0 false false false false false false false false false false true false false false false true true No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,951,000 1,697,516 199,455 6,847,971 6,847,971 4,951,000 1 1 1 xbrli:pure xbrli:shares iso4217:GBP 08650799 2022-09-01 2023-08-31 08650799 2023-08-31 08650799 2022-08-31 08650799 2021-09-01 2022-08-31 08650799 2022-08-31 08650799 2021-08-31 08650799 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 08650799 bus:Director1 2022-09-01 2023-08-31 08650799 core:WithinOneYear 2023-08-31 08650799 core:WithinOneYear 2022-08-31 08650799 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08650799 core:AfterOneYear 2023-08-31 08650799 core:AfterOneYear 2022-08-31 08650799 core:UKTax 2022-09-01 2023-08-31 08650799 core:UKTax 2021-09-01 2022-08-31 08650799 core:ShareCapital 2023-08-31 08650799 core:ShareCapital 2022-08-31 08650799 core:OtherReservesSubtotal 2023-08-31 08650799 core:OtherReservesSubtotal 2022-08-31 08650799 core:RetainedEarningsAccumulatedLosses 2023-08-31 08650799 core:RetainedEarningsAccumulatedLosses 2022-08-31 08650799 core:CostValuation core:Non-currentFinancialInstruments 2023-08-31 08650799 core:Non-currentFinancialInstruments 2023-08-31 08650799 core:Non-currentFinancialInstruments 2022-08-31 08650799 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 08650799 core:LandBuildings core:OwnedOrFreeholdAssets 2022-08-31 08650799 core:LandBuildings core:OwnedOrFreeholdAssets 2022-08-31 08650799 bus:SmallEntities 2022-09-01 2023-08-31 08650799 bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 08650799 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 08650799 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08650799 bus:FullAccounts 2022-09-01 2023-08-31 08650799 bus:OrdinaryShareClass1 2023-08-31 08650799 bus:OrdinaryShareClass1 2022-08-31
COMPANY REGISTRATION NUMBER: 08650799
Lucava Developments Limited
Filleted Unaudited Financial Statements
31 August 2023
Lucava Developments Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
6,847,971
4,951,000
Investments
6
1
1
------------
------------
6,847,972
4,951,001
Current assets
Debtors
7
3,845,734
768,643
Cash at bank and in hand
240,501
375,321
------------
------------
4,086,235
1,143,964
Creditors: amounts falling due within one year
8
3,151,243
2,380,963
------------
------------
Net current assets/(liabilities)
934,992
( 1,236,999)
------------
------------
Total assets less current liabilities
7,782,964
3,714,002
Creditors: amounts falling due after more than one year
9
5,571,424
1,671,152
Provisions
Taxation including deferred tax
501,103
296,491
------------
------------
Net assets
1,710,437
1,746,359
------------
------------
Capital and reserves
Called up share capital
10
1
1
Other reserves
1,503,309
1,514,391
Profit and loss account
207,127
231,967
------------
------------
Shareholders funds
1,710,437
1,746,359
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lucava Developments Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 18 July 2024 , and are signed on behalf of the board by:
MR Luen
Director
Company registration number: 08650799
Lucava Developments Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor Phoenix House, 3 South Parade, Leeds, LS1 5QX, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax (income)/expense
( 16,088)
11,276
Deferred tax:
Origination and reversal of timing differences
204,612
45,323
---------
--------
Tax on profit
188,524
56,599
---------
--------
5. Tangible assets
Freehold property
£
Cost
At 1 September 2022
4,951,000
Additions
1,697,516
Other movements
199,455
------------
At 31 August 2023
6,847,971
------------
Depreciation
At 1 September 2022 and 31 August 2023
------------
Carrying amount
At 31 August 2023
6,847,971
------------
At 31 August 2022
4,951,000
------------
Tangible assets held at valuation
The director has reviewed the valuation of the investment property on 31 August 2023 using information such as recent market data for similar properties in the same area and has concluded that the fair value of the investment property at this date was £6,847,971. The historical cost of the property was £4,833,635.
6. Investments
Shares in group undertakings
£
Cost
At 1 September 2022 and 31 August 2023
1
----
Impairment
At 1 September 2022 and 31 August 2023
----
Carrying amount
At 31 August 2023
1
----
At 31 August 2022
1
----
7. Debtors
2023
2022
£
£
Trade debtors
15,009
38,640
Amounts owed by group undertakings
3,825,434
727,333
Corporation tax repayable
5,291
Other debtors
2,670
------------
---------
3,845,734
768,643
------------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,999
9,808
Accruals and deferred income
68,911
44,390
Corporation tax
11,276
Director loan accounts
3,072,333
2,315,489
------------
------------
3,151,243
2,380,963
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,571,424
1,671,152
------------
------------
The bank loan is secured by way of fixed charge on the properties to which the borrowing relates. There is a cross company guarantee with respect to one of the loans as the property is owned by the subsidiary company Lucava Dev 3 Limited.
The director has provided a personal guarantee in respect to another bank loan held by the company.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Director's advances, credits and guarantees
During the year there were no director's advances, credits and guarantees.
12. Related party transactions
During the year the company entered into transactions in the ordinary course of business, with its subsidiary company Lucava Dev 3 Limited. Transactions entered into and trading balances outstanding at 31st August 2023 are as followed:
Amount owed by subsidiary Amount owed to subsidiary
£ £
2023 3,825,434
2022 727,333
13. Controlling party
The group is controlled by P Luen, director of the parent company.