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Company registration number: SC258909
Lugo Limited
Unaudited filleted financial statements
31 December 2023
Lugo Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Lugo Limited
Directors and other information
Directors Ron Weatherup
Ciara Weatherup
Secretary Ciara Weatherup
Company number SC258909
Registered office 16 High Street
Linlithgow
EH49 7AE
Business address 16 High Street
Linlithgow
EH49 7AE
Accountants Barrie Scott & Co.
16-18 Weir Street
Falkirk
FK1 1RA
Lugo Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Lugo Limited
Period ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lugo Limited for the period ended 31 December 2023 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 us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Lugo Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lugo Limited and state those matters that we have agreed to state to the board of directors of Lugo Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lugo Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Lugo 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 Lugo Limited. You consider that Lugo Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Lugo Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Barrie Scott & Co.
Accountants & Tax Advisers
16-18 Weir Street
Falkirk
FK1 1RA
Lugo Limited
Statement of financial position
31 December 2023
31/12/23 30/11/22
Note £ £ £ £
Fixed assets
Tangible assets 5 7,247 9,251
_______ _______
7,247 9,251
Current assets
Stocks 11,970 1,000
Debtors 6 310,952 264,377
Cash at bank and in hand 354,564 289,056
_______ _______
677,486 554,433
Creditors: amounts falling due
within one year 7 ( 296,790) ( 262,177)
_______ _______
Net current assets 380,696 292,256
_______ _______
Total assets less current liabilities 387,943 301,507
Creditors: amounts falling due
after more than one year 8 ( 14,656) ( 25,489)
Provisions for liabilities ( 1,112) ( 1,254)
_______ _______
Net assets 372,175 274,764
_______ _______
Capital and reserves
Called up share capital 100 100
Capital redemption reserve 18 18
Profit and loss account 372,057 274,646
_______ _______
Shareholders funds 372,175 274,764
_______ _______
For the period ending 31 December 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 financial statements for the period 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 29 August 2024 , and are signed on behalf of the board by:
Ron Weatherup
Director
Company registration number: SC258909
Lugo Limited
Statement of changes in equity
Period ended 31 December 2023
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 December 2021 100 18 146,832 146,950
Profit for the period 181,338 181,338
_______ _______ _______ _______
Total comprehensive income for the period - - 181,338 181,338
Dividends paid and payable ( 53,524) ( 53,524)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 53,524) ( 53,524)
_______ _______ _______ _______
At 30 November 2022 and 1 December 2022 100 18 274,646 274,764
Profit for the period 160,165 160,165
_______ _______ _______ _______
Total comprehensive income for the period - - 160,165 160,165
Dividends paid and payable ( 62,754) ( 62,754)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 62,754) ( 62,754)
_______ _______ _______ _______
At 31 December 2023 100 18 372,057 372,175
_______ _______ _______ _______
Lugo Limited
Notes to the financial statements
Period ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Lugo Limited, 16 High Street, Linlithgow, EH49 7AE.
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.
Revenue recognition
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.
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:
Motor vehicles - 20 % reducing balance
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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 20 (2022: 17 ).
5. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 December 2022 and 31 December 2023 37,531 37,531
_______ _______
Depreciation
At 1 December 2022 28,280 28,280
Charge for the year 2,004 2,004
_______ _______
At 31 December 2023 30,284 30,284
_______ _______
Carrying amount
At 31 December 2023 7,247 7,247
_______ _______
At 30 November 2022 9,251 9,251
_______ _______
6. Debtors
31/12/23 30/11/22
£ £
Trade debtors 290,607 248,717
Other debtors 20,345 15,660
_______ _______
310,952 264,377
_______ _______
7. Creditors: amounts falling due within one year
31/12/23 30/11/22
£ £
Bank loans and overdrafts 10,036 10,000
Trade creditors 171,914 103,308
Corporation tax 48,445 43,429
Social security and other taxes 50,679 84,985
Other creditors 15,716 20,455
_______ _______
296,790 262,177
_______ _______
8. Creditors: amounts falling due after more than one year
31/12/23 30/11/22
£ £
Bank loans and overdrafts 14,656 25,489
_______ _______
9. Controlling party
The company is controlled by Ron Weatherup , a director and the majority shareholder.