REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
LUZZO BESPOKE LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Claydons Barns |
11 Towcester Road |
Whittlebury |
Northamptonshire |
NN12 8XU |
BANKERS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Other creditors |
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 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
Preference shares | 39,580 | 39,580 |
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 |
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). |