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REGISTERED NUMBER: SC071502 (Scotland)















Financial Statements for the Year Ended 31 May 2023

for

Lujo Properties Limited

Lujo Properties Limited (Registered number: SC071502)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Lujo Properties Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Giancarlo Romano



REGISTERED OFFICE: 4th Floor
142 West Nile Street
Glasgow
G1 2RQ



REGISTERED NUMBER: SC071502 (Scotland)



SENIOR STATUTORY
AUDITOR:
Leon Marshall, CA



AUDITORS: Stevenson & Kyles
Chartered Accountants
Statutory Auditor
25 Sandyford Place
Glasgow
G3 7NG

Lujo Properties Limited (Registered number: SC071502)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 39,061,592 46,710,654
Investments 5 12,169 12,169
39,073,761 46,722,823

CURRENT ASSETS
Debtors 6 87,347 99,349
Cash at bank and in hand 4,077,166 6,958,566
4,164,513 7,057,915
CREDITORS
Amounts falling due within one year 7 37,703,622 39,950,995
NET CURRENT LIABILITIES (33,539,109 ) (32,893,080 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,534,652

13,829,743

CREDITORS
Amounts falling due after more than one
year

8

10,000,000

13,750,000
NET (LIABILITIES)/ASSETS (4,465,348 ) 79,743

CAPITAL AND RESERVES
Called up share capital 10 20,000 20,000
Share premium 304 304
Retained earnings (4,485,652 ) 59,439
SHAREHOLDERS' FUNDS (4,465,348 ) 79,743

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 February 2024 and were signed by:



Giancarlo Romano - Director


Lujo Properties Limited (Registered number: SC071502)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Lujo Properties Limited is a private company, limited by shares , registered in Scotland. 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover, which excludes value added tax, represents the value of property rental income invoiced during the year.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Furniture and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

The cost of tangible fixed assets is their purchase costs, together with any incidental costs of acquisition.

Investment properties are included at fair value. Gains or losses on revaluations are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold.

Financial instruments
Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


Lujo Properties Limited (Registered number: SC071502)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Furniture
Investment and Computer
properties fittings equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 June 2022 46,702,297 20,253 16,277 46,738,827
Additions 430,346 1,890 - 432,236
Disposals (3,000,000 ) - - (3,000,000 )
Gain/(deficit) on revaluations (5,079,313 ) - - (5,079,313 )
At 31 May 2023 39,053,330 22,143 16,277 39,091,750
DEPRECIATION
At 1 June 2022 - 16,382 11,791 28,173
Charge for year - 864 1,121 1,985
At 31 May 2023 - 17,246 12,912 30,158
NET BOOK VALUE
At 31 May 2023 39,053,330 4,897 3,365 39,061,592
At 31 May 2022 46,702,297 3,871 4,486 46,710,654

The market values of the Investment Properties have been arrived at on the basis of a valuation carried out in October 2023 by a professional valuer of suitable qualifications. Their valuation covered the investment properties held as security against the bank loan, and the properties valued comprised over 80% of the value of the total. The remaining properties have been valued by the director of the company, who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their location and takes into account the state of the rental market in the areas where the properties are situated.

Lujo Properties Limited (Registered number: SC071502)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. FIXED ASSET INVESTMENTS

31.5.23 31.5.22
£    £   
Other investments not loans 12,169 12,169

Additional information is as follows:
Unlisted
investments
£   
COST
At 1 June 2022
and 31 May 2023 9,369
NET BOOK VALUE
At 31 May 2023 9,369
At 31 May 2022 9,369

Investments (neither listed nor unlisted) were as follows:
31.5.23 31.5.22
£    £   
Other investments 2,800 2,800

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 79,122 96,460
Prepayments 8,225 2,889
87,347 99,349

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 1,000,000 1,000,000
Taxation 143,454 349,517
Social security and other taxes 61,362 78,045
Sundry creditors 953,491 812,459
Due to parent company 35,131,620 37,310,328
Accruals and deferred income 413,695 400,646
37,703,622 39,950,995

Included in other creditors is a loan due to the parent company Romano Wines Limited. The amount due at 31 May 2023 is £35,131,620 (2022 £37,310,328).The loan is interest free and repayable on demand.

Lujo Properties Limited (Registered number: SC071502)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.23 31.5.22
£    £   
Bank loan 1-2 years 1,000,000 1,000,000
Bank loan 2-5 years 9,000,000 12,750,000
10,000,000 13,750,000

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Bank loans 11,000,000 14,750,000

The bank holds a Bond and Floating charge over Secured assets of the business. These comprise up to five of the company's investment properties. In addition the bank holds an assignation over the company's rental income.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
80,001 Ordinary 25p 20,000 20,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Leon Marshall, CA (Senior Statutory Auditor)
for and on behalf of Stevenson & Kyles

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. CONTROLLING PARTY

The company is a wholly owned subsidiary of Romano Wines Limited, a company registered in Scotland. Romano Wines Limited's principal place of business is at 4th Floor, 142 West Nile Street, Glasgow, G1 2RQ.