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REGISTERED NUMBER: 06421692 (England and Wales)







FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LUCAS FIT OUT LIMITED

LUCAS FIT OUT LIMITED (REGISTERED NUMBER: 06421692)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LUCAS FIT OUT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr D A Lucas
Mrs D Lucas





SECRETARY: Mr D A Lucas





REGISTERED OFFICE: 11 Invicta Business Park
London Road
Wrotham
Kent
TN15 7RJ





REGISTERED NUMBER: 06421692 (England and Wales)





AUDITORS: Cube Partners Limited, Statutory Auditor
5 Giffard Court
Millbrook Close
Northampton
NN5 5JF

LUCAS FIT OUT LIMITED (REGISTERED NUMBER: 06421692)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 465 517
Tangible assets 5 88,147 409,998
88,612 410,515

CURRENT ASSETS
Stocks 16,855 13,837
Debtors 6 1,265,451 2,336,607
Cash at bank 20,580 429
1,302,886 2,350,873
CREDITORS
Amounts falling due within one year 7 1,100,383 2,002,132
NET CURRENT ASSETS 202,503 348,741
TOTAL ASSETS LESS CURRENT
LIABILITIES

291,115

759,256

CREDITORS
Amounts falling due after more than one year 8 - (5,211 )

PROVISIONS FOR LIABILITIES (12,299 ) (44,674 )
NET ASSETS 278,816 709,371

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 277,816 708,371
SHAREHOLDERS' FUNDS 278,816 709,371

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:





Mr D A Lucas - Director


LUCAS FIT OUT LIMITED (REGISTERED NUMBER: 06421692)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Lucas Fit Out 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.

Turnover
Turnover represents work performed by the company (excluding value added tax) in respect of goods and services provided in the ordinary course of business.Turnover is recognised once recoverability is deemed reasonably certain. It includes sales and all invoiced completed contracts together with value of work certified on contracts in progress when profit can be ascertained. Retentions, claims and damages are credited to turnover when released by the customer.

Intangible fixed assets
Purchased patents and trade marks are amortised over their estimated useful economic life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures, fittings & equipment - 33% on reducing balance and 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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.

LUCAS FIT OUT LIMITED (REGISTERED NUMBER: 06421692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Long-term contracts
The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at the cost appropriate to their stage of completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen.

Exceptional items
Exceptional items identified by the company are included within operating profit in the year of recognition. Such amounts are disclosed within the notes to the financial statements.

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

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence if impairment. If objective evidence of impairment is found, an impairment loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 840
AMORTISATION
At 1 January 2023 323
Amortisation for year 52
At 31 December 2023 375
NET BOOK VALUE
At 31 December 2023 465
At 31 December 2022 517

LUCAS FIT OUT LIMITED (REGISTERED NUMBER: 06421692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures,
to Plant and fittings Motor
property machinery & equipment vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 452,862 19,239 225,293 - 697,394
Additions - - - 6,000 6,000
Disposals (266,451 ) (5,577 ) (5,877 ) - (277,905 )
At 31 December 2023 186,411 13,662 219,416 6,000 425,489
DEPRECIATION
At 1 January 2023 81,294 15,766 190,336 - 287,396
Charge for year 116,300 868 9,084 250 126,502
Eliminated on disposal (69,215 ) (4,033 ) (3,308 ) - (76,556 )
At 31 December 2023 128,379 12,601 196,112 250 337,342
NET BOOK VALUE
At 31 December 2023 58,032 1,061 23,304 5,750 88,147
At 31 December 2022 371,568 3,473 34,957 - 409,998

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 101,029 173,735
Amounts owed by group undertakings 1,061,443 1,823,174
Amounts recoverable on contract 72,665 283,785
Other debtors 30,314 55,913
1,265,451 2,336,607

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 818,114
Hire purchase contracts (see note 9) 5,211 20,844
Trade creditors 498,630 409,502
Amounts owed to group undertakings 209,945 61,185
Taxation and social security 92,692 125,433
Other creditors 293,905 567,054
1,100,383 2,002,132

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) - 5,211

LUCAS FIT OUT LIMITED (REGISTERED NUMBER: 06421692)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 5,211 20,844
Between one and five years - 5,211
5,211 26,055

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 11,520

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 818,114
Hire purchase contracts 5,211 26,055
5,211 844,169

The company's banking provider also holds a guarantee over debts owed by fellow group companies.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Jones ACA (Senior Statutory Auditor)
for and on behalf of Cube Partners Limited, Statutory Auditor

12. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption to disclose related party transactions on the basis that group consolidated financial statements made up to 31 December 2023 are publicly available for its immediate parent company and ultimate parent company; S Lucas Group Limited and Lucas UK Group Limited respectively.
The registered office address of the parent company and ultimate parent company is 11 Invicta Business Park, London Road, Wrotham, Kent TN15 7RJ.