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REGISTERED NUMBER: 04193991 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

LUZZO BESPOKE LIMITED

LUZZO BESPOKE LIMITED (REGISTERED NUMBER: 04193991)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LUZZO BESPOKE LIMITED

Company Information
for the year ended 31 December 2023







DIRECTOR: B C Challenger



REGISTERED OFFICE: Claydons Barns
11 Towcester Road
Whittlebury
Northants
NN12 8XU



REGISTERED NUMBER: 04193991 (England and Wales)



ACCOUNTANTS: Neuhoff & Co
Chartered Accountants
Claydons Barns
11 Towcester Road
Whittlebury
Northamptonshire
NN12 8XU



BANKERS: Lloyds TSB
30 Market Place
Brackley
Northamptonshire
NN13 7BA

LUZZO BESPOKE LIMITED (REGISTERED NUMBER: 04193991)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 671,804 428,497
Investments 5 - 54,000
671,804 482,497

CURRENT ASSETS
Stocks 401,192 397,234
Debtors 6 787,094 597,089
Cash at bank and in hand 45,644 41,471
1,233,930 1,035,794
CREDITORS
Amounts falling due within one year 7 (679,924 ) (628,145 )
NET CURRENT ASSETS 554,006 407,649
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,225,810

890,146

CREDITORS
Amounts falling due after more than one
year

8

(922,438

)

(826,705

)

PROVISIONS FOR LIABILITIES (42,653 ) -
NET ASSETS 260,719 63,441

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Capital redemption reserve 50,000 50,000
Retained earnings 180,719 (16,559 )
SHAREHOLDERS' FUNDS 260,719 63,441

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

LUZZO BESPOKE LIMITED (REGISTERED NUMBER: 04193991)

Balance Sheet - continued
31 December 2023


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 director and authorised for issue on 9 August 2024 and were signed by:





B C Challenger - Director


LUZZO BESPOKE LIMITED (REGISTERED NUMBER: 04193991)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Luzzo Bespoke Limited is a private company, limited by shares , registered in England and Wales. 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.

The Director considers that the company has adequate financial resources to continue in operational existence for the foreseeable future and to meet its liabilities as they fall due. Therefore the Director continues to adopt the going concern basis of accounting in preparing the Financial Statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost, 20% on cost and at varying rates on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

LUZZO BESPOKE LIMITED (REGISTERED NUMBER: 04193991)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Interest payable under hire-purchase agreements is charged using the Effective Interest Method (EIM) where applicable.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investment asset
The company has established a Design Studio primarily as a Showcase for the company's exclusive products. The contents of the Studio are not intended for direct retail but do retain value both in terms of the cost of their production and their marketing potential. This asset has historically been subject to annual review by the Director and included at a fair value in accordance with applicable Accounting Standards, Following an Impairment Review as at 31 December 2023, it was concluded that, whilst the asset continues to have a considerable marketing and promotional benefit to the company, the potential financial benefit that it could generate should no longer be recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 1,317,665
Additions 351,742
At 31 December 2023 1,669,407
DEPRECIATION
At 1 January 2023 889,168
Charge for year 108,435
At 31 December 2023 997,603
NET BOOK VALUE
At 31 December 2023 671,804
At 31 December 2022 428,497

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Design studio display products - 54,000

LUZZO BESPOKE LIMITED (REGISTERED NUMBER: 04193991)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 518,688 421,481
Other debtors 268,406 175,608
787,094 597,089

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 190,938 110,538
Trade creditors 148,191 162,172
Taxation and social security 65,302 46,746
Other creditors 275,493 308,689
679,924 628,145

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 457,858 281,923
Other creditors 464,580 544,782
922,438 826,705

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 185,000 245,000

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Other loans - 48,168

Amounts falling due between two and five years:
Other loans - 2-5 years 240,000 260,202
Preference shares 39,580 39,580
279,580 299,782

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 185,000 245,000

LUZZO BESPOKE LIMITED (REGISTERED NUMBER: 04193991)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

9. LOANS - continued

The company has received funding from its major shareholder Automotive Trim Developments Limited (ATD) and agreement has been reached regarding the repayment of the sum owed. The financial statements reflect the amounts due within one year and those repayable after one year in accordance with that agreement.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 425,000 553,370

The company borrowed the sum of £208,000 in May 2009 from the Luzzo Bespoke Retirement and Death Benefit Scheme (formerly the Frazero Retirement and Death Benefit Scheme) for the acquisition of Plant and Machinery. This sum was originally repayable over 5 years and has been renegotiated with full repayment now scheduled for April 2024.The loan is secured by a Legal Charge dated 1 May 2009 by way of a first floating charge over the undertaking, goodwill and assets of the company and a further Charge dated 14 May 2010. As at 31 December 2023 the loan had been repaid in full. (2022 - total amount outstanding £68,370).

On 19 May 2010 a Rent Deposit Deed was created between the company and Midwinter Property Holdings Limited, the company's landlord. The deed secures that part of the annual rent which was covered by the amount of the Rent Deposit held on behalf of the landlord in respect of a lease dated 27 April 2009.

Included in other creditors is an amount of £137,438 outstanding to Investec Commercial Finance Limited (2022 - £109,547) under the terms of a Receivables Finance Agreement dated 18 September 2017). These funds are secured by a Fixed and Floating charge dated 10 October 2017 on the assets of the company.

11. FINANCIAL INSTRUMENTS

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related third parties and investments in non-puttable ordinary shares.

12. OTHER FINANCIAL COMMITMENTS

At 31 December 2023 the company had financial commitments totalling £160,767 under non-cancellable operating leases over the remaining life of those leases. (2022 - £234,967).