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REGISTERED NUMBER: 07395451 (England and Wales)







GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

LUCAS UK GROUP LIMITED

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Profit And Loss Account 7

Consolidated Statement of Financial Position 8

Company Statement of Financial Position 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Statement of Cash Flows 12

Notes to the Consolidated Statement of Cash Flows 13

Notes to the Consolidated Financial Statements 15


LUCAS UK GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr D A Lucas
Mrs D Lucas





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





REGISTERED NUMBER: 07395451 (England and Wales)





AUDITORS: Cube Partners Limited
Chartered Accountants and Registered Auditors
5 Giffard Court
Millbrook Close
Northampton
Northamptonshire
NN5 5JF

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
Lucas UK Group Limited is the parent to a holding company and two trading companies. Lucas Finishing Specialists Limited is an established specialist spray and painting contractor with a track-record spanning seven decades operating within the top end of the UK Construction Industry mainly working for high profile blue chip clients on landmark projects which currently include Elephant & Castle, Museum of London, and Olympia. Lucas Fit Out Limited is a specialist fit out contractor carrying out high profile fit out projects for major blue chip clients currently including Paddington Square, 10 Whitechapel, and AZ.

The market has remained very competitive in the period given the economic climate. The directors continued to take action to maintain and strengthen the group's order book going forward. This has included redefining existing forecasts, focussing on its core painting service, and increasing its number of clients in its target London market.

The results for the group show a pre-tax profit of £1,222,111 (prior period £117,646) for the period from sales of £15,226,244 (prior period £15,690,841 ).

CURRENT POST YEAR END CONDITIONS

The Group has experienced a challenging trading period as a result of general market conditions and this has resulted in some major projects encountering delayed start dates.

During the year, the company focussed on streamlining operating costs whilst driving its pipeline and order book with a focus on its core painting service and has been able to successfully navigate through tough market conditions, making it fitter and stronger for a soon to return rising market.

PRINCIPAL RISKS AND UNCERTAINTIES
Our built-in risk management approach of picking our clients, running tight credit control procedures and maintaining a streamlined operation continues to allow us to manage our cash well and build profits and reserves. This strategy continues to serve the Group successfully as evidenced by our results and is seen as a fit for purpose business model that is relevant to the risks and uncertainties that continue in our sector.

FUTURE OUTLOOK
Our goal is to continue building a sustainable business that stands out in the painting and finishing sector of our market. A key foundation to this success will be our ability to achieve Net Zero. Since 2018 the Group has achieved and openly published independently verified data that demonstrates Carbon Neutrality and is committed to and on track to achieve Net Zero by 2030.

ON BEHALF OF THE BOARD:





Mr D A Lucas - Director


6 August 2024

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of spray painting contractors, supply of surface coatings, fit out and redecoration specialists.

DIVIDENDS
The total distribution of dividends for the year will be £85,000.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr D A Lucas
Mrs D Lucas

POLITICAL DONATIONS AND EXPENDITURE
The company has not made a political donation in the year.. All donations paid are for charitable purposes.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Cube Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr D A Lucas - Director


6 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LUCAS UK GROUP LIMITED

Opinion
We have audited the financial statements of Lucas UK Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Profit And Loss Account, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LUCAS UK GROUP LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the central laws and regulations to the entity and identified those of significance to the entity. The significant laws and regulations include health and safety. We undertook an enquiry of management and those charged with governance to evaluate those of significance and any instances of non-compliance.

Through discussion, and where appropriate, written representation, we obtained an understanding of the entity’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud.

Where necessary documentation scrutiny was used to determine the significance of any instances of non-compliance of central laws and regulations.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

The risk of management override of controls and understatement of revenue were identified to have the greatest risk of material misstatement from irregularities, including fraud, on the financial statements. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of regularities, sample testing on the posting of journals, reviewing of regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LUCAS UK GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven Jones (Senior Statutory Auditor)
for and on behalf of Cube Partners Limited
Chartered Accountants and Registered Auditors
5 Giffard Court
Millbrook Close
Northampton
Northamptonshire
NN5 5JF

7 August 2024

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 15,226,244 15,690,841

Cost of sales 11,533,649 11,829,601
GROSS PROFIT 3,692,595 3,861,240

Administrative expenses 2,919,630 3,200,772
772,965 660,468

Other operating income 4 1,053,211 38,000
1,826,176 698,468

Loss on disposal of assets 6 270,943 -
1,555,233 698,468

Interest receivable and similar income 14,076 8,165
1,569,309 706,633

Interest payable and similar expenses 7 347,198 588,987
PROFIT BEFORE TAXATION 8 1,222,111 117,646

Tax on profit 9 139,644 79,561
PROFIT FOR THE FINANCIAL YEAR 1,082,467 38,085

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,082,467

38,085

Profit attributable to:
Owners of the parent 1,082,467 38,085

Total comprehensive income attributable to:
Owners of the parent 1,082,467 38,085

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 940,643 1,081,189
Tangible assets 13 303,753 590,524
Investments 14 - -
1,244,396 1,671,713

CURRENT ASSETS
Stocks 15 182,043 221,054
Debtors 16 3,606,244 3,478,933
Cash at bank 350,656 712,031
4,138,943 4,412,018
CREDITORS
Amounts falling due within one year 17 2,151,339 2,314,638
NET CURRENT ASSETS 1,987,604 2,097,380
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,232,000

3,769,093

CREDITORS
Amounts falling due after more than one year 18 (2,059,535 ) (3,576,428 )

PROVISIONS FOR LIABILITIES 22 (62,097 ) (79,764 )
NET ASSETS 1,110,368 112,901

CAPITAL AND RESERVES
Called up share capital 23 534,501 534,501
Share premium 24 1,775 1,775
Capital redemption reserve 24 628,263 628,263
Retained earnings 24 (54,171 ) (1,051,638 )
SHAREHOLDERS' FUNDS 1,110,368 112,901

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 UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 3,549,419 3,549,419
3,549,419 3,549,419

CURRENT ASSETS
Debtors 16 2,037,212 2,437,211
Cash at bank 2,616 21,308
2,039,828 2,458,519
CREDITORS
Amounts falling due within one year 17 1,558,041 1,376,732
NET CURRENT ASSETS 481,787 1,081,787
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,031,206

4,631,206

CREDITORS
Amounts falling due after more than one year 18 1,866,667 3,466,667
NET ASSETS 2,164,539 1,164,539

CAPITAL AND RESERVES
Called up share capital 23 534,501 534,501
Share premium 24 1,775 1,775
Capital redemption reserve 24 628,263 628,263
Retained earnings 24 1,000,000 -
SHAREHOLDERS' FUNDS 2,164,539 1,164,539

Company's profit for the financial year 1,085,000 662,500

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 UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 1,009,501 (427,221 ) 1,775 153,263 737,318

Changes in equity
Reduction in share capital (475,000 ) (522,500 ) - 475,000 (522,500 )
Dividends - (140,000 ) - - (140,000 )
Total comprehensive income - 38,083 - - 38,083
Balance at 31 December 2022 534,501 (1,051,638 ) 1,775 628,263 112,901

Changes in equity
Dividends - (85,000 ) - - (85,000 )
Total comprehensive income - 1,082,467 - - 1,082,467
Balance at 31 December 2023 534,501 (54,171 ) 1,775 628,263 1,110,368

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 1,009,501 - 1,775 153,263 1,164,539

Changes in equity
Reduction in share capital (475,000 ) (522,500 ) - 475,000 (522,500 )
Dividends - (140,000 ) - - (140,000 )
Total comprehensive income - 662,500 - - 662,500
Balance at 31 December 2022 534,501 - 1,775 628,263 1,164,539

Changes in equity
Dividends - (85,000 ) - - (85,000 )
Total comprehensive income - 1,085,000 - - 1,085,000
Balance at 31 December 2023 534,501 1,000,000 1,775 628,263 2,164,539

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 925,994 144,845
Interest paid (327,848 ) (869,397 )
Interest element of hire purchase payments paid (19,349 ) (6,590 )
Tax paid (43,846 ) -
Taxation refund - 200,875
Net cash from operating activities 534,951 (530,267 )

Cash flows from investing activities
Purchase of tangible fixed assets (6,000 ) (79,670 )
Sale of tangible fixed assets 23,482 10,650
Interest received 14,076 8,165
Net cash from investing activities 31,558 (60,855 )

Cash flows from financing activities
Loan repayments in year (600,000 ) (491,450 )
Hire purchase repayments (67,614 ) (59,011 )
Amount introduced by directors 33,884 732,500
Amount withdrawn by directors (384,891 ) (342,203 )
Capital redemption - (522,500 )
Equity dividends paid (85,000 ) (140,000 )
Net cash from financing activities (1,103,621 ) (822,664 )

Decrease in cash and cash equivalents (537,112 ) (1,413,786 )
Cash and cash equivalents at beginning of year 2 516,203 1,929,989

Cash and cash equivalents at end of year 2 (20,909 ) 516,203

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,222,111 117,644
Depreciation charges 281,453 238,154
Loss/(profit) on disposal of fixed assets 5,778 (8,804 )
Exceptional income (1,000,000 ) -
Exceptional loss 270,943 -
Finance costs 347,198 588,987
Finance income (14,076 ) (8,165 )
1,113,407 927,816
Decrease in stocks 39,011 33,172
Decrease/(increase) in trade and other debtors 223,696 (322,341 )
Decrease in trade and other creditors (450,120 ) (493,802 )
Cash generated from operations 925,994 144,845

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 350,656 712,031
Bank overdrafts (371,565 ) (195,828 )
(20,909 ) 516,203
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 712,031 1,929,989
Bank overdrafts (195,828 ) -
516,203 1,929,989


LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank 712,031 (361,375 ) 350,656
Bank overdrafts (195,828 ) (175,737 ) (371,565 )
516,203 (537,112 ) (20,909 )
Debt
Finance leases (148,369 ) 67,614 (148,340 ) (229,095 )
Debts falling due
within 1 year (400,000 ) - - (400,000 )
Debts falling due
after 1 year (3,466,667 ) 600,000 1,000,000 (1,866,667 )
(4,015,036 ) 667,614 851,660 (2,495,762 )
Total (3,498,833 ) 130,502 851,660 (2,516,671 )

4. MAJOR NON-CASH TRANSACTIONS

The major non-cash transaction of £1,000,000 relating to debts falling due after more than 1 year is detailed within Note 6 to the financial statements.

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

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

1. STATUTORY INFORMATION

Lucas UK Group 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have undertaken significant measures to ensure the continued solvency of the group including debt renegotiation with the company financiers (Note 6). As a result of these measures and the continued support of the directors, the financial statements of the parent and the group have been prepared on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

This company meets the definition of a qualifying entity per FRS102 and has taken advantage of the exemption available in paragraph 1.12 of FRS102 from presenting a statement of cash flows of the parent company. The statement of cash flows of the consolidated entity has been prepared and included in these financial statements.

Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings up to 31 December 2023. The acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired in the year are included in the consolidated profit and loss account from the date of acquisition.

Turnover
Turnover represents works performed by the group (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
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised
evenly over its estimated useful life of twenty years.

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.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on reducing balance, 25% on reducing balance and 20% on reducing balance
Motor vehicles - 25% on cost and 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.


LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit And Loss Account, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

All turnover is carried out wholly within the United Kingdom, and for the single class of business as indicated on the report of the director, for the current and preceding periods.

4. OTHER OPERATING INCOME
2023 2022
£    £   
Rents received 53,211 38,000
Exceptional items 1,000,000 -
1,053,211 38,000

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

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

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,876,984 1,969,588
Social security costs 215,110 232,684
Other pension costs 52,103 52,188
2,144,197 2,254,460

The average number of employees during the year was as follows:
2023 2022

Office management 14 16
Operation management 15 18
29 34

2023 2022
£    £   
Directors' remuneration 11,702 9,035

6. EXCEPTIONAL ITEMS

Lease commitments of the company subsidiaries have been identified as onerous lease agreements. Fixed assets associated with these onerous lease agreements have been adjusted in the financial statements for the year ended 31 December 2023 as follows:-

2023 2022
£ £
Loss on disposal of leasehold property improvements 197,236 Nil
Loss on disposal of other fixed asset 2,693 Nil
Additional depreciation of leasehold property improvements 71,014 Nil
Total exceptional loss 270,943 Nil

Exceptional income

Following discussions with the groups bankers and financiers a corporate rescue relief package has been agreed in order to maintain the continued solvency of the group. An element of Other loans amounting to £1,000,000 have been discharged as no longer payable. Other operating income includes the write off of this element of the Other loan and this is considered to be exceptional income in the year ended 31 December 2023.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 89,886 81,048
Loan interest 237,963 501,349
Hire purchase 19,349 6,590
347,198 588,987

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

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

8. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 64,003 72,902
Other operating leases 240,765 264,837
Depreciation - owned assets 211,921 94,938
Loss/(profit) on disposal of fixed assets 5,778 (8,804 )
Goodwill amortisation 133,635 133,635
Patents and licences amortisation 2,261 4,931
Computer software amortisation 4,650 4,650
Auditors' remuneration 2,250 2,000

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 157,311 43,845

Deferred tax (17,667 ) 35,716
Tax on profit 139,644 79,561

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,222,111 117,644
Profit multiplied by the standard rate of corporation tax in the UK of 23.520 %
(2022 - 19 %)

287,441

22,352

Effects of:
Expenses not deductible for tax purposes 8,857 10,316
Depreciation in excess of capital allowances 76,625 20,788
Utilisation of tax losses - (7,233 )
Movement on provisions allowable when paid (202 ) (51 )

Other adjustments 2,129 (2,326 )
Deferred taxation & other adjustments - 35,715
development credit

Exceptional loan write off (235,206 ) -
Total tax charge 139,644 79,561

10. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

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

11. DIVIDENDS

2023 2022
£ £
Ordinary shares of £1 each 85,000 140,000
Interim
85,000 140,000

12. INTANGIBLE FIXED ASSETS

Group
Patents
and Computer
Goodwill licences software Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 2,672,691 49,080 46,500 2,768,271
AMORTISATION
At 1 January 2023 1,619,299 39,133 28,650 1,687,082
Amortisation for year 133,635 2,261 4,650 140,546
At 31 December 2023 1,752,934 41,394 33,300 1,827,628
NET BOOK VALUE
At 31 December 2023 919,757 7,686 13,200 940,643
At 31 December 2022 1,053,392 9,947 17,850 1,081,189

13. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 452,862 358,870 772,013 182,770 1,766,515
Additions - - - 154,340 154,340
Disposals (266,451 ) (161,845 ) (21,003 ) - (449,299 )
At 31 December 2023 186,411 197,025 751,010 337,110 1,471,556
DEPRECIATION
At 1 January 2023 81,294 320,699 711,408 62,590 1,175,991
Charge for year 116,300 3,901 14,873 76,847 211,921
Eliminated on disposal (69,215 ) (137,911 ) (12,983 ) - (220,109 )
At 31 December 2023 128,379 186,689 713,298 139,437 1,167,803
NET BOOK VALUE
At 31 December 2023 58,032 10,336 37,712 197,673 303,753
At 31 December 2022 371,568 38,171 60,605 120,180 590,524

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

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

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 3,549,419
NET BOOK VALUE
At 31 December 2023 3,549,419
At 31 December 2022 3,549,419

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

S Lucas Group Limited
Registered office: 11 Invicta Business Park, Wrotham, UK
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 52,000 52,000
Profit for the year 85,000 662,500

Lucas Finishing Specialists Limited
Registered office: 11 Invicta Business Park, Wrotham, UK
Nature of business: Spray & painting contractors
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,305,414 734,735
Profit for the year 655,679 19,442

Lucas Fit Out Limited
Registered office: 11 Invicta Business Park, Wrotham, UK
Nature of business: Specialist fit out
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 278,816 709,371
(Loss)/profit for the year (430,555 ) 140,031

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

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

14. FIXED ASSET INVESTMENTS - continued

Lucas Prime Developments Limited
Registered office: 11 Invicta Business Park, Wrotham, UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,000 1,000

Mural Plast Limited
Registered office: 11 Invicta Business Park, Wrotham, UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,000 1,000


The results of all subsidiaries have been included in these consolidated accounts.

15. STOCKS

Group
2023 2022
£    £   
Consumables 182,043 221,054

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 670,311 1,137,617 - -
Amounts owed by group undertakings - - 2,037,212 2,437,211
Amounts recoverable on contract 1,363,054 828,777 - -
Other debtors 967,080 1,261,346 - -
Directors' current accounts 456,460 105,453 - -
Prepayments and accrued income 149,339 145,740 - -
3,606,244 3,478,933 2,037,212 2,437,211

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

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

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 19) 771,565 595,828 400,000 400,000
Hire purchase contracts (see note 20) 36,227 38,608 - -
Trade creditors 374,486 415,964 - -
Amounts owed to group undertakings - - 1,157,750 976,443
Tax 157,311 43,845 - -
Social security and other taxes 284,977 347,094 - -
VAT 4,099 49,730 - -
Other creditors 22,940 18,167 - -
Accruals and deferred income 499,734 805,402 291 289
2,151,339 2,314,638 1,558,041 1,376,732

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 19) 566,667 966,667 566,667 966,667
Other loans (see note 19) 1,300,000 2,500,000 1,300,000 2,500,000
Hire purchase contracts (see note 20) 192,868 109,761 - -
2,059,535 3,576,428 1,866,667 3,466,667

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 371,565 195,828 - -
Bank loans 400,000 400,000 400,000 400,000
771,565 595,828 400,000 400,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 400,000 400,000 400,000 400,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 166,667 566,667 166,667 566,667
Other loans 1,300,000 2,500,000 1,300,000 2,500,000
1,466,667 3,066,667 1,466,667 3,066,667

During the year there was a substantial loan modification of the Other loans above. This substantial modification consisted of revisions to the remaining balance, repayment terms and interest. The original loan has been de-recognised, and the recognition in these financial statements is under the new re negotiated terms. Details of the loan amount discharged is included in Note 6 to the Financial Statements.

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

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

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 36,227 38,608
Between one and five years 192,868 109,761
229,095 148,369

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 74,880 92,880
Between one and five years 243,360 299,520
In more than five years - 18,720
318,240 411,120

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank overdrafts 371,565 195,828
Bank loans 966,667 1,366,667
1,338,232 1,562,495

The bank loan and overdraft facility is jointly and severally guaranteed by Lucas UK Group Limited and its subsidiary undertakings. There is an unlimited composite guarantee of each company to secure all liabilities of each other.

The bank loan and overdraft facility is secured by floating and fixed charges over all assets of Lucas UK Group Limited and its subsidiary undertakings in favour of the bank.

22. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 62,097 79,764

Group
Deferred
tax
£   
Balance at 1 January 2023 79,764
Credit to Profit And Loss Account during year (17,667 )
Balance at 31 December 2023 62,097

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

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

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3,654 Ordinary A £1 7,307 7,307
331 Ordinary B £1 331 331
79 Ordinary C £1 79 79
526,547 Redeemable Preference £1 526,547 526,547
79 Ordinary D £1 79 79
79 Ordinary E £1 79 79
79 Ordinary G £1 79 79
3,653 Ordinary H £1 - -
534,501 534,501

All classes of Ordinary shares have full rights with regards to voting, dividends and winding up.

Redeemable Preference shares have a right to repayment of the nominal capital paid up on winding up or repayment of capital. On a change of control, sale or admission the shares can be redeemed at a price of £1.10 per share.
Redeemable Preference shares have no rights with regards to voting or dividends.

24. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 (1,051,638 ) 1,775 628,263 (421,600 )
Profit for the year 1,082,467 1,082,467
Dividends (85,000 ) (85,000 )
At 31 December 2023 (54,171 ) 1,775 628,263 575,867

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 - 1,775 628,263 630,038
Profit for the year 1,085,000 1,085,000
Dividends (85,000 ) (85,000 )
At 31 December 2023 1,000,000 1,775 628,263 1,630,038


25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 December 2023, £456,460 was due to the group by the directors (2022 - £105,453). Amounts owed to and from the directors are unsecured and repayable on demand. Interest is charged at the beneficial loan interest rates.The total amount repaid during the year was £33,884 and the total advanced during the year was £384,891.

26. RELATED PARTY DISCLOSURES

Further guarantee is given by the director to secure all liabilities of subsidiary companies, limited to £650,000, supported by a mortgage over a freehold property owned by the director.

LUCAS UK GROUP LIMITED (REGISTERED NUMBER: 07395451)

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

27. 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.

28. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D Lucas by virtue of his majority shareholding of the company.