Murray Place, Righead Industrial Estate, Bellshill, Lanarkshire, United Kingdom, ML4 3LP.

1.1
Reporting period

The reporting period is for one year to 31 March 2023. The comparative period covers 17 February 2021 to 31 March 2022 following initial incorporation of the company.

1.2
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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

The company has net liabilities of £true1,474,988 (2022: £1,134,229) at the balance sheet date including an amount of £1,176,664 (2022: £896,327) due to subsidiary KD Doors Limited and £280,000 (2022: £230,000) due to former owners of KD Doors Limited.

 

The directors, who are also directors in KD Doors Limited, have confirmed that the neither the subsidiary nor the previous owners will seek early repayment of the balances due to them and will continue to provide financial support to the company to allow it to meet its ongoing financial liabilities.

 

Consequently, these financial statements have been prepared on a going concern basis.

 

As at the balance sheet date, the company had net assets of £696,545 (£766,854).

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LUCCA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2,993,404
2,993,404
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,176,664
896,327
Other creditors
298,445
238,002
1,475,109
1,134,329
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
821,871
1,092,321
6
Security

A bond and floating charge has been granted over all the property or undertaking of the subsidiary company in favour of its former shareholders as security for a loan of £1,101,872 (2022: £1,322,321) included in other creditors.

LUCCA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
38
40
38
40
B Ordinary Shares of £1 each
62
60
62
60
100
100
100
100
8
Related party transactions
Transactions with related parties

During the year, the company received £146,300 (2022: £988,514) dividends from KD Doors Limited, a wholly owned subsidiary. As at the balance sheet date the company owed £1,176,664 (2022: £896,327) to its subsidiary. The balance is unsecured, interest free and repayable on demand.

9
Directors' transactions

Dividends totalling £146,300 (2022: £133,340) were paid in the year in respect of shares held by the company's directors.

 

Included in other creditors is an amount of £15,266 (2022: £5,002) due to the directors. The balance is unsecured, interest free and repayable on demand.

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