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Company registration number: 06237987
Lucca Foods Limited
Trading as Lucca Enoteca
Unaudited filleted financial statements
31 March 2024
Lucca Foods Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Lucca Foods Limited
Directors and other information
Directors D. McKay
S. Singleton
Secretary S. Singleton
Company number 06237987
Registered office 82 West Street
Rochford
Essex
SS4 1AS
Business address 39-43 High Street
Manningtree
Essex
CO11 1AH
Accountant Andrew Murphy
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Lucca Foods Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Lucca Foods Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Lucca Foods Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Lucca Foods Limited, as a body, in accordance with the terms of my engagement letter dated 16 December 2009. My work has been undertaken solely to prepare for your approval the financial statements of Lucca Foods Limited and state those matters that we have agreed to state to the board of directors of Lucca Foods Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Lucca Foods Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Lucca Foods Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lucca Foods Limited. You consider that Lucca Foods Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Lucca Foods Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Andrew Murphy
Chartered Accountant
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
28 June 2024
Lucca Foods Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 7 465,230 470,987
_______ _______
465,230 470,987
Current assets
Stocks 9,820 11,530
Debtors 8 409,601 536,426
Cash at bank and in hand 436,492 263,523
_______ _______
855,913 811,479
Creditors: amounts falling due
within one year 9 ( 264,421) ( 188,186)
_______ _______
Net current assets 591,492 623,293
_______ _______
Total assets less current liabilities 1,056,722 1,094,280
Creditors: amounts falling due
after more than one year 10 ( 217,912) ( 308,766)
Provisions for liabilities 11 ( 2,735) ( 3,117)
_______ _______
Net assets 836,075 782,397
_______ _______
Capital and reserves
Called up share capital 153 153
Profit and loss account 835,922 782,244
_______ _______
Shareholders funds 836,075 782,397
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 June 2024 , and are signed on behalf of the board by:
D. McKay
Director
Company registration number: 06237987
Lucca Foods Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 153 745,948 746,101
Profit for the year 86,296 86,296
_______ _______ _______
Total comprehensive income for the year - 86,296 86,296
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______
Total investments by and distributions to owners - ( 50,000) ( 50,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 153 782,244 782,397
Profit for the year 103,678 103,678
_______ _______ _______
Total comprehensive income for the year - 103,678 103,678
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______
Total investments by and distributions to owners - ( 50,000) ( 50,000)
_______ _______ _______
At 31 March 2024 153 835,922 836,075
_______ _______ _______
Lucca Foods Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - straight line over 7 years
Fittings fixtures and equipment - straight line over 5 or 7 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2023: 29 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 34,232 20,661
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 382) ( 378)
_______ _______
Tax on profit 33,850 20,283
_______ _______
6. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 50,000 50,000
_______ _______
A shares - £50,000 (2023 - £50,000)B shares - £0 (2023 - £0)
7. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 April 2023 452,917 34,731 14,637 502,285
Additions - 276 - 276
Disposals - ( 2,449) ( 7,630) ( 10,079)
_______ _______ _______ _______
At 31 March 2024 452,917 32,558 7,007 492,482
_______ _______ _______ _______
Depreciation
At 1 April 2023 - 19,216 12,082 31,298
Charge for the year - 4,631 1,402 6,033
Disposals - ( 2,449) ( 7,630) ( 10,079)
_______ _______ _______ _______
At 31 March 2024 - 21,398 5,854 27,252
_______ _______ _______ _______
Carrying amount
At 31 March 2024 452,917 11,160 1,153 465,230
_______ _______ _______ _______
At 31 March 2023 452,917 15,515 2,555 470,987
_______ _______ _______ _______
8. Debtors
2024 2023
£ £
Other debtors 409,601 536,426
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 42,500 57,500
Trade creditors 74,611 42,690
Corporation tax 34,232 20,661
Social security and other taxes 96,647 46,753
Other creditors 16,431 20,582
_______ _______
264,421 188,186
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 217,912 265,418
Other creditors - 43,348
_______ _______
217,912 308,766
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 April 2023 3,117 3,117
Unused amounts reversed ( 382) ( 382)
_______ _______
At 31 March 2024 2,735 2,735
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 11) 2,735 3,117
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances ( 382) ( 378)
_______ _______
13. Controlling party
The company is controlled by the directors , who are also the voting shareholders.