REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2023 |
for |
Lujo Properties Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover, which excludes value added tax, represents the value of property rental income invoiced during the year. |
Tangible fixed assets |
Furniture and fittings | - |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Furniture |
Investment | and | Computer |
properties | fittings | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Gain/(deficit) on revaluations | ( |
) | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
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 |
Additional information is as follows: |
Unlisted |
investments |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
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 |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans and overdrafts |
Taxation |
Social security and other taxes |
Sundry creditors | 953,491 | 812,459 |
Due to parent company | 35,131,620 | 37,310,328 |
Accruals and deferred income |
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 |
Bank loan 2-5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
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: | £ | £ |
Ordinary | 25p | 20,000 | 20,000 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |