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REGISTERED NUMBER: 01268334 (England and Wales)







FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LUCAS FINISHING SPECIALISTS LIMITED

LUCAS FINISHING SPECIALISTS LIMITED (REGISTERED NUMBER: 01268334)






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 FINISHING SPECIALISTS 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: 01268334 (England and Wales)





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

LUCAS FINISHING SPECIALISTS LIMITED (REGISTERED NUMBER: 01268334)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 20,420 27,280
Tangible assets 6 215,607 180,526
236,027 207,806

CURRENT ASSETS
Stocks 165,188 207,217
Debtors 7 4,045,618 3,355,432
Cash at bank 92 606,960
4,210,898 4,169,609
CREDITORS
Amounts falling due within one year 8 2,898,845 3,503,041
NET CURRENT ASSETS 1,312,053 666,568
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,548,080

874,374

CREDITORS
Amounts falling due after more than one year 9 (192,868 ) (104,549 )

PROVISIONS FOR LIABILITIES (49,798 ) (35,090 )
NET ASSETS 1,305,414 734,735

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 1,255,414 684,735
SHAREHOLDERS' FUNDS 1,305,414 734,735

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 FINISHING SPECIALISTS LIMITED (REGISTERED NUMBER: 01268334)

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

1. STATUTORY INFORMATION

Lucas Finishing Specialists 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 works 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 the value of work certified on contracts in progress where 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.
Computer software development costs 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.
Plant and machinery - 25% on reducing balance
Fixtures, fittings & equipment - 33% on reducing balance, 25% on reducing balance and 20% on reducing balance
Motor vehicles - 25% on cost

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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 FINISHING SPECIALISTS LIMITED (REGISTERED NUMBER: 01268334)

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.

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 19 (2022 - 21 ) .

4. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

8,800

8,000

5. INTANGIBLE FIXED ASSETS
Patents
and Computer
licences software Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 48,240 46,500 94,740
AMORTISATION
At 1 January 2023 38,810 28,650 67,460
Amortisation for year 2,210 4,650 6,860
At 31 December 2023 41,020 33,300 74,320
NET BOOK VALUE
At 31 December 2023 7,220 13,200 20,420
At 31 December 2022 9,430 17,850 27,280

LUCAS FINISHING SPECIALISTS LIMITED (REGISTERED NUMBER: 01268334)

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

6. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings Motor
machinery & equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2023 339,630 546,721 182,770 1,069,121
Additions - - 148,340 148,340
Disposals (156,267 ) (15,126 ) - (171,393 )
At 31 December 2023 183,363 531,595 331,110 1,046,068
DEPRECIATION
At 1 January 2023 304,934 521,071 62,590 888,595
Charge for year 3,033 5,789 76,597 85,419
Eliminated on disposal (133,878 ) (9,675 ) - (143,553 )
At 31 December 2023 174,089 517,185 139,187 830,461
NET BOOK VALUE
At 31 December 2023 9,274 14,410 191,923 215,607
At 31 December 2022 34,696 25,650 120,180 180,526

At the balance sheet date the net book value of assets held under finance leases amounted to £191,923 (2022 - £120,180).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 922,240 1,316,840
Amounts owed by group undertakings 245,067 -
Amounts recoverable on contract 1,290,389 544,992
Other debtors 1,587,922 1,493,600
4,045,618 3,355,432

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 394,398 -
Hire purchase contracts (see note 10) 31,016 17,764
Trade creditors 228,817 359,418
Amounts owed to group undertakings 1,626,824 2,518,138
Taxation and social security 399,050 352,210
Other creditors 218,740 255,511
2,898,845 3,503,041

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 192,868 104,549

LUCAS FINISHING SPECIALISTS LIMITED (REGISTERED NUMBER: 01268334)

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

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 31,016 17,764
Between one and five years 192,868 104,549
223,884 122,313

Non-cancellable operating leases
2023 2022
£    £   
Within one year 74,880 81,360
Between one and five years 243,360 299,520
In more than five years - 18,720
318,240 399,600

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 394,398 -
Hire purchase contracts 223,884 122,313
618,282 122,313

The hire purchase creditors are secured on the assets acquired.
Bank loans and overdrafts are secured by way of a fixed and floating charge over all assets.
The company's banking provider also holds a guarantee over debts owed by fellow group companies.

12. 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

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 December 2023, £456,460 was due to the company by the directors (2022: £105,453). Amounts owed to and from the directors are unsecured and repayable on demand. Interest is charged on the loan amounts at the beneficial interest rates advised by HM Revenue & Customs. The loan to the director has been repaid within nine months of the balance sheet date.

14. 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.

LUCAS FINISHING SPECIALISTS LIMITED (REGISTERED NUMBER: 01268334)

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

15. POST BALANCE SHEET EVENTS

Since the year end, the company's subsidiary, Lucas Finishing Specialists Ltd, negotiated and completed the re-assignment of the lease on a further unit to new tenants. This commenced and completed since the balance sheet date, and does not impact the figures in these Financial Statements.