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REGISTERED NUMBER: SC224521 (Scotland)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

LUGE LIMITED

LUGE LIMITED (REGISTERED NUMBER: SC224521)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LUGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: D R Callander
Mrs L M Callander





SECRETARY: D R Callander





REGISTERED OFFICE: 53 High Street
Dumbarton
G82 1LS





REGISTERED NUMBER: SC224521 (Scotland)






LUGE LIMITED (REGISTERED NUMBER: SC224521)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 140,000 140,000

CURRENT ASSETS
Debtors 5 2,304 2,385
Cash at bank 7,179 8,799
9,483 11,184
CREDITORS
Amounts falling due within one year 6 45,725 58,213
NET CURRENT LIABILITIES (36,242 ) (47,029 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

103,758

92,971

CREDITORS
Amounts falling due after more than one
year

7

2,350

26,078
NET ASSETS 101,408 66,893

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 101,308 66,793
SHAREHOLDERS' FUNDS 101,408 66,893

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LUGE LIMITED (REGISTERED NUMBER: SC224521)

BALANCE SHEET - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





D R Callander - Director


LUGE LIMITED (REGISTERED NUMBER: SC224521)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Luge 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.

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 represents rentals and service charges receivable for the period.

Tangible fixed assets
The heritable property is included at estimated market value. Consequently no depreciation has been provided on these assets.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 NIL (2023 - NIL).

LUGE LIMITED (REGISTERED NUMBER: SC224521)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 140,000
NET BOOK VALUE
At 31 March 2024 140,000
At 31 March 2023 140,000

Cost or valuation at 31 March 2024 is represented by:

Land and
buildings
£   
Valuation in 2015 (28,013 )
Valuation in 2017 (14,800 )
Valuation in 2021 (15,200 )
Valuation in 2023 (40,000 )
Cost 238,013
140,000

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 238,013 238,013

Freehold land and buildings were valued on an open market basis on 31 March 2023 by the Directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 420 501
Other debtors 1,884 1,884
2,304 2,385

LUGE LIMITED (REGISTERED NUMBER: SC224521)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 425 319
Tax 8,096 5,654
Other creditors 9,131 18,000
Directors' current accounts 28,073 34,240
45,725 58,213

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 2,350 26,078