Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-310false2022-11-01falseSourcing and Retail44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08991396 2022-11-01 2023-10-31 08991396 2021-11-01 2022-10-31 08991396 2023-10-31 08991396 2022-10-31 08991396 c:Director1 2022-11-01 2023-10-31 08991396 d:Buildings d:ShortLeaseholdAssets 2022-11-01 2023-10-31 08991396 d:Buildings d:ShortLeaseholdAssets 2023-10-31 08991396 d:Buildings d:ShortLeaseholdAssets 2022-10-31 08991396 d:PlantMachinery 2022-11-01 2023-10-31 08991396 d:PlantMachinery 2023-10-31 08991396 d:PlantMachinery 2022-10-31 08991396 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 08991396 d:OfficeEquipment 2022-11-01 2023-10-31 08991396 d:OfficeEquipment 2023-10-31 08991396 d:OfficeEquipment 2022-10-31 08991396 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 08991396 d:ComputerEquipment 2022-11-01 2023-10-31 08991396 d:ComputerEquipment 2023-10-31 08991396 d:ComputerEquipment 2022-10-31 08991396 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 08991396 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 08991396 d:CurrentFinancialInstruments 2023-10-31 08991396 d:CurrentFinancialInstruments 2022-10-31 08991396 d:Non-currentFinancialInstruments 2023-10-31 08991396 d:Non-currentFinancialInstruments 2022-10-31 08991396 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 08991396 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 08991396 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 08991396 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 08991396 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 08991396 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 08991396 d:ShareCapital 2023-10-31 08991396 d:ShareCapital 2022-10-31 08991396 d:RetainedEarningsAccumulatedLosses 2023-10-31 08991396 d:RetainedEarningsAccumulatedLosses 2022-10-31 08991396 c:OrdinaryShareClass1 2022-11-01 2023-10-31 08991396 c:OrdinaryShareClass1 2023-10-31 08991396 c:OrdinaryShareClass1 2022-10-31 08991396 c:FRS102 2022-11-01 2023-10-31 08991396 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 08991396 c:FullAccounts 2022-11-01 2023-10-31 08991396 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 08991396 d:WithinOneYear 2023-10-31 08991396 d:WithinOneYear 2022-10-31 08991396 d:BetweenOneFiveYears 2023-10-31 08991396 d:BetweenOneFiveYears 2022-10-31 08991396 6 2022-11-01 2023-10-31 08991396 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 08991396









LUCABELLA SOURCING LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
LUCABELLA SOURCING LTD
REGISTERED NUMBER: 08991396

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,214
7,133

Investments
 5 
25,125
-

  
32,339
7,133

Current assets
  

Debtors: amounts falling due within one year
 6 
514,838
310,340

Cash at bank and in hand
  
126,644
322,047

  
641,482
632,387

Creditors: amounts falling due within one year
 7 
(127,292)
(81,540)

Net current assets
  
 
 
514,190
 
 
550,847

Total assets less current liabilities
  
546,529
557,980

Creditors: amounts falling due after more than one year
 8 
(20,767)
(30,766)

  

Net assets
  
525,762
527,214


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
525,662
527,114

  
525,762
527,214


Page 1

 
LUCABELLA SOURCING LTD
REGISTERED NUMBER: 08991396

BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Bull
Director

Date: 31 July 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
LUCABELLA SOURCING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Lucabella Sourcing Ltd is a private limited company, limited by shares. It is incorporated in England and
Wales with registration number 08991396. The registered office is Yew Tree Farm Lees Lane, Mottram St Andrew, Macclesfield, Cheshire, England, SK10 4LJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
LUCABELLA SOURCING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
LUCABELLA SOURCING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold Improvement
-
20%
straight line
Plant and machinery
-
10%
straight line
Office equipment
-
25%
straight line
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 5

 
LUCABELLA SOURCING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
LUCABELLA SOURCING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 7

 
LUCABELLA SOURCING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 8

 
LUCABELLA SOURCING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
823
9,546
590
1,281
12,240


Additions
-
32,000
1,249
-
33,249



At 31 October 2023

823
41,546
1,839
1,281
45,489



Depreciation


At 1 November 2022
823
2,531
578
1,175
5,107


Charge for the year on owned assets
-
955
142
71
1,168


Impairment charge
-
32,000
-
-
32,000



At 31 October 2023

823
35,486
720
1,246
38,275



Net book value



At 31 October 2023
-
6,060
1,119
35
7,214



At 31 October 2022
-
7,015
12
106
7,133


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


Additions
25,125



At 31 October 2023
25,125




Page 9

 
LUCABELLA SOURCING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
176,072
37,827

Other debtors
309,449
251,750

Prepayments and accrued income
29,317
20,763

514,838
310,340



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
9,745

Trade creditors
35,705
-

Corporation tax
61,469
56,448

Other taxation and social security
1,871
2,491

Other creditors
687
187

Accruals and deferred income
17,560
12,669

127,292
81,540



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
20,767
30,766

20,767
30,766


Page 10

 
LUCABELLA SOURCING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
9,745


10,000
9,745

Amounts falling due 1-2 years

Bank loans
20,766
30,766


20,766
30,766



30,766
40,511


The loan balance incurs interest of 2.5% per annum and is due to be repaid in monthly instalments. No amounts are due in over five years.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company  in an independently administered fund. The pension cost charge
represents contributions payable by the Company  to the fund and amounted to £957 (2022 - £897).
Contributions totalling £688 (2022 - £187) were payable to the fund at the balance sheet date and are
included in creditors.

Page 11

 
LUCABELLA SOURCING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
2,331
3,996

Later than 1 year and not later than 5 years
-
2,331

2,331
6,327


13.


Related party transactions

During the year, the company operated a loan account with the directors. At the balance sheet date, the balance due to the company was £NIL (2022 - £2,031). The loan is interest free and repayable on demand.
The company incurred salary costs of £54,098 (2022 - £24,423) and office costs of £38,612 (2022 - £62,190) from a company in which a Director had significant influence.
Within the year, the company also had £293,253 (2022 - £234,567) of related party debtor balances.


Page 12