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Registration number: 11031450

Lux Retreats Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2023

 

Lux Retreats Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 7

 

Lux Retreats Limited

(Registration number: 11031450)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

91

91

Tangible assets

4

244,076

239,810

Investment property

230,000

230,000

Investments

5

50

50

 

474,217

469,951

Current assets

 

Stocks

-

60

Debtors

1,495

6,378

Cash at bank and in hand

 

17,129

18,731

 

18,624

25,169

Prepayments and accrued income

 

100

-

Creditors: Amounts falling due within one year

6

(5,649)

(3,229)

Net current assets

 

13,075

21,940

Total assets less current liabilities

 

487,292

491,891

Creditors: Amounts falling due after more than one year

6

(437,151)

(445,293)

Provisions for liabilities

(6,832)

(5,872)

Accruals and deferred income

 

(10,361)

(7,075)

Net assets

 

32,948

33,651

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

32,848

33,551

Total equity

 

32,948

33,651

 

Lux Retreats Limited

(Registration number: 11031450)
Abridged Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the Board on 9 August 2024 and signed on its behalf by:
 

.........................................

Mr M D Pooley
Director

 

Lux Retreats Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
45 Lemon Street
Truro
Cornwall
TR1 2NS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in the ordinary course of the company’s trading and holiday and property letting activities.

Turnover from the sale of goods, including food, drinks and other items, is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measure reliably. This is usually the point of sale.

Turnover from holiday letting and property rental is recognised when the property is occupied.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit or loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Lux Retreats Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as below.

The company has reviewed it's depreciation policies and determined that no further depreciation is required in respect of property during the year due to the estimated residual value being in excess of the net book value.

Asset class

Depreciation method and rate

Property

The asset has not been depreciated as referred to above

Fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the Director. The Director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for holiday and property letting activities performed in the ordinary course of business.

Debtors with no stated interest rate and receivable in one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Lux Retreats Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

 

Lux Retreats Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Total
£

Cost

At 1 November 2022

243,253

Additions

6,757

At 31 October 2023

250,010

Depreciation

At 1 November 2022

3,443

Charge for the year

2,491

At 31 October 2023

5,934

Carrying amount

At 31 October 2023

244,076

At 31 October 2022

239,810

Investment property

2023
£

At 1 November

230,000

The Directors have reviewed observable market prices and the nature, location and condition of the asset and considers the fair value above to be appropriate.

5

Investments

Total
£

Cost

At 1 November 2022

50

Carrying amount

At 31 October 2023

50

At 31 October 2022

50

 

Lux Retreats Limited

Notes to the Abridged Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due after more than one year

Creditors include loans of £370,763 (2022 - £369,155) which are secured against the properties.

These loans are not repayable by instalments and are due after more than five years.