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COMPANY REGISTRATION NUMBER: 06716251
Lutomax Financial Limited
Filleted Unaudited Financial Statements
31 December 2023
Lutomax Financial Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
8
964
Current assets
Debtors
9
5,833,480
6,243,851
Cash at bank and in hand
969,352
744,544
------------
------------
6,802,832
6,988,395
Creditors: amounts falling due within one year
10
2,363
68,996
------------
------------
Net current assets
6,800,469
6,919,399
------------
------------
Total assets less current liabilities
6,800,469
6,920,363
------------
------------
Net assets
6,800,469
6,920,363
------------
------------
Capital and reserves
Called up share capital
12
2
2
Profit and loss account
6,800,467
6,920,361
------------
------------
Shareholders funds
6,800,469
6,920,363
------------
------------
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 income and retained earnings has not been delivered.
For the year 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 year 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 .
Lutomax Financial Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr S Cullen
Director
Company registration number: 06716251
Lutomax Financial Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Radnor Cliff, Sandgate, Kent, CT20 2JN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents a share of trading profits primarily received from Paragon Trading Partners LLP.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures & Fittings
-
25% straight line
Equipment
-
50% straight line
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
This includes the directors and key management personnel.
5. Other interest receivable and similar income
Other interest receivable and similar income for the period from 1 Jan 2023 to 31 Dec 2023 was £42,551 (2022: £2,447).
6. Controlling party
The entity was under direct control of Mr S & Mrs J Cullen until 4 June 2021 at which point the company was acquired by the new holding company, Radnor Financial Ltd. The ultimate controlling parties remained the same.
7. Other financial commitments
As at the reporting date the Company had no capital or other commitments or contracts for capital expenditure in place.
8. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
876
30,855
31,731
----
--------
--------
Depreciation
At 1 January 2023
876
29,891
30,767
Charge for the year
964
964
----
--------
--------
At 31 December 2023
876
30,855
31,731
----
--------
--------
Carrying amount
At 31 December 2023
----
--------
--------
At 31 December 2022
964
964
----
--------
--------
9. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,751,741
3,751,741
Other debtors
2,081,739
2,492,110
------------
------------
5,833,480
6,243,851
------------
------------
Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
10. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
65,103
Other creditors
2,363
3,893
-------
--------
2,363
68,996
-------
--------
11. Financial instruments
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
13. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Cullen
( 1,830)
164,376
( 35,562)
126,984
-------
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Cullen
( 1,518)
( 312)
( 1,830)
-------
----
----
-------
Overdrawn directors loan accounts are charged interest in line with HMRC guidelines. No interest is charged if directors loan account is in credit balance.
14. Related party transactions
No transactions with related parties were undertaken such as is required to be disclosed under the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.